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.
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.
Equilinx, a business-to-business e-commerce hub for the marine industry, will launch the world's first international online marketplace for ship repair and replacement parts, equipment and services in the second quarter of 2000. This new global maritime procurement gateway will combine comprehensive databases of catalogs with a sophisticated search engine that allows buyers to locate parts for ship repairs and maintenance
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
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
Today in U.S. Naval History - April 24 1778 - Continental Navy sloop Ranger captures HMS Drake 1862 - Battle of New Orleans; Union Navy under David Farragut runs past forts into Mississippi River 1884 - USS Bear left the New York Naval Shipyard as part of the Greely Relief Expedition
Damen is to construct a new ASD 3212 tug for Scafi, the Italian shipping group that includes a number of international towing companies. The contract cements their already strong business relationship that goes back 20 years and represents the first Damen ASD 3212 for Italian waters.
Dubai-owned port operator DP World is in talks with lenders to triple the size of an existing $1 billion loan, as well as extend the lifespan and reduce the interest rate, banking sources told Reuters on Thursday. The firm, part of state-owned conglomerate Dubai World
The family that has a major stake in companies that control the shipping operator whose ferry sank last week, likely to have killed hundreds, will take social and legal responsibility for the incident, its lawyer said. The lawyer did not say that the family was assuming liability for what he
UASC has introduced its new Asia – Europe Network with three new services (AEC1, AEC3, AEC4), and two enhanced services (AEC8, AEC9). These services will broaden UASC’s market coverage providing direct services to additional Asian and North European ports whereby UASC will
Practical results from the SUPPORT (Security UPgrade for PORTS) project, coordinated by BMT Group Ltd. and part-funded by the European Commission’s FP7 Security Research Program will be demonstrated to key stakeholders at Stena Line’s ferry terminals starting at Masthuggskajen in the
The Signing of a memorandum of understanding between the Apprentice School and Old Dominion University (ODU) will take place tomorrow (23rd April) at 3101 Washington Ave. in downtown Newport News for offering a bachelor's degree program in mechanical and electrical engineering.
IHC Merwede has been awarded the contract for the design, construction and delivery of a 5,500m3 trailing suction hopper dredger (TSHD) to Transnet National Ports Authority (TNPA) in South Africa. The company was selected after a successful submission into an open tender process for what will be
PTS Pro enables users to target unplanned downtime with advanced maintenance planning. PTS Pro, the latest addition to the Parker Tracking System (PTS) suite of products, gives subscribers a proactive tool against unplanned downtime, while maximizing uptime and profitability.
On March 10, Trojan Marinex announced that its entire Ballast Water Treatment (BWT) product suite obtained International Maritime Organization (IMO) Type Approval, but rather than harp on being among the first to get IMO Type Approval and testing to minimum standards
ESAB Welding & Cutting Products announces the release of Columbus III version 1.2, a powerful CAD/CAM programming and nesting software optimized for plasma, oxy-fuel, laser and waterjet cutting. This latest version of Columbus III offers many new features and updates to make programming easier
Barclays is planning to withdraw from parts of the metals, agricultural and energy markets, echoing moves by other major players like JPMorgan Chase and Morgan Stanley away from the commodities business, the Financial Times reported on Sunday.
Transas will take part in the ETC-2014 – The second International Forum on Seafarers’ Education, Training and Crewing. The Forum which consists of the Conference and Exhibition will be held on 23-24th of April 2014 in Odessa, Ukraine.
The state nuclear power company Rosatom is about to reach a deal with United Shipbuidling Corporation on the construction of two powerful LK-60 icebreakers according to Barents Observer. The new icebreakers will be the most powerful in the world and are key instruments in Russia’s
NATO is sending part of its naval rapid reaction force to the Baltic Sea as part of a drive to step up the defence of eastern European allies in response to the crisis in Ukraine, the military alliance said on Thursday. Separately, Canada said it had offered six CF-18 fighter