Friday, April 15, 2011

CMA CGM seeks 16,000TEU‘s



German shipowner Claus-Peter Offen and French carrier CMA CGM appear to have agreed on an increase in the size of three vessels on order in South Korea.

Market sources suggest that CMA CGM is close to sealing an enlargement of the 12,500 teu trio to 16,000 teu.

Originally Reederei Claus-Peter Offen ordered five 12,500 teu ships from Samsung Heavy Industries, two of which were to be chartered out to CMA CGM and the remaining three to be taken over directly by the container line.

“CMA CGM knows that eventually it has to take over the ships. And now it looks as though financing has been arranged,” an industry source said.

Delivery dates for the three ships may be as late as 2014, rather than this year, as originally scheduled..

Expansion of the ship capacities can only be agreed once change of ownership has taken place.

Mr Offen is not thought to be involved in the talks with Samsung, as he does not expect to be the owner of the ships for much longer.

His pair of vessels, which were financed with the help of Commerzbank subsidiary CommerzReal, remain unaffected by the upgrade discussions, since one has already been delivered and the second is scheduled for completion this autumn.
 


Published : April 15, 2011

Source: Asiasis




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Samsung to firm up drillship options




DryShips’ subsidiary Ocean Rig is reportedly close to exercising at least two of the four additional drillship options it holds at Samsung Heavy Industries in South Korea after proceeds from a $500m bond offering poured into its growing war chest.

The 78%-controlled offshore drilling contractor priced its senior unsecured five-year bonds at 9.5%.

The proceeds bring to an estimated $1bn the amount of free cash Ocean Rig is projected to have within this year for potential fleet growth.

The bond cash follows last month’s completion of financing for its existing quartet of ultra deepwater drillship newbuilds at the South Korean yard.

As the outlook for offshore drilling brightened DryShips last November slapped down non-refundable slot reservation fees of $24.8m per vessel for the four options, the first two of which promise delivery dates of July and October 2013.

At an all-in price of $600m each, the options already look in the money following orders for two similar units at Samsung by Maersk Drilling, which appears to be paying an all-in price of about $650m for each of its vessels.

Maersk’s contracts, which are also for deliveries in the third and fourth quarters of 2013, are said by some to be the last slots for that year at the recognised ultra deepwater drillship building yards.

Ocean Rig will have until November this year to declare the third and fourth drillship options, which relate to deliveries in 2014.
 


Published : April 15, 2011

Source: Asiasis



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Samsung passes $5bn for new orders



Korea's Samsung Heavy Industries has become the second yard in Korea to hit $5bn in new orders this year, following Hyundai Heavy Industries.

Samsung has recently won an additional newbuilding order for a $600m-worth drillship from Norway's Seadrill.

With the order, Samsung has hunted five drillships, in total, so far this year with accumulated new order value coming to around $5.3bn.

This corresponds to 46% of its target for this year of $11.5bn, which gets the yard closer to its annual target.

Samsung has received 21 newbuilding orders so far this year, including six LNG carriers, five drillships, nine boxships and an offshore supply vessel.

Meanwhile, Hyundai has passed $5bn in new orders for the first time among Korean shipyards this year with winning five drillships, one FPSO, 12 boxships, one shuttle tanker and one car carrier, etc. totaling $7.1bn in worth so far this year.

Daewoo Shipbuilding & Marine Engineering has scored $3.4bn in new orders with three drillships and 10 boxships so far this year.
 


Published : April 15, 2011

Source: Asiasis



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Offshore plant orders up 54.5%



Korean yards' combined new orders for offshore plants during the first quarter came to $4.363bn, increasing by 54.5% year-on-year.

Korea Plant Industries Association (KOPIA) has announced Korea's plant industries won $12.4bn of new orders, in total, from foreign countries during the first quarter.

The figure is a 50.3% decrease compared with the same period of last year, but a 93.8% increase if the nuclear power plant order of $18.6bn placed by United Arab Emirates in January last year is excluded.

According to Korea's Ministry of Knowledge Economy (MKE), the total new order value of offshore plants accounts for 35.1% of the whole plants, which is because domestic yards centering on Korea's big three have successively won large-scale projects based on their long-time accumulated knowhow for the offshore plant and oil and gas sectors.

For instance, Hyundai Heavy Industries won a FPSO worth $1.196bn from BP in February, and Samsung Heavy Industries received two drillship newbuilding orders worth $1.101bn from an American shipowner in March.

Daewoo Shipbuilding & Marine Engineering started its new order march of this year with drillships, winning two drillship orders worth $1bn from Norway's Aker Drilling in March as Hyundai also succeeded in hunting $1bn-worth two drillship orders from Noble Drilling.

An analysis on new orders for offshore plants during the first quarter shows that an economic recovery and the trends of resource developments have boosted newbuilding orders for offshore plants, which has caused an increase in the new order share of the Americas and Europe. Therefore, the concentration of new orders in the Meddle East has been alleviated.  

Meanwhile, given that traditionally newbuilding orders are concentrically placed in the second half, and demands for energy plants are increasing thanks to high oil prices, new plant orders from foreign countries would steadily increase this year centering on the oil and gas and offshore plant segments.
 


Published : April 15, 2011

Source: Asiasis



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Thursday, April 14, 2011

Korea retakes World No.1

South Korea's shipbuilding industry has taken the world first place in new orders and new order value for the first quarter of the year, beating its rival, China.



Korea's Ministry of Knowledge Economy (MKE) and Korea Shipbuilders' Association (Koshipa) announced yesterday that the combined new orders and new order value of Korean yards for the first quarter stayed in 3.3m CGT and $12.8bn, increasing by 28.8% and 0.7% year-on-year respectively.



During the same period, China scored 1.95m CGT in new orders and $3.5bn in new order value.



When it comes to vessel terms, Korea hit 90 ships while China won 88 ships.



One official from MKE remarked, "Since container traffic is expected to increase, and resource development would be getting active in the near future, newbuilding orders for high value added ships will continue to be placed for a while."



Korea's top seven shipyards - Hyundai, Daewoo, Samsung, STX, Hyundai Samho, Hyundai Mipo and Hanjin - have won 28 boxships of over 8,000 TEU and 14 drillships, in total, during the first quarter, which is worth $10.7bn corresponding to 21% of combined annual target.



One official from MKE stated, "Ship exports are going smooth as planned, so we are going to boost an export forecast for this year by 2.3% to $51.7bn from the original of $50.5bn.



Meanwhile, the rapid progress of the large shipbuilders has caused domestic small and medium yards to see an decrease in new orders.



While the combined new order value of Korean yards for the first quarter did not show a considerable gap with $12.7bn from the first quarter of last year, the top seven yards' value increased dramatically to $10.7bn from $2.4bn.



This means that small and medium yards centering on bulkers and tankers saw a huge drop in new order value.



Meantime, the combined newbuilding output of Korean yards during the same period came to 3.27m CGT, decreasing by 20.2% year-on-year with the combined orderbook standing at 43.91m CGT, a 17% drop compared with the end of last year.



The total of export value for the first quarter improved, mainly thanks to the favorable tone of ship exports for large-sized vessels, by 67.9% versus the same period of last year to $16.5bn.



Lastly, the total of newbuilding orders placed during the period worldwide declined by 6.6% year-on-year to 6.29m CGT as newbuilding prices decreased slightly as well compared with the end of last year except for LNG carriers.





Published : April 14, 2011



Source: Asiasis

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Different outlooks on shipbuilding

The stock prices of Samsung Heavy industries, Daewoo Shipbuilding & Marine Engineering and Hyundai Heavy Industries soared sharply by 36.9%, 33.8% and 26.9% respectively from the middle of March when the shipbuilding shares started an earnest rally to the 11th of April, outweighing the price-earnings ratio of Korea Composite Stock Price Index (KOSPI) of 10.3%.

Regarding the size of a further rise in the stock prices, there are different opinions.


Lee Seok-jae, director of Seoul-based Mirae Assets, represents 'the reappearance of the shipbuilding super cycle of 2007', saying, "New LNG carrier orders would increase, and Korea's shipbuilding shares are unequaled in the sector."



Amid increasing demands for oil drilling due to skyrocketing oil prices, there are signs for high value added LNG carriers to see growing newbuild orders. Therefore, it is highly expected that Korean shipyards will enjoy a boom as good as that of 2007.



On the contrary, Song Sang-hoon, head of the research center of Seoul-based Kyobo Securities, remarks, "New order expectations for the second half had some influences on the climbed shipbuilding stock prices, so it is too late to buy the stocks now."



Jeon Jae-cheon, researcher of Seoul-based Daishin Securities, also says, "The investment in the shipbuilding shares betting on oil prices has already started since the end of last year. In the aspects of new orders, drillships will see the end in the first half, and containerships in the second half of the year, so this is not right time to suggest additional purchase," showing caution.



Another two reasons for the negative outlook on the shipbuilding stock prices are the increase in steel prices and highly expected slow performance for the second half to be affected by low-priced ships.



Choi Kwang-shik, researcher of Seoul-based LIG Investment and Securities, states, "The increased steel price will have an influence from April, which would increase shipbuilding cost by about 15%. In addition, the low-priced ships contracted as a recession breakthrough in 2010 will negatively affect the net profit for the second half."





Published : April 14, 2011



Source: Asiasis

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Hyundai has most loyal workforce



South Korea's Hyundai Heavy Industries staff serve the longest at 19.1 years on average, according to a survey of the top 100 listed companies in terms of market capitalization as of Monday.




It was followed by POSCO (18.9 years), the largest steel maker in the country.



The average length of service at the top 100 firms is 10.3 years.



The retirement age at Hyundai Heavy Industries and POSCO is 58, two or three years longer than other companies, and most of their production workers work until retirement age as their pay and welfare systems are the highest in the industry.



"Our staff are so proud that they say there's no better workplace than this," a Hyundai Heavy executive claimed.



Kim Jung-chul, a senior manager at job portal JobKorea said, "The average length of service is relatively long in conventional industries such as shipbuilding, iron and steel, and automobiles, since there are hardly any big changes in them."





Published : April 14, 2011



Source: Asiasis


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Odense shipyard bought by auctioneers


Maynards Europe GmbH and Hilco Industrial Europe (Hilco) announced their purchase of the equipment of the Odense Steel Shipyard (OSS) in Denmark.




A wholly-owned subsidiary of AP Moller Maersk, OSS is one of the largest shipyards in Europe and for decades has built some of the world’s largest container vessels, oil tankers and RO-RO ships.



“The sale of the Odense yard has valuable equipment of interest to the shipbuilding industry around the world,” stated Daniel Kroeger, Managing Director of Maynards Europe.



“The facility offers machinery that can be used in a variety of industries. We expect strong purchase interest from a wide range of end-users.” Mr. Kroeger noted that a closure like this is often a good business opportunity, allowing companies to upgrade their current assets while keeping capital purchase costs down. Equipment available ranges in value from multimillion-Euro heavy welding lines to mobile cranes.



In August 2009 the 92-year-old shipyard announced its imminent closure, citing competitive market pressure from the Far East (particularly China) and considerable annual deficits. Maynards’ European office took note, and approached OSS with an offer to liquidate the 1.1-million sq. metre facility.



Maynards and Hilco took title to the OSS assets (including the shipbuilding manufacturing lines) on April 6, and immediately began an initial sales phase entertaining offers from en-bloc purchasers and strategic end-users in the shipbuilding industry.



This will be followed by a series of multi-day auctions offering thousands of modern manufacturing, fabricating, mobile and support equipment items. The auctions will begin in June 2011 and continue until March 2012.





Published : April 14, 2011



Source: Asiasis


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Wednesday, April 13, 2011

Vyborg bags subcontract for PSV



Vyborg Shipyard, one of the largest shipbuilding companies in the North-Western Region of Russia, has signed a $15m subcontract with Arctech Helsinki Shipyard (AHS) for the construction of modules (frame structures) for two ice-class platform supply vessels (PSVs), the Russian shipbuilder press service said.


The modules are scheduled for delivery in December 2011 and for the second PSV – in Q2, 2012. AHS plans to deliver the two PSVs to Sovcomflot in the spring 2013.


The main contractor for the project is Finland’s Arctech Helsinki Shipyard (AHS), owned on parity basis by Russia’s United Shipbuilding Corporation and South Korea’s STX. Total price of the main contract, signed in December last year, is $200m.


The subcontract will help Vyborg that has faced production decline and layoffs create more jobs.


Vyborg specializes in the construction of drilling rigs for the development of marine and offshore deposits and vessels of small and medium tonnage.






Published : April 12, 2011


Source:Asiasis
 
 

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CSIC plans $1.9bn private placement




China Shipbuilding Industry Co Ltd plans to raise up to 12.5 billion yuan ($1.9 billion) by selling new shares to a select group of investors, the company said on Tuesday.
 

China Shipbuilding will issue up to 1 billion yuan-denominated A-shares in the Shanghai share sale, it said in a statement with the Shanghai Stock Exchange.



Trading in China Shipbuilding shares had been suspended since March 18. The stock was last traded at 13.19 yuan a share.







Published : April 13, 2011


Source: Asiasis


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New orders fall, S&P deals rise

Newbuilding orders appear to be on a steadily declining road after more than one year of investment frenzy. Should this trend keep growing, it could help alleviate the oversupply concerns for most ship types and market segments in the following years.


By contrast, sale and purchase activity of secondhand vessels has been rising in recent weeks.



During the past week, 24 vessels were reported changing hands, according to shipbroker Golden Destiny.



A total of $410 million was invested towards those deals, while an additional four transactions were realized on private terms.


 These figures represent a 20% increase on a weekly basis and a 60% increase compared to the same week of 2010 said the Piraeus-based shipbroker, noting that tankers and bulk carriers appear to be the most popular purchase candidates, with a share of 74% of the total activity.


In terms of invested capital, the most overweight sector for this week is the tanker segment due to strong activity in the crude sector, 11 vessels reported to have changed hands equaling a total invested capital region $227 million representing around 55% of the total invested capital.





Published : April 13, 2011


Source: Asiasis
 

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Mid-yards stretching arms


Korea's middle-standing shipyards are actively coming forward to hunt newbuilding orders following the large shipbuilders, which have recently shown rapid surges in new orders.



According to industry sources, Sungdong Shipbuilding & Marine Engineering and SPP Shipbuilding are playing an important role as a 'waist' of Korea's shipbuilding industry.





For example, Sungdong is soon to deliver its 100th newbuilding in four years since it built its first newbuild in February 2007.





One official from the yard says, "We will attain KRW 2.5trn ($2.29bn) in sales this year to remain in the world top 10 through aggressive new order activities."





The shipbuilder has recently made the first step into the offshore industry with winning high value added shuttle tankers, which have been dominated by only large shipyards.





Meanwhile, SPP currently operating three shipyards in Sacheon, Tongyoung and Gosung has lately won five new bulker orders, which is the first outcome of its planned new order activities based on the synergy effects of the M&A conducted earlier this year between affiliates and staff reinforcement for new order intake.

 


In particular, the middle-standing yard with an annual shipbuilding capacity of 45 newbuilds and sales of KRW 2trn-scale has been seeking for differentiation with domestic shipbuilding giants as well as Chinese rivals through selective and intensified new order activities for specific ship types.


For instance, the yard focused on mid-sized bulkers below 100,000-dwt class in 2006 when it first entered in the newbuilding business.



Then, its attention turned into the 50,000-dwt MR tanker as the competition with Chinese yards were getting keen and secured the world-class competitiveness in this sector, occupying 35% share in the whole newbuilding market. The yard has finally come to be the world number one shipyard for the ship type.


Plus, the shipbuilder has been very professional in delivering high-quality newbuilds on time, attracting more new orders from its old customers.





Published : April 13, 2011


Asiasis
 
 

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Six challenges facing China yards

China is doing its best to become world's shipbuilding powerhouse during the Chinese government's 12th five-year development plan from 2011 to 2015 after it succeeded in lifting itself to one of the world shipbuilding giants during the 11th five-year plan.

 
 Under the current situation, China's shipbuilding industry encounters six main challenges to overcome; ▲ uncertainty about China's and global economic development, ▲ long-lasting shortage of demand in the international market, ▲ intensified competition day by day among shipbuilders, ▲ new regulations and policies of the international shipbuilding industry, ▲ price increase in raw materials and labor cost and ▲ inflation pressure and price instability due to the appreciation of the yuan.


The concrete target of China's shipbuilding industry during the 12th five-year plan is to upgrade China's shipbuilding industry to the world best class level with CNY 1trn ($153bn) in profit and 40% market share by 2015.

 Plus, China aims to enhance independent innovation ability, to meet more than 50 of the international standards, to create world leading brand, to lead China's top 10 shipbuilders to occupy over 70% market share of China's total, to place six Chinese shipyards on the world top 10 shipbuilder list and to localize more than 80% of ship equipment and facilities.


Published : April 13, 2011

Source: Asiasis
 
 
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