Korean shipbuilders' earnings are forecast to improve through 2008 and beyond as the tight supply and demand balance allows them to pass on rising costs, said investment bank Lehman Brothers in a report. Lehman's expects earnings at the shipyards to report a 64 percent growth over the 2006-2008 period as revived interest in container ship investment amid continued demand for tankers and gas carriers is increasingly making global shipbuilding a seller's market. "At the same time, Korean shipyards are more keen on managing risk and costs by hedging their foreign exchange exposure and procuring lower-cost steel plates from China," the report said. It also noted that Korean shipyards' flexible vessel design capabilities are the key differentiating factor that positions them ahead of their Japanese and Chinese counterparts. Lehman's top picks were Hyundai Heavy Industries Co. among shipbuilders, and Samyoung M-Tek among vessel parts suppliers. Yet, it might not be all smooth sailing for Korea's shipyards after 2008 with Brazil, Russia, India and China rushing to build large shipyards to meet the growing demand for vessels to transport oil and raw materials, according to maritime information portal site Marine-net.
Cardiff and Shanghai-based Graig Group is expanding into Germany. Graig has established a ship management company in Hamburg, and has sold and chartered back seven ships in a $24m KG deal backed by Hamburg-based KG broker Ownership Emissionhaus Gmbh. Graig Shipmanagement (Germany) Gmbh will manage seven modern Confidence-class multi-purpose vessels, part of the nineteen-ship series which Graig built in China between 1997 and 2003
Greece's Blue Star Maritime SA said it signed an agreement to sell its catamaran Seajet 2 for $3.6M to the Sea Jet II Shipping Co The delivery of the vessel is expected to take place by the end of March. Part of the sale price will be paid when the vessel is delivered, while the credited amount of $3M will be paid in monthly instalments until September 2006. Blue Star said the vessel sale is part of its policy to focus on the operation of fast, modern, conventional vessels.
Just two weeks after christening the first of three 216 ft. (66 m) Offshore Patrol Vessels, the German Coast Guard (Bundesgrenzschutz) ordered an extensive software and data package for Integrated Logistic Support (ILS) of the new " Bad Bramstedt"-class from Abeking & Rasmussen, designers and builders of the new vessels. The order consitsts of three on-board versions and one shore version of the new developed Virtual Ship Explorer (VSE)
Svitzer UK and Sanderson Maritime have launched Seatel, a North Sea barge with a 70 bedroom hotel module offering a comfortable, stable platform and high quality accommodation at half the cost of current market alternatives. Designed for anchorage in deep-sea locations, Seatel covers twenty five thousand square feet and has been designed to offer the space and feel of an equivalent land based motel. It was developed to be self sufficient, with onboard generators, an infield maintenance workshop
The National Shipping Company of Saudi Arabia (Bahri) will sign a financing agreement with Public Investment Fund (PIF) for 2 newbuildings Bahri is to sign a 'Murabaha Agreement' with Public Investment Fund (PIF). The cash will be used to finance part of the total construction cost of building two General Cargo vessels at Hyundai Mipo Dockyard in South Korea. The value of the financing contract is equivalent to Saudi Riyals 450,000,000 (Four Hundred and Fifty million)
A historic nuclear-powered ship that probably attracted more barnacles than tourists while serving as a floating museum off Mount Pleasant has completed the first leg of its rehabilitation. But the next phase of work won't take place in the Lowcountry, as federal officials had once considered. The NS Savannah, the world's first nuclear-powered cargo and passenger vessel, is being restored, possibly for its second stint as a floating museum, according to its owner, MarAd.
The Panama Canal said it enjoys an excellent safety record, which it credits mainly to the extensive training required of its pilots. To continue providing this service, training on board transiting vessels is essential. Nevertheless, a number of recent reports have brought to the canal's attention the reluctance of several masters to allow Panama Canal pilots in training to maneuver their vessels under the supervision and control of qualified Panama Canal pilots as part of their required
Aker Solutions' subsidiary Aker Oilfield Services says it has been notified by Total in Angola of the termination of a USD 250 million, two-year contract for the 'Skandi Aker'. Aker explain that the Skandi Aker started operations as a well-intervention vessel for the first time in September 2013 when the contract with Total commenced. The value of the remaining contract period is about USD 150 million and will be removed from the order backlog.
Mitsui O.S.K. Lines, Ltd. (MOL; President: Koichi Muto) reports that the containership MOL Comfort could not continue sailing under its own power because the hull fractured in two parts while under way on the Indian Ocean. At about 10:00 JST (05:00 local time) on June 19, 2013, two parts, fore and aft, laden with containers are drifting at about 2 knots near 12’57”N 61’10”E (the aft) (the central part of the Indian Ocean) in an east-northeast direction.
A new series of six Anchor Handling Tug Supply vessels to be built at the Kleven Verft AS in Norway for the Danish based Maersk Supply Service A/S - part of the A. P. Møller-Mærsk Group, will feature fully integrated solutions from Wärtsilä
Classification society ClassNK has granted approval to the design of the new 28AHX-DF dual-fuel engine developed by Niigata Power Systems Co., Ltd. The new engine is slated to be used as the main engine on a new LNG-fuelled tugboat being built by Keihin Dock Co., Ltd. for NYK Line
MacGregor, part of Cargotec, has secured a deck equipment contract from New Times Shipyard in China for Intership Navigation Co Ltd.'s three new 36,500 dwt laker-class bulk carriers. The vessels will each feature an optimized MacGregor cargo-handling system comprising MacGregor cranes and hatch
More so than many other fields of business, the maritime industry is focused on cost, which in turn gives the appearance of being conservative towards technology. Of course, we have magnificently technical ships operating with equipment that wouldn’t look out of place in a NASA lab
OW Tanker, a unit of bankrupt OW Bunker and owner of its marine fuel supply ships, has been taken over by a newly-created company, the fleet manager told Reuters on Wednesday. Henrik Pedersen said the takeover by Alba Tanker ApS, which has the trustees of the bankrupt company on its board
LCT 7074, the last known landing craft to survive the D-Day invasion in 1944, has been refloated as part of a project to lift and save the vessel which began in March 2014, almost exactly four years to the day after she had sunk.
Petroleum Geo-Services ASA : Kuala Lumpur Becomes the New Asia Pacific Regional Headquarters As a part of the plan to restructure PGS business activities in Asia Pacific the Company has decided to relocate its regional headquarters from Singapore to Kuala Lumpur ("KL")
MacGregor, part of Cargotec, has secured a comprehensive deck equipment contract from New Times Shipyard, in China, for Intership Navigation Co Ltd's three new 36,500 dwt Laker-class bulk carriers. The vessels will each feature an optimised MacGregor cargo-handling system comprising MacGregor
Shipping may think they hear the sound of new regulations as they are slammed onto their desks. What is all the noise concerning noise at IMO? This may very well be the question from ship owners, operators and builders closely following activities at the International Maritime
MARIN was delighted to take part in a truly historic milestone in the industry when Daewoo Shipbuilding and Marine Engineering (DSME) asked MARIN to investigate the seakeeping ability of what would become the largest container vessel in the world - Maersk Line’s Triple-E.
SENER presents the module for the ship General Arrangement definition in FORAN SENER took part once again in the Annual Society of Naval Architects and Marine Engineers (SNAME) Convention in the U.S., this time in Houston from October 20-24.
Lee Andrews has been appointed as CWind’s new global head of operations for maintenance and asset management (O&M) services. Andrews joins CWind from Siemens Energy where he started his career as an apprentice technician 25 years ago and progressed through increasingly senior
The six vessels (plus four options) placed in the Norwegian yard will be assigned Lloyd’s Register (LR) class notations 100A1, Offshore Supply Ship AHTS, Fire Fighting Ship 1 (2400), Ice Class 1A PS, RD (2.8), IWS. Steel cutting is expected to begin in June 2015 with the first two
Tier II-compliant 32/44CR technology to deliver fuel efficiency, low emissions and improved productivity MAN Diesel & Turbo has received an order for an MAN 8L32/44CR engine to power a newbuilding trawler for Fishermen’s Finest, the U.S. fishing concern
Egypt is trying to renegotiate an extension of an agreement worth $1.5 billion with Suez Canal Container Terminal which has a concession to run a port near the entrance to the canal, a government official said. Ahmed Amin, an advisor to Egypt's transport minister