Korean Shipyards Look Bullish
South Korea's major shipyards are estimated to have racked up solid profit during the second quarter of the year, aided by the increased delivery of ships, cost-cutting measures and a rise in new orders, Yonhap reported citing industry sources. Another report said that Korean yards have clinched the most new shipbuilding orders in the first half of the year, with their combined tally more than doubling from a year earlier. The trend appears bullish for ship building in the country.
Keppel to Deliver World's First Converted FLNGV
Keppel Offshore & Marine's (Keppel O&M) wholly-owned subsidiary, Keppel Shipyard Ltd (Keppel Shipyard), will soon deliver the world's first converted Floating Liquefaction Vessel (FLNGV) owned by Golar Hilli Corporation (Golar), a subsidiary of Golar LNG Ltd. The vessel was named Hilli Episeyo at a ceremony in Keppel Shipyard today. Upon its completion, the FLNGV will be put in operation offshore Kribi…
K Line, MOL, NYK Announce Container Business Merger
Kawasaki Kisen Kaisha (K Line), Mitsui O.S.K. Lines (MOL) and Nippon Yusen Kabushiki Kaisha (NYK) announced the establishment of a holding company and an operating company, for the integration of the three companies' container shipping businesses, including terminal operation businesses outside Japan. "The new company to be established has received all necessary approvals for compliance with local…
DVB Warns on Shipping Woes
Reuters reported that Germany's DVB Bank warned its 2017 pretax return on equity would likely fall short of its expected range of minus 3 percent to plus 3 percent due to high risk costs in its shipping and offshore financing portfolios. It said on Friday it was also likely to miss its forecasts for cost-income ratio and Economic Value Added. Germany was one of the world's main centres of global ship financing before the 2008 financial crisis…
Inspection of Ships of 18 Years or Older in Brazil
The Standard Club has been informed by its local correspondent in Brazil that following recent casualties involving bulk carriers, a series of new inspection requirements have been imposed in Brazilian ports for certain ships that are 18 years or older. Brazilian flagged bulk carriers that have been converted from oil tankers, carrying cargo with a density equal to or greater than 1.78 t/m3, such as iron ore, require inspections from Flag State Control before the commencement of loading.
Cyprus Chamber of Shipping Welcomes New Legislation
The Cyprus Chamber of Shipping has hailed the unanimous decision by MPs to forward for a vote the legislation that will define three new branches of the executive – shipping, tourism and development, reports Financial Mirror. The report quoted the umbrella organisation for the entire maritime sector of shipowners, managers and services saying that the decision, following the approval by the House Finance Committee on Monday…
Boskalis Takes New Mega Cutter Helios into Service
Royal Boskalis Westminster N.V. said its new mega cutter Helios was named and christened during a festive ceremony in the port of Rotterdam, the Netherlands. The self-propelled Helios is 152 meters long and has a breadth of 28 meters and is able to dredge at depths of 6 to 35 meters. The vessel was developed to dredge in extremely hard ground. The cutter ladder weighs 2,060 tons, making it the heaviest in the world.
US Navy Christens Littoral Combat Ship Billings
The Navy has christened its newest Freedom-variant littoral combat ship, USS Billings (LCS 15), in Marinette, Wisconsin. The future USS Billings honors the largest city in Montana. It will be the first ship of its name in naval service. The LCS class consists of two variants, the Freedom variant and the Independence variant, designed and built by two industry teams. The Freedom variant team is led by Lockheed Martin (for the odd-numbered hulls, e.g. LCS 1).