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Korean Shipyards Face Challenge

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.


Graig expands into Germany

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


ILS-Software Package for German Coast Guard

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)


Blue Star Maritime to Sell Catamaran

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.


Seatel: Part Barge, Part Hotel

svitzer_images_03_web.jpg

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


Bahri Financed for Two General Cargo Ships

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)


Initial Cleanup Completed on NS Savannah

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.


MARAD Releases Report on E-Seals

The U.S. Maritime Administration (MARAD) released the voluminous two-part report evaluating electronic seals for use on cargo containers. The analysis was conducted on behalf of the Cargo Handling Cooperative Program and evaluated the operation of four selected radio frequency (RF) based e-seals and one non-RF e-seal. The goal was to develop a technical baseline that could help stakeholders select appropriate solutions to security, operational, and economic requirements


GEA Westfalia Separator Signs With Separator Spares & Equipment, LLC

Separator Spares & Equipment, LLC announced an authorized distributor agreement with GEA Mechanical Equipment US, Inc. (GEA Westfalia Separator Division) for the Gulf Coast region. Effective immediately, Separator Spares & Equipment, LLC will be providing GEA Westfalia high-speed separator equipment, spare parts, and support throughout the Gulf Coast region. This strategic alliance will provide GEA Westfalia Separator’s customers a local representative on the Gulf Coast.


USS Miami Fire Damage Extent Not Clear Yet

 Portsmouth Naval Shipyard workers have pumped fresh air into the fire-damaged sub, allowing Navy investigators to begin the first damage assessment The fire aboard Miami damaged the torpedo room, crew quarters and command and control areas in the fore part of the submarine, but the nuclear propulsion components in the after part of the sub were not harmed. Vice Adm. Kevin M. McCoy, commander of the Naval Sea Systems Command, told Sen


POSH raises $311m in Singapore IPO

Image: POSH file photo

POSH prices IPO at S$1.15 per share, near bottom of indicative range. POSH focuses on service to production, maintenance and is keen on growing offshore accommodation business. PACC Offshore Services Holdings (POSH) could raise at least S$388


ClassNK Approves Fillet Welding Consumable

Classification society ClassNK announced that it has granted type approval for the new MX-200F welding consumable, developed by Kobe Steel Co., Ltd. (KOBELCO) to improve welding efficiency and coating quality in commercial vessels. Until now


NATO to bolster defence of E.European Allies

NATO is sending part of its naval rapid reaction force to the Baltic Sea as part of a drive to step up the defence of eastern European allies in response to the crisis in Ukraine, the military alliance said on Thursday. Separately, Canada said it had offered six CF-18 fighter


Deal to Build Russian 60MW Icebreakers Imminent

LK-60 icebreaker rendering credit Rosatom

The state nuclear power company Rosatom is about to reach a deal with United Shipbuidling Corporation on the construction of two powerful LK-60 icebreakers according to Barents Observer. The new icebreakers will be the most powerful in the world and are key instruments in Russia’s


Search is on for Man Overboard in the Pacific

The U.S. Coast Guard is searching for a male crewmember reported overboard from a container ship approximately 805 miles northeast of Oahu, Monday. Watchstanders at the Coast Guard Joint Rescue Coordination Center were notified at approximately 8:23 a.m


Topaz secures another West Africa contract

Topaz-faye DP2 platform

Topaz Energy and Marine, a leading offshore support vessel company with primary operations in the Middle East and Caspian, today announced a new contract win for its fast growing West Africa operation. Under the terms of the US$ 11 million agreement


Three NOAA scientists honored by White House

Scott Weaver

The White House yesterday awarded three NOAA scientists with Presidential Early Career Awards for Scientists and Engineers. The award is the highest honor given by the federal government to outstanding scientists and engineers in the early stages of their careers.


Three European firms win Angola deepwater deals

Three European companies have won contracts for almost half the value of Angola's $16 billion ultra-deepwater Kaombo oil project, confirming a trend toward bigger scale and risk for the deep-sea contracting and construction sector. Saipem of Italy announced a $4 billion contract related to


Damen Launches Kuwait Oil Company’s New Tug

Photo: Damen

First of 14 ASD Tugs launched at Damen Shipyards Galati The Kuwait Oil Company’s (KOC) new ASD Tug 3212 was launched end of March at Damen Shipyards Galati, Romania. The ceremony marks the first in a 14-terminal tug contract between the two companies whose working relationship spans more


JFD Awarded Australian Navy Commendation

Photo courtesy of JFD

Commendation awarded by the Royal Australian Navy for dedicated work, commitment and support for Exercise Black Carillon 2013   James Fisher Defence (JFD) has been awarded a special commendation from the Submarine Force Commander of the Royal Australian Navy (RAN)


MAS Debuts Exclusive Armor Systems

Photo: MAS

Following on from the continued success of the product, Marine Armor System (MAS) announced its global launch and updated website. MAS is a nonlethal vessel protection system based on ballistic blinds, protecting the vessel or rig against pirate attacks and other potential threats such as armed


RCH Engineers New Steering System

Image: RCH

Rio Controls & Hydraulics (RCH) said it has developed a new steering system by modifying existing inductive sensors used in the oil and gas industry to reach a design that the company said will provide accurate and longer lasting sensor command and feedback signals.


Holland American Line donates $100,000 to Desmond Tutu Peace Foundation

Logo

In honor of Archbishop Emeritus Desmond Tutu’s work to spread peace, justice and democracy around the globe, Holland America Line has made a $100,000 donation to the Desmond Tutu Peace Foundation (DTPF). The donation follows Tutu’s appearance as a special guest lecturer on a segment of


POSH may raise $311 Mln in Singapore IPO

PACC Offshore Services Holdings (POSH) could raise at least S$388.27 million ($311 million) after pricing its initial public offering near the bottom of the pricing range indicated earlier, two sources with knowledge of the matter said.


Port of LA March 2014 Container Volumes Surge

Container ship: Image courtesy of Port of LA

The Port of Los Angeles has released its March 2014 containerized cargo volume figures, showing that container imports surged 42 percent, from 231,397 TEUsin March 2013 to 327,497 TEUs in March 2014. Exports rose 21 percent, from 154,428 TEUs in March 2013 to 187,826 TEUs in March 2014.


 
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