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.
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.
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.
Manchester cable safety seal manufacturer Roxtec has reported increased demand for its cruise ship cable and pipe seals. The firm has seen a 67 percent rise in sales for its watertight pipe and cable seals in the U.K. marine market in the last 12 months.
Shreyas Shipping and Logistics swung to a net profit of Rs. 61.75 crore (about $9.6 million) in the fiscal year ended March 31, a big turnaround from its loss of Rs. 4.32 crore ($675,000) in the previous year. According to Rajesh Desai, CFO, Shreyas Shipping
BMT Asia Pacific (BMT), a subsidiary of BMT Group Ltd, has been appointed Owners Engineer and lead design consultant by Endeavour Energy for the development of the LNG storage and regasification facility, a part of the Ghana 1000 Gas to Power Project and Africa’s first LNG import
Italy-based classification society RINA informs it has launched a ferry safety initiative. The Asset Integrity Management scheme for ro-pax ferries covers fire risk mitigation, single-failure risk assessment, enhanced planned maintenance and condition-based monitoring and also food
Stephanie Mutz makes a living plucking sea urchins from the Santa Barbara coast and selling the prickly treasure to upscale restaurants in Southern California. Now, she needs new hunting grounds. The coast, thought to be one of the world's best places for harvesting sea urchins
This week Atlantic Ro-Ro Carriers (ARRC) celebrates the maiden voyage of the Baltic Mercur II via the port of Antwerp as part of their regular transatlantic service to the US Gulf. After long deliberation and extensive analysis, the company has chosen to anchor the European extension of
The world’s largest container shipping company Maersk Line has set itself a bold new target to cut CO2 emissions by 60% by 2020. The company has stated that its emission reduction plan will save the climate around 200,000,000 tons of CO2
The Danish offshore survey solution specialist EIVA a/s has appointed a new global sales director, Jakob Møller Nielsen. He comes from a similar position at SPX Flow Technology, which is part of the Fortune 500 SPX Corporation.
It was just last month that the (challenged) Keefe family packed up the SUV and set out for a little bit of spring break fun, mixed in with a college visit for my son, who will be a senior in high school next Fall. The decision to drive was, in part
Eco-friendly HullWiper technology to fight fouling and enhance efficiency for oil and gas company fleet GAC EnvironHull has signed a contract with the international energy company Statoil to provide underwater hull cleaning services for its vessels operating in Scandinavia
Since the first commercial ship basin was commissioned in 1883, towing tanks have provided naval architects with a reliable method of predicting the performance of a ship at sea. Towing tanks are used for both resistance and propulsion tests
Kongsberg Maritime has been awarded a call-off order for delivery of the Safety and Automation System (SAS), Life Cycle Simulator and SAS Information Management System for the four platforms on the Johan Sverdrup field centre. The order is based on the Project Specific Agreement for the Johan
Puerto Rico Ports Authority issues RFP for Marina District. The project envisions a superyacht marina and dry dock maintenance, repair and overhaul facility at the Port of San Juan The Puerto Rico Ports Authority (PRPA), a public corporation and government instrumentality of the
To develop its large fleet, Groen Offshore, Guard & Support has selected the first Damen Twin Axe Fast Crew Supplier 2610 to be customised with Offshore Oil & Gas standby capabilities. The Netherlands-based company will deploy the new vessel on long-term charter for a major E&P
Wärtsilä has received another important order for its Ballast Water Management Systems (BWMS). Three new container ships being built for a major European shipping company at the Jinhai Shipyard in China will be fitted with Wärtsilä Aquarius UV BWMS