APAC Marine Coatings Market to Hit $12Bln in 2024
The marine coatings market demand by 2024 will rise exponentially driven by rapid surge in trade activities worldwide has led to increase demand from the shipbuilding sector.APAC marine coatings market valuation to hit $12Billion by 2024. According to International Marine Organization (IMO), over 90% of global trades are conducted via ships.Meanwhile, the International Transport Forum (ITF) Outlook 2019 estimates that the global freight volumes are likely to increase by 11% by 2050 owing to rapid growth in e-commerce activities.Asia Pacific marine coatings market is expected to witness commendable growth on account of presence of leading shipbuilding industries as well as increasing freight demands from e-commerce giants.China Shipbuilding Industry Corporation…
Japanese Shipbuilders Sign Aveva Contracts
Aveva (LSE:AVV), supplier of engineering IT systems for the plant and marine industries, announced that several Japanese shipbuilders -- Namura Shipbuilding, Universal Shipbuilding Corporation, Shin Kurushima Dockyard, Sumitomo Heavy Industries Marine & Engineering and Imabari Shipbuilding Group -- have signed contracts worth over $2.5m to extend their use of Aveva marine solutions. The contracts were made in the first half of Aveva’s financial year ending 30 September 2008. Aveva marine solutions were first used in Japan by Kawasaki Shipbuilding Corporation in 1994. Kawasaki has since expanded the use of Aveva marine solutions to its commercial and naval yards. To date, there are more than twenty Japanese customers who actively subscribe to Aveva’s shipbuilding solutions.
ABS Council Adds Members
At the recent ABS Council meeting, 31 prominent members of the shipping and offshore industries were elected as new members of the prominent international classification society. The ABS Council also elected seven new members to the society’s Technical Committee. “Our strength as a classification society is the breadth of experience and depth of wisdom of our membership,” said ABS Chairman & CEO Robert D. Somerville. Zamil A. Thomas J. Angiolino, Senior Vice President, Willis of New York, Inc. Commodore R. Balasubrmaniam, IN (Retd.), Director, Rajapur Shipyard Pvt. Ltd. Dong-Su Choi, President & CEO, SLS Shipbuilding Co., Ltd. Robert G. George A. Cupstid, Senior Vice President and General Manager, LeTourneau Technologies, Inc. Tim E. Steven Durrell, President, Irving Shipbuilding Inc.
Sonatrach, Kawasaki Sign Tanker Contract
Reuters has reported that a new joint venture of Algerian energy group Sonatrach and Japan's Kawasaki Shipbuilding Corporation signed a $120m deal to buy a tanker from a Chinese-Japanese firm, Sonatrach said. The 50-50 venture set up on Tuesday, called NOVL, signed the purchase agreement with NACKS Shipyard, a joint venture between Chinese company COSCO and Kawasaki , Sonatrach said in a statement on its Web site. Construction of the very large crude carrier (VLCC), with a capacity of 315,000 cubic metres, will begin in China from next February for delivery in December 2007, the statement said. Banks will finance 80 percent of the purchase value, while Sonatrach and Kawasaki are set to ensure the remaining 20 percent, it added. Source: Reuters
