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
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
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
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
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
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 Turku Floats Out New Mein Schiff 1
Shipbuilder Meyer Turku said it has floated out the new Mein Schiff 1 cruise ship for owner TUI Cruises. The vessel will undergo further interior outfitting before delivery in spring 2018. New Mein Schiff 1 is an evolution of the Mein Schiff 6 delivered earlier this year. She will be 20 meters longer (315 m) than her predecessor, which allowed for substantial redesign and further improvement of the interior spaces.
The Switch Partners with Shipbuilder CSIC
Drive train technology specialist The Switch has become one of the first foreign companies to sign a partnership agreement with Chinese shipbuilding conglomerate China Shipbuilding Industry Corporation (CSIC). On Monday, September 11, The Switch entered into a strategic partnership agreement with CSIC/711, which operates under the direct jurisdiction of CSIC as the sole R&D institute of marine diesel engines in China.
Austal USA Wins Navy Deal
Austal USA won a construction contract by the U.S. Navy Friday to build an additional Independence-variant Littoral Combat Ship, its fifteenth ship in the class. The award of LCS 30 is a clear sign of the Navy’s confidence in Austal’s LCS program. The specific value of the contract is under the congressional cost cap of $584 million per ship. The littoral combat ship has been identified as a key component to the Navy’s ability to gain sea control through distributed lethality
First Ocean Voyage of the Training Ship Unión
On its first ocean voyage to Europe, the training ship ‘Unión’ – a large sailed vessel belonging to the Peruvian Navy – called on the port of Cádiz, as part of its second training mission and its first mission with a stop in Europe. On the request of the shipbuilder SIMA and the Peruvian Navy, the engineering and technology group SENER has developed the ship’s complete stability booklet
Dim Q3 Forecast for Korean Shipyards
South Korea's major shipyards are projected to report weaker-than-expected earnings for the third quarter of the year, due to increased costs and the construction of low-priced ships amid decreased new orders. Yonhap News Agency, quoting data compiled by Yonhap Infomax, said that Hyundai Heavy Industries (HHI) is expected to log an operating income of 106 billion won (US$93.6 million) during the July-September period
Austal Delivers Its 6th LCS to the US Navy
Austal USA delivered its sixth littoral combat ship to the U.S. Navy on Friday, September 15. The future USS Omaha (LCS 12) is the nation’s 10th littoral combat ship delivered to the Navy, the first of two that the shipbuilder will deliver this year. “They’re here and ready. Our Independence-variant littoral combat ships are coming off the line with exceptional quality and under the congressional cost cap,” said Austal USA President Craig Perciavalle
Harley Marine Orders Ocean Tugs from Conrad
Louisiana shipbuilder Conrad Shipyard said it has been awarded a contract to build two 3,000HP ocean service tugboats for Seattle’s Harley Marine Services. The two new vessels, designed by Entech Designs, LLC, will be 100-feet in length, with a beam of 34’. They will be powered by Caterpillar 3512C Tier 4 ARated Diesel Marine Engines, and equipped with two Caterpillar C4.4 99Kw at 1,800RPM generators.
Horizon Shipbuilding to 'Reorganize' Amid Insufficient Revenues
Horizon Shipbuilding announced it will reorganize amid revenues insufficient for maintaining normal operations. Lance C. Lemcool, Horizon Shipbuilding Vice President, today issued the following statement on behalf of the Alabama-based boat builder: “Last year, Travis R. Short, President of Horizon Shipbuilding saw an opportunity to repeat a great construction performance from 2012. Namely, an unheard of quantity of vessels in a very short period of time starting from
General Dynamics Delivers Submarine Colorado
General Dynamics Electric Boat delivered the nuclear-powered attack submarine Colorado (SSN 788) to the U.S. Navy. The 15th ship of the Virginia Class, Colorado is the fifth of the eight-ship group known as Block III. According to the builder, these ships embody a Navy and industry commitment to reduce costs while increasing capabilities through an initiative comprising a multi-year procurement strategy, improvements in construction practices and the Design For Affordability (DFA)
Fincantieri to Build a Cruise Ship for Cunard
Fincantieri and Carnival Corporation & plc announced today the signing of a memorandum of agreement (MoA) for the construction of one next-generation cruise ship for luxury brand Cunard. The agreement will become operational when all the financial and technical conditions will be satisfied, the shipbuilder said. The ship will be built at the Monfalcone yard and join the Cunard’s fleet in 2022
Indian Navy Commissions Waterjet Fast Attack Craft
INS Tarasa, a Water Jet Fast Attack Craft was commissioned into the Indian Navy by Vice Admiral Girish Luthra, Flag Officer Commanding-in-Chief, Western Naval Command at the Naval Dockyard, Mumbai on 26 September 2017. At an impressive commissioning ceremony, Vice Admiral Luthra expressed confidence that the new INS Tarasa will discharge her duties with élan and resolve, and bring laurels to the Western Naval Command and the Nation.
Polaris Orders 10 ‘Green’ VLOCs at Hyundai Heavy
Hyundai Heavy Industries (HHI), the world’s largest shipbuilder, announced today that it signed a $800 Million worth contract to build ten 325,000 dwt VLOCs (Very Large Ore Carrier) with Polaris Shipping, the domestic dry bulk owner and operator, on September 25. The contract is the largest single order in the last five years since HHI received an order of ten large-sized containerships from a Greek shipping company in 2012.
France, Italy Agree on STX Shipyard Ownership Split
The French and Italian governments have agreed on a shared ownership deal of the STX France shipyards, but with a clause giving France the right to take control if needed, Le Monde newspaper reported. Le Monde reported, citing an adviser to French President Emmanuel Macron, that Italian company Fincantieri could get 51 percent ownership, including a 1 percentage point stake lent to it by France, which France could take back.
Fincantieri to Take Control of STX France
Italian shipbuilder Fincantieri will take effective control of STX France under shared ownership, an Italian government source said on Wednesday, ending a dispute that has soured bilateral relations. France had angered Italy by ordering a "temporary" nationalization of STX, cancelling a deal in which Fincantieri and another Italian investor had agreed to buy 55 percent. French Finance Minister Bruno Le Maire said earlier on Wednesday he now hoped to be able to form
CSSC to Restructure
The primary contractor for China's naval force China State Shipbuilding Corp (CSSC) is preparing a major asset reorganization involving its two subsidiaries, reported China Daily. The companies have halted stock trading on the Shanghai Stock Exchange The announcement said that whether the reforms take place would be decided in the next 10 trading days. CSSC Holdings Ltd and CSSC Offshore and Marine Engineering Co Ltd both acted upon the notices from their parent company