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
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 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
While South Korean shipbuilders are continuing to struggle for survival as the recession in the global shipbuilding market drags on, they have clinched new orders to build nine ships in the first four months of the year. Yonhap, quoting industry data, said that the S.Korean shipyards, led by Hyundai Heavy Industries Co., have clinched new orders to build nine ships, accounting for 5 percent of new shipbuilding orders placed around the globe.
Lee Jin-bok, a lawmaker of the ruling Saenuri Party in Korea says that the government has given an "incentive for mutual growth" to Korea's major shipbuilders while they are accused of an unfair business practice. The three shipbuilders - Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries - forced their partner companies not correctly to respond to the questionnaire on the 'mutual growth index,' he accused.
South Korean shipbuilders have ranked first in the world outpacing Chinese and Japanese rivals in terms of new orders in the third quarter of the year, reports Yonhap quoting Clarkson Research Services. South Korean shipyards bagged new orders totaling 2.11 million compensated gross tons (CGTs) last month, trailing Chinese shipbuilders at 3.48 million CGTs and Japanese companies with 2.36 million CGTs.
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
France wants a "multiple shareholder" solution to STX France, the shipbuilding company being sold off, French President Francois Hollande said on Tuesday. "We are working with the aim that the state can remain a minority shareholder, we want a multiple shareholder solution
Eastern Shipbuilding Group, Inc. delivered the M/V CAPT. RICKY TORRES (Hull 194) on October 11, 2016, and the M/V CULLEN PASENTINE (Hull 195) on December 28, 2016; the 64th and the 65th 90’ Inland Towboat to Florida Marine Transporters, LLC of Mandeville, LA
Samsung Heavy Industries, South Korea's major shipyard, build a floating production unit for British oil multinational BP that will be used in offshore drilling in the Gulf of Mexico, says a report in Yonhap. The 1.5 trillion won ($1
Hard to say 'Non' to Italian company's bid, says Sirugue; France keen to keep Saint Nazaire site running. A leading French minister expressed support on Wednesday for a bid by Italy's Fincantieri's for shipbuilder STX France, adding that the government would aim to keep the shipbuilder's
French state holds 33 pct of STX France; acquisition could boost Fincantieri's position in cruise shipbuilding. A South Korean court approved on Tuesday Italy's Fincantieri as the preferred bidder to buy shipbuilder STX France, helping Fincantieri move closer to a deal that could boost its
Huntington Ingalls Industries’ (NYSE:HII) Ingalls Shipbuilding division has received a $486 million fixed-price incentive contract from the U.S. Coast Guard to build a ninth National Security Cutter. “With the experience and knowledge our shipbuilders bring to this program
France may intervene in the sale of the Saint-Nazaire shipyard by bankrupt South Korean shipbuilder STX if the French government's conditions are not met, Industry Minister Christophe Sirugue said. "The government is fully mobilised and will not hesitate to use all of the levers at its
South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering Co., Ltd. (DSME) and the Industrial Development and Renovation Organization of Iran (IDRO) have signed an outline agreement to cooperate on developing the shipbuilding Industry in Iran.
Since it started publishing in 1939, Maritime Reporter & Engineering News has recognized excellence in ship construction. This year 18 ships in total were honored, including many “world firsts.” Greenland - LNG powered cement carrier
The Navy accepted delivery of the future USS Gabrielle Giffords (LCS 10) during a ceremony, Dec. 23. Gabrielle Giffords is the ninth littoral combat ship (LCS) to be delivered to the Navy and the fifth of the Independence variant to join the fleet
The South Korean court handling the bankruptcy proceedings of STX Offshore & Shipbuilding Co. said that only a single bidder had submitted a binding proposal to buy the shipyard's profitable French unit, says a report by AFP.
South Korea‘s three majors shipbuilders are forecast to get much fewer orders next year, Yonhap reports quoting industry sources. The three shipyards - Hyundai Heavy Industries (HHI), Samsung Heavy Industries (SHI) and Daewoo Shipbuilding & Marine Engineering (DSME) - are
The top four Korean shipbuilders have 2.3 trillion won ($1.9 billion) in notes maturing next year, the most in Bloomberg-compiled data going back to 1997. Bloomberg reports that some of them may have trouble paying debts without help from the government or group firms
On December 21, René Berkvens, CEO of Damen Shipyards Group, received the KIVI Honorary Medal for Marine Technology. KIVI (est. 1847) is the professional association of engineers in the Netherlands. The ceremony took place at Delft Technical University during the symposium ‘Maritime
Shipbuilder has started a real virtual reality (VR) revolution that enables full visual access to new and existing maritime projects. Geert Schouten, director at Shipbuilder, said, “We are the first organization globally that has added useful features to virtual reality for maritime