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 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
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
Equilinx, a business-to-business e-commerce hub for the marine industry, will launch the world's first international online marketplace for ship repair and replacement parts, equipment and services in the second quarter of 2000. This new global maritime procurement gateway will combine comprehensive databases of catalogs with a sophisticated search engine that allows buyers to locate parts for ship repairs and maintenance
Wärtsilä Corporation and the Norwegian gas transportation company BW Gas ASA of Oslo signed a contract in January 2007 for the training of BW Gas personnel. The contract is for two years. The training courses provided under this contract are tailored to the specific requirements of BW Gas to cover the specific operational and performance aspects of the ships in the BW Gas fleet. The objective is to give ships' personnel and shore management a sound basis for cost-efficient
Pakhoed NV has reportedly postponed the refinancing of part of its Pakhoed Shipping division fleet.
Multraship confirms its purchase of the two tugs now being constructed in Romania for delivery in June/July 2013. Contracts for the two tugs, to be named Multratug 26 and Multratug 27, were signed during the course of Multraship’s recent annual client gathering in Terneuzen. Multraship managing director Leendert Muller said, “The new tugs will be mostly engaged in harbour towage activities in the Zeeland Seaports and Antwerp areas
MacGregor offshore winches for 22 new anchor handling tug supply vessels (AHTSVs) under construction at three shipyards. MacGregor, part of Cargotec, has secured new offshore winch contracts from three Chinese shipyards, Fujian Southeast, Fuzhou Baima and Guangdong Yuexin Ocean Engineering
Shanghai-based Wison Offshore & Marine Ltd., a subsidiary of the Wison Group, announced that Vice President of LNG Sales, Tor-Ivar Guttulsrod, will speak in the Strategy Roundtable of Floating LNG 2013, the world’s largest conference on floating LNG on Wednesday, June 12, 2013. Mr
On Wednesday, May 22 at 10:00 a.m., U.S. Transportation Secretary Ray LaHood will present the Merchant Marine Medal for Outstanding Achievement to Rear Admiral Wendi Carpenter, USMS, President, SUNY Maritime College for her support of relief efforts following Hurricane Sandy.
Wildlife conservation charities are calling for an urgent review of the marine hazard classification of the chemical (Polyisobutene) PIB. Timed to coincide with the recent IMO MEPC meeting, leading wildlife conservation charities, animal welfare charities and the UK Chamber of Shipping
The Ministry of Defense in Oman has awarded Damen Shipyards Group a contract for the construction of a Sail Training Vessel (STV). The 87-metre square rigged, three-masted steel clipper and will take up her role as flagship. In addition to its key role of training young Omani navy cadets and
More than 530 potential suppliers from across Canada gathered in Halifax, Nova Scotia on Wednesday, May 15, 2013 for Irving Shipbuilding’s AOPS Supplier Development Session. Invitations were sent to the almost 2,000 companies included on Irving Shipbuilding’s online supplier
The Port of Los Angeles released its April 2013 cargo volumes, showing a 9.45% decrease in overall volumes compared to April 2012. The decrease was due in large part to a vessel service that shifted out of the Port of Los Angeles. Imports dropped 10
Wilhelmsen Ships Service (WSS) appointed Romaine Romanet as new General Manager for Belgium. Ms. Romanet brings many years’ experience from a number of multinational businesses in the areas of operation, finance, business development, change project management and people development.
Khamis Juma Buamim was selected as Maritime Personality of the Year at the sixth Marine BizTV International Maritime Awards held as part of the ShipTek 2013 International Conference & Expo on Offshore & Marine Industry. He was nominated by Nippon Kaiji Kyokai, (ClassNK)
Aberdeen-based standby vessel operator Atlantic Offshore Rescue said it has commissioned what will be the U.K.’s most powerful emergency response and rescue vessel (ERRV). The Ocean Troll – which recently completed a long term charter with Statoil – has undergone a £2
Marine electronics specialist Maris AS has completed an ECDIS (electronic chart data information systems) technical training program to enhance support services covering North America and the Caribbean. The initiative is part of its commitment to the global distribution and service agreement with
A maritime care home has joined the national Dementia Friends campaign as part of its ongoing drive to both expand its specialist care provision and provide a wider support network for the families of residents suffering from the disease. The announcement comes in the run up to this year’s
The Australian Department of Defense released a request for tender to CEA Technologies for the development of a High Power Phased Array Radar concept demonstrator. CEA Technologies Pty Ltd is a Canberra-based company whose CEAFAR radar is being fitted to the ANZAC Class Frigates of the Royal
MacGregor offshore winches have been specified for 22 new anchor handling tug supply vessels (AHTSVs) under construction at three Chinese shipyards for several international owners. MacGregor, part of Cargotec, has secured new offshore winch contracts from three Chinese shipyards
Mitsubishi Heavy Industries, Ltd. (MHI) completed its acquisition of Pratt & Whitney Power Systems, the small and medium-size gas turbine business unit of Pratt & Whitney (P&W), an aeroengine manufacturer. Pratt & Whitney Power Systems has changed its corporate name to PW Power