Marine Link
Thursday, March 28, 2024
SUBSCRIBE

Shipbuilding Marine Engineering Co News

20 Nov 2023

ABS and Hanwha Ocean Partner on Digital Shipbuilding Technologies

Patrick Ryan, ABS Senior Vice President and Chief Technology Officer, shakes hands with Joong Kyoo Kang, Executive Vice President and Head of Hanwha Ocean R&D Institute. (Photo: ABS)

Classification society ABS and shipbuilder Hanwha Ocean signed a strategic framework agreement to advance the digital transformation of shipbuilding.Under the agreement, ABS and Hanwha Ocean formerly known as Daewoo Shipbuilding & Marine Engineering Co., Ltd., will work together conducting joint development projects aimed at examining digital technologies related to smart yards and smart ships with a focus on safety, cyber resilience, autonomous, remote-control and smart functions developed by Hanwha Ocean.

31 Mar 2023

Newbuild VLGC to Be Equipped with Norsepower's Rotor Sails

(Image: Norsepower)

Auxiliary wind propulsion systems provider Norsepower announced a contract for the delivery and installation of two Norsepower Rotor Sails on a newbuild Very Large Gas Carrier (VLGC) for global shipping company IINO Lines.The new LPG dual fuel ship – delivered today from Daewoo Shipbuilding & Marine Engineering Co., Ltd in Korea is ready to be equipped with two bespoke 20m tall Norsepower Rotor Sails side by side. The new, specially designed, 20m x 4m units have been developed to accommodate the vessel’s specific air draught limits.

26 Sep 2022

S.Korea's Hanwha Group to Invest $1.4B for Daewoo Shipbuilding

Credit: IikaJzuchiN/Wikimedia Commons - CC BY-SA 4.0

South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd signed a tentative agreement on Monday for Hanwha Group to invest 2 trillion won ($1.4 billion) in return for a 49.3% stake and management rights in the shipbuilder, the companies and Daewoo's major stakeholder said. The agreement, signed with affiliates of Hanwha Group including Hanwha Aerospace, will only be valid if Hanwha is chosen after a period of being open to other bids, Daewoo said in a regulatory filing. State-run Korea Development Bank (KDB) owns a 55.7% stake in the shipbuilder.

31 Aug 2022

KNOT Takes Delivery of Dual-Fuel Shuttle Tanker. Charter Secured with Eni

Credit: NYK

Knutsen NYK Offshore Tankers (KNOT), an affiliate of NYK,  has taken delivery of a dual-fuel LNG shuttle tanker built at Daewoo Shipbuilding & Marine Engineering yard in South Korea.

23 Aug 2022

Shipbuilder DSME Preps Lawsuit Against Striking Contract Workers

(Photo: DSME)

South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd on Wednesday said it is preparing to file a lawsuit for damages against the contract worker union that prevented production in June and July with a 51-day strike.The move could renew friction between the firm and contract workers, who occupied the shipbuilder's main dock to protest, they said, against wages falling behind those of regular workers. Read full storyDetails of the lawsuit have yet to be decided, a Daewoo…

03 Aug 2022

KNOT's First LNG Dual Fuel Shuttle Tanker Delivered

Photo courtesy NYK

A dual-fuel LNG (liquefied natural gas) shuttle tanker1 ordered by Knutsen NYK Offshore Tankers AS,2 which is an affiliate of NYK, was delivered on August 2 at Daewoo Shipbuilding & Marine Engineering Co. Ltd. The vessel has been named Frida Knutsen.The shuttle tanker will be chartered to ENI Trade & Biofuels S.p.A, a subsidiary of Ente Nazionale Idrocarburi S.p.A (ENI), 3 and will be engaged in oil transportation in the North Sea and Barents Sea.The vessel will be KNOT's first dual-fuel shuttle tanker that can use not only heavy fuel oil but also LNG.

25 Jul 2022

Daewoo Shipbuilding Bags $500m Order

Daewoo Shipbuilding & Marine Engineering Co Ltd. reportedly an order for nearly $500 million (649.5 billion won) to build a pair of liquefied natural gas (LNG) carriers for a European company.

28 Jan 2022

Diana Shipping Lines Up Time Charter for Astarte

Greek dry bulk shipping company Diana Shipping announced on Friday it has secured a time charter contract for one of its Kamsarmax vessels.Singapore-based Tongli Shipping will charter the 81,513 dwt Astarte starting January 31 through at least April 15, 2023 up to maximum June 15, 2023.The gross charter rate is $21,500 per day, minus a 5% commission paid to third parties, Diana said, adding it expects the employment to generate approximately $9.35 million of gross revenue for the minimum time charter period.One of five Kamsarmaxes in Diana's 33-vessel fleet, Astarte was built in 2013 at South Korea's Daewoo Shipbuilding & Marine Engineering Co. Ltd. (DSME).

13 Jan 2022

EU Blocks Korean Shipbuilding Merger

(Photo: DSME)

Hyundai Heavy Industries' proposed takeover of rival Daewoo Shipbuilding & Marine Engineering Co Ltd to create the world's biggest shipbuilder was hit with an EU veto on Thursday on concerns that the deal would hurt competition.Hyundai, one of the largest shipbuilders in the world, announced the deal in 2019 in part to tackle overcapacity in the sector.The shipyard, which sought EU antitrust approval for the takeover in November 2019, said it may challenge the EU prohibition and…

13 Dec 2021

Hyundai, Daewoo Tie-up Faces EU Antitrust Veto

(Photo: Hyundai Heavy Industries)

South Korean shipbuilder Hyundai Heavy Industries' proposed acquisition of rival Daewoo Shipbuilding & Marine Engineering Co Ltd is set for an EU antitrust veto after the companies declined to offer remedies to allay competition concerns, people familiar with the matter said.Hyundai, one of the largest shipbuilders in the world and which had announced the deal in 2019 in part due to overcapacity in the sector, said on Friday it expected unconditional European Commission clearance for the deal.That is unlikely after an informal offer of remedies…

02 Nov 2021

Standard Drilling Sells Stake in VLCC Gustavia S

Norwegian investment company Standard Drilling said Tuesday it had sold its 33.3% ownership in the VLCC Gustavia S, following the updated company strategy. Standard Drilling, which in 2013 sold off its offshore drilling rigs, only to return as offshore vessel owner in 2016, in January 2020 entered the tanker market by acquiring a 33.3% ownership in the newly built Gustavia S VLCC.Now, the company has sold its stake in the 300 000 TDW ECO Design Crude Oil Tanker built by Daewoo Shipbuilding & Marine Engineering Co and fitted with scrubber technology delivered by Wärtsila. The transaction values the vessel at USD 93 million, where Standard…

12 Oct 2021

Racing for 30GW—and a Piece of the US Offshore Wind Pie

© DJ / Adobe Stock

“30 by 30” is the rallying cry for all concerned with the burgeoning U.S. offshore wind business. In Spring 2021, the Secretaries of Energy, Interior and Commerce resolved to deploy 30 gigawatts (GW) of electricity generated from offshore turbines by 2030. Consultants McKinsey, in a recent article frame the value proposition for this clean fuel source, writing: “During the industry’s 30-year evolution, costs have fallen so sharply that offshore wind now compares favorably with competing energy sources.” For vessel owners, renewable energy brings opportunity.The thrust of near-term U.S.

05 Aug 2021

Eneti to Acquire Seajacks

(Photo: Seajacks)

Offshore wind services company Eneti announced on Thursday it has entered into an agreement to acquire rival Seajacks, creating one of the world's largest, most capable fleets of wind turbine installation vessels (WTIV).Eneti said its deal with sellers Marubeni Corporation, INCJ, Ltd. and Mitsui O.S.K., Lines Ltd. will see it acquire 100% of Atlantis Investorco Limited, the parent of Seajacks International Limited, for consideration of approximately 8.13 million shares, $299 million of assumed net debt, $74 million of newly-issued redeemable notes, and $12 million of cash.

14 Sep 2021

MOL Orders Four LNG Carriers for NOVATEK Charter

(Photo: MOL)

Mitsui O.S.K. Lines (MOL) on Tuesday announced it has ordered four new liquefied natural gas (LNG) carriers from South Korea's Daewoo Shipbuilding & Marine Engineering Co., Ltd. (DSME) for delivery in 2024.The Japanese shipping company said it has signed time charter contracts for the four newbuilds with NOVATEK Gas & Power Asia Pte. Ltd., a wholly owned subsidiary of Russia's PAO NOVATEK.The 174,000-cubic-meter capacity newbuilds will be equipped with the "cutting-edge" MAN Energy Solutions engines, which offer improved fuel efficiency, MOL said.

25 Aug 2021

Huisman Scales Up Production Capacity to Meet Demand from Offshore Wind Sector

Credit: Huisman

Dutch marine equipment maker Huisman, known for its offshore crane solutions, said Wednesday it had doubled the slew bearing production capacity of its facility in Schiedam, the Netherlands. "With this significant increase in production capacity, Huisman is able to meet the growing demand for large diameter slew bearings, an integral part and key component of its Heavy Lift Cranes," Huisman said. As for the expansion, the company said that it was responding to the "considerable"…

24 Mar 2021

MAN's ME-GI Engines Ordered for 10 VLCC Newbuilds

(Image: Shell)

MAN Energy Solutions said Wednesday it has won an order to supply its MAN B&W 7G80ME-GI Mk9.5 dual-fuel engines for a series of 10 300,000-dwt very large crude carriers (VLCC) being built by Daewoo Shipbuilding & Marine Engineering Co. (DSME) in South Korea. HSD Engine will construct the engines, also in Korea.The newbuilds—including four for Advantage Tankers, three for AET and three for International Seaways—will operate globally on charter to oil major Shell. The series' first vessel is slated enter service in 2022…

13 Apr 2021

ABS Signs on Maritime Fuel Cell Development Project

© Andrey Sharpilo / Adobe Stock

ABS has joined an industry-leading joint development project (JDP) to accelerate development of solid oxide fuel cell (SOFC) technology with Alfa Laval, DTU Energy, Haldor Topsoe, Svitzer and the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping.Funded by a grant from Danish EUDP (Energy Technology Development and Demonstration Program), the partners will pursue a high-efficiency solution with the scalability to support marine industry decarbonization.ABS, a founding member of the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping…

11 Jun 2021

Petrobras Orders $2.3B FPSO from Saipem, DSME JV

An FPSO Offshore Brazil - Credit: Ranimiro/AdobeStock

Italian offshore engineering and construction firm Saipem, in a joint venture with South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co. Ltd (DSME), has won a contract with Brazil's Petrobras to build an FPSO for the Búzios offshore field in Brazil.The FPSO P-79 project is worth overall approximately $2.3 billion. Saipem’s portion is approximately $1.3 billion.The FPSO vessel will allow initial separation of gas from the oil extracted in the deep offshore reservoir and will have a production capacity of 180…

05 Mar 2021

Valaris Set to Emerge from Bankruptcy as Reorganization Plan Approved

Offshore drilling company Valaris, the world's largest by fleet size, has received approval from the United States Bankruptcy Court for the Southern District of Texas of its prearranged plan of reorganization, and has agreed with Korea's Daewoo to delay deliveries of two newbuild drillships.The offshore driller filed for bankruptcy in August 2020, in a move to restructure its debt load and reduce debt by more than $6.5 billion.The company this week said that in addition to bankruptcy court confirmation, the plan received support from approximately 80% of the company's unsecured notes and bank lenders representing 100% of the company's credit facility claims.

20 Jan 2021

ABS Grants AIP for DSME’s Solid Oxide Fuel Cell Technology

Classification society ABS informs it has granted approval in principle (AIP) to solid oxide fuel cell (SOFC) technology developed by South Korea's Daewoo Shipbuilding & Marine Engineering Co., Ltd. (DSME).Granting of AIP follows two joint development projects between ABS and DSME, the latest to develop SOFC technology to replace at least one of three diesel generators typically on board a very large crude carrier (VLCC).ABS said it is now working with DSME on future research…

15 Jul 2021

DSME Orders 2,600mt Huisman Crane for Eneti's Offshore Wind Vessel

Credit: Huisman

South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co has ordered from Huisman a 2,600mt Leg Encircling Crane (LEC), to be installed on Eneti’s newbuild wind turbine installation vessel (WTIV)."The new Leg Encircling Crane has a 147-meter long boom, capable of reaching 170 meters above deck. With its 2,600mt lifting capacity, the crane will be able to install up to 20MW turbines, which are expected to come to the market in the near future," the Dutch-based Huisman said.Huisman will design…

24 Feb 2021

Report: SBM Offshore Only Bidder for Petrobras' Mero 4 FPSO

Illustration only; An FPSO offshore Brazil - Credit: Ranimir/AdobeStock - The image has been cropped

Brazil's state-controlled oil company Petrobras received only one proposal, from Dutch SBM Offshore, in a bid to contract construction of the Mero 4 oil platform [FPSO] in the Santos Basin pre-salt, two sources with knowledge of the matter told Reuters.Petrobras' business plan foresees Mero 4 entering operation in 2025 with a capacity to produce 180,000 barrels of oil a day.Petrobras and SBM declined to comment.One of the sources commented that it is the "first time in a long time that Petrobras has received only one proposal" in a bid…

12 May 2021

Partners Set Out to Develop CO2 Carrier Designs

© Pawel Horazy / Adobe Stock

A team of maritime industry partners has set out to develop new liquefied CO2 carrier designs as carbon capture and storage (CCS) projects advance globally in support of net negative ambitions.“CCS has the potential to make a significant contribution to global emissions reduction strategies and safe and efficient transport of liquefied carbon is going to be key to realizing these goals," said Patrick Janssens, vice president for global gas at ABS, which has embarked on a joint development project (JDP) alongside Hyundai Mipo Dockyard Co., Ltd.