According to the Korea Times, the next five years will provide an opportunity for Korean shipbuilders to construct cruise ships with a high-profit margin, the Korea Shipbuilders' Association said. The construction of luxury cruise ships declined steadily after the September 11 terrorist attacks on the United States. But with a recent favorable upturn, the market is expected to expand especially in the large and medium-size category through 2010, with an annual growth rate of about 5 percent, the association said. This prospect of stronger demand for cruise ships will offer local shipbuilders opportunities to venture into the construction of cruise ships with less risk. South Korea is the no.1 shipbuilding country in the world with aggregate exports of $17.6 billion last year. However, Korean shipbuilders haven't seen significant sales in the cruise ship business, which accounts for about 20 percent of the global shipbuilding market. Until recently, Europe had almost completely monopolized the building of cruise ships. According to the Association of European Shipbuilders and Ship Repairers, a quartet of Europe-based shipbuilders that has maintained a combined 84-percent market share since 2002. The average age of cruise ships in service at present is about 42.4 years for 19 ships over 10,000 gross tons, and 37.8 years for those less than 10,000 gross tons. Accordingly, replacement demand is likely to become active in the near term, the association said.
South Korean shipbuilders racked up large overseas orders in the first quarter, keeping them on course to far exceed yearly targets, Korea Times reported. Hyundai Heavy Industries, the world's largest shipbuilder, clinched orders worth $2.3 billion in the January-March period, compared with its full-year target of $7.4 billion. Its two affiliates - Hyundai Mipo Dockyard and Hyundai Samho Heavy Industries - won a combined $2.75 billion worth of orders in the first quarter
New business paper describes how technology offers proven collaboration capabilities that benefit all parties in warship procurement projects Aveva today announced its publication of a new business paper, “Taking Command: How Aveva technology can increase capabilities in naval fleet management.” In this paper, Aveva examines six ways that navies can exploit technologies used in other sectors, such as the offshore industry
SHANGHAI -- China aims to increase annual sales by domestic shipbuilders to $189.7 billion by 2015, as it works toward its goal of becoming the world's leading shipbuilding country, the Ministry of Industry and Information Technology said. China also plans to raise the value of annual shipbuilding exports to more than $80 billion by 2015, the ministry said, in a five-year plan for the shipbuilding industry. The plan provides new details regarding China's push for significant growth
New foreign orders received by South Korean shipbuilders fell 15.7 percent in the first nine months of this year from a year ago, provisional figures from the Korea Shipbuilders' Association show. Orders in the nine-month period totaled 5.8 million gt for 110 ships, compared with 6.9 million gt for 121 ships in the same period a year earlier. New orders received in September alone totaled 1.2 million gt for 16 vessels. It did not give comparable 1998 figures
Combined orders received by South Korean shipbuilders totaled 12.72 million gt for 227 ships in 1999, up 127.2 percent from a year earlier, according to the Korea Shipbuilders' Association said. New orders received in December alone totaled 3.71 million GT for 66 ships, the association said in a statement. Ships completed in 1999 amounted to 9.48 million gt for 163 ships, up from 7.28 million gt for 143 ships a year earlier, it said
The STX Shipbuilding Co., South Korea's seventh-largest shipbuilder, has won a $373m order to build six petrochemical goods carriers for a shipping company in India. The order, which accounts for 30.7 per cent of STX Shipbuilding's sales last year, calls for the Korean shipbuilder to deliver the six vessels to India's Shipping Corp. by July 2010, the company said in a statement. Source: ANTARA
According to a March 10 report from Reuters, South Korea's shipbuilders are showing signs that they will delay or cancel orders. For years, shipbuilders have been a major source of dollars for South Korea, but now this latest news may further erode the won. (Source: Reuters)
VT Halter Marine Inc (VT Halter Marine), a company of VT Systems Inc (VT Systems), signed a contract with Candies Shipbuilders, LLC (Candies Shipbuilders), on Nov. 5, to construct a 285’ Platform Supply Vessel for approximately $8.9m. (www.vthaltermarine.com)
The Ministry of Maritime Affairs and Fisheries (MOMAF) said that the Korea Shipbuilders's Association (KOSHIPA), comprising nine major Korean shipbuilders, would subscribe a fund for technical cooperation projects amounting to $100,000, in order to enable developing countries to advance their shipbuilding industries in the International Maritime Organization (IMO) arena. KOSHIPA plans to contribute $50,000 to the fund by the end of this year, and add more $ 50,000 as of early next year
Newport News Shipbuilding, a division of Huntington Ingalls Industries (HII), hosted a keel-laying ceremony Saturday for the future USS Washington (SSN 787), a Virginia-class submarine named for the Evergreen State. The submarine’s sponsor is Elisabeth Mabus
Huntington Ingalls Industries today hosted Rep. Steven Palazzo, R-Miss., for a tour of the company's Newport News Shipbuilding division. Palazzo represents the fourth district of Mississippi, which includes Newport News' sister shipyard, Ingalls Shipbuilding.
Ulstein Verft’s largest vessel so far is under full production these days. Sections for hull 302, an offshore construction vessel for Island Offshore/Edison Chouest Offshore, have arrived Ulsteinvik, and our shipbuilders get to practice big scale “Lego” construction in the dock
Hyundai Mipo Dockyard Co Ltd said on Tuesday it had decided to sell a stake worth 286 billion Korean won ($260.46 million) in steelmaker POSCO , in a bid to improve its balance sheet. Hyundai Mipo, a shipbuilding affiliate of world's largest shipbuilder, Hyundai Heavy Industries
OSX Brasil SA, the bankrupt shipbuilder controlled by Brazilian tycoon Eike Batista, posted a net loss of 160.8 million reais ($61.8 million) in the third quarter, the company said in a securities filing on Friday. OSX reported a net loss of 1.77 billion reais in the same period last year.
Ray Bagley has been appointed by Huntington Ingalls Industries (HII) as the company’s new vice president of trades operations for its Newport News Shipbuilding division. Bagley, who will earn the distinction of "Master Shipbuilder" for 40 years of continuous service next week
Jensen Maritime and Vigor will unveil the design for a new 352-foot catcher processor/factory trawler at the Pacific Marine Expo on Nov. 19. The design is the product of collaboration between Jensen, the design architect, Vigor, the shipbuilder, and three major fishing customers
18.5% increase in 3Q revenue, and 4.5% increase in 9M revenue from same periods in 2013. Vard Holdings Limited (“VARD”, and together with its subsidiaries, the “Group”), designers and shipbuilders of offshore and specialized vessels
Shipbuilder Huntington Ingalls Industries (HII) released its third quarter 2014 results which reported revenues of $1.72 billion, up 4.9 percent compared to the same period last year. Third quarter diluted earnings per share was $1.96, compared to diluted earnings per share of $1
Newport News Shipbuilding completes drydock work for aircraft carrier USS Abraham Lincoln (CVN 72); refueling and complex overhaul With tugboats guiding it into the James River, the aircraft carrier USS Abraham Lincoln (CVN 72) was moved from one of Newport News Shipbuilding’s drydocks to
Bureau Veritas has developed a voluntary notation intended to assist shipbuilders and operators reduce underwater noise radiating from ships. The comprehensive set of standards and measuring services is grouped as NR614 Underwater Radiated Noise (URN)
Brisbane-based shipbuilders Aluminium Boats Australia Pty Ltd has been placed into voluntary administration after a shipyard fire in August has set the company toward financial instability. The fire, which occurred at the company’s Hemmant dockyard 11 weeks ago
South Korea's Hyundai Heavy Industries Co Ltd, the world's biggest shipbuilder, slid to a record quarterly loss of $1.8 billion and warned it's heading for its worst-ever year as cost overruns mount up in new business lines it developed to counter a global glut of low-margin ship orders.
Gaztransport & Technigaz (GTT), a designer of membrane containment systems for the maritime transportation and storage of liquefied natural gas (LNG) confirmed an order for two large LNGCs Liquefied Natural Gas Carriers (LNGCs), which are in the third quarter 2014 order book
Gaztransport & Technigaz (GTT), a designer of membrane containment systems for the maritime transportation and storage of liquefied natural gas (LNG), received an order for two Liquefied Natural Gas Carriers (LNGCs) to be built by the Korean shipbuilder Daewoo Shipbuilding & Marine