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Tuesday, January 23, 2018

Offshore Shipbuilding News

Korean Shipbuilder Could Be Liquidated

Photo: STX Offshore & Shipbuilding Co.

South Korea's STX Offshore & Shipbuilding Co. has filed for receivership, following massive losses that have mounted up over the past two years, says a report in the WSJ. According to multiple sources from the shipbuilding industry, creditors and STX Offshore & Shipbuilding have decided to put Goseong Offshore & Shipbuilding under court management early next month and have begun taking necessary steps. The decision has been made after judging that it would be difficult for the…

STX Bags Order for Eight LR1 Tankers

LR1 tanker. Image by STX Offshore & Shipbuilding

South Korean shipbuilder STX Offshore & Shipbuilding (STX O&S) has won an order for up to eight LR1 tankers with a total value of $ 375 million. The contract provides for the construction of four oil tankers of 74,000 tons plus the ability to build four additional ships. Under the contract, the ships should be delivered in 2016. The name of the shipowner is not disclosed, but according to the officials the LR1 product carriers will be chartered to Royal Dutch Shell on a long-term basis. The additional specifications of the ships were not mentioned.

No Financial Aid for STX Shipbuilding, Say Creditors

Photo by STX Offshore & Shipbuilding Co

Creditors of financially troubled STX Offshore & Shipbuilding are opposing financial aid for the shipyard citing the gloomy outlook of the shipbuilding industry, Korea’s Yonhap News has reported. Creditors of STX Offshore, led by the state-run Korea Development Bank (KDB), decided to provide 450bn won ($384m) in financial aid to the shipyard last week in return for a thorough restructuring. But Woori Bank and KEB Hana Bank notified other creditors that they would not join the plan citing the shipbuilding industry’s worsening business conditions.

Korea's STX Offshore Debt to Equity Swap Hastened

STX Offshore & Shipbuilding Co. will issue new shares worth 38.4 billion won (US$36.5 million) as part of its debt-to-equity swap scheme. The shipbuilder will float 15.37 million shares, which will be listed on the main Seoul bourse on Jan. 9, 2014, reports Yonhap News Agency. Yonhap cite Jeong Yu-mi, a spokesperson for STX Offshore & Shipbuilding, as informing that trhe new share issuance is part of the 700 billion won debt-to-equity swap program aimed at stabilizing the company, which since the end of July, 2013, has been under a voluntary debt-relief and rescheduling program. Creditors, including the state-run Korea Development Bank (KDB), were to provide 2.7 trillion won, of which 650 billion won would be offered next year, to help the shipbuilder get back on its feet.

Daewoo Ship, STX Offshore Lead Advances Among Korean Shipyards

According to a Nov. 1 report from Bloomberg, STX Offshore & Shipbuilding Co., the world’s fourth-largest shipyard, led advances among South Korean shipbuilders in Seoul trading on expectations that growing global trade will prompt more orders. STX Offshore gained 8.1 percent to 28,550 won, the highest price since August 2008, at the 3 p.m. close of trade in Seoul. Daewoo Shipbuilding & Marine Engineering Co., the world’s second-largest shipyard, climbed 3.2 percent to 30,600 won after winning a $510m contract. (Source: Bloomberg)

Sungdong Shipbuilding Hikes Targets

According to a report from SteelGuru, amid its recent entrance into the offshore sector, Sungdong Shipbuilding & Marine Engineering has hiked its annual order target from $3.53b to $5b, the same target as STX Offshore & Shipbuilding.   Source: SteelGuru  

BALPURE Systems Ordered for BP Tankers

BALPURE

Global Energy Giant BP Confirms Severn Trent De Nora’s BALPURE Ballast Water Management Systems as its Preferred Solution with Large Contract Win Contract calls for 14 BALPURE systems to be installed aboard BP crude oil tankers being constructed by one of the world’s largest shipbuilders, STX Offshore & Shipbuilding. Severn Trent De Nora, a supplier of equipment for seawater electrochlorination, has received a big order for its BALPURE ballast water management system from STX Offshore & Shipbuilding for global energy giant British Petroleum (BP).

STX to Slash Jobs, Sell Yard

Photo by STX Offshore & Shipbuilding Co., Ltd

To stay above water by restructuring, South Korean Shipbuilder STX Offshore & Shipbuilding Co. plans to lay off about a third of its workforce and sell a yard in France, says a report in WSJ. The country's fourth largest shipyard filed for receivership in May. The court has been supervising the firm’s rehabilitation since June. STX told a bankruptcy court in Korea that it has hired PricewaterhouseCoopers to help it sell STX France, a profitable yard in France specializing in building cruise ships. STX said it plans to cut its 2,090 staff in Korea by 35% by the end of September.

Korea Shipbuilders Win Orders Worth $1B

According to a Jan. 12 report from The Chosum Ilbo, Korean shipbuilders won new orders worth over $1b in the first 10 days of the new year, in a complete reversal of the situation last year. STX Offshore & Shipbuilding and Hanjin Heavy Industries delivered the good news on Jan. 11, and Daewoo Shipbuilding & Marine Engineering and Sungdong Shipbuilding & Marine Engineering won new orders earlier. Industry insiders said an overseas marketing drive in the second half of last year finally paid off. (Source: The Chosun Ilbo)

Korea's STX Offshore Wins Patrol Ship Order

STX Offshore wins US$ 132-million order for 3 patrol ships for the Korea Coast Guard. Under the deal with the Korea Coast Guard (KCG), STX Offshore will deliver the vessels by the end of 2015, the company told Korea Times.

 The vessels, equipped with a Vulcan cannon, can cruise at an average speed of 30 knots. STX Offshore & Shipbuilding Co., the nation's fourth-largest shipbuilder, also delivered similar patrol ships to the KCG in 2010 and 2011.

STX Offhore Wins Shipbuilding Orders

In a sign with undoubted positive ramifications for the shipbuilding industry, Korea's STX Offshore & Shipbuilding reportedly won $340m in orders to build eight tankers (plus four options) for an unidentified company, Reuters reported  

Shipbuilding Sees Possible Turning Point

According to a June 19 report from The Chosun Ilbo, STX Offshore & Shipbuilding announced it had won $340m in orders to eight build tankers for an unidentified European company. This includes an option for an additional four depending on progress. This is seen as a possible turning point in a stagnant shipbuilding market where new orders have been drying up since late last year. (Source: The Chosun Ilbo)

Navig8 Product Tankers Adds Two Newbuilds

Courtesy Navig8

  Navig8 Product Tankers Inc today took delivery of one LR2 115k-dwt product tanker m.t. "NAVIG8 STABILITY" from Sungdong Shipbuilding & Marine Engineering Co, Ltd. The Company has also today taken delivery of one LR1 74k-dwt product tanker m.t. "NAVIG8 EXCELSIOR" from STX Offshore & Shipbuilding Co. Ltd. NAVIG8 STABILITY and NAVIG8 EXCELSIOR will enter and be operated in Navig8's ALPHA8 and LR8 pools respectively.  

BP Order 13 New Tankships

BP Plc confirms an order for 13 of the vessels, 2012’s largest tankship shipbuilding order. According to information obtained by Bloomberg the order, placed with Changwon, South Korea's STX Offshore & Shipbuilding Company, includes three Suezmax ships, each able to hold 1 million barrels of crude, and 10 smaller Aframaxes. BP Shipping Ltd., based in Sunbury-on-Thames, England, manages a fleet of more than 50 vessels that carry crude, oil products and liquefied natural gas. Source: Bloomberg

STX Offshore Wins $253m Order for Drill Ship

According to a report from Asia Pulse Data Source, STX Offshore & Shipbuilding Co., a South Korean shipbuilder, has won a $253m order to build a drill ship. Under the deal with Noble Drilling Asset Holding Corp. of the United States, STX Offshore will deliver the vessel used for deep water oil exploration by May 2012. (Asia Pulse Data Source via COMTEX)

Singapore's JES Holdings' PSV Newbuild Option Taken Up

UT 755 LN Design PSV: Photo credit: E.R. Schiffahrt GmbH

JES International Holdings Limited reports Norwegian customer has exercised option for four more UT 755 LN Platform Support Vessels (PSV's). The ships will be delivered in early 2015.
 “The group is thrilled that our expansion plans into the offshore space have taken off, and is making good progress. As the requirements for offshore shipbuilding are much more stringent, the group will be making strides in our technical capabilities as well as yard management,” said Jin Xin, chairman and ceo of JES. 

Just One Bid So Far for STX France

Only one bid has been received so far for shipping group STX France, said a Korean court on Tuesday.   A spokesman for the Seoul court overseeing STX Offshore's receivership had said earlier in November that four parties had expressed interest in buying one or both of South Korea's STX Offshore & Shipbuilding Co Ltd and a controlling stake in STX France SA. Reporting by Joyce Lee

GE Shipping Takes Delivery of Jag Aditi

According to a report from SteelGuru, Great Eastern Shipping company has announced that the company took delivery of its new building Kamsarmax dry bulk carrier Jag Aditi. The vessel of about 80,700 DWT was built at STX Offshore & Shipbuilding Company Koreo.   (Source: SteelGuru)

STX Offshore Wins $388M Order for 8 Tankers

Reuters - South Korea's STX Offshore & Shipbuilding Co Ltd said on Monday it won a 413.8-billion won ($387.63 million) order to build eight tankers from from Navig8 Product Tankers Inc. The South Korean shipbuilder said in a statement the contract includes an option for four more tankers, which would take the total order amount to about 620 billion won. The contract for the initial eight tankers is expected to be completed by June 2016. ($1=1,067.5000 Korean won) (Reporting by Joyce Lee; Editing by Clarence Fernandez)

Quality Shipyard Launches Cindy Brown

According to a report from www.dailycomet.com, Quality Shipyard launched the 266-ft Cindy Brown Tide for Tidewater on Jan. 13. But the MV Cindy Brown Tide enters an uncertain climate for offshore shipbuilding as the oil-and-gas industry waits to see what new safety and environmental regulations emerge in the wake of the Deepwater Horizon spill. (Source: dailycomet.com)  

Navig8 Cancels Five Newbuildings at STX

Courtesy Navig8

Navig8 Chemical Tankers Inc. announced that it has cancelled contracts to construct five IMO2 49,000 DWT Interline-coated medium range tankers at STX Offshore & Shipbuilding Co., Ltd. which were to be delivered during 2017. Contracts ordering the cancelled vessels were previously announced on October 21, 2015 and December 3, 2015. All pre-delivery instalments previously paid to STX with respect to the cancelled vessels have been refunded to Navig8 Chemical Tankers together with interest by Korea Development Bank (KDB) pursuant to the refund guarantees provided by KDB.  

Navig8 Acquires Product Tanker

Photo Courtesy Navig8

Navig8 Product Tankers Inc., an international shipping company focused on the transportation of petroleum products, today announced that it has taken delivery of the Navig8 Experience, a 74,000 DWT LR1 tanker from STX Offshore & Shipbuilding Co., Ltd. The Navig8 Experience will operate in Navig8 Group’s LR8 commercial pool. Thus far the Company has taken delivery of five LR1 and four LR2 product tanker newbuildings and anticipates that its entire newbuilding fleet will be delivered by the end of 2016.

OSX Korea Shipyard to Build 5 Peru Navy Patrol Boats

Image courtesy STX

STX Offshore & Shipbuilding Co. has signed a deal with the defense ministry of Peru to build five patrol ships for 75 billion won (US$71.3 million) reports Yonhap News. Citing the shipbuilders, Yonhap adds that STX will deliver the ships by the end of 2015, and that in March 2012, the company signed a first contract for building the same type of ships with Colombia's defense ministry. Source: Yonhap News  

Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

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