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.
Pilot project pioneering laser repair works for the metal parts of ships and vessels has been launched in Russia's Primorsky Territory, reports Sputnik. The technology of laser reordering of metallic parts in Russia's Primorye Territory was developed by the Far Eastern branch of the Russian Academy of Sciences (RAS) jointly with the Far Eastern Federal University and the Vladivostok-based ship-repairing center Dalzavod.
A fisherman struck and injured by a parted line was medevaced south of San Juan Island and transported to Olympic Medical Center in Port Angeles, Wash. Thursday morning. He is in stable condition. The U.S. Coast Guard medevaced the injured fisherman after watchstanders in Puget Sound
Austal’s U.S. operation consists of more than 4,000 employees supporting the design, construction and sustainment of two U.S. Navy programs, the 127-meter, trimaran Independence-variant Littoral Combat Ship (LCS) and the 103-meter, catamaran high-speed troop and equipment transport known as
The Damen Shipyards Group has delivered an ASD Tug 2810 ICE to Klasco Towage Assistance, an affiliate of Klaipeda Stevedoring Company (KLASCO). The largest tugboat service provider in the Port of Klaipeda (Lithuania), this is the company’s first purchase of a Damen tug
MacGregor, part of Cargotec, plans to reduce workforce in MacGregor Uetersen site in Germany to restructure the operations to the weak market demand. The market situation has deteriorated due to the low oil price and low number of new merchant ship orders
The world’s first electric commercial fishing vessel will be powered by a Corvus lithium polymer Energy Storage System (ESS) integrated with a Siemens propulsion system Corvus Energy announced a Corvus ESS with a Siemens BlueDrive PlusC marine propulsion system will power the Selfa
Fast-attack submarine USS Seawolf (SSN 21) returned to its homeport of Naval Base Kitsap-Bremerton August 21, following a six-month Arctic deployment during which it conducted routine submarine operations, including under-ice transits and under-ice operations.
On August25, shipbuilder Ulstein Verft launched from its dock hall a special offshore construction vessel, Yno 302, for Island Offshore and Edison Chouest Offshore. The newbuild measures close to 160 meters in length with at beam of 30 meters
UK-based manufacturer of cryogenic valves Bestobell Marine said it has seen a major increase in demand for its cryogenic valves from the marine sector in the U.S. This is largely due to the new Emissions Control Areas (ECA) which is increasing the number of dual-fuel vessels being commissioned
Two Mistrals were originally destined for Russia. France is in talks to sell two Mistral helicopter carriers to Egypt after their sale to Russia was cancelled earlier this month, two sources close to the matter said on Wednesday. Cairo has sought to boost its military power in the face of a
Seafarer social media site Crewtoo, part of KVH Industries, Inc., has published the results of its second Crewtoo Seafarers Happiness Index report detailing job satisfaction at sea. Designed to monitor and benchmark seafarer satisfaction levels via 10 key questions
Radio Holland in Singapore has signed a Managed Service Agreement (MSA) with Thome Ship Management that will cover nine vessels for four years. Thome Ship Management, headquartered in Singapore, has worked for many years with Radio Holland, which is part of Imtech Marine
Minsk hosted today an official construction launch of Gazprom Center – a Gazprom Group-owned multi-purpose complex. Alexander Lukashenko, President of the Republic of Belarus and Alexey Miller, Chairman of the Gazprom Management Committee took part in the event.
Joined up thinking from two marine technology suppliers addresses impending legislation for Ballast Water Treatment and offers a practical solution for monitoring and recording the correct discharge of ballast water, in real-time. The International Maritime Organizations 2004 Ballast Water
Damen Shipyards Group operates 32 shipbuilding and repair yards, employing 9,000 people worldwide. This ubiquitous name in global shipbuilding has delivered more than 5,000 vessels in more than 100 countries and delivers some 160 vessels annually.
A silicone coating that keeps hulls free of marine growth while boosting the vessel’s performance and fuel economy will be featured on the Fujifilm Smart Surfaces stand at Marine Maintenance in Antwerp. The Duplex fouling release system was developed by the U.S