Samsung Wins $500 M In Orders
Samsung Heavy Industries Co. has won $500 million in orders to build eight ships for Greek, German and British companies, according to company officials. Samsung received orders for four containerships from Greece's Danaos Shipping Co. and orders for two containerships from German Nordcapital. The containerships cost $60 million each. The company also won orders for two VLCCs at $70 million each from Britain's N.S. Lemos Shipping Co. Samsung will deliver the containerships beginning in April 2001 and the VLCCs beginning at the end of 2001. Samsung officials said the company has won orders for 31 ships totaling 1.8 million tons so far this year.
Daewoo Shipbuilding Wins Orders from Norway and Greece
Daewoo Shipbuilding & Marine Engineering Co Ltd has won orders from Norway and Greece worth $530M. The shipbuilder said it secured an order from Norway's Odfjell Invest I Ltd to build a semi-submersible drilling rig and a deal from Kristen Navigation Inc of Greece to build a very large crude-oil carrier (VLCC), taking its order book to 2.29 bln usd so far this year. The company did not disclose the financial terms of the individual deals.
Qatar Gets 3 Korean Shipbuilders $7b Jackpot
Qatar is becoming a goldmine for Korean shipbuilders as the top three companies won orders for liquefied natural gas (LNG) tankers worth $7 billion. Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries have won combined orders of 34 LNG tankers since 2004. The shipbuilders are hoping to share another 10 orders, when they are commissioned next month. The LNG carriers are high-yield orders
Korean Shipyards Said to Win LNG Deal
According to reports, Qatar is expected to hire three South Korean shipbuilders to build 44 liquefied natural gas carriers for a total of $10 billion. The joint project between U.S. energy giant Exxon Mobil Corp. and state-run Qatar Petroleum Co. calls for transferring 15.6 million tons of LNG from Qatar to Exxon Mobil`s terminal in the United States. Daewoo Shipbuilding & Marine Engineering Co., Samsung Heavy Industries Co. and Hyundai Heavy Industries Co
Imtech Wins $141M in Orders
Transport, engineering and trading company Internatio-Mueller NV said on Thursday its Imtech division had won orders from three shipyards worth a total of 345 million guilders ($141.6 million). Imtech will install heating and air conditioning equipment, sprinkler systems and information and communication technology on 10 cruise ships which are under construction. The order was awarded by Meyer Werft and Blohm & Voss in Germany and by French shipyard Chantier de l'Atlantique
Royal Caribbean Choose ABB Azipods for Two Newbuildings
ABB wins order for Azipod propulsion & electrical systems for two new 4,100 passenger cruise ships ABB, the leading power and automation technology group, has won orders worth more than $60 million to provide complete power and Azipod propulsion systems for two new cruise ships to be built by Meyer Werft at its shipyard in Papenburg, Germany for Royal Caribbean Cruises Ltd (RCL). The new ships are the first vessels in Royal Caribbean’s new class of cruise ships
Daewoo Shipbuilding Wins Order from Transocean
Daewoo Shipbuilding & Marine Engineering Co won a $270M order from Transocean Inc. to build a drill ship. The vessel will be delivered by September 2008 and used to explore oil reserves in the Gulf of Mexico. Source: xinhua
Harland & Wolff Lays Off 280
Harland and Wolff said it would lay off 280 workers this week. The shipyard recently secured its future by winning orders for four ferries worth $456 million and two cruise liners worth $350 million, but they will only take effect towards the end of the year. "There is the order for the four Ropax ferries and there is also a letter of understanding for two luxury cruise liners. However there is a time lag until the full benefit of these orders feeds through
Daewoo wins $1.1B LNG Orders
South Korea's Daewoo Shipbuilding and Marine Engineering, the world's second-largest shipyard, said on Monday it has won orders worth $1.1 billion for four LNG (liquefied natural gas) ships. The company said in a filing to the Korea Stock Exchange Bergesen of Norway had placed an order for three LNG carriers, although did not give the buyer of the fourth ship.
Cosco Shipbuilding on the Rise
Cosco Corp. Singapore Ltd., the shipbuilding and repair unit of China's shipping line, rose in the stock market after it won orders totaling $422 million to convert and build tankers, according to a Bloomberg report. A Norwegian customer reportedly placed the order to build two shuttle tankers, scheduled for delivery in 2010 and 2011.
Korea’s Big 3 Yards in Path of Recovery
South Korea’s shipbuilders are expected to recover this year after suffering from a global industrywide slump, reported The Korea Economic Daily. The report said that Hyundai Heavy Industries (HHI) and Samsung Heavy Industries (SHI) have already achieved more than a half of their annual targets. SHI clinched deals worth US$4.8 billion coming into this year, which accounts for 74 percent of its annual target of $6.5 billion. It won orders for 13 ships worth US$4
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.
Hyundai Heavy Profit Falls
South Korea’s shipbuilding giant Hyundai Heavy Industries (HHI) announces a 49% drop in net profit for the second quarter following a slowdown in ship orders. According to Yonhap, net profit for the three months that ended June 30 slumped to 69.2 billion won (US$62 million) from 137.5 billion won a year earlier. This setback is caused by a lack of orders for expensive newbuilds, says the company according to the report.
Shipbuilding: China Races Ahead of South Korea
Shipyards in China have surpassed South Korea again in terms of receiving the most orders for new ships and platforms, while fierce battle for the number one position in shipbuilding orders continues. China ranked first globally with 195 vessel orders, while South Korea was second with 104 during the first eight months of this year, Yicai Global reported citing Clarkson Research Services.
Creditors to Pump $3.7B into Ailing DSME
Creditors of South Korea's Daewoo Shipbuilding and Marine Engineering Co. will pour 4.2 trillion won about (US$3.68 billion) into the ailing shipyard to help it get back on track, the main creditor bank said, according to South Korea's (Yonhap) News Agency. The massive rescue package offered by state-run Korea Development Bank — which owns a controlling 31.5 per cent stake — and Export-Import Bank of Korea, includes new loans
Cathelco Wins Trio of Orders for ICCP Systems on FPSOs
Cathelco have won orders to supply hull corrosion protection systems for three FPSOs. Two of the systems are being supplied to MODEC, while the third will be installed by Sembcorp Marine’s Jurong yard in Singapore. The FPSO Cidade de Campos dos Goyatacazes is being built by MODEC for deployment off Brazil by Petronas. It will be capable of processing 150,000 barrels of crude oil per day, 176 million cubic feet of gas, and have a storage capacity of 1.6 million barrels
ABB To Help Save Venice From the Sea
ABB to deliver advanced integrated automation and electrical solution for largest Italian public work project of the last century. ABB will supply the complete integrated electrical and automation system for Mo.S.E. (the Italian acronym for experimental electro mechanic module), a flood barrier system designed to block the high tides and storm surges that enter the Venetian Lagoon year after year through three inlets and regularly flood the historic center of Venice
Yangzijiang Bags Orders for Six VLOCs
China’s biggest private shipbuilder Yangzijiang Shipbuilding Holdings Ltd has won orders for six dry bulk carriers worth a combined US$510 million. The 400,000 DWT very large ore carriers (VLOCs) are the largest dry bulk carriers ever awarded to the group, the shipbuilder announced on Wednesday (April 13). The six vessels will also be the largest VLOCs that Yangzijiang will be building till date. The VLOCs are scheduled for delivery from 2018 to 2019.
Sembcorp Profit Halved as Clients Defer Projects
Revenue falls 30 pct; order book at S$9.7 billion. Singapore rig-builder Sembcorp Marine's quarterly profit halved as customers deferred projects, and it faces prolonged uncertainty on contracts from its biggest client, Sete Brasil, whose shareholders have approved its bankruptcy. Sembcorp Marine posted a profit of S$55 million ($41 million) for the three months ended March 31, compared with a profit of S$106 million a year ago.
DSME to Manage Iranian Shipbuilder
Daewoo Shipbuilding & Marine Engineering Co. (DSME) has signed a business agreement with the Iranian government on operation and technology instruction for Iranian state-run shipbuilder Iran Shipbuilding & Offshore Industries Complex Co. (ISOICO), reports the Pulse. Under the agreement, the South Korea’s shipbuilder will transfer technology and conduct consignment management on the Iranian shipbuilder.
DSME to Build Two VLCCs for BW Group
South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) has received a 200 billion won (US$179.2 million) order to build two oil tankers for Singapore-based oil and gas transporter BW Group. According to Yonhap, DSME will provide the oil and gas transporter two 318,000-ton Very Large Crude Carriers (VLCCs) by 2018. The BW Group has ordered a total of 63 ships from Daewoo Shipbuilding and has received 53 so far.
Edison Chouest to Build 13 Damen Tugs
Marine transportation provider and the United States’ largest operator of OSVs, Edison Chouest Offshore (ECO), has teamed up with Damen to build 13 heavy duty mooring assistance and escort tugs. The vessels will be built in the U.S. using ECO’s network of five shipyards with support from Damen under its Technical Cooperation program. The new tugs will be deployed on two major maritime projects for which ECO has recently won contracts
Gloomy 2017 for Korea Shipyards
South Korea‘s three majors shipbuilders are forecast to get much fewer orders next year, Yonhap reports quoting industry sources. The three shipyards - Hyundai Heavy Industries (HHI), Samsung Heavy Industries (SHI) and Daewoo Shipbuilding & Marine Engineering (DSME) - are struggling to set their order targets for next year due to the global vessel glut and fiercer competition from Chinese rivals.
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
Hyundai Heavy's New Orders Tallied at USD 2.3 bln
Hyundai Heavy Industries (HHI) Group, the world’s largest shipbuilding group, announced today that it won 39 ships worth $2.3 billion for January – April period, which is the largest ship orders for the comparable period in three years. HHI Group won 18 ships worth $900 million in April alone. Since the orders include options exercisable by owners to order additional same or similar class vessels, the total orders in April will amount to 31 ships worth $1.5 billion.