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.
The "Consórcio Tomé Ferrostaal" (CTF) named consortium of Rheinmetall International Engineering, a joint venture of Ferrostaal and Rheinmetall, and the Brazilian company Tomé Engenharia have handed over two modules for the first of a series of six vessels to an international consortium led by Petrobras. "CTF" was awarded in 2012 the modules order to equip six FPSO (Floating, Production, Storage and Offloading) vessels.
The completion of a joint industry project (JIP) to improve existing standards and regulations around subsea lifting operations has resulted in a new recommended practice (RP). The recommended practice developed by DNV GL provides guidance on the proper design and correct operation
When a tightly scheduled repower for the Kodiak-based trawler Sea Mac in early December took a very bad turn, Mike Fourtner used his 25 years of fishing experience and leadership to pull together a team at Cummins Northwest to solve the problem
Port workers in part of the Argentine grains hub of Rosario lifted a work stoppage on Friday, only a day after they went on strike over demands for higher year-end bonuses, a union official said. The strike briefly halted activity at the ports of Timbues, San Martin and San Lorenzo
A Barge Master BM-T700 system was unloaded in Singapore today as it awaits the early 2015 arrival of DP-2 multipurpose vessel Boskalis Ndeavor. According to Barge Master, the T700 will be mobilized on the Ndeavor and continue to the Phillipines where a bridge will be installed between two
MacGregor, part of Cargotec, has received a contract from German shipbuilder Flensburger-Schiffbau-Gesellschaft (FSG) for a comprehensive RoRo cargo access equipment package. It is destined for an LNG-powered RoRo ferry that will be constructed at the yard for the Australian owner
General Dynamics NASSCO celebrated the grand opening of its new location in Bremerton, Wash., yesterday. The facility will support the company’s recently-awarded contract to repair and maintain U.S. Navy aircraft carriers home-ported in and visiting Bremerton and Everett, Wash.
Hiab, part of Cargotec, and Consorcio Industrial Puebla S.A.P.I. de C.V. (CIPSA) have signed an agreement regarding a long-term distribution partnership in the Americas region. As a part of the transaction Hiab will sell its current sales company HIAB S.A de C.V. which employs 70 persons
A container shipping organisation urged companies on Wednesday to raise Asia-U.S. freight rates by at least $600 per 40-foot container (FEU) from Jan. 15, corresponding to an increase of 26.6 percent from the current level. The Transpacific Stabilization Agreement (TSA) said the planned
Multraship and Damen Shipyards Group agreed on three new ASD (Azimuth Stern Drive) Tugs, all for delivery to Multraship in 2015. After delivery in Vietnam, scheduled for the end of first-quarter 2015, two state-of-the-art ASD Tugs 3212 will operate for Multraship as sister vessels to the 83-ton
General Dynamics NASSCO started construction of another ship in its commercial shipbuilding backlog, starting construction of a second “ECO” tanker to be built for American Petroleum Tankers at a steel cutting ceremony in its San Diego shipyard. U.S. Rep
Gatto Industrial Platers, Inc. has launched its new Large Parts Zinc Electroplating Line, capable of plating parts up to 27 feet long and weighing up to 8,000 pounds. The new line’s tanks are 4 feet wide, 7.5 feet deep and 27 feet long
Damen Shipyards Galati has been presented with the Dutch Romanian Business Award for its Corporate Social Responsibility plan, particularly the Group’s community investment initiatives. The Award was presented by Ben Jager of the Dutch Romanian Network to Peter de Kiewit
The Nicaraguan port authority Empresa Portuaria Nacional (EPN) is set to take delivery of two newbuilds from Damen Shipyards Group. Damen built both vessels, a Damen Stan Tug 2608 and a Cutter Suction Dredger CSD350, at its yards in the Netherlands, and they are completed and underway.
Ballast Water Treatment (BWT) specialist Optimarin and Goltens, a provider of engineering and installation solutions for the shipping industry, have signed a nonexclusive worldwide agreement for retrofitting Optimarin’s Ballast System (OBS)
San Jacinto College has broken ground along the Port of Houston for its new 45,000-square-foot Maritime Training Center. At the site of 3700 Old Highway 146 in La Porte, stood student Dave Allen, taking in the view of concrete piers that will support San Jacinto College Maritime Training