Friday, July 8, 2011

Korean sweep box & LNG carriers

   


In its latest report, Clarksons said that “the newbuilding market continues to push forward and we have been seeing further reports of new business being concluded.

These reports have, as usual, been largely dominated by the container market, specifically with the news last week from Maersk announcing they had declared the first set of 10 options for 18,000 TEU containerships.

These are set to be built at DSME, and now brings the total number of vessels ordered in this series to twenty.

As we have discussed before, the Korean yards have had a very successful 1H of the year. The resurgent interest in Containerships, Offshore and LNG markets have seen the major Korean secure much of their forward orderbooks throughout 2013, filling out their earlier capacity and allowing them the future luxury over which projects to move forward on.

This is in stark contrast to China, wherein a lack of dry bulk ordering, a staple of the yards orderbook last year, has left many yards with a pressing need to fill their forward production lines.

Whilst there have been some notable successes in winning container orders, there remains too much early capacity at both the state and private yards and as such would expect a continued softening of pricing as we move into the second half of the year” said Clarksons.



Published : July 8, 2011




Source: Asiasis
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Hanjin kickstarts recovery




Long-waited new order for South Korea's Hanjin Heavy industries & Construction has been achieved and this is expected to boost once depressed order.

Researcher Park Min, Korea Investment & Securities, forecasted that Hanjin will recover from this second half of the year when newbuilding work officially begins.

He also emphasized that new order will be continued focusing on containership, LNG carrier and specialized ship with its advantage of more room in yard slots.

Choi Won-Kyung, researcher from Kiwoom Securities, prospected that Hanjin's new order will move into high gear after 3rd quarter, saying "It has resumed to win order for containership and other handy ship are also expected to make contracts. More importantly, it is possible that owners who want to have early delivery will look for Hanjin, which has the edge in early delivery with low newbuilding orderbook."

Also, an analyst Seo Jung-duk from Meritz Securities noted that it is likely for Hanjin to achieve this year's KRW 3trn ($2.8bn) goal with the help of containership market boom which is its main area.

Also, he mentioned, "in case of 2nd quarter, loss will continue with the effect of long strike, however, in terms of annual net profit, it is possible to have a small profit. And in 2012, when Youngdo shipyard will have been normalized and affiliated yard in Subic, Philippines, will have increased sales, Hanjin will be able to reach KRW 115bn of net profit.



Published : July 8, 2011

Source: Asiasis
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Hyundai wins 9,600TEU‘s



London-based Greek tanker and bulker operator NS Lemos is being linked to a $400m order for four 9,600-teu vessels at Hyundai Heavy Industries with long-term charters attached to German operator Hamburg Sud.

The deal involves four options in a series of up to 10 vessels originally ordered by Hamburg Sud four months ago for delivery from 2013 onward at less than $110m each.

Hamburg Sud wants to improve its balance sheet, having already ordered six of the expensive ships in March, and has been looking for a buyer for the optional vessels with a view to chartering them back for 10 years.

However, managing director Filippos Lemos is denying the talk.

Hamburg Sud’s original order specified ships with around 1,700 reefer plugs for delivery in 2013.



Published : July 8, 2011
Source: Asiasis
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Thursday, July 7, 2011

Hanjin hunting 13,100TEU financing




Hanjin Shipping is hoping to raise up to $200m from a convertible bond issue this month.

JP Morgan is the sole bookrunner for the deal, which is being marketed at interest of between 3.5% and 4%.

The conversion premium range will be between 20% and 25% over the 6 July closing price of KRW 24,700 ($23.23).

The company revealed last month it was planning to invest $850.6m in five 13,100-teu newbuildings.



Published : July 7, 2011

Source: Asiasis
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MMHE-Technip engineering JV

 


Malaysia Marine & Heavy Engineering (MMHE) with work with an arm of French engineering company Technip creates a new hull engineering company based in Kuala Lumpur.

The new entity, Technip MHB Hull Engineering, will provide conceptual, design engineering and front end engineering & design services to floating structures working on offshore production.

In an announcement MMHE said the new entity would help it to become a more capability-driven organisation, positioning it to become a fully-fledged engineering, procurement, construction, installation and commissioning services contractor.

MMHE, which is 8% owned by Technip, was helped in this quest after it took over the flagship yard of Sime Darby’s Energy and Utilities division earlier this year.

The new entity will be jointly controlled by the two companies, MMHE said.



Published : July 7, 2011

Source: Asiasis

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Mitsubishi modernizes Shimonoseki




Mitsubishi Heavy Industries (MHI) has completed the modernization of the shipbuilding facility at the Enoura Plant of the company's Shimonoseki Shipyard & Machinery Works in Yamaguchi Prefecture, Japan.

To mark the completion of the last in a series of modernization initiatives at the shipyard, the installation of a 300-ton suspension capacity jib crane, a ceremony took place Wednesday at the site.

With completion of the modernization program, the Shimonoseki Shipyard will further boost productivity in the construction of high-value-added vessels, such as coastal-service ferries, RORO ships, high-speed boats and special-purpose vessels, the areas in which the Shimonoseki Shipyard already has a solid track record and primarily targets domestic customers, to further strengthen its cost competitiveness.

The 300-ton jib crane and a 150-ton crane, which is also newly installed at the 186 meter (m)-long, 53m-width berth of the Enoura Plant replace four existing aged cranes.

By modernization and various work efficiency improvements, the shipyard targets to improve productivity by 15%.

The Shimonoseki Shipyard primarily targets the market for coastal-service vessels of Japanese customers and governmental-organization-use vessels and mainly competes with Japanese shipyards constructing medium-size vessels.

Through a series of modernization and various ongoing improvement activities, the shipyard will establish a structure to win orders, leveraging MHI's comprehensive technological expertise, even in a severe business environment.

Following the completion of its shipyard modernization program, going forward, the Shimonoseki Shipyard will pursue even greater efficiency in its operating structure.

The shipyard will further strengthen its competitiveness in coastal-service and special-purpose vessels, areas in which the company already has a solid track record, and focus more on vessels incorporating new high added value such as environmental friendliness.



Published : July 7, 2011

Source: Asiasis

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Wartsila signs LNG carrier maintenance



Finnish engine builder Wartsila has signed a five year maintenance deal with Ceres LNG covering six 155,000-cbm gas carriers.

Each of the LNG carriers has four Wartsila 50DF dual fuel engines with the Ceres deal lifting the number of LNG carrier propulsion systems covered by dynamic maintenance planning contracts to 80.

The programme is based on continuous monitoring of engine data allowing maintenance needs to changed to an optimised interval and service work and provision of spare parts to be better planned.

Wartsila gave no indication of the value of the deal but it is part of a focus on service and support rather than the supply of hardware technology.

Wartsila announced its largest ever long term marine maintenance deal, a five year agreement with Royal Caribbean Cruises covering 29 vessels in April

“Wartsila’s dynamic maintenance planning will enable our company and our customers to benefit from optimized availability, increased lifecycle efficiency, and reduced maintenance costs for our engines. said Sallis Theofanis, Ceres LNG's technical manager.

Piraeus based Ceres LNG is part of the Livanos shipping empire operating a GasLog and BG controlled fleet.



Published : July 4, 2011

Source: Asiasis

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Wartsila signs LNG carrier maintenance



Finnish engine builder Wartsila has signed a five year maintenance deal with Ceres LNG covering six 155,000-cbm gas carriers.

Each of the LNG carriers has four Wartsila 50DF dual fuel engines with the Ceres deal lifting the number of LNG carrier propulsion systems covered by dynamic maintenance planning contracts to 80.

The programme is based on continuous monitoring of engine data allowing maintenance needs to changed to an optimised interval and service work and provision of spare parts to be better planned.

Wartsila gave no indication of the value of the deal but it is part of a focus on service and support rather than the supply of hardware technology.

Wartsila announced its largest ever long term marine maintenance deal, a five year agreement with Royal Caribbean Cruises covering 29 vessels in April

“Wartsila’s dynamic maintenance planning will enable our company and our customers to benefit from optimized availability, increased lifecycle efficiency, and reduced maintenance costs for our engines. said Sallis Theofanis, Ceres LNG's technical manager.

Piraeus based Ceres LNG is part of the Livanos shipping empire operating a GasLog and BG controlled fleet.



Published : July 4, 2011

Source: Asiasis

Source: Asiasis
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Wednesday, July 6, 2011

China ship output value rises




The total industrial output value of China's shipbuilding industry increased 25.4% year on year to RMB 302.3 billion in the first five months of this year, according to a report released by the National Development and Reform Commission.

The figure is based on the above-scale 1,524 Chinese shipbuilding enterprises.

Of the total output value, RMB 233.7 billion was derived from ship manufacturing, up 25% year on year, RMB 35.1 billion from supporting business of shipbuilding industry, up 35.9% year on year and the remaining RMB 30.3 billion from ship maintenance, up 16.2% year on year.

In the first five months of 2011, China's shipbuilders finished 25.07 million dead weight tons of shipbuilding orders, up 6% year on year, and received 18.11 million DWT of new ship orders, down 7.8% from a year earlier. In May alone, the completed shipbuilding orders with a record 6.25 million DWT.

As of the end of May, China's shipbuilding industry saw a total 184.15 million DWT of orders in hand, declining 1.1% year on year or was 6% less than that at the end of last year.

During the period from January to May this year, the shipbuilding sector saw delivery value of exports rise 17.8% from a year earlier to RMB 128.8 billion, consisting of RMB 110.7 billion in ship manufacturing, RMB 4.1 billion in supporting business and RMB 11.9 billion in ship maintenance.

In the same period, China exported 21.23 million DWT of ships, accounting for 84.7% of the total. New shipbuilding orders for exports accounted for 73.2% of the total in the five-month period, reaching 13.26 million DWT. As of May 31, China's shipbuilding industry saw 157.08 million DWT of orders in hand for exports, accounting for 85.3% of the total.

In the first four months of this year, China's above-scale enterprises in shipbuilding industry saw revenue derived from core business reach RMB 190.1 billion, up 27% year on year, and their gross profits surged 23.8% year on year to RMB 14.2 billion.

The above-scale shipbuilders' profit margin on sales stood at 7.5% in the fourth-month period, 1.3 percentage points higher than the average in the country's shipbuilding industry.



Published : July 6, 2011

Source: Asiasis
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Korean plant orders jump



South Korean shipbuilding and heavy industries firms have won massive plant orders from abroad in the first half of the year.

The Ministry of Knowledge Economy said the country's firms, including Hyundai Heavy Industries, Samsung Heavy Industries, Daewoo Shipbuilding & Marine Engineering and STX, have won $28.3bn worth of plant orders from overseas during January-June period.

The figure is down 15.5% on the same period of last year but excluding the 'special' order for UAE nuclear plant last year, the figure is 90% higher.

Especially offshore plant orders totalled $11.9bn, already surpassing $8.6bn penned during the whole of 2010.

Of the nine mega contracts worth over $1bn each, seven deals were for offshore plants.

Samsung penned $1.9bn LNG-FPSO topside, $600m FPSO, eight drillships, Hyundai inked $1.2bn FPSO, two LNG-FSRUs and nine drillships while Daewoo scored four drillships.



Published : July 6, 2011

Source: Asiasis


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Wartsila signs LNG carrier maintenance




Finnish engine builder Wartsila has signed a five year maintenance deal with Ceres LNG covering six 155,000-cbm gas carriers.

Each of the LNG carriers has four Wartsila 50DF dual fuel engines with the Ceres deal lifting the number of LNG carrier propulsion systems covered by dynamic maintenance planning contracts to 80.

The programme is based on continuous monitoring of engine data allowing maintenance needs to changed to an optimised interval and service work and provision of spare parts to be better planned.

Wartsila gave no indication of the value of the deal but it is part of a focus on service and support rather than the supply of hardware technology.

Wartsila announced its largest ever long term marine maintenance deal, a five year agreement with Royal Caribbean Cruises covering 29 vessels in April

“Wartsila’s dynamic maintenance planning will enable our company and our customers to benefit from optimized availability, increased lifecycle efficiency, and reduced maintenance costs for our engines. said Sallis Theofanis, Ceres LNG's technical manager.

Piraeus based Ceres LNG is part of the Livanos shipping empire operating a GasLog and BG controlled fleet.



Published : July 4, 2011

Source: Asiasis
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Tuesday, July 5, 2011

Hyundai Samho scores LNG carriers

   


South Korea's Hyundai Samho Heavy Industries has inked an order for two 164,000m³ LNG carriers with Greece's Maran Gas, an LNG division subsidiary of Angelicoussis Shipping Group.

The shipbuilder said Sunday that the price for the membrane type LNG carrier is $200m per ship.

The pair is set for delivery in December 2013 and April 2014 each.

The contract includes two options and Hyundai Samho expects more orders to be firmed up.

The South Korean shipbuilder has won an LNG carrier order after a hiatus of six years, which signals an earnest recovery of LNG carrier newbuilding market.

Meanwhile, Hyundai Samho has inked newbuilding orders for 31 ships worth $3.1bn so far this year.



Published : July 4, 2011

Source: Asiasis
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