Daewoo Shipping and Marine Engineering Posts Q3 Loss
The South Korean shipbuilding major Daewoo Shipbuilding & Marine Engineering (DSME) has posted a net loss in the third quarter from a year earlier due to one-off losses.According to a stock exchange announcement by the world’s second-largest shipbuilder by orders, the net loss reached 323.9 billion won (US$285.1 million) in the three months ending Sept. 30 from a net profit of 74.9 billion won during the same period last year.DSME's operating profit in the third quarter fell 9.6…
Damen Chairman Meets with Romania’s Economy Minister
The chairman and owner of Damen Shipyards Group met with the Romanian Minister of Economy this week to discuss the future of the shipyard jointly operated by the shipbuilding conglomerate and the Romanian government.The Dutch shipbuilding group became joint venture partners with the Romanian government in July when it acquired Daewoo Shipbuilding & Marine Engineering's (DSME) share in the Romanian shipyard formerly known as Daewoo Mangalia Heavy Industries. Damen has taken over operational management of the yard…
Shipbuilder in Focus: DAMEN
With nearly three dozen shipyards spattered across the globe, Damen Shipyards Group based in the Netherlands is one of the world’s most active shipbuilders. Maritime Reporter & Engineering News examines the flurry of activity perpetuated by the shipbuilding and repair conglomerate.The Damen Shipyards Group reported a turnover of €2 billion in 2017, a year in which it delivered 165 newbuilds, including 64 tugs and workboats, five offshore vessels, 40 high-speed craft and ferries, 12 pontoons and barges, 23 dredging and specialty vessels, 16 vessels for defense and security and five yachts.
Damen Takes Over Mangalia Shipyard
To signify its first day of operations at Damen Shipyards Mangalia in Romania, Damen held a ceremony at the yard on Monday, July 23.The celebrations mark Damen’s completion of the transaction with Daewoo Shipbuilding & Marine Engineering (DSME) for the Mangalia shipyard, formerly known as Daewoo Mangalia Heavy Industries (DMHI). The yard, which will be renamed Damen Shipyards Mangalia, will be operated as a joint venture with the Romanian Government. Damen will assume operational control.The yard is located on the Black Sea coast…
Damen to Take Over DSME’s Mangalia Shipyard
Dutch Damen Shipyards Group has completed negotiations with the Romanian Government on the Mangalia shipyard. René H. Berkvens, CEO said, “We are very pleased with the positive and constructive discussions held with Andruşcă, the Romanian Minister of Economy, and his team. We look forward to a positive result of the shareholders’ vote at the extraordinary shareholders meeting of March 30th, where hopefully the pre-emption right will be waived. The Mangalia shipyard is known as Daewoo Mangalia Heavy Industries (DMHI).
Damen Buys shares in Daewoo Mangalia Heavy Industries
Damen Shipyards Group has entered into a share purchase agreement with Daewoo Shipbuilding & Marine Engineering (DSME) for the acquisition of its majority share in Daewoo Mangalia Heavy Industries (DMHI). The Daewoo shipyard in Mangalia, Romania was established in 1997 as a joint venture between Daewoo and 2 Mai Mangalia Shipyard with Daewoo as majority shareholder. With the acquisition of the majority share in the shipyard in Mangalia, Damen takes the next step in strengthening its international shipbuilding and ship repair activities. The Mangalia shipyard is located on the Black Sea coast.
TEN's 15-Vessel Newbuilding Program Nearing Completion
Greece-based Tsakos Energy Navigation (TEN) said that its 15-vessel newbuilding program is nearing completion with the final three aframax tankers expected to be delivered in the coming months. In the second half of the year, with all vessels delivered and 77% of the fleet on full utilization contracts, TEN's industrial shipping strategy will be at full throttle. In line with the programmed deliveries, in January 2017 the VLCC Hercules I was delivered from Hyundai Heavy Industries in South Korea and was subsequently chartered for a period of up to 18 months.
TEN Strengthens Vessel Base
Tsakos Energy Navigation (TEN)'s growth has continued unabated in 2017 with the delivery of one VLCC, the Hercules I, one aframax tanker the Marathon TS and the shuttle tanker Lisboa, currently all under long-term employment to solid counterparties. These came on the back of nine vessels that were delivered or acquired in 2016 and will be followed in 2017 by the last four, of nine, aframaxes that were built against long-term employment to a Norwegian oil major. With the delivery of these remaining high-end aframaxes…
TEN Delivers Aframax Tanker
Tsakos Energy Navigation (TEN Ltd) has announced the delivery of the Aframax crude tanker "Thomas Zafiras" from Daewoo Mangalia Heavy Industries which will immediately enter a long term contract to a Northern European charterer that could generate gross revenues in excess of $100 million. This is the second vessel in a series of nine purposely built Aframax tankers on long term time charters at accretive rates. TEN's new building program continues later this month with the delivery of a Panamax LR1 tanker also chartered to long term accretive employment.
TEN Sends New Aframax Tanker to Work for Statoil
Tsakos Energy Navigation Ltd. (NYSE:TNP) has taken delivery of the aframax tanker Elias Tsakos, part of the 15-vessel newbuilding program and the first of the nine assigned for the Statoil long-term business. The vessel was delivered from Daewoo Mangalia Heavy Industries and will immediately be employed by Statoil with potential gross revenues in excess of $100 million. “Following the delivery and long term charter of the VLCC Ulysses, we are pleased to announce the commencement of our strategic relation with Statoil, one of the most recognized oil companies in the world,” commented Mr. Nikolas Tsakos, President and CEO of TEN. “This new cooperation makes our solid employment base even stronger and increases our profitability.
Capital Product Partners Tankers get Contracts
Capital Product Partners (CPP) has taken delivery of a new panamax containership, which will commence a five-year timecharter to CMA CGM. It also has won a timecharter from Cargill, and another two have had their charters to Capital Maritime extended. The NASDAQ-listed company has announced the successful acquisition of the MV 'Akadimos,' as well as new time charter employment for the MT 'Active' and MT 'Anemos I' and a charter extension for the MT 'Atrotos,' each at increased day rates.
Great Ships of 2014: Höegh Jacksonville
Höegh Jacksonville was delivered by Daewoo-Mangalia Heavy Industries S.A. (DMHI), the first from a series of two 6,500 units Pure Car Truck Carrier (PCTC). This vessel is owned by Ocean Yield from Norway while the charterer is Höegh Autoliners AS, a leading global provider of RoRo vehicle transportation services, based also in Norway. The vessel, the biggest of her type ever built into the Black Sea and the Mediterranean Sea area, measures 655.8 x 105.8 x 32.2 ft. (199.9 x 32.26 x 10 m), a maximum speed of more than 16 knots, powered by a MAN B&W licensed main engine rated at 8,330 kW.
Great Ships of 2014: CSAV Tyndall
CSAV Tyndall is an 8600 TEU containership built by Daewoo Mangalia Heavy Industries (DMHI) and is part of a series of four containerships delivered to Zodiac Maritime Agencies Ltd. (UK) between 2013 and beginning of 2014. These projects are the biggest containerships ever built in the Black Sea and Mediterranean Sea area. The vessel measures 299.9 x 48.4 x 14.5 m and has a maximum speed more than 25 knots powered by a MAN B&W licensed main engine rated at 64,485 HP. The ship was built under the supervision of Lloyd’s Register and registered in Monrovia, Liberia.
Scorpio Bulkers Continue Newbuilding Spending Spree
Scorpio Bulkers inc. announce newbuilding agreements for 3 Capesize dry bulk vessels for an aggregate of US$162-million from the South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering Co., Ltd. (DSME). The three Capesize dry bulk carriers of 180,000 dwt each are to be built at DSME's subsidiary facility Daewoo Mangalia Heavy Industries S.A. in Romania. All these 180,000 dwt ships are to be built in Romania and are of the same specification with the first two to be delivered in Q4, 2014 and the remaining vessel later in Q1, 2016. About Scorpio Bulkers Inc. Scorpio Bulkers Inc.
Rio Bravo Christened in Antwerp
The Rio Bravo was christened Nov. 12 in the port of Antwerp. She is the fifth newbuilding in a series of six identical Hamburg Süd container vessels, each with a slot capacity of 5,900 TEU. Sponsor of the Rio Bravo is Laura Madeleine von Schubert, daughter of Roland Oetker, Managing Partner of R.O.I. Verwaltungsgesellschaft mbH and Member of the Advisory Board of the Oetker Group. Following her delivery on 18 August 2009 at Daewoo Mangalia Heavy Industries (DMHI), the Rio Bravo was first deployed in the service between Asia and South America East Coast before being phased into the Europe – South America East Coast Service in mid-October. She will be calling at Antwerp for the first time for the christening.
More Than 500 Wärtsilä RT-Flex Common-Rail Engines Sold
Orders for Wärtsilä RT-flex electronically-controlled common-rail marine engines have passed the 500-engine mark since the RT-flex common rail system was introduced in 1998. Although many of these are of the most powerful RT-flex96C type, progress has been achieved with the smallest, the RT-flex50, which has a rapidly growing order book. The new RT-flex82C and RT-flex82T engine types have also made a good start with orders being booked by Hyundai Heavy Industries Co Ltd and Doosan Engine Co Ltd, both in Korea. The RT-flex common-rail system was introduced by Wärtsilä in 1998 when it was first applied in a research engine. The first production engine then went into service in September 2001.
Daewoo Shipbuilding Wins Freighter Order, Close to Topping $17B Target
Daewoo Shipbuilding & Marine Engineering said that its Romanian joint venture Daewoo Mangalia Heavy Industries Shipyard won an order for nine 5,550 TEU freighters (capable of carrying 5,500 20-foot containers) from a European shipping company. So far this year Daewoo Mangalia has secured a record $1.92b worth of orders for 21 ships, topping the $1b mark for the first time in its history. In 1997, when the company was set up, Daewoo Mangalia won $3m worth of orders. In 2001 it won more than $100m, and this year its orders are up to 640 times what it achieved at its start. Combining orders of Daewoo Shipbuilding & Marine Engineering and the Romanian joint venture, the value of all contracts amount to $16.4b, or 97 percent of this year's target of $17b.
Bahia Negra Completes Newbuilding Series
The Bahia Negra, the last of a total of six identical 3,752 TEU Hamburg Süd container ships was christened at the Daewoo Shipbuilding & Marine Engineering Co. Ltd. (DSME) yard in Okpo/Korea. Sponsor of the newbuilding was Dr. Irmgard Gold-Kunisch, wife of Dr. Rolf Kunisch, a member of the advisory board of the Oetker Group. Following delivery on 23 August, the Bahia Negra will be phased into Hamburg Süd's liner service between Asia/South Africa and South America East Coast. The Bahia Negera is named after a small town in the northern tip of Paraguay. It lies in the region where the country meets Brazil and Bolivia at the Rio Paraguay, the river that marks the border to Brazil. The Bahia Negra completes the series of Bahia ships at DSME.
Daewoo Secures $1.66b in New Order
Daewoo Shipbuilding Marine and Engineering Co. said it has received a combined $1.66b in new orders this month to build 16 vessels. The vessels won together with its Romanian subsidiary, Daewoo Mangalia Heavy Industries S.A., include four container vessels and one liquefied natural gas tanker, the shipbuilder said in a statement. South Korea, home to seven of the world's top 10 shipyards, clinched record-high orders last year on strong demand for crude carriers and offshore exploration equipment amid lofty oil prices. South Korean shipbuilders such as Hyundai Heavy Industries Co. and Samsung Heavy Industries Co. are expected to see their exports rise 18 per cent to $26 billion this year on the back of continuous demand for high-end ships and other products. (Source: Yonhap)
Daewoo Shipbuilding Wins Orders Worth $280m
Daewoo Shipbuilding and Marine Engineering said its shipyard in Romania has secured $280m worth of new orders to build four container ships for two German clients. Daewoo Mangalia Heavy Industries will build two Panamax carriers for Gebab Holding and another two for Conti Holding by October 2009 under the deals, its Seoul-based parent company said. The latest contracts would boost business performance in the Romanian shipyard in Mangalia, acquired by Daewoo Shipbuilding in 1997 and turned around into profitability in 2000, the parent firm said. Source: Forbes