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)
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)
Two new U.S. research vessels are going full steam ahead: the U.S. National Science Foundation will formally commission its Arctic-bound Sikuliaq, and the Woods Hole Oceanographic Institution’s Neil Armstrong will begin science operations. Live Science reports that two new U.S. research ships will take to the seas in the Arctic and Atlantic in 2015, allowing scientists around the world to explore the geology, biology and health of the oceans.
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.
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.
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.
Helm Operations has signed on Brazilian harbor services company SAAM SMIT Towage to its Helm Marine Operations software to manage its billing and dispatch. SAAM SMIT Towage started towage operations in Brazil in 2008 and is now active in eight ports and terminals
The Vane Brothers Company, a marine transportation provider headquartered in Baltimore, has taken delivery of Kings Point, the latest in a wave of Maryland-built tugboats. Constructed under the supervision of Vane Senior Port Captain Jim Demske
CTruk has won an order for two more of its 22m multi-purpose catamaran Wind Farm Service Vessels (WFSVs). Both will be delivered to offshore wind service supplier CWind this summer as the first-of-class CWind Sword continues to impress on the EnBW Baltic 2 Offshore Wind Farm in Germany.
‘Fideicomiso de Formación y Capacitación para el Personal de la Marina Mercante Nacional’ (FIDENA), on behalf of Mexico’s Secretariat of Communications and Transportation (SCT) has selected Kongsberg Maritime offshore simulators for the Marine Education Center in
MacGregor, part of Cargotec, has secured a contract with the Brazilian shipowner and shipbuilder Grupo CBO. The contract is to supply Triplex deck handling equipment and cranes for four customised Havyard 843 anchor handling tug supply vessels (AHTS)
General Dynamics NASSCO launched the 3,100 teu Isla Bella, the world’s first LNG-powered containership. More than 3,400 shipbuilders, their families, and others attended the special event at the San Diego-based shipyard.
Officials from the Philippine and United States armed forces participating in this year's Balikatan exercises, the largest in 15 years, insisted that the said activities will not zero in on possible response to the issue of the South China Sea.
At high tide today at Gondan Shipyard in Figueras, the New PSV (TBN) for the Norwegian Ship-Owner, Simon Møkster Shipping, was launched. Different personalities related to the sector have attended the ceremony as well as authorities from the Ministry of Industry
U.S. firms leverage Netherlands-based Damen Shipyard’s vessel designs and technical support. For nearly 40 years, Damen Shipyards Group in the Netherlands has licensed its vessel designs and technical support to yards owned by other companies
Caterpillar Marine has completed the acquisition of ESRG Technologies Group, LLC, a vessel monitoring and data analytics company in the marine industry. The acquisition includes ESRG’s software suite for the remote monitoring and diagnostics of more than 65 on-board systems as well
The trend of modernizing ships and fitting them with more efficient separator systems, which has been noticeable since 2014 particularly in Europe and North America, has continued seamlessly into the first quarter of 2015, GEA reported. More than 50 OSE separators from GEA from the Oelde site have
The Italian navy took back control on Friday of a Sicilian fishing boat that had been seized overnight by unknown assailants near the Libyan coast, the defence ministry said. The stretch of Mediterranean Sea has grown increasingly chaotic in recent years as hundreds of thousands of people risk
U.S. Navy officer pleads guilty to selling classified ship schedules as part of expanding Navy bribery probe A lieutenant commander in the U.S. Navy pleaded guilty to bribery charges in federal court, admitting that he accepted cash
Global Marine Systems Limited’s vessel Cable Innovator has recently left Damen Shiprepair Dunkerque (part of Damen Shiprepair & Conversion) after extensive work including the installation of a ballast water treatment system and a five-year survey
Safety around Liquefied Natural Gas (LNG) is a hot topic, now that LNG is more and more becoming the fuel of the future. The results of a recent LNG emergency and incident response study are a big step forward in LNG safety in Europe