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.
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
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)
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.
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.
Almost 200 senior figures from across the U.K.’s offshore wind industry recently debated the future of managing operational wind farm projects. Delegates assembled to hear what lessons can be learnt from pioneering wind farm operators off the East of England coast, and the sharing of experiences and thoughts from past and potential developers which will help shape the future of the industry. The 'Asset Management: Reducing Cost
Fugro yesterday took delivery of its second of the three Fugro Offshore Coastal Survey Vessels (FOCSV) being built by Damen. The Fugro Pioneer is a compact, survey ship capable of undertaking a wide range of survey, monitoring and inspection operations.
Aker Solutions' subsidiary Aker Oilfield Services (AKOFS) has won a contract worth USD 465 million over five years from Petrobras to provide subsea intervention services offshore Brazil from the Aker Wayfarer vessel. The contract will start within the fourth quarter of 2016 and has a
IMO informs that the draft International Code of Safety for Ships using Gases or other Low flashpoint Fuels (IGF Code), along with proposed amendments to make the Code mandatory under SOLAS, have been agreed by the inaugural session of the Sub-Committee on Carriage of Cargoes and Containers (CCC 1)
Fugro Pioneer is the second of three vessels to be delivered to Fugro in 2014. Fugro has taken delivery of the second of the three Fugro Offshore Coastal Survey Vessels (FOCSV) being built by Damen. The Fugro Pioneer is a compact, survey ship capable of undertaking a wide range of survey
Secretaria de Marina orders seventh patrol vessel and a fast crew supplier In August 2014 the Mexican Navy (Secretaría de Marina) and the Netherlands’ Damen Shipyards Group signed contracts for the delivery of the design, material package
The first unique LNG powered ship that Ferus Smit has on order for Erik Thun A.B. will be built and equipped as a dedicated cement carrier. The ship will be delivered to the joint venture JT cement, in which Erik Thun AB cooperates with KG Jebsen Cement from Norway
Danish shipping conglomerate A.P. Moller-Maersk said on Tuesday its offshore oil and gas drilling unit has sold its Venezuelan barge activities. Maersk Drilling said on its website its Venezuelan barge business represents a "minor part" of its activities
Technip signed today an agreement to sell 100% of its North American diving assets to Ranger Offshore Inc.(1). Technip’s strategy focuses on high technology and ultra-deep water products and services. Proceeds from this divestment will be partially reinvested directly into
The Navy informs it has accepted delivery of Joint High Speed Vessel, the future 'USNS Fall River' from the Austal USA shipbuilder. The delivery marks a major milestone, the official transfer of the vessel from the shipbuilder to the Navy. USNS Fall River is the U.S
MAN Diesel & Turbo has announced the development of a new turbocharger series specifically matched to the requirements of two-stroke engines. For the first time ever, MAN Diesel & Turbo will develop a turbocharger series exclusively for two-stroke engines that is especially designed and
Aker Solutions' subsidiary Aker Oilfield Services (AKOFS) says it has won a contract worth US$465-million over five years from Petrobras to provide subsea intervention services offshore Brazil from the Aker Wayfarer vessel. The contract will start within the fourth quarter of 2016 and has a
PPG Industries' protective and marine coatings business is fulfilling growing demand for "ice class" marine coatings for hull protection with SIGMASHIELD® 1200 coating. Developed from research conducted in PPG’s own facilities
DP World Chairman, and Chairman of Ports, Customs and Free Zone Corporation (PCFC), HE Sultan Ahmed Bin Sulayem has met with the President of the Maldives His Excellency Abdulla Yameen Abdul Gayoom and Minister of Tourism Ahmed Adeeb Abdul Ghafoor, in Male
Marine propulsion system technology providers ZF Marine says it expanded its portfolio of transmissions for the commercial craft segment when two hybrid-ready systems were launched at the recent SMM show in Hamburg. Daniel Härter has also taken charge as CEO of ZF Marine Propulsion
International classification society RINA Services informs it is to fit RINA’s InfoSHIP EGO performance monitoring system to d’Amico Group’s entire fleet. The first units will be installed on two newbuildings under construction in Korea and China, one tanker and one bulk carrier