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New Shipbuilding Orders

China Rongsheng Report 2012 Revenue Cut by Half

China Rongsheng Heavy Industries release financial results for the twelve months ended 31, December 2012. In 2012, the Group recorded approximately RMB 7.96 billion in revenue, a year-over-year decrease of 50% from RMB 15.9 billion. Losses attributable to equity holders of the Company were RMB 572.6 million, compared to earnings of RMB 1.7 billion in 2011. Mr. Chen Qiang, Chairman of the Board of Directors and Chief Executive Officer of China Rongsheng Heavy Industries, said: “The sluggish global shipping market continued to reduce new shipbuilding prices and deteriorate payment terms, as global new shipbuilding orders plunged to their lowest level in a decade. Under adverse market situation, constructions and deliveries in our core shipbuilding segment have suffered from delays, leading to a decline in our revenue." "Shipbuilding is the Group’s core business and its major revenue contributor. During the Period, revenue from the shipbuilding segment reached RMB 7.56 billion, representing 95% of revenue. According to Clarkson Research, global new shipbuilding orders decreased 44.5% year-on-year measured in deadweight tonnage (“DWT”), and new shipbuilding orders in China fell 45.2% year-on-year for the Period. New shipbuilding prices also suffered a drop of 9.2%. In response to the adverse market environment, we adopted a defensive sales strategy."


S. Korea Keeps Top Spot in Shipbuilding Beating China, Japan in Q3

Image: Hyundai Heavy

 South Korean shipbuilders have ranked first in the world outpacing Chinese and Japanese rivals in terms of new orders in the third quarter of the year, reports Yonhap quoting  Clarkson Research Services.   South Korean shipyards bagged new orders totaling 2.11 million compensated gross tons (CGTs) last month, trailing Chinese shipbuilders at 3.48 million CGTs and Japanese companies with 2.36 million CGTs.  


MHI Receives Order for Two Cruise Ships

Pier Luigi Foschi, Chairman & CEO of Costa Crociere, (center) and Hisashi Hara, Director, Executive Vice President and General Manager of Shipbuilding & Ocean Development business of MHI (second from right) sign the contract.

Mitsubishi Heavy Industries, Ltd. (MHI) has completed two shipbuilding contracts with Carnival Corporation & plc, for the construction of two large-sized cruise ships for Carnival's AIDA Cruises brand.   Delivery of the two ships is scheduled for spring 2015 and spring 2016 from MHI's shipyard in Nagasaki. The shipbuilding contracts are subject to financing. The two 125,000 gross tonnage (G/T), 3,250 passenger ships will be the largest ever constructed for AIDA Cruises


Hyundai Unveils Diesel Engine Dual-fuel LNG Package

HHIs FGSS Test Announcement: Photo credit Hyundai Heavy Industries

Hyundai Heavy Industries (HHI) announce a successful demonstration of the world’s first ME-GI gas engine package test in combination with Hi-GAS. 
 HHI’s independent LNG Fuel Gas Supply (FGSS) the 'Hi-GAS' system (Hyundai Integrated Gas Supply System) allows marine engines to use diesel and LNG for fuel. Hi-Gas system can be used in all types of vessel such as LNG carriers, containerships, and oil tankers


Nine New Orders for South Korean Shipbuilders

Photo:  Hyundai Heavy Industries

 While South Korean shipbuilders are continuing to struggle for survival as the recession in the global shipbuilding market drags on, they have clinched new orders to build nine ships in the first four months of the year.   Yonhap, quoting industry data, said that the S.Korean shipyards, led by Hyundai Heavy Industries Co., have clinched new orders to build nine ships, accounting for 5 percent of new shipbuilding orders placed around the globe.  


Samil PwC Okays Hyundai's Management Improvement Plan

Photo: Hyundai Heavy Industries

 Hyundai Heavy Industries (HHI) is notified by Samil PwC, a local member of the global accounting firm PwC, that its 3.5 trillion won worth management improvement plan is good enough for HHI to make operating profits and secure liquidity even in the worst case scenario.   The announcement is the result of due diligence that had been conducted by Samil PwC for 10 weeks from May 23 this year at the request of HHI’s main creditor banks including the Export-Import Bank of Korea


Weak but Steady Growth in Oil & Gas Tanker Fleet

The world fleet of oil, chemical and gas tankers is predicted to continue to grow over the next five years, although at a much more sluggish rate than the previous five years, according to a Shipbuilding Market Report issued this month by Lloyd’s Register - Fairplay (LR Fairplay). The oil tanker fleet, which currently stands at 7,516 ships, is expected to grow by 1.9 percent per year over the next five years in terms of the number of ships. Deadweight ton (dwt) capacity will rise by 5


Korea Shipbuilders Win Orders Worth $1B

According to a Jan. 12 report from The Chosum Ilbo, Korean shipbuilders won new orders worth over $1b in the first 10 days of the new year, in a complete reversal of the situation last year. STX Offshore & Shipbuilding and Hanjin Heavy Industries delivered the good news on Jan. 11, and Daewoo Shipbuilding & Marine Engineering and Sungdong Shipbuilding & Marine Engineering won new orders earlier. Industry insiders said an overseas marketing drive in the second half of last year


Yangtze River Delta Shipbuilders Floundering

China's Ministry of Industry and Information Technology  reports that orders in first half 2012 are down by 50.3% year-on-year. The volume of handling orders was a mere 125.87 million DWT by the end of June, down 30.7 percent year-on-year, which can easily lead to the assumption that some shipbuilders will not be able to keep operating in the following months. "We have not received any new orders. If the situation continues


Global Shipbuilders Discuss Market Downturn

From 19 till 20 October 2016, top executives from major shipbuilders from Japan, Europe, China, South-Korea and the United States met in Gyeongju (South-Korea) in the context of the 25th JECKU, to discuss the industry’s challenges in supply and demand and in addressing regulatory matters.   This year’s meeting took place under extraordinary circumstances, notably against a background of a global shipbuilding industry experiencing very harsh demand contractions


India Government Sops for Ship-Repairing Facilities

Indian Prime Minister, Narendra Modi. Photo: PIB

 In order to promote ship building and ship-repair industry in India, the government has formulated a policy of financial assistance for shipbuilding for a period of ten years for contracts signed between 1st April, 2016 and 31st March, 2026.   


STX Bags Orders for Six Tankers

Photo: STX Offshore & Shipbuilding

 South Korea’s STX Offshore & Shipbuilding won contracts to build six tankers from Greece and local shippers, reports Korea JoongAng Daily.   STX announced that Greek shipper OceanGold Tankers placed an order for four medium-range tankers of 50,000 DWT capacity


Europe to Build Ships of the Future

Photo: University of Limerick, Ireland.

 A new European research project seeks to revolutionize the shipbuilding sector by replacing steel with composite materials for the construction of more efficient large length ships.   FIBRESHIP is an ambitious project that will allow for the construction of light commercial vessels


Philly Shipyard to Build Four New Containerships

Philly Shipyard aerial view. Photo: Philly Shipyard, Inc

 Philly Shipyard announced that it has entered into a Letter of Intent (LOI) with a blue chip U.S. shipping operating company for the construction and sale of up to four new, cost-efficient and environmentally friendly containerships with planned deliveries in 2020 and 2021.   


Delta Pilots Order Fifth Vessel from Gladding-Hearn

Image: Gladding-Hearn

Delta Launch Services, the operating company for the Associated Branch pilots on the SW Pass of the Mississippi, has ordered a new pilot boat from Gladding-Hearn Shipbuilding, Duclos Corporation. Delivery of the new 52-footer, scheduled for 2018, is the fifth St


TransLink Orders Second Damen SeaBus

Photo: Damen

TransLink, Metro Vancouver’s regional transportation authority, has signed a contract with the Damen Shipyards Group for an additional SeaBus, to ferry passengers between downtown Vancouver and North Vancouver in British Columbia, Canada.


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.


WinGD X52 Diesel FAT and TAT Completed

The WinGD 5-X52 diesel undergoing its FAT and TAT at the works of Hudong Heavy Machinery in Shanghai. Testing was witnessed by representatives of the leading Classification Societies: ABS, LR, CCS, BV, DNV-GL, KRS, NK and RINA. (Photo: WinGD)

Following an extensive test program in the presence of eight classification societies, the latest development in Winterthur Gas & Diesel’s Generation X low-speed diesel engine range, the X52, completed both its Factory Acceptance Test (FAT) and Type Approval Test (TAT).  


Yangzijiang Bags Newbuild Orders Worth $133 Mln

Image: Yangzijiang Shipbuilding

 China’s Yangzijiang Shipbuilding has won six shipbuilding contracts worth a total of $133m during the second quarter of this year, Business Times reported.   Three of these orders for 1,800 TEU (twenty-foot equivalent unit) containerships were exercised from options tied to


Rays of Hope Seen for German Marine Equipment Suppliers

© MicroStudio / Adobe Stock

Germany’s marine and offshore equipment suppliers will have to continue efforts this year to respond to the continuing weak demand from other countries and growing competition in global shipping markets, says German Engineering Federation (VDMA) who reported a decline in orders in the


Vancouver Shipyards Promotes Corr to VP

Jim Corr (Photo: Seaspan)

 Seaspan’s Vancouver Shipyards (VSY) has appointed Jim Corr as Vice President – Planning & Estimating.   Corr joined VSY in January 2017 as a consultant, and in June 2017 was promoted to Vice President, Planning & Estimating


DSME Bags 4 VLCCs Order from Angelicoussis

Photo: Daewoo Shipbuilding & Marine Engineering

 South Korea’s Daewoo Shipbuilding & Marine Engineering (DSME) won its second order from Maran Tankers Management (MTM), a subsidiary of  Greek shipping giant Angelicoussis Shipping Group,  to build four very large crude carriers (VLCCs).  


S. Korea's Top Three Shipyards Look Bullish

File photo: Hyundai Heavy Industries

 With a slew of contracts to be signed soon  South Korean shipyards are expected to clinch a decent number of new orders during the second half of the year, Yonhap reported quoting  industry sources.  Hyundai Heavy Industries (HHI) and its affiliates have secured a series of


Labor Agreement Reached at Newport News Shipbuilding

(Photo: Chris Oxley / HII)

Huntington Ingalls Industries (HII) said United Steelworkers Local 8888 members at its Newport News Shipbuilding division have voted 1,985-131 in favor of a new labor agreement. The new contract will run through November 14, 2021. “This offer is fair


Samsung Heavy to Cut Its Workforce

File Photo: Samsung Heavy Industries

 South Korea’s shipbuilder Samsung Heavy Industries (SHI) is looking to further cut its workforce,  and have employees return part of their salaries in order to cut costs, according to Yonhap News Agency.   SHI unveiled a self-restructuring program that centers on cutting






 
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