Universal Shipbuilding Corp News

Swire Pacific Offshore (SPO) confirms it has ordered six high-specification 3,700 dwt PSVs from Universal Shipbuilding Corp in Japan The vessels will be built at USC's Keihin Shipyard and be delivered progressively from the third quarter of 2014. The orders follow-on from an order for four 5000 dwt PSVs from USC in late 2011. Mr Neil Glenn, Managing Director of Swire Pacific Offshore, said: "We are delighted to announce this additional PSV order with USC. "SPO now has 29 vessels on order and will have one of the youngest, most technologically advanced and reliable fleets in the industry - ensuring we are well aligned with the future demands of our customers." The contract includes options for a further four vessels of this type from Universal Shipbuilding Corporation (USC).

Capital Product Partners L.P. (NASDAQ: CPLP) secured long term fixed rate time charter employment with profit share arrangements for its remaining spot VLCC, the M/T Achilleas. In particular, the M/T Achilleas (297,863 dwt, built 2010 Universal Shipbuilding Corp.) has secured employment with the Partnership's sponsor, Capital Maritime & Trading Corp. ('CMTC') for a maximum charter term of up to 3 years. It will be earning a gross daily charter rate of $28,000 per day plus 50/50 profit share on actual earnings settled every 6 months for the first 12 months of its time charter to CMTC. CMTC has the option to extend the time charter employment for a second year at $34,000 per day and for a third year at $38,000 per day with the same profit share arrangements.

At the recent ABS Council meeting in N.Y., 40 prominent members of the shipping and offshore industries were elected as new members of the international classification society. The ABS Council also elected two new members to the society’s Technical Committee. “ABS governance is vested in a membership comprised of distinguished individuals drawn from the international shipping, shipbuilding and offshore industries, from academia, the insurance sector and other related disciplines,” said ABS Chairman and CEO Robert D. Somerville. Akimitsu Ashida, President, Mitsui O.S.K. Lines, Ltd. Noel L. Captain Ali M. Belhag, Chairman, GNMTC – General National Maritime Transport Co. Joseph L. Takatoshi Funada, President, Funada Kaiun Co., Ltd. Kevin M.

Japanese heavy machinery makers IHI Corp. and JFE Holdings Inc. said they have agreed to begin concrete talks on merging their shipbuilding subsidiaries, a move that would create 's biggest shipbuilder. The move comes as Japanese shipbuilders face intensifying competition from regional rivals and , the International Tribune reported. IHI and JFE will establish a committee to discuss the details of how operations of IHI subsidiary, IHI Marine United Inc., and its JFE counterpart, Universal Shipbuilding Corp., can be integrated, the companies said in a joint statement. They will also discuss production details, merger ratios and ways to stay competitive in shipbuilding operations, they said.

According to reports, Japanese steelmaker JFE Holdings Inc said it has reached an agreement with shipbuilder and engineering company Hitachi Zosen Corp to turn their shipbuilding joint venture into a JFE subsidiary. JFE will acquire an additional 34.9 percent stake in Universal Shipbuilding Corp, its 50-50 joint venture with Hitachi Zosen, for 34.9 billion yen. With the deal, JFE's stake in Universal Shipbuilding will increase to 85 percent while Zosen will hold the remaining 15 percent. JFE said the move is aimed at further increasing Universal Shipbuilding's business efficiency and profitability. Source: Thomson Financial News

Signing for new tugs: pictured (l/r) are: Peter Lee, General Manager of Semco; V. Sivarajan, Managing Director of Semco parent PSA Marine; Tokuro Takagi, Executive Officer, USC; and Tetsuro Morita, Team Leader, Newbuilding and Commercial Vessels, USC. Following up on the delivery of two 165 tons bollard pull towing/salvage tugs in early 2004, Semco Salvage & Marine Pte Ltd has taken a step in renewing and enhancing fleet capability. The PSA Marine subsidiary has signed with Universal Shipbuilding Corp (USC) of Japan for two 150 tons towing/salvage tugs (with an option for a third). The contract was signed by V. Sivarajan, Managing Director of PSA Marine, and Peter Lee, General Manager of Semco.

JFE Holdings Inc. is considering taking over Hitachi Zosen Corp.'s shipbuilding operations, which are now conducted by Universal Shipbuilding Corp., a joint venture between the two firms, sources said Saturday. The deal would mark Osaka-based Hitachi Zosen's effective departure from shipbuilding. It will instead concentrate on its mainline environment equipment and plants business to try to bolster profitability, the sources said. The acquisition is expected to accelerate reconfiguration of the domestic shipbuilding industry. Demand for shipbuilding has increased amid the strong global economy. However, domestic shipbuilders face cutthroat competition with South Korean and Chinese rivals as well as deteriorating profitability due to rising materials costs.

MISC Bhd has bought four Aframax tankers from Japan's Tsuneishi Corp for $260m. The first unit of the 107,500-deadweight tonnage (DWT) tankers will be delivered in 2009, while the rest in 2010, MISC said in a statement. It added that the continuous expansion of MISC's petroleum fleet under American Eagle Tankers (AET), supported by regional offices in London, Singapore and Houston will provide it with the critical mass to better serve its customers globally. It also took delivery of its eighth 300,397-DWT very large crude carrier (VLCC) from Universal Shipbuilding Corp of Japan for some $65m. MISC said the delivery of the VLCC, which has a capacity of carrying 340,000 cu m of crude has increased its fleet size to 109 vessels.

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.

With tall, slab sides encasing a multi-deck configuration, the pure car/truck carrier (PCTC) has a characteristically high windage factor, influencing course-keeping, maneuvering and fuel usage. A new series of PCTCs at the top end of the capacity range denotes a particular endeavor by Japanese shipbuilders to raise design performance through close attention to the aerodynamic properties of such vessels. Recently delivered into the long-haul vehicle trade patterns maintained by Mitsui OSK Lines (MOL), the 57,000-gt Courageous Ace embodies a refined form intended to lessen wind resistance and enhance fuel efficiency. Courageous Ace can load 6,400 automobiles of 'standard' size throughout its 13 cargo decks, and is the first of a trio from Minami Nippon Shipbuilding's Oita yard.