S. Korean Shipyards Forecast to Win Most LNG Carrier Orders
South Korean shipbuilders are expected to win the bulk of global orders for liquefied natural gas (LNG) carriers this year thanks to their capabilities to build such ships, industry sources said Wednesday. The country's three shipbuilders -- Daewoo Shipbuilding & Marine Engineering Co., Samsung Heavy Industries Co. and STX Shipbuilding Co.-- have clinched the world's 12 LNG ship orders placed this year, they said. Samsung Heavy Industries has received orders for six LNG carriers so far this year, followed by Daewoo with five orders and STX with one. About 40 to 60 LNG ships are expected to be ordered worldwide this year by countries such as Nigeria, Angola, Spain and Australia, according to the sources.
Chinese Shipyards Get More Bulk Carrier Contracts
COSCO shipyards in Guandung and Zhoushan obtain bulk carrier orders worth $198M COSCO (Guangdong) Shipyard has been contracted by a European company to build a 35,000 dwt bulk carrier scheduled for delivery in the first quarter of 2013. Separately, COSCO (Zhoushan) Shipyard has secured two contracts and four option contracts from another European company to build a total of six units of 64,000 dwt bulk carriers with eco-friendly and fuel-efficient designs. The two contracts will become effective following approval from the shipbuilder's board of directors.
Brazil’s Vale SA Gets Biggest Ore Carrier
According to a report from Dow Jones, Brazilian iron ore miner Vale SA (VALE, VALE5.BR) said it took delivery of the world's biggest ore carrier, a 400,000 tons capacity vessel built in South Korea by Daewoo Shipbuilding & Marine Engineering Co. (042660.SE). The new vessel, named Vale Brasil, is the first of seven ore carriers ordered by Vale from the South Korean shipyard. (Source: Dow Jones)
China Shipyard Wins Four Bulkship Orders
Jiangsu New Yangzijiang Shipbuilding has been contracted to build four 82,000 dwt bulk carrier orders for Hong Kong owner Everbright Metal. Each ship will have a length of 229 m (751 ft) breadth of 32.26 m (106 ft) and draft of 14.45 m (47.4 ft), and all the four ships are expected to be delivered between the fourth quarter of 2013 and the third quarter of 2014. Currently New Yangzijiang Shipbuilding has orders for 53 vessel on hand made up of 16 bulkers, 6 woodchip transport vessels and 31 containerships.[
Korean Shipyard Wins LNG Carrier Contracts
Hyundai Heavy Industries (HHI) & its affiliated shipyard obtain orders totalling US$1.05 billion to build five liquefied natural gas (LNG) carriers. One of the LNG carriers of 155,000-cubic-metre capacity and worth US$210 million is for Brunei Gas, reports the Oman Daily Observer. HHI's affiliated shipyard, Hyundai Samho Heavy Industries, also won a contract for four 174,000-cubic-metre LNG carriers valued at $840 million from Greece’s Maran Gas. The contract included an option exercisable by the owner for two additional same-class LNG carriers.
Hyundai Heavy $600M Order for LNG Carriers
Hyundai Heavy Industries, the world’s largest shipbuilder, won a $600 million order to build two 155,000 m3 LNG carriers, including an option for another same class vessel, from Greece-based Dynagas Ltd. These membrane-type LNG carriers are due for delivery in the second half of 2013. They will feature the Dual Fuel Diesel Engine System which allows the ship to run on oil fuel or natural gas. Due to tightening global regulations on carbon emissions, increasing demand for LNG as an alternative energy source after Japanese nuclear crisis…
MOL's LNG Carrier KUMUL Delivered
Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Junichiro Ikeda) announced the delivery of the LNG carrier KUMUL at Hudong-Zhonghua Shipbuilding (Group) Co., Ltd. (Hudong) in Shanghai on April 29. A naming ceremony was held at the shipyard on April 8. The KUMUL, which was ordered by MOL subsidiary Gemini LNG Shipping Limited (Gemini), is the last in a series of four new-building LNG carriers ordered by MOL to provide LNG transportation for projects in Papua New Guinea. ExxonMobil (*) .
South Korean Yards Expected To Nab 75 Percent of LNG Orders
South Korean shipyards are expected to win about 75 percent of an estimated 48 orders for liquefied natural gas (LNG) carriers this year, industry officials said on Wednesday. "There are virtually no rivals to compete with Korean shipbuilders in making LNG carriers in terms of price and quality," said Yoo Jae-won, a spokesman for the Korea Shipbuilders' Association. Surging demand for environmentally friendly LNG was expected to raise the number of LNG carrier orders to around 48 this year from only 14 last year. "Korean shipbuilders are poised and look likely to grab most of the orders," Yoo said. Daewoo Shipbuilding and Marine Engineering, the world's second-ranked yard, said its LNG orders totalled 10 ships worth $1.7 billion so far this year, with options for 12 more.
Korea's Daewoo To Grab Hold of LNG Ship Market
Daewoo Shipbuilding and Marine Engineering Co Ltd aims to grab half this year's 15 to 20 orders for Liquefied Natural Gas (LNG) carriers, strengthening its lead in the higher end of the shipbuilding market, the company said on Monday. Company officials reportedly said that Daewoo was expected to sign a $500 million deal to build an offshore fixed platform in Angola in April. The price for an LNG carrier is about $160-$175 million, about twice the price for a 300,000-ton class very large crude carrier (VLCC). In 2001, Daewoo Shipbuilding secured 10 of the 29 new liquefied natural gas carrier orders placed worldwide. Company officials said the overall market still looked tough after excessive orders in 2000…
High Royalties to Cut Into Shipbuilding Profits
South Korean shipbuilders are paying large royalties on a core foreign technology for manufacturing liquefied natural gas (LNG) carriers, causing a big reduction in their earnings, The Korea Times reports. To build LNG carriers, most South Korean and foreign shipbuilders currently use a membrane containment system developed by Gaz Transport & Technigaz of France, a key technology for freezing and storing gas in tanks for transport. South Korean shipbuilders' profit margin amounts to about 10 percent of a carrier's order price, of which nearly 5 percent is paid to the French company in royalties, according to the report. The nation's shipbuilders charge an average $200 million for each LNG carrier.
Daewoo: $1 Billion In One Week Prompts Target Revise
Daewoo Shipbuilding has raised its 2001 order target to $3.7 billion from $2.5 billion, and said it was unlikely to accept orders in the second half because of its bulging order book, particularly for LNG carriers. "So far this year, we have received $2.6 billion in shipbuilding orders," said S.W. Lee, a Daewoo spokesman. "We also have order options worth $1.1 billion. "What is surprising is $1 billion worth of orders came in just last week," Lee said. Latest orders include four 6,750 TEU containerships ordered by NVA of Germany and an LNG carrier ordered by a North European shipowner that Daewoo officials declined to identify. Daewoo, the world's second largest shipyard, has secured eight orders for LNG carriers so far this year, including letters of intent, with six options, Lee said.
LR Wins Landmark LNG Deal
Lloyd’s Register has won the classification contract for four 155,000 cu-m Technigaz Mk III membrane-type LNG carriers, ordered by BP Shipping at Hyundai Heavy Industries (HHI) with a further four options. These ships are the largest LNG carriers ordered to date. The ships are also noteworthy in that they will have dual fuel diesel electric propulsion and will be the first LNG ships with this type of propulsion to be built in Korea. Only a handful of LNG carriers in the world feature this form of propulsion, with most owners and operators opting for steam turbines. The last of the first four ships will be built at Hyundai’s Samho yard, representing this particular yard’s first LNG carrier.
Korea Shipyard to Build Icebreaking LNG Carrier
Daewoo Shipbuilding & Marine Engineering (DSME) has won the first battle in the war among the shipbuilders to obtain orders for vessels to participate in the Russian Arctic 'Yamal Project' by getting the world’s first order for an icebreaking LNG carrier, reports BusinessKorea. The South Korean shipbuilder informed BusinessKorea that it received the order worth US$367.4 million from Russia’s state-run shipper Sovcomflot, and will deliver the vessel by the end of June 2016. The 170…
Bergesen Makes Preliminary LNG Agreement
Bergesen has entered into a preliminary agreement with the Algerian oil company Sonatrach for employment of one LNG-carrier for minimum 20 years from delivery. Sonatrach has an option to extend the agreement by maximum five years. The vessel is the third vessel in a series of seven large LNG-carriers ordered by Bergesen at Daewoo Shipbuilding & Marine Engineering Co. Ltd, Korea. The vessel shall be delivered in third quarter 2004. Sonatrach will participate with an ownership share of 50 percent in the vessel with effect from delivery from the yard, but the vessel will be 100 percent financed by Bergesen. Final agreement with Sonatrach is expected to be concluded in the near future.
China Shipyard Delivers Panamax Bulker to SCI
The Shipping Corporation of India Ltd. (SCI) accepts bulk carrier 'Vishva Vijay' from STX Shipbuilding, Dalian, China. The vessel is the third in a series of four Panamax bulk carriers ordered by SCI from STX (Dalian) Shipbuilding Co. Ltd., China. These vessels are of higher capacity, over 80,000 dwt each, compared with conventional Panamax vessels which are of about 75,000 dwt. MV Vishva Vijay has a gross tonnage of 44,010 tonnes and deadweight of 80,312 tonnes. The new ship is dually classed with LR and IRS and has been built to comply with the latest and most stringent international regulations. As a National carrier, SCI has been aiming to increase its presence in India’s ever increasing dry bulk trade and strengthening the bulk carrier fleet would help SCI contribute to that growth.
GTT to Equip Knutsen’s New LNG Carrier
GTT said it has received an order from Hyundai Heavy Industries to equip a new LNG carrier with its Mark III Flex containment system. Hyundai's shipyard based in Ulsan, South Korea will build the vessel of 180,000 m3 on behalf of the Norwegian shipping company NORSPAN LNG XI AS (Knutsen). Delivery is scheduled in 2019. Knutsen is a longstanding owner of LNG carriers equipped with membrane technology, with 10 vessels of this type. GTT records the first LNG carrier order of the year. With its Mark III Flex containment system, GTT said it provides efficient insulation solution able to reduce the daily guaranteed boil-off gas rate to 0.085 percent of tank volume. The Mark and NO ranges have been designed to meet all the transport and storage requirements of liquefied gases.
COSCO Builds 3rd BigRoll MC Class
BigRoll Shipping announces that it has contracted COSCO Dalian Shipyard Co., LTD to build a third MC Class Module Carrier. She will be named BigRoll Baffin and is scheduled for delivery in June 2016. Bigroll Shipping last year in September ordered two vessels of the same type with options two order two more. The BigRoll Barentsz is the first of two MC Class Module Carriers ordered last year for the transportation of ultra large and heavy modular cargoes. The vessel is scheduled for delivery mid August 2015. Its sister vessel BigRoll Bering will follow in October 2015.
Hyundai Heavy to Build First Korean-Designed LNG Ship
A Korean shipbuilder has succeeded in independently designing a liquefied natural gas carrier. Building LNG ships is a high value-added business, as it requires the highest level of shipbuilding technology. The latest achievement should significantly lower the royalties that Korean companies have had to pay to countries that developed such technology. Hyundai Heavy Industries said that plans to purchase an LNG ship built with Korean design technology in May. Although dominates global LNG carrier orders, it has been dependent on foreign companies that own the core technology needed to design the ships. Korean shipbuilders have paid Gaz Transport & Technigaz (GTT) of more than W1 trillion (US$1=W1,000) in royalties over the last five years for the technology.
Gaslog’s New LNGC to Feature Mark V Technology
Following Samsung Heavy Industries’ (SHI) order announced last October 11, 2016, the new GTT's Mark V technology is confirmed as the technology to equip the new LNG carrier ordered by the European ship-owner Gaslog. The vessel will be built at SHI's shipyard in Goeje Island. Delivery is scheduled in 2019. “Gaslog's choice of our new membrane containment system highlights the confidence of our partners in our innovations,” commented Philippe Berterottière, Chairman and CEO of GTT. “We are constantly striving to enhance the performances of our systems. Mark V offers an unrivalled thermal efficiency. This system, entirely designed by GTT, reduces the guaranteed daily boil-off rate of LNG to 0.07 percent of the tank volume per day, thus generating important savings for the charterer.
Hamworthy Gets LNG Reliquefaction Order
Hamworthy has won an order from Daewoo Shipbuilding & Marine Engineering Co (DSME) to supply five liquid natural gas reliquefaction systems (LNG-RS), with a total value in the range of £15 to £20 million. The systems will be installed on five 216,000 cu. m. LNG carriers ordered by the ‘J5’ consortium of Japanese shipowners and will be delivered to the shipyard from January 2007. The ships are scheduled for delivery in 2008. Kelvyn Derrick, Chief Executive of Hamworthy plc, said: "This brings our tally of LNG-RS shipsets to 20 with an aggregate order value of over £100 million, and represents a one hundred percent market share. We have already developed a more energy-efficient system for future bids in what will undoubtedly become a more competitive market."
MacGregor Wins DSME Crane Orders
MacGregor has received an order for 28 hose handling and provision cranes from Korean shipyard Daewoo Shipbuilding & Marine Engineering Co Ltd (DSME). MacGregor is part of Cargotec Corporation, a provider of cargo handling solutions used in local transportation, terminals, ports, distribution centres, and ships. The cranes will be delivered during 2010 to 2012. They are destined for five VLCCs and two 147,000 dwt LNG carriers ordered by Greek and Brunei shipowners. Each of the VLCCs will be fitted with two 20-tonne capacity hose-handling cranes…
Daewoo's Financials Come Full Circle
A flood of LNG carrier orders and dollar-denominated payments skewed towards delivery have helped South Korea's Daewoo shipyard, (now known as the world's second largest shipbuilder) still under workout, craft one of the country's most dramatic corporate turnarounds. "It is like dreaming a really good dream," said a high level official at Daewoo Shipbuilding. "We are now nearly monopolizing the global market for LNG carriers and benefiting from the recent weak won better than our rivals because most payments are made at delivery," he said. In 2000, Daewoo Shipbuilding & Marine Engineering raked in orders for six LNG carriers - two each from Exmar of Belgium, Tapias of Spain and Bergesen of Norway - out of a total 14 orders placed worldwide.
Hyundai Heavy Wins Orders Worth $1.1 Billion
Hyundai Heavy Industries, the world’s biggest shipbuilder, today announced the Company had won orders for 4 liquefied natural gas carriers and 1 LNG floating storage regasification unit worth USD 1.1 billion. Hyundai Heavy won orders to build two 162,000 cbm LNG carriers for Golar LNG of Norway on February 10 and two same-class ships for an unnamed European shipowner on February 8. The contract with Golar LNG includes an option exercisable by the Norwegian company for two additional same-class LNG carriers.