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THE BIG THREE

South Korean Shipyards: Silver Lining for the Biggies

Photo:  Hyundai Heavy Industries Co., Ltd.

 Though South Korea’s big three shipbuilders -Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering, and Samsung Heavy Industries - showing signs of fiscal recovery this year,  orders at midsized shipbuilding companies remain sparse.  Korea Herald reported citing  Korea Export-Import Bank of Korea that the order receipts of medium-sized shipyards in Korea were estimated to be around $110 million in the first quarter.  Despite an improvement compared to last year’s first quarter, when there was not a single order, ship orders for the countries eight mid-sized shipbuilders are insufficient compared to the top three. Korea’s big three received a total of 36 vessel orders worth $3.48 billion so far this year.    Meanwhile, companies and related firms in the shipbuilding sector has reduced their workforce by 14.8 percent, or 8,607 workers in the previous year, Yonhap News reported on citing data from Chaebul.com, one of South Korea’s industry tracker.   


Samsung Wins $1.26bln Contract from BP

Photo: Samsung Heavy Industries

 Samsung Heavy Industries, South Korea's major shipyard, build a floating production unit for British oil multinational BP that will be used in offshore drilling in the Gulf of Mexico, says a report in Yonhap.   The 1.5 trillion won ($1.26 billion) contract is the first for a floating oil production platform to be received by any of South Korea's big three shipbuilders in 18 months, according to Samsung Heavy.  


S. Korea Still Dominates World Shipbuilding

Hyundai Heavy Industries built Abdelkader, a 177,000 cu. m. Tri-Fuel Diesel Electric LNG Carrier which was named Great Ship of the Year in 2010 by Maritime Reporter & Engineering News.

While China has aggressively built its shipbuilding infrastructure in the past 10 years, the most important number, top winner in contract value, still remains the domain of South Korea, which has reportedly logged $37.8b in orders thus far in 2011 vs. China's $10.3 billion, according to a report today on www.businessweek.com. The evolution of the Chinese shipbuilding industry is actually akin to the development of a shipbuilding nation, with a focus on cheap labor and lower-technology


LNG Carriers, Drillship Orders Increase in Korea Yard

Photo credit Wiki CCL lngrivers

Shipbuilding orders trend upward at Samsung Heavy Industries Easing of the Eurozone sovereign debt problems, increased issue of drilling permits in the Gulf of Mexico and growing demand for drillships in Latin America and West Africa have combined to give Samsung Heavy Industries the best order growth visibility among the “Big Three” – Hyundai Heavy Industries and Daewoo Shipbuilding and Marine Engineering.


Chinese Shipyard in Fifth Place for First Time

Image: Shanghai Waigaoqiao Shipbuilding

 According to UK-based Clarkson Research Services, Shanghai Waigaoqiao Shipbuilding (SWS) had an order backlog in November of just over three million compensated gross tons  (CGTs), an indicator of the level of shipbuilding ouput.   That puts the Chinese  shipbuilder in fifth place by order backlog in November, posing a threat to South Korean shipyards which had been dominating the top five list for years.  


Japan's Big 3 Shipping Lines Eyes Profits

Photo: Kawasaki Kisen Kaisha

Japan's top three  shippers -Nippon Yusen KK (NYK), Mitsui OSK Lines and Kawasaki Kisen Kaisha - appear on course for net profit in fiscal 2017, buoyed by better market conditions and restructuring efforts, Reuters reported.  The brighter outlook comes amid a gradual recovery in prices for shipping containers, which carry 90 percent of the world’s manufactured goods.   Mitsui O.S.K. Lines likely will achieve a net profit of about 10 billion yen ($90 million) in the


Oil's Merger Year Leaves Some In The Lurch

TotalFina's European energy merger with Elf has tied up the rejuvenated oil sector's last obvious pairing but more marriages may still be on the cards. The revival of oil prices from historic lows that spurred furious company consolidation has not fixed the energy sector's underlying problems and other firms will have to seek strength through size, analysts said. U.S. Texaco and Chevron need acquisitions to avoid being left as Big Oil's poor relations while in Europe Italy's ENI


Pollution Control Vessels Launched

boat.JPG

Three unique pollution control vessels have been launched in Dorset – with a fourth under construction. The vessels – three with Doosan engines and Westerbeke generators from engine and generator specialist WaterMota – are to be used for  oil spill recovery in South America and West Africa. Build by Manor Marine for Desmi Ro-Clean, the steel Pollution Catamarans (Pollcats) – 19m, 15.5m and 12m - are designed to absorb oil or pollution working at a speed of up to


Vessel Ordering Mania – Why?

The flood of interest in ordering new container vessels is motivated by other factors than supply and demand. The recent surge in new vessel orders at a time of industry-wide overcapacity suggests that market fundamentals are no longer the main driver. Even when the most recently ordered ships are delivered in 2016, Europe and the U.S. are still likely to be climbing out of recession, which means that capacity in the east-west trades will continue to outstrip demand.


Asia Dry Bulk-Capesize Steady as Owners Spurn Low Rates

Owners anchoring ships rather than fix at low rates. W. Australia-China capesize rates hit over two-month low. Freight rates for large capesize dry cargo ships on key Asian routes are likely to hold steady as ship owners resist charterers' attempts to push rates lower amid a dearth of cargo, ship brokers said. "We are reaching a floor, particularly in the Pacific. It's got to the point where owners just won't fix their ships," a Singapore-based capesize broker said on Thursday


Denmark Charges Former OW Bunker Manager with Fraud

File photo: OW Bunker

Denmark's general prosecutor said on Thursday it had charged a former Singapore unit manager of Denmark-based OW Bunker with fraud.   The prosecutor said the former manager, a Danish citizen, has been charged with committing fraud of agent for more than 800 million Danish crowns ($122


Can Greece Become Global Maritime Capital ?

File photo: Port of Piraeus

 The Greek shipping community is confident that Greece can be a maritime center in near term, said a research report.    A study -‘repositioning Greece as a global maritime capital' - conducted by  Ernest & Young in cooperation with Aegean University professor Thanos


ClassNK CMAXS for Two MOL Ships

ClassNK Consulting Service Co., Ltd. developed next-generation diagnostic monitoring system “ClassNK CMAXS” has been chosen by Mitsui O.S.K. Lines (MOL) for installation on two more ships operated by the company. The system is now installed on a total of six MOL-operated ships.


Keppel Posts Lower Q2 Profit, Warns on Rig Outlook

Q2 profit S$161 million versus S$205 million year ago; O&M division net order book at S$3.4 billion.   Singaporean conglomerate Keppel Corp posted a 21 percent drop in its quarterly profit and warned it did not expect a speedy recovery in the offshore and marine market.  


Thustmaster Expands Its Waterjets Team

Marine propulsion and thrusters manufacturer Thrustmaster of Texas announced that Leonard Hill and Jason Hill have joined its waterjet team, bringing with them more than 65 years of experience in waterjet design, manufacturing and sales.   


India's Largest Box Port Hit by Cyber Attack

File Image: CREDIT Trelleborg

Operations at one of three terminals at India's largest container port JNPT, near the commercial hub of Mumbai, have been disrupted by the global ransomware attack, the port said on Wednesday.   The affected terminal is operated by Danish shipping giant AP Moller-Maersk


Korean Shipyards Look Bullish

Photo: Hyundai Shipbuilding Division

 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.


Tug Newbuild Alcor Delivered to Navibulgar

Photo: Robert Allan Ltd.

On June 2, 2017, MTG-Dolphin Shipyard delivered to Navigation Maritime Bulgare (Navibulgar) JSC the tug Alcor, the first of three vessels in series built to the RAmparts 2700 design by Robert Allan Ltd.   The tug adds to the fleet of four tugboats in the Navibulgar fleet and is the first


DNV GL Rolls Out New Sesam

Photo: DNV GL

 With the new release of Sesam software for structural engineering and analysis, DNV GL is showing the results of ramped-up focus on cutting costs and boosting efficiency for customers. One of the key targets is reduction of tedious work.  


Yildirim to Sell its Stake in CMA CGM

Photo: Yildirim Holdings AS

 Turkish port operator Yildirim Holdings AS has announced plans to sell its 24 percent stake in the French shipping major CMA CGM, Bloomberg reported.   The company mandated China Citic Bank Corp. to find investors from Asia or the Persian Gulf for its interest in the world’s


Maersk: Too Early to Predict Financial Impact of Cyber Attack

File photo: A.P. Moller - Maersk

Asia CEO said ports have resumed releasing cargo; will discuss settlement, liability issues with customers.   Maersk said it was too early to predict the financial impact of last month's global Petya cyber attack that hit the shipping giant's computers and delayed cargoes


COSCO to Buy OOCL for USD 6.3 bln

Photo: Orient Overseas Container Line Limited

 Chinese Shipping Major Cosco Group has agreed in principle to buy its shipping rival and  Hong Kong’s No. 1 box mover, Orient Overseas Container Line (OOCL), in deal that could be valued around USD 6.3 billion.  The takeover will catapult Cosco the world’s


Ampelmann Introduces New Personnel Transfer Gangway

Photo: Ampelmann

Ampelmann has launched its latest gangway for personnel transfer: the A-type Enhanced Performace (AEP). Now providing clients with 10 percent greater workability in sea states up to 4m significant wave height; the AEP also has the ability to use smaller vessels to obtain similar performance


Qatar LNG Flows Unaffected by Crisis -Shell

Qatari exports of liquefied natural gas (LNG) remain stable amid ongoing tension between the world's biggest LNG exporter and its neighbours, an executive for Royal Dutch Shell said on Monday. "LNG flows remain stable, cargoes are going into the market," said Steve Hill


OOCL is 'The Perfect Bride' -Drewry

Photo: OOCL

Orient Overseas International (OOIL) and its container unit OOCL have a good track record for above-average profits in a challenging market and a reputation for being a very well-run company, earning the moniker “The Perfect Bride” by Drewry Maritime Financial Research.   






 
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