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
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)
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.
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.
Van Oord has ordered a new cutter suction dredger from Royal IHC. The vessel, to be named Biesbosch, is a modular IHC Beaver 65 DDSP built at the yard in Sliedrecht, and is scheduled for delivery April 1, 2016. Once delivered, Biesbosch, with a length of 64 meters and a width of more than 12 meters, will be deployed at the Zeetoegang IJmuiden project, part of the locks program of the Dutch Department of Public Works.
Kongsberg Maritime has delivered new fleet and vessel management functionality through a recent customized software update across Dampskibsselskabet NORDEN A/S’ fleet and shore offices. The software roll-out took place during January 2016 and included updates to vessel and shore based modules covering maintenance, spare parts, information sharing, procurement and budgeting. The updated software was developed in close co-operation with NORDEN
MacGregor, part of Cargotec, continues to add to its market-leading Pusnes product range and its latest introduction is a Pusnes RamWindlass. The new windlass is based on a chain-jack design and employs similar technology used in MacGregor's successful range of Pusnes RamWinches.
The members of the American Waterways Operators, the national trade association representing the tugboat, towboat and barge industry, elected a new slate of leaders during AWO's Spring Convention held recently in Washington, D.C. James F
Major modification work will bring A2SEA-owned vessel into line with growing demands of offshore wind industry Damen Shiprepair Amsterdam (DSAm), part of Damen Shiprepair & Conversion, is currently undertaking a modification and maintenance project on the jack-up vessel Sea Installer
An oil company set up by Libya's eastern government is preventing a tanker from loading a cargo for its Tripoli rival, the National Oil Corporation (NOC), officials said on Tuesday. The eastern company, also calling itself the National Oil Corporation (NOC)
As the many Greek players in the shipping industry know well, the legend of Icarus tells us the dangers of flying too high. Merchant vessel earnings eventually found their 2008 heights just as unsustainable, even as some talked of a “new paradigm”.
Turkey has launched the building phase of its amphibious landing platform dock (LPD) warship for the Turkish Naval Forces with a ceremony on April 30, says Hurriyet. Last year, the Turkish government announced it signed a nearly $ 1 billion deal with a local shipyard to produce the
‘Kalvari’ (Tiger Shark), the first of the Scorpene-class submarines, went to sea for the first time on Sunday marking the commencement of sea trials. The submarine sailed out at about 10 am under her own propulsion for the first sea trial, off the Mumbai coast.
India will join US and Japan conduct joint naval exercises in the northern waters of the Philippine Sea, an area close to the East and South China Seas where Beijing is locked in an increasingly tense standoff with other countries.
Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Junichiro Ikeda) announced the delivery of the LNG carrier KUMUL at Hudong-Zhonghua Shipbuilding (Group) Co., Ltd. (Hudong) in Shanghai on April 29. A naming ceremony was held at the shipyard on April 8
On the European continent, the Alps form a natural barrier for international transport. Containers can be transported to Southern Germany, the Czech Republic or Poland cheaper as well as more sustainably via North European ports than via Southern European ports
Shipping freight rates for transporting containers from ports in Asia to Northern Europe jumped 170 percent to $732 per 20-foot container (TEU) in the week ended on Friday, data from the Shanghai Containerized Freight Index showed. Spot freight rates on the world's busiest routes soared as a
The U.S. Coast Guard will conduct a second round of public hearings May 16-27 for the Marine Board of Investigation into the loss of the U.S.-flagged cargo ship El Caro, and its 33 crewmembers. The Coast Guard completed its first round of hearings in February 2016.
ECU Line, Econocaribe and China Consolidators undergoes rebranding to build a Global Brand Connect India’s integrated logistics solution provider Allcargo Logistics Ltd announced the rebranding of its global subsidiaries, ECU Line, Econocaribe and China Consolidators to ECU Worldwide
Cruise ship MV Adonia sailed into Havana this morning, completing the first leg of its historic inaugural voyage to Cuba that began on May 1, 2016, from Miami, marking the first time in over 50 years that a U.S. cruise line has sailed from the U.S. to Cuba.
Rising levels of CO2 are making it hard for fish to breathe in addition to exacerbating global warming and ocean acidification. Climate change has caused a drop in the amount of oxygen dissolved in the oceans in some parts of the world