Flex LNG signs deals to buy six new vessels

Image: Flex LNG

Oslo-listed Flex LNG has signed contracts to buy six new liquefied natural gas (LNG) vessels for its fleet by 2019, as it bets on increasing fuel demand from Britain and other countries, its chief executive told Reuters. The gas shipping company said earlier this year it was considering buying the six vessels, each with around 170,000 cubic metres of capacity, subject to securing funding for the $1.2 billion transaction. Geveran Trading, the private investment vehicle of billionaire shipping tycoon John Fredriksen…

STX Considers Bid for Daewoo

STX may join candidates in bidding for Daewoo Shipbuilding and Marine Engineering, reports said. Hyundai Heavy Industries has expressed its intention to participate in the bid, with plans to submit a letter of intent regarding the takeover of Daewoo Shipbuilding and Marine Engineering by the August 27 deadline. Source:  Bloomberg  

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. Korea Herald reported citing  Korea Export-Import Bank of Korea that the order receipts of medium-sized shipyards in Korea were estimated to be around $110 million in the first quarter. Despite an improvement compared to last year’s first quarter…

Daewoo Gets $155M Order For Tankers

Daewoo Shipbuilding and Marine Engineering Co., Ltd. has won a $155 million order to build five oil tankers for Stelmar Shipping. Daewoo Shipbuilding will construct five crude oil tankers, which carry 69,000 tons of crude oil each. The ships will be delivered to the Greek company by the end of 2004, according Daewoo Shipbuilding.

Daewoo Shipbuilding Wins $500m Deal

Daewoo Shipbuilding and Marine Engineering Co. said it has won a $500m order to build five container ships for a German shipping company. The deal calls for Daewoo Shipbuilding to deliver the ships, which can hold 4,700 20-foot standard containers, to Hamburg Sud, one of the largest ship lines, by 2010, the company said. The vessels will be built at Daewoo Shipping's yard in Romania, it said. (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

DSME Stock Up on Sale Talk

Reuters is reporting that shares in Daewoo Shipbuilding and Marine Engineering Co rose more than 3.5 percent after a local newspaper reported the shipbuilder could be sold this year.  According to Reuters, Maeil Business Newspaper reported that Korea Development Bank (KDB) is likely to speed up the sale of Hyundai Engineering & Construction Co. and Daewoo Shipbuilding ahead of the KDB's transformation into a holding company.

Daewoo Lands $340 Million LNG Order

South Korea's Daewoo Shipbuilding and Marine Engineering said on Tuesday it had won a combined $340 million order to build liquefied natural gas (LNG) carriers from Belgium and Norway. Daewoo Shipbuilding won orders to build a $170 million LNG ship each from Belgian shipping group CMB unit Exmar and Golar LNG of Norway, a company spokesman said. Daewoo's LNG orders totaled 10 ships worth $1.7 billion so far this year, he said.

Daewoo Shipbuilding Wins $520m in Contracts

Daewoo Shipbuilding and Marine Engineering Co., said it won shipbuilding orders worth a total of $520m from .  Daewoo said in a filing to the Korea Exchange the orders were for two very large crude oil carriers (VLCCs) and two bulk carriers. Source:  Reuters

Daewoo Marine Wins $730m Order

Daewoo Shipbuilding and Marine Engineering announced it won a combined $730m orders to build four ships. They include liquefied natural gas re-gasification vessels (LNG-RV, or LNG carriers equipped with LNG terminals). The shipbuilder won a contract to build two LNG-RV with a capacity of 150,900 §© for Belgium's Exmar Marine N.V. and two large LPG vessels with a capacity of 83,000 §© for Greece's Gulf Marine Management S.A. The LNG-RV that Daewoo is to build is 291x43x26m. They can make some 19.2 knots (36 km/h). (Source: Chosun Ilbo)

Maersk Names Fourth Jack-up at DSME

Photo by Maersk

Maersk Drilling’s fourth XL Enhanced ultra-harsh environment jack-up was named on 14 October at a ceremony held at the Daewoo Shipbuilding and Marine Engineering (DSME) shipyard in South Korea. "Maersk Drilling’s fourth XL Enhanced ultra-harsh environment jackup was named on 14 October at a ceremony held at the Daewoo Shipbuilding and Marine Engineering (DSME) shipyard in South Korea," says a company press release. At the edge of the bustling Daewoo Shipbuilding and Marine Engineering (DSME) shipyard in South Korea…

Daewoo Wins $645m Order

Daewoo Shipbuilding and Marine Engineering Co. said it has won $644.8m order to build a drillship for an unidentified company in Oceania. Daewoo said in a filing with the Korea Exchange that it finalised the contract, which is part of the combined $3b order announced on Thursday to build four ships for three different companies. Daewoo said it would deliver the ship by July 2011. Source: Reuters

Daewoo to Develop Iranian Shipyard

Image: Industrial Development and Renovation Organization of Iran

South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering Co., Ltd. (DSME) and the Industrial Development and Renovation Organization of Iran (IDRO) have signed an outline agreement to cooperate on developing the shipbuilding Industry in Iran. Under the deal with the Industrial Development and Renovation Organisation of Iran, Daewoo Shipbuilding will work on constructing a shipyard and related facilities in Iran, according to Yonhap News Agency. The parties plan to establish…

Daewoo Gets $740m in Contracts for Two Vessels

Reuters reported that Daewoo Shipbuilding and Marine Engineering Co. had secured a combined $740m order to build a drill ship and a crude oil carrier. The two vessel orders underlined booming oil exploration around the world, Daewoo said in a statement, as crude oil futures have set a series of recent records. The shipbuilder will deliver the drill ship for $623.8m to an unidentified shipping firm from the Oceania Continent, while the crude oil carrier will go to a Europe-based shipper by the end of 2010.

Daewoo Shipbuilding for Sale?

South Korea intends to sell a controlling stake in Daewoo Shipbuilding and Marine Engineering, currently valued at 2.5 billion, in the second half of 2006, according to a Reuters report. State-run Korea Development Bank (KDB) and government restructuring agency KAMCO own a combined 50.6 percent stake in the world's second-biggest shipbuilder. KDB, which is managing the sale on behalf of other creditors, has recently named JP Morgan as a lead manager for the deal.

S.Korea's Daewoo Wins $502m Order

Reuters has reported that Daewoo Shipbuilding and Marine Engineering Co., has won a $502.4m order to build a drillship for a company based in the Americas. Daewoo said in a filing to the Korea Exchange it would deliver the ship by April 15, 2009. Source: Reuters

Daewoo Gets Container Ship Order

Daewoo Shipbuilding and Marine Engineering Co. said on won a $592.3m container ship order from an Asian shipper. The vessel will be delivered to the company by the end of July 2011, Daewoo said in a filing with the Korea Exchange. Source: Reuters

Korean Shipyards Dominate

Korean shipyards dominate the global shipbuilding market in terms of backlog orders. According to the London-based market researcher Clarkson, Hyundai Heavy Industries received 12.3 Million CGT or compensated gross tons' worth of orders as of the end of August, followed by Samsung Heavy Industries, and Daewoo Shipbuilding and Marine Engineering. Together with Hyundai's subsidiary, MIPO Dockyard and Samho, Korean shipyards have taken the top five places as the world's leading vessel makers. China's Dalian Shipbuilding Heavy Industry came in sixth with 2.9 million CGTs of orders. Source: Arirang News

Daewoo Wins Orders

According to reports, Daewoo Shipbuilding and Marine Engineering has said it had won 1.1b dollar in orders to build an oil rig and a drilling ship for Brazilian and U.S. clients. Brazil's Petroserv SA has ordered the semi-submersible drilling rig while Transocean Inc of the United States has ordered the drillship, the shipbuilder said, disclosing no further details on contract terms. The latest deals brought the firm's total orderbook for this year to 36 vessels worth 7.76b dollars. It targets 10b dollars in new orders this year. Source: AFP

Daewoo Wins $515M Contract

Daewoo Shipbuilding and Marine Engineering reportedly has won a $515.8 million order from Teekay Shipping of Canada to build three LNG (liquefied natural gas) ships, with delivery due in April 2007.

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.

Daewoo Cargo Carrier Order from Norway

According to a Dec. 22 report from Reuters, Daewoo Shipbuilding and Marine Engineering (042660.KS) won an order to build five cargo carriers from Norway's Saga Shipbuilding Norway AS. (Source: Reuters)

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…

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