Friday, July 15, 2011

Samsung wins Golar LNG-RV

Golar LNG has confirmed another LNG-carrier newbuilding at Samsung Heavy Industries in South Korea, bringing its tally to seven firm ships.

Sources say the company signed the contract early this month and hint that this time it has opted for an LNG regasification vessel for 2014 delivery.

This has led to speculation among industry players that Golar is closing in on business to provide Brazil’s Petrobras with a large floating storage and regasification unit (FSRU).

The owner, controlled by John Fredriksen, is also said to be intent on firming up a second option at the yard.

The latest order gives Golar — which raised over $300m to fund its expansion drive from an initial public offering (IPO) for new arm Golar LNG Partners in May — one of the largest hauls of seemingly speculatively ordered LNG ships.

The owner was quick off the blocks earlier this year, inking in four dual-fuel diesel-electric (DFDE) sisters at Samsung. Golar later confirmed a further two. It is said to have been playing Samsung off against rival shipbuilder Hyundai Heavy Industries in trying to secure the best deal. Four of the six vessels are set for 2013 handovers with the other two and now this latest one set to arrive in 2014.

The contracts include options to add ice-strengthening, winterisation features and regasification kit. Rumours circulating in the market suggest at least one of the vessels has already been earmarked as an FSRU.

Published : July 15, 2011

Source: Asiasis


STX launches the largest VLOC

STX Offshore & Shipbuilding held a launching ceremony for the world's largest 400,000-dwt very large ore carrier (VLOC) at its Jinhae shipyard in South Korea on July 14th.

The VLOC, ordered by STX Pan Ocean, has a length of 361m, a breadth of 65m and a height of 30.5m with a cruising speed of 14.8 knots.

The ship was developed, designed and built by STX O&S. It has increased cargo hold's capacity by more than 20% and can load 40,000 tons of cargoes more than existing same-class ship.

The newbuilding has Straight Line Bow rather than Bulbous Bow. STX explains that ultra-large ship over 400,000 dwt is more efficient with Straight Line Bow than with Bulbous Bow.

It is also fitted with high-capacity ballast water treatment system and TIER-Ⅱ engines.

Published : July 14, 2011

Source: Asiasis

Wartsila wins dredger engine

Finnish engine builder Wartsila is celebrating the award of a series of orders to supply propulsion equipment to companies in both the Netherlands and China.

In total, the Helsinki-based company will supply engine and propulsion equipment to three projects for five dredgers, which are all set to become operational over the next two years.

The first deal will see Wartsila provide engines and fixed pitch propellers (FPP) to Rotterdam-based dredging and marine contractor Van Oord.

Under the arrangement Wartsila will provide equipment installation for the Artenius, which is the second of two large self-propelled cutter suction dredgers being constructed by Van Oord at the IHC Dredgers shipyard in Kinderdijk, which is 15km to the east of Rotterdam in the Netherlands.

The Artenius is expected to become operational in the third quarter of 2012 and, according to Wartsila, it requires the use of “very powerful engines” with a “quick response and high reliability”.

Wartsila will also provide equipment for Van Oord’s dredger Athena (built 2011). Both vessels will be equipped with three Wartsila 6L46F engines, and will feature Wartsila FPPs. Wartsila is also currently negotiating with Van Oord about a Dynamic Management agreement.

On top of its work with Van Oord, Wartsila has also received an order for two Wartsila 16V32 engines, propulsion equipment and systems for a hopper dredger currently being constructed by Chinese shipyard Nantong Gangzha Shipping Manufacturing. The dredger is scheduled to be fully operational by the third quarter of 2012.

In addition, Wartsila has also received an order from the Tianjin Dredging Company (TDC), which is part of the state-owned CCCC Group, to provide propulsion packages for two dredgers being currently built. These vessels are excepted to be in operation by the beginning of 2012.

The work with TDC will build on the existing arrangement between the two companies, with Wartsila having provided engines for three other jumbo hoppers.

Published : July 14, 2011

Source: Asiasis

Thursday, July 14, 2011

Samsung buys stake in equipment maker

Samsung Heavy Industries Co., an Korean shipbuilder, said Wednesday that it has signed a deal to buy a stake in a local power plant equipment maker for 41.5 billion won (US$39 million).

In a regulatory filing, Samsung Heavy said it now holds a 27 percent stake in SeenTec Co., becoming the largest shareholder in the power equipment maker.

Published : July 13, 2011

Source: Asiasis


Keppel delivers Rowan rig

Singapore’s Keppel Fels delivered its third and final KFELS N-Class jack-up rig to Houston-based Rowan.

The jack-up rig Rowan Norway was successfully delivered to the rig owner and will be transported to Dundee using the OHT Hawk heavylift vessel, according to London-listed junior Xcite Energy.

The rig will undergo final testing in Dundee before being crewed and equipped for deployment on Xcite’s Bentley heavy oil field in the UK North Sea.

Xcite signed a deal with Rowan earlier this year to charter the rig for an initial 240-day period on a day rate in the low $250,000s.

The KFELS N-Class design is the largest type of jack-up constructed in Singapore and can operate in water depths of up to 500 feet and is capable of drilling to a depth of 35,000 feet.

The Rowan Norway is the third KFELS N-Class jack-up to be delivered to Rowan from Keppel following the successful delivery of the Rowan Viking and the Rowan Stavanger.

Published : July 14, 2011

Source: Asiasis

Wednesday, July 13, 2011

Who benefits?: Emission rule

South Korean shipbuilders are forecasted to benefit the most, when international regulations on greenhouse gas emissions take effect.

If the 62nd Marine Environment Protection Committee (MEPC) of the International Maritime Organization (IMO), being held from July 11th, passes bills for reducing greenhouse gas emission, South Korean shipyards would be the biggest beneficiaries, Seoul-based Dongbu Securities believes.

The securities house reported, "South Korean shipbuilders have been prepared for the regulations to proactively dominate shipbuilding market in the future. Thus, if gas-emission related regulation bills are passed, South Korean yards with state-of-the-art technical expertise will strengthen its competitiveness with high technology."

Meanwhile, the 62nd MEPC conference is to be held in IMO headquarters in the UK until July 15th. Bills for greenhouse gas agreement, which was rejected in last meeting in opposition of developing countries, including China, will be discussed again.

Published : July 12, 2011

Source: Asiasis


HMM in 12,600TEU order talks

Hyundai Merchant Marine is said to be in talks to order five new 12,600-teu large containerships with South Korean shipbuilders.

Delivery is reportedly set for 2013 and a contract is to be signed as early as next month, industry sources say.

Meanwhile, HMM is scheduled to receive delivery of five 12,600-teu ships next year on long-term charter contracts with Greece's Danaos which booked the newbuildings at Hyundai Samho Heavy Industries back in 2007.

Published : July 13, 2011

Source: Asiasis

China ship exports near $20bn

Chinese shipbuilders have exported ships worth near $20bn in the first half of the year.

China Customs revealed during the first six months Chinese shipyards exported $19.3bn worth of ships, soaring 47% against the same period of last year.

In June the figure stood at $3.3bn, up 27%.

Bulkers, tankers and boxships occupied 81% of the entire exported ships during January-June period, and bulker exports came in at $9.7bn, taking 50% of the total export-ship value.

Zhejiang province-based shipyards exported $4.1bn ships, taking the No. 1 position, followed by Jiangsu and Shanghai yards.

During the same period Chinese imported $1bn worth of ships, up 41% year-on-year, with June figure totaling $370m, increasing 128%.
Chinese mainly imported scrap vessels and floating structures followed by bulkers and dredgers.

Chinese shipyards have a large orderbook and the export of ships is expected to continue to grow in the latter half of the year but the growth is forecast to get slower.

Published : July 13, 2011

Source: Asiasis

Tuesday, July 12, 2011

5-Month Straight ‘No. 1‘

South Korean shipbuilders bagged new ship orders for 33 vessels of 1.7m cgt in June, while Chinese clinched 39 ships of 1.09m cgt in the month. With this, South Korea ranked 1st by new ship orders worldwide for the fifth consecutive month since February this year.

According to Clarkson Research Services, South Korean shipyards inked $6.1bn newbuilding orders while Chinese rivals penned just $1.8bn last month.

During the first half of the year South Korean yards won 8.92m cgt of new orders for 224 ships, taking 53.2% of the global orders of 16.77m cgt during the January-to-June period. Chinese builders signed 5.17m cgt for 258 ships during the same period.

In terms of order value, Chinese scored $8.8bn in the first six months, only around one fourth of $31.4bn inked by South Korean yards.

With the latest order surge, South Korean shipbuilders' combined orderbook has increased to 43.94m cgt as of the end of June, occupying 32.8% of the global tally. Chinese newbuilding backlog stood at 51.44m cgt.

From the beginning of the year South Korean shipyards swept newbuilding market for large containerships, LNG carriers and drillships.

South Korean big three shipbuilders, Hyundai, Samsung and Daewoo, won 21 drillship orders of a total of 28 drillships ordered during the first six months. Seven drillships were booked at Brazil's Estaleiro Atlantico Sul (EAS) shipyard by the country's state-owned energy major Petrobras.

The South Korean Big 3 and STX Offshore & Shipbuilding also scored 25 LNG carrier orders of a total of 29 LNG carriers booked during the first half of the year.

Published : July 12, 2011

Source: Asiasis

Source: Asiasis


ABG builds offshore platform

ABG Shipyard is looking to enter the platform building segment for oil exploration in offshore areas.

It is scouting for partners with experience and expertise.

The platforms are permanent structures for oil and gas drilling.

It is a structure next to which a jack-up rig is placed and drills.

Dhananjay Datar, executive director and chief financial officer of ABG, said: “We are studying the business.” He said its size in India was Rs 15,000 crore (yearly) and exploited by foreign shipping companies, as apart from one Indian infrastructure and engineering major, no one else was making those.

Adding: “We are looking to tie up with another company, as it’s a tender-based business and for the pre-qualification, the company must have built platforms earlier. So, we need to partner with an expert in this field to get a foothold.”

He confirmed ABG was in talks with international companies for this. “We thought about entering into this business six months ago and, initially, even if we do a business of Rs 3,000 crore, it’s a great addition to the company’s revenues,” he explained. The company’s aim, for now, is to gather a business of at least Rs 5,000 crore from this segment.

Added Datar: “There is not much investment required in this business, as we already have a yard. For some new equipment, we might need Rs 400 crore but that hasn't been finalised. The profitability of this new business is also good. We are looking at around 22-23 per cent margin from this.”

The current order book for ABG is Rs 14,900 crore. Of which, it has Rs 4,500 crore worth of orders for 38 dry bulk carriers. The company is also building four rigs worth Rs 4,200 crore. Another Rs 970 crore of orders are for the defence sector, which it got recently. The rest of the orders are from the offshore segment.

Published : July 12, 2011

Source: Asiasis


Offshore Wind Blows to ‘Big 3‘

South Korean large shipbuilders are proceeding with business diversification into the wind turbine sector.

According to data from the Korean Intellectual Property Office, local patent applications in the wind power generation sector surged from 71 in 2002 to 669 last year, with the annual growth of 104% on average.

Particularly, shipbuilders have been aggressively entering the onshore and offshore wind turbine sector since 2007.

Samsung Heavy Industries, Daewoo Shipbuilding & Marine Engineering and Hyundai Heavy Industries applied for just two patents in 2007 in the wind turbine arena but the number soared to 55 last year.

The big three shipbuilding companies are especially eyeing an entry into the offshore windfarm market with an advantage of their accumulated technology for ships and offshore structures.

They applied for six patents for offshore wind power generation for the first time last year.

An official from the Korean Intellectual Property Office said, "South Korean shipbuilders have ample state-of-the-art technologies for ship propellers, engines and offshore structures which are very similar to wind turbine blades and tower parts, and they are striving to enter the offshore wind turbine sector, rather than squeezing into the onshore wind power market currently dominated by European companies."

Published : July 12, 2011

Source: Asiasis

Source: Asiasis


Monday, July 11, 2011

Korea orders exceed 50% of total

South Korean shipbuilders swept more than half of global newbuilding orders in the first half of the year.

And South Korea took over China's status as the world's leading shipbuilding nation by new orders in the first half by securing more deals for large, value-added vessels including 18,000-teu ultra-large containerships.

Clarkson Research Services said that South Korean shipyards secured orders for 224 vessels totaling 8.92 million compensated gross tons (CGTs) in the January-June period, accounting for 53.2 percent of the global total of 16.77 million CGTs.

The amount exceeded the 258 ships with a combined 5.17 million CGTs clinched by Chinese shipyards.

Clarkson Research also said the value of new ship orders won by South Korean shipbuilders reached $31.4 billion, compared with $8.8 billion for its Chinese rivals.

In 2003, South Korea became the world's top shipbuilding nation by outstripping Japan in three key categories: shipbuilding volume, order backlogs and new orders.

But Chinese rivals outpaced South Korean shipyards in the number of new orders received and order backlogs in 2009 and 2010 as they gobbled up new orders at cheap prices.

South Korean firms, however, have continued to focus on high-priced vessels such as liquefied natural gas (LNG) carriers, ultra-large containerships and offshore facilities.

In the first half of this year, four South Korean shipyards -- Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering, Samsung Heavy Industries and STX Offshore & Shipbuilding -- bagged new orders to build 25 LNG carriers, out of the total 29 orders placed worldwide during the period.

Published : July 11, 2011

Source: Asiasis


HI Investment inks 21 newbuilds

South Korean financial entity HI Investment & Securities has booked 21 newbuildings at three Asian shipyards since it was acquired by Hyundai Heavy Industries Group in 2008.

The vessels are on the back of charter contracts and on a speculative basis.

Hyundai Samho Heavy Industries, Hyundai-Vinashin Shipyard and Jiangsu Hantong Ship Heavy Industry are the yards involved.

Hyundai-Vinashin, a joint venture between Hyundai Mipo Dockyard and Vietnam's Vinashin, is building seven bulkers for the Seoul-based investor — a trio of 82,000-dwt kamsarmaxes, two supramaxes and two 36,000-dwt handymaxes.

They will be delivered between the second half of this year and the end of 2012.

At Hyundai Samho, HI Investment has booked three post-panamax containerships of 4,500 teu for delivery in 2013. They are said to have cost around $65.5m each.

Market sources say Hanjin Shipping has bareboat chartered the three boxships for seven years.

As for the newbuildings at Jiangsu Hantong in China, HI Investment is said to have booked 10 Hantong Dolphin-type bulkers of 57,000 dwt for delivery in 2012 and 2013.

Published : July 11, 2011

Source: Asiasis

Hyundai continues hyper-growth

South Korea's Hyundai Heavy Industries is forecast to continue improving business results in the second quarter.
Increase in penning new orders for offshore plants and other newbuildings, such as drillships, FPSOs, LNG carriers and containerships, has boosted Hyundai's performance.

According to Yonhap Infomax, sales and operating profit of Hyundai are estimated to be around KRW 6.48trn ($6.17bn) and KRW 950bn each for the second quarter, up 21.5% and 23.3% each from the same period a year earlier.

On K-IFRS stand-alone basis, revenue and operating profit are estimated at about KRW 6.63trn and KRW 978bn each, which also increased 24.2% and 26.9% each from the same period a year earlier.  

Meanwhile, Seoul-based Dongbu Securities has put Hyundai's Q2 sales at about KRW 12.8trn and operating profit at KRW 1.56trn, on K-IFRS consolidated basis.

Published : July 11, 2011

Source: Asiasis