Uljanik Floats Out Scenic Eclipse
Croatian shipbuilder Uljanik Shipyard said it has floated out a new polar discovery passenger ship for the Scenic group, on January 31, 2018. The new 168-meter, 237-passenger luxury vessel, Scenic Eclipse, features Polar Class 6 COLD DI notation. It is the first vessel launched this year at Uljanik. Scenic Eclipse is expected to launch in summer 2018.
Hyundai Heavy Bags LPG Storage Tank Deal in Nigeria
Hyundai Heavy said it plans to start to build the tanks in May and is set to deliver the tanks to Nigeria's Dangote Oil Refining Company, Africa's largest refinery, beginning in April 2019. The 15 cylindrical tanks - each being eight meters in diameter and 95 meters in length - can hold 75,000 cubic meters of LPG, according to Hyundai Heavy. The 15 gas cylinders w ill be installed at Dangote Oil Reining’s refining and petrochemical plant near Lagos in southwestern Nigeria. The Korean company manufactures and sells ships…
MES, TSUNEISHI Form Shipbuilding Alliance
Two more Japanese shipyards have formed a business alliance as the nation’s shipbuilders continue to struggle against an industry downturn. Mitsui Engineering & Shipbuilding Co., Ltd. (MES) and TSUNEISHI Shipbuilding Co., Ltd. say they will collaborate on commercial shipbuilding and design, becoming the latest in a string of Japanese shipbuilders to form similar partnerships in attempts to better compete with yards in China and South Korea. The two companies are still discussing specific conditions for the agreement, but say they will remain independent.
US Lays Keel for 21st Littoral Combat Ship
The Lockheed Martin (LMT)-led industry team officially laid the keel for the U.S. Navy's 21st Littoral Combat Ship (LCS), the future USS Minneapolis-Saint Paul, in a ceremony held at Fincantieri Marinette Marine in Marinette, Wisc. Ship sponsor Jodi Greene authenticated the keel by welding her initials onto a steel plate that will be placed in the hull of the ship. "It is a tremendous honor to serve as the sponsor of the future USS Minneapolis-Saint Paul," Greene said. "I look forward to supporting the ship and its crew throughout the building process and the life of the ship.
South Korea is Number One
According to a report from the Kyodo news service, the combined tonnage for ship orders received by South Korean shipbuilders was higher than that of Japanese shipbuilders in 2002. The Shipbuilders' Association of Japan reported that Japanese shipbuilders received orders worth a combined 5.9 million tons in the year, down 25.9% from 2001. South Korean shipbuilders reportedly received orders for a combined 7.59 million tons, up 18.4%, according to data from the Korea Shipbuilding Industry Association. In 2001, Japan was the top shipbuilder based on tonnage.
Shipbuilder launches revolutionary real time Shipbuilder VR module
Shipbuilder unveiled its new and revolutionary virtual reality module Shipbuilder VR during the Shipbuilder and Relatics Client Day on 30 June. “Shipbuilder VR allows the real-time publication of project management data, technical data and logistical data in 3D on smartphones, tablets and PCs,” comments at Shipbuilder director Geert Schouten. “This enables users to retrieve all the information relevant to spaces within a vessel and visualise them as if they were actually on board. Shipbuilder VR has major benefits for yards and operators alike.
Shipbuilder: 3D Access to Real-time Data in VR+ Module
Shipbuilder has started a real virtual reality (VR) revolution that enables full visual access to new and existing maritime projects. Geert Schouten, director at Shipbuilder, said, “We are the first organization globally that has added useful features to virtual reality for maritime projects. We know from experience that working aboard a ship with a large set of data can be extremely complex and time consuming. Because where are pump X and cable Y that need replacement located? Or, what are the exact instructions for their maintenance?
High Royalties to Cut Into Shipbuilding Profits
South Korean shipbuilders are paying large royalties on a core foreign technology for manufacturing liquefied natural gas (LNG) carriers, causing a big reduction in their earnings, The Korea Times reports. To build LNG carriers, most South Korean and foreign shipbuilders currently use a membrane containment system developed by Gaz Transport & Technigaz of France, a key technology for freezing and storing gas in tanks for transport. South Korean shipbuilders' profit margin amounts to about 10 percent of a carrier's order price, of which nearly 5 percent is paid to the French company in royalties, according to the report. The nation's shipbuilders charge an average $200 million for each LNG carrier.
Korean Shipbuilders Aim for $36b in Orders
Korea's top-three shipbuilders are eyeing $36b in sales this year, down from a record $37b last year. Korean shipbuilders secured almost half of the $100b in global orders last year offering a competitive balance of price and quality. But this year the shipyards are facing higher steel plate prices, while a strengthening Korean won against the dollar is eroding profits made from U.S. dollars. Korea's Hyundai Heavy Industries is the world's largest shipbuilder followed by Daewoo Shipbuilding and Samsung Heavy. Source: Arirang News
Shipbuilders Exports to Increase in 2007
According to reports, Korean shipbuilders are forecast to enjoy an 18 percent increase in exports this year because of strong demand for high-priced ships and other products. The Korea Shipbuilders’ Association predicted Monday that local shipbuilders will log $26b in exports in 2007, up 18 percent from an estimated $22 billion in 2006. The country has recorded a sharp rise in shipbuilding exports over the past few years on the back of growing global orders for vessels to carry oil, gas and other products. The exports stood at $17.7b in 2005 after surpassing the $10b mark in 2003. Hyundai Heavy Industries, the world’s largest shipbuilder, predicts that its exports will increase to $9.2b, up from last year's $8b. Daewoo Shipbuilding and Marine Engineering, the No.
A Record Year for S. Korean Shipbuilders
According to Asia Pulse/Yonhap, South Korea's shipbuilders enjoyed a bumper year in 2005, receiving the largest amount of orders in the world. Domestic shipbuilders received combined orders of 14.5 million compensated gross tons (CGT) in 2005, almost twice as much as the European Union, ranked second with 8.5 million CGT. The runners-up were China with 7 million CGT and Japan with 6.2 million CGT. Despite the industry's downturn, South Korean shipbuilders' global market share expanded last year to 38%, up from 36% a year earlier. At the end of last year, domestic shipbuilders had a combined order backlog of 39.7 million tons, breaking the 30-million-ton level for the second consecutive year.
Samsung Heavy Mulls $6 Bln Orders This Year
South Korean major shipbuilder Samsung Heavy Industries Co is aiming to clinch orders worth more than US$6 billion this year, South Korea's Yonhap news agency reported the company's head as saying. Park Dae-young, president and CEO of the shipbuilder, also said that this year will be a crucial point for his company's survival at a time when local shipbuilders are suffering from an industry-wide slump and economic slowdown. Park said that his company raised this year's target for new orders, compared with US$5.3 billion set for last year.
Shipbuilder Sustainability Knowledge Base presented to Dutch Govt.
The Shipbuilder Sustainability Knowledge Base has been presented on sustainability day (10-10) to Salima Belha (member of the Dutch parliament) and Brigit Gijsbers (director of maritime affaires at Ministry of Infrastructure and the Environment). The Dutch trade association Netherlands Maritime Technology (NMT) collected over 175 sustainable maritime solutions and selected 10 examples to spotlight in a sustainability maritime brochure. Among this 10 highlighted examples the Shipbuilder Sustainability Knowledge Base can be found.
DSME to Manage Iranian Shipbuilder
Daewoo Shipbuilding & Marine Engineering Co. (DSME) has signed a business agreement with the Iranian government on operation and technology instruction for Iranian state-run shipbuilder Iran Shipbuilding & Offshore Industries Complex Co. (ISOICO), reports the Pulse. Under the agreement, the South Korea’s shipbuilder will transfer technology and conduct consignment management on the Iranian shipbuilder. The deal is expected to help DSME and other domestic shipbuilders win orders from refiners and other companies in Iran.
No Merger for Ailing Korean Shipmakers
The South Korea government plans to drop its forceful measures to push ailing local shipbuilders to merge with each other as mergers or additional cash outlays to Hyundai Heavy Industries (HHI), Samsung Heavy Industries (SHI) and Daewoo Shipbuilding and Marine Engineering (DSME) are unlikely to boost their bottom line, reports Korea Times. The Korean ship buildes are under heavy pressure on accumulating debt and zero new building orders in April. The creditors have been urging…
Korean Shipbuilders Book Orders for First Quarter
According to sources, South Korean shipbuilders racked up large overseas orders in the first quarter, keeping them on course to exceed yearly targets, industry sources said Sunday. Hyundai Heavy Industries clinched orders worth $2.3 billion in the January-March period, compared with its full-year target of $7.4 billion. Its two affiliates _ Hyundai Mipo Dockyard and Hyundai Samho Heavy Industries _ won a combined $2.75 billion worth of orders in the first quarter. The three shipbuilders aim to garner orders worth $12.5 billion for all of 2006. Daewoo Shipbuilding & Marine Engineering, the world's No. 2 shipbuilder, posted orders worth $4.5 billion in the first quarter, or 45 percent of its yearly target of $10 billion.
Korean Shipbuilders Get Break from Accounting Rules
According to a July 30 report from the JoongAng Daily, with the scheduled adoption of the International Financial Reporting Standards (IFRS) shipbuilders were expected to see higher debt ratios. However, the Financial Services Commission and Financial Supervisory Service said that the International Accounting Standards Board (ISAB), the London-based group that supervises the IFRS, had accepted in principle a request by Korean financial authorities to allow a fair value hedge accounting system in the case of the shipbuilders. A fair value hedge system would allow shipbuilders to declare an intermediate payment in their financial accounts for contracts they received. (Source: JoongAng Daily)
Huntington Ingalls Industries Q4 Revenue up 3.9%
U.S. military shipbuilder Huntington Ingalls Industries reported fourth quarter 2017 revenues of $2 billion, up 3.9 percent from the fourth quarter of 2016. Operating income in the quarter was $227 million and operating margin was 11.4 percent, compared to $268 million and 13.9 percent, respectively, in the fourth quarter of 2016. Diluted earnings per share in the quarter was $1.41, compared to $4.20 in the same period of 2016. Diluted earnings per share in fourth quarter 2017 included a one-time expense related to the early extinguishment of debt…
Shipbuilding: Frigate Normandie Floated Out
French shipbuilder Naval Group said it floated the FREMM multi-mission frigate Normandie on February 1, roughly one year after the start of hull assembly in the building dock on the Lorient site. The eighth FREMM frigate to be built in Lorient and the sixth in a series ordered by OCCAR (Organization for Joint Armament Cooperation) on behalf of the DGA (French Defense Procurement Agency - Direction Générale de l’Armement) for the French Navy, the FREMM Normandie was taken out of…
Korea to Inject $2.64 bln into DSME
South Korea's state-run banks are expected to raise more than 3 trillion won (US$2.64 billion) to prevent Daewoo Shipbuilding and Marine Engineering (DSME) from being delisted, reports Korea Herald. Both are reportedly planning to draw up detailed plans within the month. The funds will be injected into the ailing shipbuilder through debt-equity swap or by purchasing newly issued shares. Meanwhile, Pulse reported that despite a recent outside audit report questioning the viability of DSME…
Korean Shipbuilders in Red
South Korean shipbuilders are struggling with huge losses stemming from the delivery of low-priced ships and a delay in the construction of offshore facilities such as drill ships. The shipbuilders' earnings are expected to remain in the doldrums until the first half of 2016, although their third-quarter bottom lines may beat estimates after suffering a record loss three months earlier, reports Yonhap. The country's big three shipbuilders - Hyundai Heavy, Daewoo Shipbuilding & Marine Engineering…
Northrop Grumman Gulf Coast Shipbuilders Awarded for Excellence
Northrop Grumman Corporation (NYSE:NOC) recognized 39 shipbuilders from its Gulf Coast facilities for their significant accomplishments supporting quality and continuous improvement at an awards dinner on Thursday, Oct. 7 in Gulfport, Miss. The General Manager's Award for Excellence recognizes extraordinary performance and outstanding contributions in the areas of innovation and technology, customer satisfaction, and operational excellence. This award is the highest honor bestowed at Northrop Grumman Shipbuilding Gulf Coast operations and recognizes employees whose achievements support Northrop Grumman values, best practices, collaboration, value creation, and process excellence, in addition to aligning with the company's strategic priorities. Six teams received the awards.
Korean Shipbuilders Vexed by Cancelled Orders
Some owners are cancelling as they lack funds to complete the purchase of the ship. Many of the orders are being cancelled after the ships have been built, as the buyers find they can't pay for the product amid worsening economic conditions, reports the Arirang News. Samsung Heavy Industries, one of the four leading shipbuilders in Korea, has asked a client in Italy to change its mind about cancelling a contract for a medium-sized oil tanker, which was scheduled to be delivered by the end of the year. According to Arirang News, many of Korea's shipbuilders are struggling with the same problem and the losses are even greater under a new payment method adopted in 2008 during the global financial crisis.