Shipbuilders Vard Report Financial Fair Sailing
Designers and shipbuilders of offshore and specialised vessels, Vard Holdings, has announced its financial results for the second quarter of financial year 2014 (2Q2014), and first half ended 30 June 2014 (1H2014). Revenues for 2Q2014 were NOK 2.94 billion, in line with the corresponding period of 2013 (“2Q2013”), and revenues for 1H2014 registered at NOK 5.61 billion. Signalling a gradual recovery in profitability, EBITDA rose for the fourth consecutive quarter to NOK 189 million.
VT Closes in on Military Contracts
VT Group is closing in on two significant military service contracts and hopes to become preferred bidder on a waste management private finance bid in Wakefield that it said could double its order book by the end of the financial year in March. By the end of September, the group, which is focused on shipbuilding and defense services group, had lifted its order book by $413.6m to $7.66b compared with the interim period last year, thanks to a $310.1m shipbuilding deal for Trinidad and Tobago and regular contracts of up to $103.4m. Mike Murphy, analyst at Panmure Gordon, reportedly said the two military deals – covering flight training and air tanker services – would take the group’s order book to at least $10.3b by the end of the year.
SMM Slated for September 26-29
Hamburg, to be held on the Hamburg Fair site from September 26 to 29. With a record breaking 1,699 exhibitors from 50 nations, SMM is the biggest shipbuilding event. In keeping with tradition, they include all of the world's major shipbuilding nations, who intend to strengthen and expand their position in the world shipbuilding market, showcasing their latest high-tech products at this exhibition. to the SMM 2006. vessel type). doubled since 2003. orders placed with 433 shipyards in 41 nations (data valid 30 August 2006). This means that the current global order book even exceeds the levels of the great tanker boom in the mid-70s. Demand for oil tankers is still the driving force today. book currently includes 1,499 newbuilding orders, according to ISL.
VT Order Book Expands
According to the Financial Times, VT has seen its order book rise to about $7.93b on the back of several contract wins. The company said its financial performance was in line with its expectations for the period to the end of December 2007. The order book increased to about $7.93b on the back of two recent acquisitions. Talks with BAE Systems to form a shipbuilding joint venture remained at an advanced stage, VT said. The companies have now received a commitment from the government on the proposed terms of a business agreement for the partnership, seen as crucial for it to go ahead. However, the signing of the joint venture hinges on final approval from the Ministry of Defence for the start of construction of two new aircraft carriers for the Royal Navy.
Golden Ocean Refinance to Survive Another Tough Year
Dry bulk shipping firm Golden Ocean plans to raise $200 million in fresh equity, backed by its main owner billionaire John Fredriksen, as it continues to face weak markets for its vessels. The share issue is a condition for refinancing total debt obligations of around $1 billion. "We are in a very serious situation. These market conditions are not sustainable for anybody but we believe market will repair faster than any analysts expects. Under present market circumstances, yards are close to break even, and retail values are much lower. "The order book was at 126 million dead weight tonnes (dwt) at the start of the year. I think there will be massive delays. I think it is a fair assumption that the order book now is 90 million dwt and it will be spread out more in time.
Dredging, Marine Experts, Boskalis Trading Update
The developments at Royal Boskalis Westminster N.V. (Boskalis) in 2012 to date are in line with expectations. Boskalis realized a slightly higher revenue in the first quarter of 2012 compared to the same period last year. In recent months, market circumstances remained challenging with continued pressure on revenue and margins. For the combined Dredging and Dry Infrastructure segment revenue for the first quarter was comparable to the same period in 2011. The Harbour Towage activities showed a stable revenue development. The level of activities was particularly high in Brazil. The Salvage, Transport & Heavy Lift segment showed on balance a positive picture in the first quarter.
Boskalis Reports Record Revenue & Order Book
Dredging & maritime works specialists Royal Boskalis Westminster N.V. reports a 12% increase in revenue in first half year report 2012. Royal Boskalis Westminster N.V. (Boskalis) reported a 12% increase in revenue in the first half of the year to EUR 1.4 billion (first half of 2011: EUR 1.25 billion). Organic revenue growth was 5%. Net profit declined to EUR 102.5 million (first half of 2011: EUR 114.1 million). Compared to the end of 2011 the order book increased and stood at EUR 3,753 million (end-2011: EUR 3,489 million). The first half year EBITDA amounted to EUR 255 million and the operating result (EBIT) equaled EUR 146 million (first half of 2011: EBITDA: EUR 277 million, EBIT: EUR 163 million).
Rolls-Royce Order Book Logs in at $21.3 Billion
British aircraft engine maker Rolls-Royce Plc said on Thursday its order book had risen to a record 15 billion pounds ($21.3 billion) as the group added to its share of the civil aviation and marine markets. There was no change to the short-term outlook for the group, however, with sale delays and restructuring charges expected to hold back earnings growth this year. "I am pleased to say that the order book has continued to grow since the year-end and today stands at a record $21.3 billion, reflecting significant growth in the civil aerospace and marine market shares," a top level Rolls Royce official said. At the end of last year Rolls Royce's order book was at $18.5 billion, excluding $1.9 billion in orders that had been announced but not booked.
Newbuild Contracts at Lowest Level in 20 Years -BIMCO
Shipyards have become the next victim of the deteriorating conditions in the dry bulk, container and offshore markets as 2016 looks to set the record for the lowest newbuilding contracts in more than 20 years, according to international shipping association Baltic and International Maritime Council (BIMCO). After a decline from 2010 to 2012, shipbuilding had a rebound in 2013 and was expected to level out over the next few years. The reality was a slight decline in 2014 and 2015, but still high levels of contracting measured by compensated gross tonnage (CGT).
Cammell Laird Is Flying High
British ship repairer Cammell Laird Holdings Plc said on Thursday it had its strongest ever order book and reported healthy results.
Broker’s Take on Yangzijiang Shipbuilding
According to a July 21 report from The Business Times, citing DMG & Partners Research, Yangzijiang Shipbuilding won $234m worth of new contracts in Q2, boosting year-to-date contract wins to $430m, equivalent to 29% of FY2009 revenue. Ten of the new vessels ordered will be delivered before July 2012. At June 30, Yangzijiang had an order book of $5.23b, comprising 124 vessels. This excludes $338m of orders for 20 vessels from 51%-owned Jiangsu Yangzijiang Changbo Shipbuilding. Based on the current order book run-rate, the orders can last for another three years. (Source: The Business Times)
Indian Navy, CG Work Drives Partnerships
After Mazagon Dock Ltd, two more defence ministry-controlled shipyards are looking for private partners to build warships to meet rising demand from the Indian Navy and the Coast Guard, according to a report on www.LiveMint.com. Hindustan Shipyard Ltd and Garden Reach Shipbuilders and Engineers Ltd reportedly have received expressions of interest from 8-10 private shipyards in response to tenders floated last month. While separately inviting expressions of interest for joint venture partnerships last month, the two shipbuilders said in similarly worded advertisements on their websites that they were “looking at a joint collaborative strategy to meet the challenging timelines in order to liquidate the existing order book as well as expected orders from the Indian Navy and Coast Guard…
South Europe Gains in Ferry Shipbuilding
Figures published in the latest issue of Cruise & Ferry INFO, published by Swedish shipping media house and consultancy, ShipPax Information, reveal that South European shipyards have taken a lead in the ”market shares” of ferry newbuildings. Ferries worth $1.511 billion are now on order in the Mediterranean countries. At the same time, Northern Europe only produce new ferries worth $ 448 million whereas the Far East produces for $ 545 million, and then mostly for domestic account. But in the longer perspective, this is a trend change.
GE Shipping to Acquire Two New Tankers
Great Eastern Shipping Company Ltd. has ordered two new building Long Range One (LR1) Product tankers from STX Shipbuilding Company Ltd., Korea. Great Eastern said the vessels, of around 74,500 dwt each, are due for delivery during the third quarter of 2008-09. With this order, the company's new building order book stands at nine tankers (4 LR1 product tankers and 5 MR product tankers) with an aggregate dwt of 0.52 million and 5 OSVs (4 AHTSVs and 1 PSV). The existing fleet of 74 vessels of the company includes 40 ships with an average age of 12.7 years and 34 offshore units and the order book comprises 12 vessels — seven tankers and five offshore supply vessels (OSVs). (Source: http://www.domain-b.com)
Chinese Shipyard Terminates Greek Contract
Yangzijiang Shipbuilding (Holdings) Ltd has terminated a contract with Greek shipowner FreeSeas Ltd after it failed to make payments The cancelled contract was for Yangzijiang to build two bulk carriers for FreeSeas, an external spokeswoman for the Chinese shipbuilder told Reuters. Although the orders from FreeSeas account for only 1 percent of Yangzijiang's $4.5 billion order book, "the cancellation will still be negative on sentiment as this is Yangzijiang's first contract cancellation on default," said DBS Vickers in a report. It added that among the Singapore-listed shipyards, COSCO Corp Singapore Ltd has the highest exposure to Greece and Europe, with more than 60 percent of its order book from the region, while Yangzijiang will be the least affected among Chinese yards.
Container Ship Trading Dips 20%
The ratio of container TEU capacity on-order compared to the trading fleet dropped below 20% in June, reports Braemar Seascope. The broker advises that, as the container industry is expected to take delivery of record volumes of TEU capacity this year, the order book to trading ratio has eroded to approximately 20% in June 2013. Jonathan Roach, Container Market Analyst at Braemar Seascope, said, “With more than 1.7 million TEU expected to be delivered in 2013, the ratio is set to fall to approximately 16% by the end of the year. During the six year ordering boom between 2003 and 2008, in the region of 10 million TEU of containership capacity was ordered. The order book ratio peaked at approximately 60% in 2007, when in excess of 3 million TEU was ordered.
Kleven to Build Trawler for Spanish Shipowner
Kleven has signed a contract with Spanish ship-owner Pesquera Ancora S.L.U on the building of a 80 m long stern trawler. The vessel is of NVC 374 WP design from Rolls-Royce, and is scheduled to be delivered in February 2018. This will be the fourth vessel of the same Rolls-Royce design in Myklebust Verft’s order book; two vessels are ordered by DFFU in Germany, one by CDP Saint-Malo & Euronor in France, and this latest by Pesquera Ancora in Spain. In addition, the order book holds two live fish carriers for Norwegian owned Sølvtrans…
Vard Back in the Black
Presenting its financial results for the first quarter ended 31 March 2016 today Vard Holdings Limited announced a net profit of NOK 43 million for the period, as compared to a loss of NOK 226 million a year back. Over the past quarter, VARD had focused on efforts to grow in new markets while streamlining its cost structure, to weather the effects of the ongoing oil and gas down cycle. With its core market for high-specification offshore vessels showing continued signs of weakness…
OSX Offshore Has Newbuildings in Brazil, Asian Shipyards
OSX, an EBX Group Company of integrated solutions for offshore units and services, received an order from its anchor client OGX Petróleo e Gás for construction and charter of two new Wellhead Platforms, WHP-3 and WHP-4, pursuant to the Strategic Cooperation Agreement entered into by the companies. The two new units will be built by OSX Construção Naval S/A in the Açu Shipbuilding Unit, which is currently being implemented in the northern region of the State of Rio de Janeiro, and are destined to meet OGX’s oil and gas production program.
Sembcorp Marine posts first Quarterly Loss.
Posts S$535 mln loss vs year ago profit; net order book backlog at S$10.4 billion. Singaporean rig builder Sembcorp Marine Ltd posted its first quarterly loss, hit by writedowns and project delays by its key customers, underscoring the strain caused by plunging crude oil prices. The company also warned that it expects the downtrend to last longer than previous cycles as Singapore's $10 billion rig building industry faces cancellations and a dearth of new orders. For the fourth quarter, Sembcorp posted a S$535.2 million ($383 million) attributable loss, excluding non-operating items, compared with a profit S$174 million for the same year ago period. It said fourth-quarter net profit would have been S$99 million before impairments and provisions and losses from associates and joint ventures.
CVF Manufacturing Contract Boosts VT Group
VT Group announced that its new shipbuilding and naval support joint venture, BVT Surface Fleet Limited, is to be the major beneficiary from the manufacturing contract signed for two new Royal Navy aircraft carriers (CVF). The CVF contract will contribute in the region of £3 billion to BVT’s order book, of which just under half will be delivered by the joint venture directly and the balance sub-contracted. CVF revenues will start to flow through BVT shortly with production of the first carrier set to start later this year. VT owns 45 percent of BVT, with the remaining 55 per cent owned by Systems. BVT, which officially started operations on July 1…
ASL Marine Wins Seven-vessel Contract
ASL Marine Holdings Ltd. has secured major shipbuilding contracts worth S$164 million. These contracts are for the construction of seven vessels involved in offshore oil and gas as well as port terminal operations. The seven vessels include six units of Rotor tugs secured from repeat customers in Europe as well as one unit of Heavy Lift cum Pipelay vessel secured from a customer in India. These contracts are due for delivery by 2009. The Group's shipbuilding order book stood at S$382 million as at 31 December 2006. With these new contracts, the Group's total shipbuilding order book has increased significantly by S$164 million. These new contracts are expected to keep ASL Marine busy till FY2009. Source: Rigzone
KMY Wins Two-Ship Order From RCL
Kvaerner Masa Yards won a $1.09 billion contract to build two ships for Royal Caribbean Cruises (RCL). The Eagle-type cruise ships are scheduled to be ready for delivery in 2002 and 2003. "The intentional agreement has been signed under the conditions that the yard can finance construction of the ships," Kvaerner said. "Even though Kvaerner has decided to pull out of shipbuilding and concentrate its operations in other fields -- and the process to find a new ownership structure for Kvaerner Masa Yards is ongoing-- we welcome the deal," Kvaerner Chief Executive Kjell Almskog said. Almskog said the deal boosted the yard's current order book to 19.9 billion crowns from 10.8 billion crowns.