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Jiangsu Rongsheng Heavy Industries News

02 Jul 2015

China Huarong in Distress

China Huarong Energy Co, formerly known as China Rongsheng Heavy Industries, said in a regulatory filing that a memorandum of understanding on the disposal of assets to an unnamed buyer has expired. Huarong announced in March a potential sale of its core shipbuilding and engineering business, subject to formal agreement. Huarong Energy signed the MOU with the potential buyer in April for the sale of its shipbuilding assets as part of its restructuring process. The MOU was effective until 30 June 2015, and the company and the potential purchaser have failed to agree to a deal. A statement from the company says: "The Company wishes to…

31 Mar 2015

SCI takes Delivery of VLCC "Desh Vibhor"

The Shipping Corporation of India Ltd. (SCI) accepted delivery of a Very Large Crude Oil Carrier (VLCC) on 28 March, 2015. The vessel has been named “Desh Vibhor”. The vessel was ordered with Jiangsu Rongsheng Heavy Industries Co. Ltd., China during November 2010. The vessel has a gross tonnage of 165,319 tonnes and deadweight of 316,634 tonnes at scantling draft. The vessel has been classed with IRS and LRS and has been built to comply with latest international regulations. Acquisition of this vessel is in line with SCI’s strategy of maintaining a modern and young fleet of vessels. With addition of this vessel, SCI’s fleet strength has increased to 69 vessels of 3.29 million GT and 5.89 million dwt.

17 Mar 2015

China Rongsheng to Sell Shipbuilding Business

China Rongsheng Heavy Industries (RSHI) has entered into a memorandum of understanding (MoU) with an undisclosed third party Chinese investor to sell its onshore shipbuilding and offshore engineering business. Both parties will further negotiate details of the deal, including the scope and list of related assets and liabilities, a stock filing of RSHI said. The MOU will remain in effect until 30 June and is likely to be extended by both parties. China Rongsheng, which is also involved in marine engine building, engineering machinery and energy exploration, has been struggling with a heavy debt burden amid a slowdown in China's economic growth.

06 Nov 2014

DryShips Reports 3Q 2014 Results

DryShips Inc. an international provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., or Ocean Rig, of offshore deepwater drilling services, today announced its unaudited financial and operating results for the third quarter ended September 30, 2014.  For the third quarter of 2014, the Company reported net income of $16.7 million, or $0.04 basic and diluted earnings per share. - Non-cash write offs and breakage costs associated with the full refinancing of Ocean Rig's $1.35 billion Senior Secured Credit Facility, totaling $22.0 million or $0.05 per share. Excluding the above items, the Company would have reported net income of $29.8 million, or $0.07 per share.

03 Sep 2014

DryShips Cancels Newbuild Contracts

DryShips Inc. reports cancellation of four newbuilding contracts with Jiangsu Rongsheng Heavy Industries DryShips Inc., an international provider of marine transportation services for drybulk and petroleum cargos, and through its majority owned subsidiary, Ocean Rig UDW Inc., of offshore deepwater drilling services, today announced that it has reached an agreement with Jiangsu Rongsheng Heavy Industries (RSHI), to cancel the newbuilding contracts for four ice-class panamax bulker vessels, in exchange for the refund of all installments paid to RSHI plus interest. All amounts due under this agreement have been received in full by the Dryships, the company said. dryships.com

06 Dec 2013

Greek Shipowner Doubts Major China Shipbuilder Can Deliver

Rongsheng Shipyard: Rendering credit Rongsheng

China Rongsheng Heavy Industries Group, the country’s largest private shipbuilder, expects to report a substantial full-year loss just months after it appealed to the government for financial help, reports Reuters. Analysts have indicated that the company could be the biggest casualty of a local shipbuilding industry suffering from overcapacity and shrinking orders amid a global shipping downturn. Greek shipowner DryShips Inc. which has four dry-bulk carriers on order at the company’s shipbuilding subsidiary…

07 Jan 2013

VLOC Delivered to Oman Shipping Co.

VLOC Vale Saham: Photo credit Oman Shipping Co.

Oman Shipping Company (OSC) has taken delivery of its third Very Large Ore Carrier (VLOC) 'Vale Saham' in China. The giant bulk carrier will be used to transport iron ore from Brazil to Sohar, Oman. OSC has one more vessel of its class under construction at Jiangsu Rongsheng Heavy Industries Company in Nantong in China. Vale Saham, the new Rongsheng-built VLOC delivered to OSC adopts an environmentally friendly design to lower oil consumption and reduce the emission of CO2, while its operating efficiency exceeds that of most existing ore carriers.

01 Jul 2012

Thousand Wärtsilä Auxpac 20 Gensets Produced

The 1000th Wärtsilä Auxpac 20 generating set, an 8-cylinder Wärtsilä Auxpac 20 unit, was produced for Jiangsu Rongsheng Heavy Industries, the largest shipyard in China, at the Wärtsilä Qiyao Diesel Company (WQDC) joint venture facilities in China. The Auxpac 20 is a standardised medium-speed generating set, based on the well-proven Wärtsilä 20 engine. It is widely used in merchant vessels as an auxiliary power provider. It features low operating costs, reliable performance, and easy installation. In his speech made at the celebratory event, Stefan Wiik, Managing Director of WQDC, commented: "With one thousand of these engines having been built, sold, and successfully used around the world, the quality of the Wärtsilä Auxpac 20 unit has been well and truly established.

22 May 2012

Graig Wins Suezmax Supervision Contract

Graig secures ten-vessel supervision contract for Global Union suezmax newbuildings. Graig China Ltd (GCL), part of the Cardiff-based Graig Group, has been contracted by Hong Kong-based Global Union Shipping Limited to supervise the construction of ten 157,000 dwt suezmax crude oil tankers building at Jiangsu Rongsheng Heavy Industries Co Ltd in China. The last vessel in the ten-ship order is due for delivery in January 2014. GCL is supervising – or has already delivered - forty other newbuildings at the Rongsheng shipyard. The total number of ships in GCL’s newbuilding programme is now nearing 150. Global Union says that one of the…

27 Apr 2012

ABS Elects New Council

At the 150th Annual Meeting of the Members of ABS, three industry leaders were elected to the ABS Council. Following the Annual Meeting, the ABS Council met and elected industry leaders to both its Marine and Offshore Technical Committees. Individuals serving on the ABS Council and the Technical Committees help guide the class society in fulfilling its mission of promoting the security of life, property and the natural environment. “Classification represents the concept of self-regulation for the marine and offshore industry,” said ABS President and CEO Christopher J. Wiernicki.

09 Aug 2011

COOEC Signs Contract with SpecTec

China Offshore Oil Engineering Corporation (COOEC) signed a contract with SpecTec Asia Pacific East Ltd, SpecTec Group Hong Kong subsidiary. The contract is relevant to the supply of AMOS Maintenance and Procurement modules for six Offshore Support Vessels, two pipelay vessels and one crane barge. AMOS M&P will integrate management of maintenance work and costs, stock control and purchasing onboard the vessel. One of the vessels included in the contract is COOEC first flagship deep-water pipe-laying vessel, the Haiyangshiyou 201. The vessel will be used on CNOOC’s deep-water pipelay service duties at Husky’s Liwan 13-1 Gas Field in the South China Sea.

02 Jul 2010

The Recovery Continues: A Fearless Forecast

I hope that this headline, if you saw it, scared you as much as it did me. Although I have some confidence about the future of shipping, or I wouldn’t be here, my topic today is about forecasting. Forecasting, to the ancient Greeks and Romans, had a lot to do with omens. The ancient Greeks sought their guidance from the stars, which they believed help them predict the course of future events. The Romans, on the other hand, sought to predict the future in the flight of birds, the cackling of geese, and most famously in the examining of entrails of poultry and domestic animals. The experts who did this kind of thing were called augurs. Today, we rely on Alan Greenspan and Ben Bernanke. History, however, is on the side of the ancients.

04 Mar 2010

Wärtsilä for Eight Chinese Bulk Carriers

Photo courtesy Wärtsilä

Wärtsilä's two-stroke engines have been chosen for eight Chinese bulk carriers. The order was placed by Beijing-based Minsheng Financial Leasing Co. Ltd. Wärtsilä's Chinese licensee, Hefei Rong'An Power Machinery Co Ltd (Rong'An), a member of the Jiangsu Rongsheng Heavy Industries Group Co Ltd (RSHI), will build the engines. The Wärtsilä RT-flex58TB two-stroke engines will be installed in a series of eight 76,000 dwt Panamax bulk carriers. The first vessel is scheduled to be launched in March 2011.

26 Jan 2010

Wärtsilä Sales Success, RT-flex82 Engines

Seven-cylinder Wärtsilä RT-flex82T low-speed engine at Hyundai Heavy Industries Co Ltd in Korea. It develops 31,640 kW at 76 rpm. (Photo courtesy Wärtsilä Corporation)

Wärtsilä reports sales success with its newly introduced Wärtsilä RT-flex82T low-speed engine. - Six engines for VLCCs to be built by Dalian Shipbuilding Industry Co. - Two engines for VLCCs to be built by Hyundai Heavy Industries Co.Ltd. The engines have been contracted by the licensees of Wärtsilä Corporation. Wärtsilä enjoys a global market share of approximately 50 percent in electronically-controlled low-speed engines. During the past two years, orders for 140 of the company's 82-cm bore marine engines have been placed. Of these, some 120 are for the RT-flex common-rail version.

15 Jul 2009

Largest New Shipping Order

China's largest private shipbuilder has signed this year’s biggest deal in terms of dead weight tons, according to the company. Jiangsu Rongsheng Heavy Industries Group signed a contract Friday with Oman Shipping to build four iron ore carriers, each with a dead weight of 400,000 tons. The deal is the second largest for the company after a contract for 12 iron ore carriers was inked with Brazilian mining giant Vale last August.

30 Oct 2008

Wärtsilä Powers Largest Dry Bulk Carriers

The RT-flex common-rail technology brings benefits to ship owners in terms of great flexibility in engine setting for lower fuel consumption, lower minimum running speeds, smokeless operation at all running speeds, and better control of other exhaust emissions. The RT-flex common-rail technology will also play a key role in meeting the need for tighter emissions control under the forthcoming IMO regulations. The ore carriers will be built by Rongsheng Shipbuilding & Heavy Industries of China. Each vessel will have a 7-cylinder Wärtsilä RT-flex82T low-speed engine with a contracted maximum continuous power of 29,400 kW at 76 rpm. The first of the ships is due for delivery in early 2011 and the twelve ships are expected to be completed in 2012.

24 Sep 2008

China Shipbuilders Ready to Foray into Offshore Engineering

Jiangsu Rongsheng Heavy Industries Group Co Ltd began building CNOOC 201, a deepwater pipe laying and lifting vessel for China National Offshore Oil Corporation in Rugao Port of Nantong City in Jiangsu Province on September 16th 2008. CNOOC Engineering plans to input CNY 15 billion(USD2bn) in construction of a series of deepwater equipment including deep sea drilling vessels, ready to focus on deepwater prospecting, since most of the country's newly discovered oilfields are deep undersea. According to South Korean companies' experience, the gross margin of offshore engineering reaches up to 30%, while that of China's domestic shipbuilding industry has only hit 18% to 19% since the beginning of 2008.

22 May 2008

Eurofin Brokers Turkish Ship Finance Loan

Eurofin brought together the five European banks which have syndicated a $440m facility to Istanbul-based Kiran Holdings. It is the largest ever ship finance loan made to a Turkish shipping company. The loan will cover orders for six new bulkers at Chinese yards. The $440m loan includes $100m of performance guarantees connected to the newbuilding programme. It is a syndicated loan led by the Royal Bank of Scotland (RBS). Dekabank Deutsche Girozentrale, Lloyds TSB Bank, Fortis Bank and Deutsche Schiffsbank are all part of the syndication.  The loan covers orders for two supramax and two kamsarmax bulkers at Wujiazui Shipbuilding and two capesizes at Jiangsu Rongsheng Heavy Industries. The Kiran group controls nineteen bulk carriers and general cargo ships.

01 Nov 2007

Chinese Shipbuilders Plan IPOs

At least seven Chinese shipbuilders are planning share offerings, underlining China's efforts to build up its domestic fleet and branch out into the construction of more advanced vessels. The largest of the anticipated initial public offerings is likely to come from state-owned China Shipbuilding Industry Corporation (CSIC), which wants to raise about $900m on the Chinese mainland A-share market, according to bankers familiar with the situation. The other major state-owned shipbuilder, China State Shipbuilding Corporation (CSSC), is considering a share sale in Hong Kong. Meanwhile, five privately owned shipbuilders - Jiangsu Rongsheng Heavy Industries…

21 Mar 2007

Frontline Exercises Options for Tankers from China's Jiangsu Group

Frontline Ltd said it has exercised options for an additional two Suezmax tankers, to be built by the Jiangsu Rongsheng Heavy Industries Group in China. These orders, Frontline said, relate to options secured last summer as part of a separate vessel order. The latest tankers, 156,000 deadweight tonne Suezmax newbuilds, will be delivered in April and June 2010, the firm said. Following this deal, Frontline will have six Suezmax tankers and four VLCC newbuilds on order. Source: AFX

25 Jul 2006

Frontline Purchases Suezmax Newbuildings

Frontline Ltd. has entered into a contract with Jiangsu Rongsheng Heavy Industries Group Co. Ltd. in China for delivery of two 153 dwt Suezmax newbuildings. The vessels will be delivered in November 2008 and February 2009. Frontline has also secured options for further 2 + 2 similar Suezmax newbuildings. The contract price for the newbuildings is in excess of $15m lower than indicated price level for 2006 delivered tonnage. The ordering of the tonnage has been done as a combination of a wish to renew the fleet, and opportunistic investment approach with great flexibility. The ordering confirms Frontlines position as a leading operator of quality Suezmax tonnage in addition to its position as the world's largest operator and owner of VLCCs.

27 Jul 2006

Frontline Orders Suezmax Tankers

Frontline ordered two new Suezmax tankers from China's Jiangsu Rongsheng Heavy Industries Group Co. Ltd. for an undisclosed sum, China Daily reported. The vessels will be delivered in November 2008 and February 2009. Frontline also secured options for a further four similar Suezmax tankers. The new vessels were priced more than $15m lower than the indicated price level for 2006 delivered tonnage. (Source: China Daily)

15 Aug 2006

Frontline Sells Share in Gen. Maritime, Orders Ships

Frontline has sold its shares in General Maritime Corporation, and has ordered four new Suezmax tankers for an undisclosed sum, Reuters reported The 3.86m shares were sold at $40 per share to World Wide Shipping, and Frontline will record a gain of about $9.7 million in the third quarter from the sale, it said in a statement. It said the proceeds from the sale would be allocated to repayment of debt, equity financing of the Rongsheng investments as well as increased dividend capacity. Frontline also said it had declared four newbuilding Suezmaxes orders from Jiangsu Rongsheng Heavy Industries Group Co. Ltd. in China. source: Reuters