Teekay, Samsung Opt for Hydroniq Coolers
Norwegian supplier Hydroniq Coolers has won contracts from Samsung Heavy Industries Co. Ltd. (SHI) to deliver the cooling system for the engines of the six LNG-fuelled shuttle tankers the shipbuilder is constructing for Teekay Offshore.As per the contracts, Hydroniq Coolers – formerly named Sperre Coolers – will deliver its Hydroniq Rack seawater cooling solution that is integrated in the hull below the main engine room of the vessels. Marine cooling systems are utilised to reduce…
FLNG Market Grows a CAGR of +93%
Global floating liquefied natural gas (FLNG) market is growing at a CAGR of +93% during forecast period 2019-2026 as the demand for natural gas has been rising as it is a preferred fuel in power generation in various industries.According to a report from Research N Reports, the demand comes from mainly for the regions such as North America, Europe, China, Japan, Southeast Asia and India.Natural gas is cleaner, safer, and more cost-effective than other fuels. It has the potential to significantly reduce greenhouse gas (GHG) emissions…
World's Largest Shipbuilders in $2 Bln Mega-merger
Resulting entity would control about 20 pct of global market; Daewoo shares rally 22 pct; Hyundai Heavy shares fall.Hyundai Heavy Industries, the world's biggest shipbuilding group, has announced a share swap deal worth 2.1 trillion won ($1.98 billion) to take over second-ranked Daewoo and create a global heavyweight controlling over 20 percent of the market.The move comes as the worldwide shipbuilding sector recovers from a global economic downturn that led to massive losses…
NYK Line Signs TC for Two LNG Carriers with Total
Japanese shipping giant NYK has signed a long-term contract with a unit of French energy giant Total to charter two liquefied natural gas (LNG) carriers.According to the contract, Total Gas & Power Chartering Ltd (TGPCL) will charter from NYK two newly built liquefied natural gas (LNG) carriers that will be built by Samsung Heavy Industries Co. Ltd. in Korea and scheduled for delivery in 2021.The two LNG carriers will be equipped with a WinGD-made dual-fuel slow-speed diesel engine (i.e.…
SHI Receives AiP Smart Ship Solution
Lloyd’s Register (LR) presented Samsung Heavy Industries Co., Ltd. (SHI) with approval in principle (AiP) for its smart ship solution: INTELLIMAN SHIP. The solution is the first to receive LR’s ‘Digital AL2 SAFE PERFORM SECURE’ notation, confirming compliance with LR’s new Digital Ships requirements.SHI has been focusing its efforts on developing a smart ship solution to promote safe operation and optimization with a cyber security governance system to mitigate the risk of introducing vulnerabilities to cyber-attack…
NYK Signs LNG Charter Deal with Total
NYK Line has signed a contract with Total Gas & Power Chartering Limited (TGPCL), a subsidiary of Total, a leading oil and energy company headquartered in France.The contract calls for TGPCL to charter from NYK a newly built liquefied natural gas (LNG) carrier for seven years, with an optional extension period of one year. The new vessel will be built by Samsung Heavy Industries Co. Ltd. in Korea and is due to be delivered in 2021.The LNG carrier will be equipped with a WinGD-made dual-fuel slow-speed diesel engine (i.e.…
Mitsui LNG Carrier Named Marvel Falcon
On March 29, a naming ceremony was held at Geoje Shipyard of Samsung Heavy Industries Co., Ltd. in Korea, for new liquefied natural gas (LNG) carrier that NYK has concluded a long time-charter contract with Mitsui & Co. Ltd. At the ceremony, the ship was named “Marvel Falcon” by Mr. Tatsuo Yasunaga, president and chief executive officer of Mitsui & Co., Ltd. and the ceremonial rope holding the vessel in place was cut by Mr. Yasunaga’s wife. From NYK, Hitoshi Nagasawa, Representative Director, Senior Managing Corporate Officer attended.
Samsung Heavy: New Share Issuance Worth $1.31 Bln
South Korea's Samsung Heavy Industries Co Ltd said on Tuesday the expected value of its planned new share issuance has been cut to 1.41 trillion won ($1.31 billion) from a previously-announced 1.56 trillion won. The shipbuilder said in a regulatory filing that the value of the issuance had been changed with newly issued shares to be assigned at 5,870 won per share, instead of the originally planned 6,510 won per share. Samsung Heavy shares have fallen about 35 percent since the plan to issue new shares were announced in early December. ($1 = 1,073.8500 won) (Reporting by Joyce Lee Editing by Stephen Coates)
Samsung Heavy Sells Drilling Rig for $500 Mln
South Korea's Samsung Heavy Industries Co Ltd said on Monday it has agreed to sell a semi-submersible drilling rig for $500 million to an unidentified European company. The world's third-largest shipbuilder by orderbook said Sweden's Stena, which originally ordered the drilling rig, had cancelled the order last year. Last week, Samsung Heavy agreed to sell the rig to a European third party, resolving the risk of non-payment, the firm said in a regulatory filing. (Reporting by Joyce Lee; Editing by Sherry Jacob-Phillips)
Samsung Heavy to Issue New Shares
South Korea's Samsung Heavy Industries Co Ltd plans to issue new shares worth 1.56 trillion won ($1.47 billion), the company said on Friday. The world's third-largest shipbuilder by orderbook also said in a regulatory filing it planned to increase its short-term loans by 750 billion won. Friday's fundraising decisions were first announced in December, in order to pay debt and cut the risk of tighter credit conditions due to its weak earnings prospects. Reporting by Joyce Lee
Teekay Orders Additional Shuttle Tanker Duo
Teekay Offshore Partners L.P. has declared options with Samsung Heavy Industries Co., Ltd. for the construction of two Suezmax DP2 shuttle tanker newbuilds for a total fully-built-up cost of approximately $265 million. Upon delivery in 2020, the vessels will join Teekay Offshore’s Contract of Affreightment (CoA) fleet in the North Sea. “This is another important milestone for Teekay Offshore’s shuttle tanker franchise since it further strengthens our position as the leading provider of CoA shuttle tanker services in the North Sea,” said Ingvild Sæther, President and CEO of Teekay Offshore Group Ltd. According to Teekay, the newbuilds will be constructed based on the Partnership’s new Shuttle Spirit design which incorporates technologies to increase fuel efficiency and reduce emissions…
Daewoo Shipbuilding unlocks $2.6 bln Bailout
Bondholders at final meetings agree to debt-to-equity swap; shipbuilder needs about $400 mln in operating funds by April-end. South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd has won near unanimous agreement from bondholders to swap their debt for equity, meeting a condition that unlocks a $2.6 billion bank bailout for the world's biggest shipbuilder. Daewoo won approval from over 96 percent of bondholders at two meetings on Tuesday and three on Monday, with attendance exceeding 78 percent.
Hyundai Heavy to be Split into 4 Firms
Shipbuilder to be split into four companies; spinoff is part of restructuring plan submitted to creditors. South Korea's Hyundai Heavy Industries is being split into four companies, with its non-shipbuilding businesses being spun off to improve management efficiency and competitiveness, the shipbuilder said on Tuesday. South Korean shipbuilders have been selling non-core assets and slashing jobs to cope with shrinking orders from the oil industry that forced the firms into heavy losses last year. South Korea is home to the world's three largest shipbuilders - Hyundai Heavy, Daewoo Shipbuilding & Marine and Samsung Heavy Industries Co Ltd. Under the plan, Hyundai Heavy will be divided into four companies.
Nordic American Tankers Expands Fleet to 33 Vessels
Armed with $120m from the placement, Nordic American Tankers (NAT) has contracted to increase its fleet from 30 to 33 vessels, enhancing its potential for both higher earnings and dividends. The Company will have a fleet of 30 trading vessels in early 2017. By way of comparison, in the autumn of 2004, the Company had three vessels. NAT is focused on maintaining top technical quality of the fleet. Our operational performance remains at the forefront of the industry. 3Q2016 inspections had an average of 2.4 observations which we consider an excellent result.
NAT Orders Three Suezmax Tankers
Nordic American Tankers Limited (NAT) said it has entered into agreements with Korean shipyard Samsung Heavy Industries Co., Ltd. for the construction of three Suezmax tankers of about 157,000 deadweight tons each to be delivered during the second half of 2018. “This is another large step forward for Nordic American,” said Herbjørn Hansson, the Chairman & CEO of the Company. “By adding these ships, we substantially increase the dividend capacity and bolster our earnings potential. We believe that our solid balance sheet as well as our well-defined and transparent operating model are elements supporting the competitive position of NAT. The stock issue of about $120m that we completed September 30, will part finance this transaction.
Samsung Heavy Industries to Raise $985 mln via Rights Issue
South Korean shipbuilder Samsung Heavy Industries Co Ltd said on Friday its board of directors have approved a plan to raise about 1.1 trillion won ($985.22 million) via a rights issue. Samsung Heavy, part of the Samsung Group conglomerate, has been planning a rights issue to weather a drop in orders for new vessels at South Korea's three largest shipbuilders, while the country expects a 20 percent drop in major shipbuilders' capacity by 2018 from 2015. Separately, a person with direct knowledge of the matter told Reuters that Samsung Electronics Co Ltd Vice Chairman Jay Y. Lee - the de facto head of Samsung Group - does not plan to buy any of the new Samsung Heavy shares. A Samsung Group spokeswoman declined to comment. Reporting by Joyce Lee and Se Young Lee
As Korean Shipyards Founder, Central Bank Dragged into Rescue Bid
They are South Korea's "too-big-to-fail" firms - the world's largest shipbuilders that are both a massive economic force and an important national symbol - and the government wants the central bank to fund an unconventional rescue of the sector. The three biggest shipbuilders - Daewoo Shipbuilding & Marine Engineering, Hyundai Heavy Industries Co Ltd and Samsung Heavy Industries Co Ltd - sustained record losses last year, dragged down by the global commodities plunge and falling trade volumes. The government wants the central bank to print money to buy bonds in two state banks propping up shipyards as well as shippers - a measure some officials call quantitative easing. Publicly, the Bank of Korea (BOK) says it is willing to cooperate.
Hyundai Heavy Industries Shedding Jobs, 'Non-Core' Assets
South Korea's Hyundai Heavy Industries Co Ltd, the world's biggest shipbuilder by revenue, will slash more jobs and sell non-core assets as part of efforts to cope with shrinking orders, it said on Monday. The South Korean government has urged ailing industries to speed up restructuring efforts to help revive Asia's fourth-biggest economy. Companies such as Daewoo Shipbuilding & Marine Engineering and the country's No. 1 shipping company Hanjin Shipping have already had to undergo debt restructuring with creditors due to a severe downturn in their respective industries.
First Wärtsilä X62DF Engine Ready for Large LNG Carrier
On April 5, 2016 Winterthur Gas & Diesel (WinGD), together with Doosan Engine Co., Ltd demonstrated the first low-speed low-pressure Wärtsilä six-cylinder X62DF (W6X62DF) engine for a commercial application. The event took place at Doosan’s works in Changwon, Korea and the W6X62DF engine is also the first sold X-DF engine for the new generation of very large LNG carriers. It is currently under test by Doosan before delivery and is one of a pair that will power the first of two 180…
Keel Laid for Lead Ship of Arctic Tanker Series
A keel laying ceremony was held Monday at Korea’s Samsung Heavy Industries Co., Ltd. for the first of six ships in the project 42К Arctic Shuttle Tanker series. The six tankers in the series will be named after the famous Russian explorers of the Arctic, including participants to the Great Northern Expedition of the 18th century. The ships are being built to the dual Russian Maritime Register of Shipping / Lloyd’s Register class. Sovcomflot (SCF Group) is the owner of three tankers of the series.
AET Orders Eight Tanker Newbuilds
AET, an owner and operator of petroleum tankers, has signed contracts worth approximately $500 million combined for the construction of eight new vessels. AET on Tuesday contracted Korean shipbuilder Samsung Heavy Industries Co Ltd (SHI) for four 113,000 dwt Aframax vessels to be delivered in 2018. The shipper then signed an additional contract Wednesday with another Korean builder Hyundai Heavy Industries Co Ltd (HHI) for two 114,000 dwt LR2 product vessels and two 158,000 dwt Suezmax vessels for delivery in 2017.
Sevan Marine Investigates Petrobras Corruption Case
Norway's Offshore drilling firm Sevan Marine ASA has appointed law firm Selmer to investigate claims by Brazilian media that a former manager and agent of Sevan Marine are connected to the Brazilian authorities' investigation into corrupt activities involving Petrobras. The company has offered full co-operation and has been in contact with the relevant authorities on this matter. A statement from the company says: "Sevan Marine has recently become aware of articles in the Brazilian…
ABG Ties Up with GTT for LNG Technology
ABG Shipyard Ltd has tied up with Gaztransport and Technigaz (GTT) of France for the maritime transportation and storage of liquefied natural gas (LNG), reports Livemint. With this pact, ABG has become the third Indian company to secure technology collaboration to build LNG carriers. The Shipyard is preparing for a tender set to be issued by GAIL (India) Ltd for hiring nine new LNG ships that will haul gas from the US from December 2017. “We have signed an agreement with GTT for technology transfer for building LNG ships,” a spokesman for ABG Shipyard said.