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.
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.
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.
SENER concludes the Almirante Irizar icebreaker engineering works for re-outfit and overhaul SENER reports it has completed the engineering works relating to the re-outfit and overhaul of the Almirante Irizar icebreaker following a fire accident in an Antarctic season.
A Damen RoRo 5612 was launched this month at Halong Shipyard in Vietnam, the shipbuilder announced. The RoRo is one of nine Damen vessels ordered by the Royal Bahamas Defense Force as part of its Sandy Bottom Project. The vessel’s multipurpose capabilities will be put to use by the
The Governor-General, His Excellency General the Honourable Sir Peter Cosgrove, AK, MC (Retd), together with the Assistant Minister for Defence Stuart Robert, MP, and Chief of Navy Vice Admiral Tim Barrett, AO, CSC, RAN, today attended the decommissioning of HMAS Tobruk to bid the ship a fond
Thordon Bearings has received an order to supply its COMPAC system to two Alaska Ferry newbuilds under construction at the Vigor Industrial shipyard in Ketchikan, Alaska. The Canada-based company, a supplier of seawater-lubricated propeller shaft bearings
The U.S. Department of Transportation’s Maritime Administration (MARAD) today announced that it is providing $500,000 to support a feasibility study for the design, construction, and operation of a high-speed passenger ferry powered by hydrogen fuel cell technology and a hydrogen
Abu Dhabi Petroleum Ports Operating Company (IRSHAD), a part of the ADNOC Group of Companies, has taken delivery of a Damen Shoalbuster 2308, named Al Marfa 1. During a ceremony at Damen Shipyards Hardinxveld, the Netherlands, the company received the new vessel 3 weeks ahead of schedule
Brazilian federal police are investigating potential irregularities in a military program that aims to build a nuclear-powered submarine in partnership with France by 2023, newspaper Folha de S. Paulo reported on Wednesday. Folha said police searched for documents that could prove their
James Troop supplies two new Volvo Penta engines to upgrade Mersey pilot boat Merseyside-based engine specialist James Troop & Co has secured a deal to supply and install two Volvo Penta D9 engines to extend the service life of one of Liverpool’s River Mersey pilot boats.
The dry bulk market looks set for a solid show, although conditions remain more than challenging, analysts with Macquarie said in a note, reports WSJ. As the amount of iron ore and other goods carried by these ships races ahead of new capacity
Suez Canal Authority (SCA) chairman Mohab Mamish officially called on international maritime navigation lines to use the New Suez Canal, scheduled to be inaugurated August 6. Dubbed the Suez Canal Axis, the new 72-kilometre (45-mile) section built by the Egyptian army is aimed at
International Container Terminal Services, Inc. (ICTSI) clarifies that ICTSI’s response was only to an Invitation to Prospective Bidders issued by the Department of Transportation and Communication (DOTC) for the P18.99B Davao Sasa Port Modernization Project. It was not a bid
From Naryan-Mar complex expedition started "Investigation Atlantic walrus habitat" for the study of animal southeastern Barents Sea. The expedition of seven experts on the research vessel "Kartesh" organized by the Council on Marine Mammals (CMM)
Shipping lines, environmental organizations, trucking companies, terminal operators and a railroad were honored today, July 29, by Long Beach Mayor Dr. Robert Garcia and the Port of Long Beach at the annual Environmental Achievement Awards.
China and Russia will hold joint naval and air defence drills in the Sea of Japan, China said on Thursday, the latest exercises between the two countries which could concern Japan, involved in a marine dispute with China to the south. The manoeuvres also come as the United States ramps up
U.S. Transportation Secretary Anthony Foxx has announced that applications to the U.S. Department of Transportation for its seventh round of Transportation Investment Generating Economic Recovery (TIGER) grants totaled $9.8 billion, almost 20 times the $500 million set aside for the program