Guangzhou Shipyard International Co News

Proman Stena Bulk, the joint venture between tanker company Stena Bulk and methanol producer Proman, formally christened its methanol-fueled tanker Stena Pro Marine during a ceremony at the Port of New Orleans.Delivered in mid-2022, the newbuild is a 49,990 DWT dual-fuel mid-range (MR) tanker constructed at Guangzhou Shipyard International Co Ltd (GSI) in China. The ship has been in full-time operation since its delivery and consumes 12,500 tonnes of methanol annually.Burning methanol onboard eliminates local pollutants like SOx and particulate matter (PM)…

Proman Stena Bulk, a JV between shipowner Stena Bulk and methanol producer Proman, has taken delivery of a methanol-fuelled tanker, Stena ProsperousDelivered by Guangzhou Shipyard International Co Ltd (GSI) the 49,990 DWT vessel will now enter commercial operation, running fully on methanol. "The delivery caps a marquee year for the joint venture, which now has four vessels actively trading and bunkering fully on the low-emission future fuel," the companies said.The fourth ship joins the Proman Stena Bulk-owned Stena Pro Patria and Stena Pro Marine…

MacGregor reports it has been selected to supply equipment for four new roll-on, roll-off (RoRo) pure car and truck carrier (PCTC) vessels to be built by the Guangzhou Shipyard International Co., Ltd for H-Line Shipping, Korea.The vessels are scheduled to be delivered to the owner starting in the second quarter of 2024 and are expected to be completed in the second quarter of 2025.MacGregor, part of Cargotec, said it will supply all-electrically operated RoRo equipment, including quarter ramps, side ramps, internal movable ramps and rampway doors to each of the four vessels.

Proman Stena Bulk, a joint venture (JV) between methanol producer Proman and Stena Bulk, confirmed that the first methanol-powered newbuild vessel under its partnership has been delivered and is preparing for commercial operation.Stena Pro Patria is named in honor of Dennis Patrick, an integral member of the Proman family and the former CEO of Proman’s subsidiary Methanol Holdings (Trinidad) Limited (MHTL), who passed away in 2019.The 49,990 DWT Stena Pro Patria is the first of six state-of-the-art, IMOIIMeMAX dual-fuel mid-range (MR) tankers being built at Guangzhou Shipyard International Co.

Hafnia Tankers, a member of BW Group, and shipyard-affiliated leasing company CSSC (Hong Kong) Shipping have formed a joint venture named Vista Shipping to finance and operate product tankers.A term loan facility of USD 111 million is intended to be used to finance four LR1 newbuildings. A banking consortium consisting of KfW IPEX-Bank, Societe Generale Hong Kong Branch and OCBC Singapore participate with 33% each as lenders at the term loan facility and have reached financial close.KfW IPEX-Bank acts as Facility Agent, Sinosure Agent and Security Agent. The 12-year post-delivery financing profits from Sinosure cover and is secured by…

Deltamarin Ltd has signed a contract with Chinese Guangzhou Shipyard International Co, Ltd (GSI) for consultancy and engineering services for the DFDS ro-pax ferries. Deltamarin earlier carried out contract design of the ship concept for GSI in cooperation with the owner. Deltamarin will provide the yard with basic (approval) and detail design together with Safe Return to Port (SRtP) documentation. The contract covers all disciplines and all areas. The value of Deltamarin’s contract with GSI is about €5 million ($6.2 million). The work will be carried out at Deltamarin’s offices in Finland and China with the assistance of network companies from Europe over an estimated period of 13 months.

Waigaoqiao Shipbuilding, subsidiary China CSSC Holdings Ltd is about to establish a cruise liner development company in Shanghai along with Guangzhou Shipyard International Co Ltd and two ship design institutes, says a report in China Post. The new firm will undertake research, design and development of cruise liners and related facilities. The joint venture will be registered in China (Shanghai) Pilot Free Trade Zone in Pudong New Area, the 21st Century Business Herald reported. Construction of the first cruise ship will kick off in 2017, and will be delivered by 2021, according to Chen Gang, vice-president of Waigaoqiao Shipbuilding. Waigaoqiao indicated last year that the ship would be the first in a $4 billion joint venture between Carnival, China Investment Corporation and CSSC.

Deltamarin Ltd. has provided Aker Arctic Technology Inc. with design services for two polar class heavy deck carrier ships intended for carrying heavy project cargos in large modules to Yamal LNG plant construction site on the Russian Yamal peninsula. Aker Arctic, the main contractor for the design of the vessels, has developed the ship concept with its client ZPCM-Red Box Energy Services and provides the basic design for Guangzhou Shipyard International Co. Ltd. Deltamarin will assist Aker Arctic by carrying out the major part of the basic design…

Guangzhou Shipyard International Co reportedly plans a rights issue to fund the purchase of a shipyard for up to $452 m from its state-owned parent company,accoording to a Reuters report. Guangzhou Shipyard will offer three shares for every 10 shares held by owners of its Hong Kong-listed H shares and Shanghai-listed A shares, at a price of no less than 4.96 yuan per share, the company reportedly said in a statement. China State Shipbuilding Corp (CSSC), the company's parent firm, has put its Guangzhou-based Wenchong Shipyard up for sale on the Beijing Equity Exchange. (Reuters)

China State Shipbuilding Corp (CSSC), has put its Wenchong Shipyard up for sale on the Beijing Equity Exchange for $443m, Reuters reported. The official China Securities Journal quoted analysts as saying that Guangzhou Shipyard International Co, CSSC stipulated that the buyer must be in the shipbuilding business, have earned more than 300 million yuan in net profit each year from 2005 to 2007, and have built ships with a total of at least 500,000 dead weight tonnes in fiscal year 2007, the exchange said. The buyer would also have to be state-owned or state-controlled, with total assets of no less than 10 billion yuan at the end of 2007, it said. Source:  Reuters

Guangzhou Shipyard International Co., more than tripled fourth- quarter profit after expanding capacity and shortening construction times. The company's shares rose the most in a month. Net income climbed to $37m in the fourth quarter, according to numbers derived from 2007 earnings announced by the company to the stock exchange. Sales gained 254 percent to 2.24 billion yuan. Record demand for ships to carry imports of raw materials to and exports of consumer goods is fueling earnings growth in the nation's shipbuilding industry. Chinese yards are expanding to help achieve the government's goal of surpassing as the biggest shipbuilding nation by 2015. Source:  Bloomberg

According to reports, Hyundai Heavy Industries Co., led declines among shipyard stocks on concern of fewer orders for vessels this year after bulk rates fell the most since June 1989. Hyundai Heavy dropped 6.6 percent, the biggest decline in almost five months, to close at 382,500 won. Unit Hyundai Mipo Dockyard Co. declined 6.5 percent, the largest loss in two months, to 244,000 won. Bulk rates plunged last week on concern economic slowdowns in China, the world's biggest buyer of iron ore used to make steel, and the U.S. may reduce trade demand for commodities and consumer goods. Demand from China, Asia's second-largest economy, last year helped lift fees to a record, prompting vessel orders. Shipping lines including STX Pan Ocean Co. and Pacific Basin Shipping Ltd.

China's Guangzhou Shipyard International Co. Ltd. expects to post significant losses for last year due to a provision for asset depreciation. The firm "wishes to inform the shareholders of the company and investors that the company is going to make a suitable provision for assets devaluation, it said in a statement. "The company is expected to record a significant loss in its consolidated financial accounts for the year ended December 31, 2000," the statement said. The company said it would release detailed 2000 results in April.

According to reports, Guangzhou Shipyard International Co. Ltd., who has already seen its Hong Kong-listed shares surge almost six-fold this year, said it will report a 500% third-quarter profit increase from last year, thanks to higher efficiency and improved margins. A shorter shipbuilding cycle has also helped Guangzhou Shipyard, the only listed shipbuilding unit of China's largest ship builder, China State Shipbuilding Corp. (CSSC), to sell more ships at higher margins during the quarter ended September 30. The company posted a $1m profit for the third quarter of 2005. In an announcement on Tuesday, it forecasted a five-fold increase in the same period. The company is benefiting from high demand for new tankers and low labour costs that help it win orders from overseas.

Hong Kong-listed Guangzhou Shipyard International Co. expects its 2005 net profit rose more than 40% on improved profitability in shipbuilding and a writeback of provisions. The company's net profit for the year ended December 2004 totaled $7.6 million. In a statement to the Hong Kong stock exchange, Guangzhou Shipyard attributed the expected increase in 2005 earnings to higher ship prices and cost control measures. It said it expects gross margins in the shipbuilding business to be higher in 2005 than in 2004. The company's board of directors also approved a writeback of about $3 million of provisions made for bad debt, which will be included in the 2005 consolidated profit and loss account. Guangzhou Shipyard is 43%-owned by state-owned China State Shipbuilding Corporation.