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Report: Shipbuilders Need to Target Cruise Market

According to the Korea Times, the next five years will provide an opportunity for Korean shipbuilders to construct cruise ships with a high-profit margin, the Korea Shipbuilders' Association said. The construction of luxury cruise ships declined steadily after the September 11 terrorist attacks on the United States. But with a recent favorable upturn, the market is expected to expand especially in the large and medium-size category through 2010, with an annual growth rate of about 5 percent, the association said. This prospect of stronger demand for cruise ships will offer local shipbuilders opportunities to venture into the construction of cruise ships with less risk. South Korea is the no.1 shipbuilding country in the world with aggregate exports of $17.6 billion last year. However, Korean shipbuilders haven't seen significant sales in the cruise ship business, which accounts for about 20 percent of the global shipbuilding market. Until recently, Europe had almost completely monopolized the building of cruise ships. According to the Association of European Shipbuilders and Ship Repairers, a quartet of Europe-based shipbuilders that has maintained a combined 84-percent market share since 2002. The average age of cruise ships in service at present is about 42.4 years for 19 ships over 10,000 gross tons, and 37.8 years for those less than 10,000 gross tons. Accordingly, replacement demand is likely to become active in the near term, the association said.


Many 1Q Orders for South Korean Shipbuilders

South Korean shipbuilders racked up large overseas orders in the first quarter, keeping them on course to far exceed yearly targets, Korea Times reported. Hyundai Heavy Industries, the world's largest shipbuilder, clinched orders worth $2.3 billion in the January-March period, compared with its full-year target of $7.4 billion. Its two affiliates - Hyundai Mipo Dockyard and Hyundai Samho Heavy Industries - won a combined $2.75 billion worth of orders in the first quarter


China Targets Shipbuilding Sales of $189 Billion By 2015

SHANGHAI -- China aims to increase annual sales by domestic shipbuilders to $189.7 billion by 2015, as it works toward its goal of becoming the world's leading shipbuilding country, the Ministry of Industry and Information Technology said.  China also plans to raise the value of annual shipbuilding exports to more than $80 billion by 2015, the ministry said, in a five-year plan for the shipbuilding industry. The plan provides new details regarding China's push for significant growth


Aveva: Navies Can Reduce Project Cost, Risk and Timescales

Photo: Aveva

New business paper describes how technology offers proven collaboration capabilities that benefit all parties in warship procurement projects Aveva today announced its publication of a new business paper, “Taking Command: How Aveva technology can increase capabilities in naval fleet management.” In this paper, Aveva examines six ways that navies can exploit technologies used in other sectors, such as the offshore industry


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.  


Daewoo Shipbuilding unlocks $2.6 bln Bailout

File Image (CREDIT: AdobeStock / (c) Carabay)

Bondholders at final meetings agree to debt-to-equity swap; shipbuilder needs about $400 mln in operating funds by April-end.   South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd has won near unanimous agreement from bondholders to swap their debt for equity, meeting a condition that unlocks a $2.6 billion bank bailout for the world's biggest shipbuilder.   Daewoo won approval from over 96 percent of bondholders at two meetings on Tuesday and three on Monday


South Korean Foreign Ship Orders Drop

New foreign orders received by South Korean shipbuilders fell 15.7 percent in the first nine months of this year from a year ago, provisional figures from the Korea Shipbuilders' Association show. Orders in the nine-month period totaled 5.8 million gt for 110 ships, compared with 6.9 million gt for 121 ships in the same period a year earlier. New orders received in September alone totaled 1.2 million gt for 16 vessels. It did not give comparable 1998 figures


South Korean Ship Orders Up 127% In 1999

Combined orders received by South Korean shipbuilders totaled 12.72 million gt for 227 ships in 1999, up 127.2 percent from a year earlier, according to the Korea Shipbuilders' Association said. New orders received in December alone totaled 3.71 million GT for 66 ships, the association said in a statement. Ships completed in 1999 amounted to 9.48 million gt for 163 ships, up from 7.28 million gt for 143 ships a year earlier, it said


Law Maker Attacks Korean Shipbuilders

Image: Hyundai Heavy Industries

 Lee Jin-bok, a lawmaker of the ruling Saenuri Party in Korea says that the government has given an "incentive for mutual growth" to Korea's major shipbuilders while they are accused of an unfair business practice.   The three shipbuilders - Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries - forced their partner companies not correctly to respond to the questionnaire on the 'mutual growth index,' he accused.  


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.  


Meyer Werft Lays Keel of Norwegian Bliss

Norwegian Cruise Line president and CEO Andy Stuart and MEYER WERFT managing partner Tim Meyer at the keel laying for Norwegian Bliss. (Photo: NCL

A keel laying ceremony was held for Norwegian Cruise Line’s (NCL) new cruise ship Norwegian Bliss at the shipbuilder Meyer Werft’s facility in Papenburg, Germany.   During the ceremony, one of the keel blocks of the 167,800 gross ton vessel was lifted into the covered building


Future USS Gerald R. Ford Underway for Acceptance Trials

Official U.S. Navy file photo of PCU Gerald R. Ford, April 14, 2017. Photo: United States Navy

 The future USS Gerald R. Ford (CVN 78) departed Naval Station Norfolk for its second set of sea trials, known as acceptance trials (AT) May 24.   Acceptance Trials demonstrate to the Navy's Board of Inspection and Survey (INSURV) the ship's ability to conduct operations at sea and


Patrol Boats Delivered to the Vietnam Coast Guard

US Ambassador Ted Osius, fourth from left, inspects new Metal Shark patrol boats with Vietnam Coast Guard members during a delivery ceremony Monday May 22, 2017 in Quang Nam, central Vietnam (Photos courtesy US Embassy Hanoi)

Six new military patrol boats built by Louisiana-based shipbuilder Metal Shark have been delivered to the Vietnam Coast Guard. The welded-aluminum Metal Shark 45-foot Defiant pilothouse patrol vessels were provided to Vietnam by the United States in a move that underscores the increased security


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. 


Death Toll Rises in Korean Shipyard Accident

 A crane has collapsed at Samsung Heavy Industries shipyard in South Korea, killing six workers and injuring 22, reports Reuters.   The South Korean shipbuilder quoted as saying that rescuers are searching for people trapped under debris after the 32-tonne crane fell on a ship at its


Damen Showcases New Water Bus

Water Bus (Photo: Damen Shipyards)

At a recent event at its headquarters in Gorinchem, Damen Shipyards demonstrated its next generation composite Water Bus, the 2407, to an invited international audience. Built from FRP (fiber reinforced polymer) the new class will give operators reduced fuel consumption, less maintenance


TMC Compressors for Höegh FSRU

Photo: Höegh LNG

TMC Compressors (TMC) said it has penned a contract with shipbuilder Hyundai Heavy Industries to supply a complete marine compressed air system to a new-build floating storage and regasification unit (FSRU) the South Korean yard is building for Höegh LNG.   


Meyer Turku Reports Larger 2016 Profit

Photo: Meyer Turku

Shipbuilder Meyer Turku reported a net profit of 25 million euros ($27.4 million), or 3.2 percent of revenue, in 2016, rising from 15 million euros ($16.5 million) in 2015.   The Finish shipyard, which specializes in cruise ship and large passenger vessels


GRSE to Build MTU Engines in India

MTU and Garden Reach Shipbuilders & Engineers Ltd. (GRSE) have agreed the final assembly of MTU Series 4000 engines in India. Rear Admiral (ret.) V K Saxena, Chairman and Managing Director at GRSE (left), and Knut Müller, Head of Marine and Government Business at MTU, signed the agreement. (Photo: Rolls-Royce)

agreement between Rolls Royce and Garden Reach Shipbuilders & Engineers Ltd. (GRSE) will see final assembly of MTU Series 4000 engines in India.   Under the terms of the deal, the 12V and 16V 4000 M90 type engines will be assembled in GRSE’s Diesel Engine Plant in Ranchi


Fairbanks Morse's Diesel Gensets for US Navy’s New Warship

Fairbanks Morse, an EnPro Industries company, will supply the Ship Service Diesel Generator (SSDG) sets for electric power generation system aboard the U.S. Navy’s newest America class amphibious assault warship, LHA 8.   Construction of the generator sets will begin later this year


Meyer Turku Delivers Mein Schiff 6 for TUI

Photo: Meyer Turku

Finnish shipbuilder Meyer Turku said it has delivered the newly built cruise ship Mein Schiff 6, the fourth in a series for Germany’s TUI Cruises.   “We are very happy about the delivery of Mein Schiff 6 in time and excellent quality,” said TUI Cruises CEO, Wybcke Meier


Mariners, Shipbuilders Call on President to Put U.S. National & Economic Security First

Aaron Smith: President & CEO, OMSA

Profoundly damaging announcement by U.S. Customs and Border Protection (CBP) puts foreign companies first and American companies and workers last.   The Offshore Marine Service Association (OMSA) today responded to an announcement by U.S


New Ship Building Orders for Korean Yards

Photo: Samsung Heavy Industries

 South Korean shipyards emerged on top for new orders in April, Business Korea reported quoting industry data.   The global total amount of new shipbuilding orders reached 750,000 CGT last month and 340,000 CGT and 260,000 CGT went to South Korean and Chinese shipbuilders, respectively


Shipbuilders Council Names McCreary Chairman

From left to right: SCA President Matthew Paxton with Rep. Hunter and newly-elected Chairman, Richard McCreary (Photo: SCA)

 Shipbuilders Council of America  names Richard McCreary as new chairman; honors Sen. Cochran and Rep. Hunter    At its annual spring meeting in Washington, D.C. this week, the Shipbuilders Council of America (SCA), the national trade association representing the U.S


Bollinger Wins SCA Safety Award

Bollinger president and CEO Ben Bordelon (center) accepting the award from SCA president Matthew Paxton (left) and SCA chairman Richard McCreary (right). (Photo: Bollinger)

 Bollinger Shipyards was presented the 2016 “Award for Excellence in Safety” for the 12th consecutive year by the Shipbuilders Council of America (SCA) on May 18, 2017 during SCA’s Annual General Membership Meeting in Washington, D.C






 
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