Tsuneishi Heavy Industries News

Norway-based bulk ship operator and management company Belships has signed an agreement to acquire a 58,700 dwt bulk carrier from Wenaas Shipping AS.The vessel was built at Tsuneishi Heavy Industries (Cebu), Inc. in the Philippines in 2008, informed a press note from the dry bulk owner.The agreed purchase price is USD 13.0 million, of which half will be paid in cash. The remaining consideration will be settled through a proposed issue of 8,060,650 new Belships shares to the seller of the vessel. The agreed share price in the transaction is NOK 7.00 per share.Belships expects the cash payment to be fully financed within the previously announced financing package.

The Great Eastern Shipping Company Ltd. delivered the new building Kamsarmax Dry Bulk Carrier “Jag Aakash” (81,600 dwt) to the buyers.  The vessel was contracted for sale in August 2015. The company had ordered the vessel in July 2013 at the Tsuneishi Heavy Industries (Cebu) Inc., Philippines and took delivery of the same on September 1, 2015. The Company’s current fleet (excluding “Jag Aakash”) stands at 30 vessels, comprising 21 tankers (8 crude carriers, 12 product tankers, 1 LPG carrier) and 9 dry bulk carriers (4 Kamsarmax, 5 Supramax) with an average age of 9.6 years aggregating 2.36 mn dwt. The orderbook comprises 3 dry bulk carriers and 1 product tanker.

The Great Eastern Shipping Company Ltd. (G E Shipping) took delivery of a new building Kamsarmax Dry Bulk Carrier “Jag Aakash” (81,600 dwt). The vessel was ordered by GE Shipping in July 2013 and has been built at Tsuneishi Heavy Industries (Cebu) Inc., Philippines. The said vessel was contracted for sale in August 2015 and will be delivered to the new buyers this month. (See: http://www.greatship.com/pdf/JagAakashSale.pdf) The Company’s current fleet (excluding “Jag Aakash”) stands at 30 vessels, comprising 21 tankers (8 crude carriers, 12 product tankers, 1 LPG carrier) and 9 dry bulk carriers (4 Kamsarmax, 5 Supramax) with an average age of 9.6 years aggregating 2.36 mn dwt. The orderbook comprises 3 dry bulk carriers and 1 product tanker.

India's  largest domestic ship liner Great Eastern Shipping Company today reported a 45 percent jump in its consolidated net profit to Rs 323.67 crore ($50 million) for the quarter ended June 30, on the back of higher income. Sales during April-June rose 17 percent to 947 crores versus 808.2 crores. GE Shipping's finance costs fell to 69.9 crore rupees compared with 75.3 crore rupees earlier. Segment wise, shipping sector contributed Rs 563.42 crore revenue while offshore sector contribution stood at Rs 497.44 crore. In June 2015, the company took delivery of a new building Kamsarmax Dry Bulk Carrier “Jag Arnav”. The vessel of about 81,600 dwt was built at Tsuneishi Heavy Industries (Cebu) Inc., Philippines.

The Great Eastern Shipping Company Ltd. (G E Shipping) signed a contract to sell, a new building Kamsarmax Dry Bulk Carrier “Jag Aakash” (81,600 dwt). The vessel is being built at Tsuneishi Heavy Industries (Cebu) Inc., Philippines and will be delivered to the company in August/September 2015. It will subsequently be delivered by the company to the new buyers. The Company’s current fleet stands at 30 vessels, comprising 21 tankers (8 crude carriers, 12 product tankers, 1 LPG carrier) and 9 dry bulk carriers (4 Kamsarmax, 5 Supramax) with an average age of 9.6 years aggregating 2.36 mn dwt. Excluding “Jag Aakash”, the orderbook comprises 3 dry bulk carriers and 1 product tanker.

The Great Eastern Shipping Company Ltd. (G E Shipping) took delivery of its new building Kamsarmax dry bulk carrier "Jag Arnav". The vessel of about 81,600 dwt was built at Tsuneishi Heavy Industries (Cebu) Inc., Philippines. With the inclusion of the vessel, the Company's current fleet stands at 30 vessels, comprising 21 tankers (8 crude carriers, 12 product tankers, 1 LPG carrier) and 9 dry bulk carriers (4 Kamsarmax and 5 Supramax) with an average age of 9.6 years aggregating 2.4 mn dwt. The company reported a two-fold rise in consolidated net profit at Rs 136.97 crore for the quarter ended March 31, 2015. The company's net profit in the corresponding quarter a year ago was Rs 66.84 crore, it said in a regulatory filing.

Philippine shipbuilder Tsuneishi Heavy Industries Inc plans to expand into Indonesia this year, said CEO Hitoshi Kono, adding that the firm plans to build a shipyard here. (Investor Daily) Note: Reuters has not verified this story and does not vouch for its accuracy. (Compiled by Jakarta Newsroom; Editing by Sunil Nair)

The Philippines is ideally positioned in the Asia-Pacific region to repair ocean-going & fishing vessels according to a Japanese study. The report was contained in a study on the ship building and ship repair industry of the Philippines conducted by the Japan International Cooperation Agency and the Nomura Research Institute as part of the ongoing formulation of industry roadmaps by the [Philippine] Department of Trade and Industry reports the Manila Bulletin. Based on the study, the Philippines has the right ingredients to become a ship repair hub with strengths that include an inland sea, bay and deep seashore, abundant labor and legalized fiscal incentives.

Globus Maritime Announces the Delivery of the Supramax "Sun Globe," Expanding Fleet to Seven Vessels. Globus Maritime Limited ("Globus" or the "Company"), (NASDAQ: GLBS), a dry bulk shipping company, announced that it has taken delivery of the M/V "Sun Globe," a 2007-built Supramax dry bulk carrier it acquired for a purchase price of $30.3 million, which the Company had previously announced in March 2011. The M/V "Sun Globe" was built at the Tsuneishi Heavy Industries Cebu yard and has a carrying capacity of 58,790 DWT. Following delivery, the vessel will continue her deployment under a time charter to Cosco Qingdao at the gross daily rate of $16,000 until (min) January / (max) March 2015.

NORAC, a supplier of marine interior systems, has decided to expand its offerings into marine furniture by securing a majority stake in Nordic Marine Furniture, a quality furniture and fittings company dedicated to merchant shipping and offshore installations. Nordic Marine Furniture (NMF) has signed an agreement with Philippine-based furniture and interior company, T&H Furnishing Industries, owned by the Japanese corporation, Tsuneishi Heavy Industries, for the supply of standard and customised products. Additionally, NMF has established NORAC as the global, exclusive distributor of its product line. NMFs product line includes mess tables…

Cebu's shipbuilding industry has attracted two Singaporean firms which are planning to invest about $400 million in the fast-growing industry, a Maritime Industry Authority (Marina) official said. Marina Administrator Vicente Suazo said he will facilitate the meetings between the Singaporean investors and the National Maritime Leasing Corp. (NMLC) and the Philippine Import-Export Credit Agency (Philexim). Suazo declined to name the two Singaporean firms, but said one firm, will invest $300m and the other $100m. He said he recently went to Singapore to conduct a campaign to attract foreign investments in the country's shipping industry.

Höegh Autoliners is set to take delivery of nine new RoRo vessels in 2007 and 2008 boosting the carrying capacity of its fleet. The company signed orders for two more large flexible Pure Car Truck Carriers (PCTC) from Daewoo Shipbuilding in 2009. The vessels' carrying capacity will be some 6.100 cars and 11 similar ships have now been ordered from Daewoo. The newbuildings will be registered in NIS. Höegh Autoliners has added 11 new vessels to its fleet the last three years, and the additional 11 vessels now under construction will boost the carrying capacity further. Shipyards that are building car carriers are generally well covered with orders, and access to building capacity is important.

Cebu-based shipbuilding company Tsuneishi Heavy Industries Cebu Inc. (THICI) has committed to invest US$ 100 million or roughly P5 billion in the expansion of its shipyard in Balamban town in Cebu's western seaboard. THICI, a joint venture between Tsuneishi Corp. of Japan, one of the world's leading shipbuilders, and Aboitiz and Co., has been building 58,000 deadweight-ton (dwt) bulk carriers since 1995. These ship were sold around the world from their Japan base. Under the expansion plans, the company would add another 86 hectares to its current work area of 40 hectares at the West Cebu Industrial Park in Balamban, Cebu. The expansion would enable THICI to build bulk carriers as big as 170,000 dwt from 58,000 dwt and almost double its production capacity from 14 ships a year to 24.

The town of Balamban in the Philippines is expected to grow further next year with the expansion of a large ship manufacturing company located in the municipality. In an interview, Aboitiz and Co. president and chief executive officer Jon Ramon Aboitiz said Tsuneishi Heavy Industries Inc. (THII) would invest some $100 million for the expansion of its shipbuilding capacity, which will begin next year. In a related development, AboitizLand chief executive officer Roberto Aboitiz clarified that the company’s plan to invest at the South Road Properties (SRP) is not yet in its final stage. But, if ever the Aboitizes decide to invest at the SRP, it would not duplicate the development at the Aboitiz-owned and managed Mactan Economic Zone (MEZ) 2.

According to reports, South Korea fell behind China and Japan in the number of shipyards ranking in the world's top 50 in terms of order backlogs as of the end of May, although seven South Korean companies were No 1 through No 7, a London-based market research firm said. Fifteen Japanese shipyards and the same number of Chinese companies were included in the world's top 50 list, while only nine South Korean shipyards made it, Clarkson Plc. said. South Korea boasts the world's top seven shipyards - Hyundai Heavy Industries Co, Samsung Heavy Industries Co, Daewoo Shipbuilding & Marine Engineering Co, Hyundai Mipo Dockyard Co, Hyundai Samho Heavy Industries Co., STX Shipbuilding Co and Hanjin Heavy Industries & Construction Co.

Reports indicate that South Korea's shipbuilders ranked No. 1 through No. 7 worldwide in terms of order backlogs for the first time ever as of the end of February, a London-based market researcher said Monday. Seven domestic shipyards' order backlogs accounted for 35 percent of the global industry's total of 107.34 million compensated gross tons (CGT), Clarkson Plc. said. Hyundai Heavy Industries ranked No. 1 worldwide with an order backlog of 10.82 million CGT, it said. Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries Co. were the second and third largest with order backlogs of 7.82 million CGT and 7.44 million CGT, it said. Industry leader Hyundai Heavy's two subsidiaries _ Hyundai Mipo Dockyard Co.

Tsuneishi Heavy Industries (Cebu) Inc. (THICI) has contributed a lot to the development of Balamban, according to a report in the Sun Star Cebu. THICI is a joint venture of Japan’s Tsuneishi Group and Cebu’s Aboitiz Group of companies. It started its operations on December 1994 with the construction of its facility in Buanoy, Balamban, Cebu. Today, THICI, including its subcontractors, employs 3,620 workers, more than 60 percent of which are from Balamban. The rest mostly come from the neighboring Toledo City and Asturias. THICI has also sent 426 workers to Japan for training. Each one of them earns about P70,000 a month. THICI is the only bulk carrier vessel builder in the country. It caters to international clients.