Shipbuilding Marine Engineering Co Ltd News

Auxiliary wind propulsion systems provider Norsepower announced a contract for the delivery and installation of two Norsepower Rotor Sails on a newbuild Very Large Gas Carrier (VLGC) for global shipping company IINO Lines.The new LPG dual fuel ship – delivered today from Daewoo Shipbuilding & Marine Engineering Co., Ltd in Korea is ready to be equipped with two bespoke 20m tall Norsepower Rotor Sails side by side. The new, specially designed, 20m x 4m units have been developed to accommodate the vessel’s specific air draught limits.

South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd signed a tentative agreement on Monday for Hanwha Group to invest 2 trillion won ($1.4 billion) in return for a 49.3% stake and management rights in the shipbuilder, the companies and Daewoo's major stakeholder said. The agreement, signed with affiliates of Hanwha Group including Hanwha Aerospace, will only be valid if Hanwha is chosen after a period of being open to other bids, Daewoo said in a regulatory filing. State-run Korea Development Bank (KDB) owns a 55.7% stake in the shipbuilder.

A dual-fuel LNG (liquefied natural gas) shuttle tanker1 ordered by Knutsen NYK Offshore Tankers AS,2 which is an affiliate of NYK, was delivered on August 2 at Daewoo Shipbuilding & Marine Engineering Co. Ltd. The vessel has been named Frida Knutsen.The shuttle tanker will be chartered to ENI Trade & Biofuels S.p.A, a subsidiary of Ente Nazionale Idrocarburi S.p.A (ENI), 3 and will be engaged in oil transportation in the North Sea and Barents Sea.The vessel will be KNOT's first dual-fuel shuttle tanker that can use not only heavy fuel oil but also LNG.

Daewoo Shipbuilding & Marine Engineering Co Ltd. reportedly an order for nearly $500 million (649.5 billion won) to build a pair of liquefied natural gas (LNG) carriers for a European company.

Greek dry bulk shipping company Diana Shipping announced on Friday it has secured a time charter contract for one of its Kamsarmax vessels.Singapore-based Tongli Shipping will charter the 81,513 dwt Astarte starting January 31 through at least April 15, 2023 up to maximum June 15, 2023.The gross charter rate is $21,500 per day, minus a 5% commission paid to third parties, Diana said, adding it expects the employment to generate approximately $9.35 million of gross revenue for the minimum time charter period.One of five Kamsarmaxes in Diana's 33-vessel fleet, Astarte was built in 2013 at South Korea's Daewoo Shipbuilding & Marine Engineering Co. Ltd. (DSME).

Italian offshore engineering and construction firm Saipem, in a joint venture with South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co. Ltd (DSME), has won a contract with Brazil's Petrobras to build an FPSO for the Búzios offshore field in Brazil.The FPSO P-79 project is worth overall approximately $2.3 billion. Saipem’s portion is approximately $1.3 billion.The FPSO vessel will allow initial separation of gas from the oil extracted in the deep offshore reservoir and will have a production capacity of 180…

Offshore drilling company Valaris, the world's largest by fleet size, has received approval from the United States Bankruptcy Court for the Southern District of Texas of its prearranged plan of reorganization, and has agreed with Korea's Daewoo to delay deliveries of two newbuild drillships.The offshore driller filed for bankruptcy in August 2020, in a move to restructure its debt load and reduce debt by more than $6.5 billion.The company this week said that in addition to bankruptcy court confirmation, the plan received support from approximately 80% of the company's unsecured notes and bank lenders representing 100% of the company's credit facility claims.

Maritime and offshore classification society American Bureau of Shipping (ABS) has granted Approval in Principle (AiP) for the design of what it described as "a wide breadth, single row, near-shore LNG Floating Production Storage Offloading Vessel (FPSO) hull with a jetty-moored system." The hull design has been developed by South Korea's Daewoo Shipbuilding & Marine Engineering Co., Ltd. (DSME).The 64m wide barge-shaped hull features a GTT NO96 single row containment system with a storage capacity of 209,000 m3.

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…

Shares of Daewoo Shipbuilding & Marine Engineering Co Ltd rise as much as 3.8 pct.The South Korean shipbuilder says it has received a new order worth 444 bln won ($397.28 mln) from the country's procurement agency, Defence Acquisition Program Administration (DAPA), to build one ship.Separately, BlackRock Inc increased its stake in Daewoo Shipbuilding to 5.57 pct from 4.42 pct, according to co's regulatory filing on Thursday. The stake purchase by the U.S. investment firm underlines its positive outlook for the shipbuilding industry, says Um Kyung-a, an analyst with Shinyoung Securities.Reporting by Heekyong Yang

Daewoo Shipbuilding & Marine Engineering says it signs $273 mln order.Daewoo Shipbuilding & Marine Engineering Co Ltd says has signed an order worth 306 billion won ($272.51 million) for three oil container ships from a European shipowner. Source: Eikon:Reporting by Joori Roh

Mitsui O.S.K. Lines (MOL) announced that MOL, has entered into a preliminary agreement to supply a Floating Storage and Regasification Unit (FSRU), as well as Jetty Operation & Maintenance Services for the Hong Kong Offshore LNG Terminal Project on a long term contract. MOL will utilize the "MOL FSRU Challenger" built in 2017 with a storage capacity of 263,000m3 which remains the largest FSRU in the world today, to provide services to the Hong Kong Offshore LNG Terminal Project. The FSRU was constructed at Daewoo Shipbuilding & Marine Engineering Co., Ltd. in South Korea and is currently employed on a mid-term charter for a project in Turkey. The Hong Kong Offshore LNG Terminal Project will be located at the southern waters of Hong Kong and to the east of the Soko Islands.

Maritime Reporter & Engineering New’s Great Ship of 2017 Award was presented to Mr. Yoshikazu Kawagoe, Chief Technical Officer, Mitsui O.S.K. Lines in MOL’s headquarters in Tokyo. A full report on the world’s 3rd largest shipowner will publish soon in the pages of MR. Mitsui O.S.K. Lines, Ltd. The World’s Largest Floating Storage and Regasification Unit (FSRU Max). Japanese shipowner Mitsui O.S.K. Lines, Ltd. (MOL) in middle of October, took delivery of MOL FSRU Challenger the…

A new icebreaking liquefied natural gas (LNG) carrier jointly owned by Mitsui O.S.K. Lines, Ltd. (MOL) and China COSCO Shipping Corporation Limited (China COSCO Shipping) loaded its first cargo at the Yamal LNG plant in northern Russia. The 299m, 172,000m3 Vladimir Rusanov conducted it is first loading for Yamal LNG at Sabetta port on March 27 and 28. Vladimir Rusanov left South Korea’s Daewoo Shipbuilding & Marine Engineering Co., Ltd. (DSME) Okpo shipyard after her naming ceremony in December 2017 and headed to the Arctic Ocean through the Suez Canal for three weeks of ice trials.

South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co Ltd (DSME) has won a 394 billion won ($368 million) order for two liquefied natural gas (LNG) carrier vessels from an unnamed firm, Yonhap reported. The shipbuilder is expected to deliver two 170,000 cubic meter capacity LNG carriers to an owner in the Oceania region by September 2020, according to Yonhap.

MOL FSRU Challenger is Maritime Reporter & Engineering News' Great Ships of 2017. The World’s Largest Floating Storage and Regasification Unit (FSRU Max). Japanese shipowner Mitsui O.S.K. Lines, Ltd. (MOL) in middle of October, took delivery of MOL FSRU Challenger the world largest floating storage and regasification unit (called FSRU Max vessel) from South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co., Ltd. The state-of-the art FSRU Max vessel has a variety of valued functions…

Mitsui O.S.K. Lines (MOL) has announced that a naming ceremony for the MOL FSRU Challenger was held at the Okpo shipyard of Daewoo Shipbuilding & Marine Engineering Co., Ltd.in Korea on September 28.This is the first FSRU for MOL to independently build, own and operate. Many Guests were invited to witness the naming of our FSRU as the MOL FSRU Challenger. The MOL FSRU Challenger will provide storage and regasification services to a project in Turkey after delivery during October. Operation is slated to commence within 2017. The MOL FSRU Challenger has a LNG storage capacity of 263,000m3 and has LNG re-shipment and gas transfer capabilities. Its specifications allow for the re-export of LNG and supply of LNG to neighboring regions where the vessel is located.

South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd posted its first quarterly profit in more than four years on Thursday, as on-time delivery of higher-margin vessels as well as cost-cutting measures helped the bottom line. The world's largest shipbuilder in terms of orderbook reported an operating profit of 292 billion won ($257.57 million) for the January-March quarter, compared with an operating loss of 38 billion won a year earlier. Revenue came in at 2.8 trillion won, compared with 3.5 trillion won a year earlier. Renegotiating the terms of some offshore facilities, and continued asset sales and cost-cutting measures helped the shipbuilder to book its first quarterly profit since the fourth quarter of 2012, according to a revised account, the company said.

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. The meetings came shortly after the shipbuilder won the approval of its biggest bondholder, the National Pension Service. "We will normalise the company as soon as possible through bone-grinding effort…

Debt-to-equity swap plan is condition of $2.6 bln bailout. South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd on Monday won near unanimous approval for a debt-to-equity swap plan in the first three of five bondholder meetings, as the world's largest shipbuilder battles to stay afloat. The votes were held hours after Daewoo's biggest bondholder, the National Pension Service (NPS), said it had agreed to the proposal. That move made it likely other bondholders would follow suit, creditor bank officials said, allowing the shipbuilder to meet conditions of a $2.6 billion bank bailout. The shipbuilder has been pushed to the brink by the impact of historically low oil prices, which caused delays in payments for complex offshore facilities.

South Korean state banks are preparing a fresh $2.6 billion bailout for floundering Daewoo Shipbuilding & Marine Engineering Co Ltd, which has built up huge losses from offshore projects and risks missing debt repayments. Daewoo, Hyundai Heavy Industries and Samsung Heavy Industries are South Korea's top shipbuilders - a massive economic force and a source of national pride. But they slipped into the red in 2015 amid a commodities downturn and bleak trade volumes, prompting cost cuts and asset sales. Of the three, Daewoo's situation is the most difficult.

Liebherr’s ship crane department has secured orders to equip 15 new vessels of the South Korean shipyard Daewoo Shipbuilding & Marine Engineering Co., LTD (DSME) with one ship set of four units type CBW 2100 each. That means a summarized order volume of 60 Liebherr ship cranes. The 15 ordered and identical vessels are liquefied natural gas (LNG) carriers with a capacity of 172,600 cubic meters and a total length of 299 meters. They are specially designed and adapted for the extreme environmental conditions around the Russian peninsula Yamal.

The world’s first icebreaking liquefied natural gas (LNG) carrier, Christophe de Margerie, has berthed at the gas terminal at Sabetta Port in Russia, becoming the first vessel to do so. Built by Daewoo Shipbuilding & Marine Engineering Co., Ltd. (DSME) in South Korea, the tanker was designed to order for SCF Group, specifically to serve Russia’s Yamal LNG project, and transport LNG year round in the difficult ice conditions of the Ob Bay and Kara Sea. On March 30 the vessel’s master…