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
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
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.
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.
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
An Organisation for Cooperation & Economic Development working party considers shipbuilding market distorting factors This special session of the WP6 held on 21, June 2012, was intended to take a fresh look at market distorting factors, so that future efforts can be directed towards those that are the most important, and which would benefit most from further attention by the Working Party. The discussions at this special session will be taken into account during the review of the WP6
Large bore engine sales and service company, Resource Power Group (RPG) has received Napier Turbocharger’s authorization as a service, repair and spare parts center. This move compliments RPG’s existing capabilities as a medium speed engine, turbocharger, and fuel equipment service and sales company. For it to become authorized by Napier Turbochargers Ltd. of Lincoln, UK, RPG had to meet all of the Napier guidelines for a service workshop including:
DOT's Office of Drug & Alcohol Policy & Compliance Publishes Official Q & A: The Office of Drug and Alcohol Policy and Compliance, with the Office of General Counsel, issued a 49 CFR Part 40 Question and Answer. Like all ODAPC/OGC Qs & As, this Q & A constitutes official and authoritative guidance and interpretation concerning Part 40. The Q & A issued today is available on their website at: http://www.dot.gov/odapc/qanda.html
A joint naval exercise of U.S., Bulgarian and Romanian naval forces in the Black Sea has started, the Bulgarian navy said on Wednesday. The USS Truxtun, a U.S. guided-missile destroyer with about 300 crew and part of the U.S. Sixth Fleet headquartered in Italy
Gas tanker operator Avance Gas Holding is planning an initial public offering (IPO) and aims to list its shares on the Oslo Bourse in April, one of its owners said on Wednesday, joining a flurry of Nordic firms planning stock market debuts.
Ms. Virginia A. Kamsky, was chosen to sponsor the ship by Secretary of the Navy Ray Mabus, and was present at the keel laying ceremony for the fifth Joint High Speed Vessel 'Trenton' (JHSV 5), one of ten Austal-designed 103-meter U.S. Navy Joint High Speed Vessels under contract with the U.S. Navy
To better support marine customers in South America, Rolls-Royce has opened a new training center in Brazil, to cater for customers operating the large number of vessels with Rolls-Royce systems that work in country’s deep water oil and gas fields.
MacGregor, part of Cargotec, has secured deck equipment contract for a series of eight 58,500 dwt bulk carriers under construction at New Times Shipbuilding in China. The vessels are being built for Lemissoler Navigation (Front Marine), based in Cyprus
Based on impressive fuel consumption and performance results from the Volvo Penta engines installed in a new-construction pushboat, the operator decided to repower one of its older vessels with the same D16 engine package. When Volvo Penta supplied the main propulsion system for the M/V Ted
Bad weather has delayed by one day the joint naval exercise of U.S., Bulgarian and Romanian naval forces in the Black Sea, a statement by the Bulgarian defence ministry said on Tuesday. A U.S. navy destroyer was due to take part in manoeuvres with Romanian and Bulgarian warships in the Black
United European Car Carriers (UECC), jointly owned by Nippon Yusen Kabushiki Kaisha (NYK) and Wallenius Lines, inform it has signed a contract to construct two triple-fuel LNG Pure Car & Truck Carriers (PCTCs). The contract has been signed with Kawasaki Heavy Industries (KHI) and the
Bergen Group says it has decided to accelerate the process of reducing its involvement in the shipbuilding business in favor of a more dedicated focus on offshore related activities. As a part of this process, Bergen explains it has entered into an agreement to sell two of the remaining
By Paul Kilby, IFR Petrobras has launched a $8.5 billion six-bond offering after generating a $22 billion plus order book. The trade was launched as a $1.6 billion three-year fixed at Treasuries plus 250bp, $1.4 billion three-year FRN at 3mL+236bp, $1
The maintenance of passenger ferry Victoria I at Finland’s largest ship repair yard, a part of BLRT Grupp, has been finished. Scheduled maintenance of Victoria I was carried out within six days at Turku Repair Yard’s dry dock
National Response Corporation (NRC) announced the completion of a deal which sees U.K.-based Sureclean Limited become part of the NRC group. NRC is a global provider of diversified environmental, industrial and emergency response solutions
Bibby Remote Intervention Limited (BRIL), part of Aberdeen-based subsea installation contractor, Bibby Offshore, has further expanded its fleet by signing a charter agreement for an IRM (Inspection Repair and Maintenance) light construction vessel and adding an additional two ROVs (Remote
Ships from six navies, dozens of military aircraft, sweeps with radar technology that can spot a soccer ball from hundreds of feet in the air - all have failed to find a single confirmed trace of a Malaysia Airlines plane that vanished three days ago.
Many of fleet's ships are old, destined for scrap; Fleet is due to get new submarines, ships, aircraft. Ships used in Ukraine crisis, against Georgia, off Syria. By Andrew Osborn Gently bobbing up and down in the sheltered waters of the Bay of Sevastopol in Crimea