Friday, August 19, 2011

Samsung scores shuttle tankers





The world's largest shipbuilder Samsung Heavy Industries formally signed four 154,000-dwt shuttle tankers with Teekay Offshore Partners. 

The South Korean major shipbuilder had revealed it had won orders for five shuttle tankers last month and four of them seem to be booked by Teekay. 

The DP2 suezmax shuttle tankers are due for delivery from April to November 2013. 

Teekay signed 10-year deals with BG Group to charter out the new suezmax shuttle tankers.



Published : August 19, 2011

Source: Asiasis

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HMD, "Aggressive & Diversified"




South Korea's Hyundai Mipo Dockyard is expected to improve profitability with aggressive sales.

Researcher Kim Hong-Kyun from Dongbu Securities said, "Hyundai Mipo's revenue and operating margin for Q2 dropped 3.5% and 3% point each from the same period 2010. Lower profit is due to rise in thick plate price."

Hyundai Mipo, however, has kept the largest market share in medium-sized ships and successfully entered in high-value special ship market, such as CON-RO ships, cable-laying vessel, etc,

Kim added, "Hyundai Mipo is likely to win orders for offshore support vessels, worth over $100m per ship, in the second half of 2011. OSVs and medium-size boxships would together drive future growth."

Also, he forecast, "Newbuilding orders slowed down to $1.3bn up to now for the yard, however, Hyundai Mipo would surely achieve annual target of $3.3bn by adding up orders in H2."

Researcher Huh Sung-Deok, Hi Investment & Securities, said, "Decrease in net profit would continue during Q3 and Q4, as more low-priced ships start to roll out of the yard. However, Hyundai Mipo would keep over 9% of operating margin on IFRS stand-alone basis, by maximizing cost reduction and operating efficiency."

Huh predicted, "Shifting its strategy, Hyundai Mipo is expected to concentrate on orders for product carriers, RO-RO ships, small and medium-sized containerships segment during H2."



Published : August 18, 2011

Source: Asiasis



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Samsung keeps largest orderbook




Samsung Heavy Industries remains in the world's top position by orderbook for the fifth consecutive month.

According to Clarksons, the South Korean shipbuilder's newbuilding backlog stood at 9.74m cgt or 214 ships as of August 1st.

Daewoo Shipbuilding & Marine Engineering followed right behind Samsung with 8.25m cgt or 181 ships while Hyundai Heavy Industries placed third with 6.97m cgt or 183 ships including its Gunsan shipyard.

Samsung booked two drillships, six LNG carriers and five shuttle tankers last month.

Daewoo scored four plus two optional LNG carriers while Hyundai just inked three midsize containerships in July.



Published : August 19, 2011

Source: Asiasis








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Kogas buys Prelude, Ichthys LNG


signed liquefied natural gas supply deals worth KRW 90 trillion ($84 billion) with Shell and Total for gas from their Australian interests, the nation’s Ministry of Knowledge Economy announced.

State-run Korea Gas Corp (Kogas) will import a combined 5.64 million tonnes of LNG per annum, almost one fifth of its total demand, under the deals to be signed next month. 

Under the deal with Total, Kogas will take 2 million tonnes of LNG from the Ichthys project, 76% owned and operated by Japanese company Inpex, from 2014 to 2031. 

Kogas will also take 1 million tonnes per year of LNG from Shell’s gas fields in Nigeria and Russia from 2013 until Shell’s fully-owned Prelude project, off the coast of Western Australia, starts production between 2015 and 2018. 

When it comes into effect, Kogas will take 3.64 million tonnes of gas per year until 2035 under the contract, as well as acquiring 10% of Prelude with an additional investment of $1.5 billion, according to the ministry statement. 

South Korean shipbuilder Samsung Heavy Industries is building the land-mark LNG-FPSO for the Prelude project.


Published : August 18, 2011
Source: Asiasis



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Thursday, August 18, 2011

Maersk profit edges up





AP Moller-Maersk saw its bottom line edge up by 3% in the first half of the year.

The company banked DKK 14.54bn ($2.733m) for January to June period, edging past the DKK 14.16bn posted in the same period a year ago.

The rise trumped market forecasts as analysts had predicted profit to drop to DKK 13.93bn, according to a poll by Reuters.

Nils Andersen, CEO of AP Moller, said: "Thanks to the good performance of our terminals and oil related businesses, the group has delivered a satisfactory result for the first half-year.

“As we anticipated at the start of the year, the shipping market has been difficult, due to growing capacity, and we expect the slow economic growth and market volatility to continue for the coming quarters.”

Maersk’s container activity made a smaller contribution this time around, with profit of $0.4bn falling from $1.2bn 12 months ago.

Maersk Oil was the largest contributor to the improved bottom line at group level. The division raked in $1.2bn, up from $0.9bn a year ago.



Published : August 18, 2011

Source: Asiasis

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Hyundai scores more LNG carriers




Greek shipowner George Prokopiou-controlled Dynagas has inked contracts for two more 155,000-cbm LNG carrier newbuildings after fixing a pair of ships ordered in May this year at Hyundai Heavy Industries of South Korea.

The latest move includes exercising an option for a third ship which was included in the initial agreement with Hyundai, as well as adding a fourth firm vessel.

All four vessels are said to be designed for a cargo carrying capacity of close to 160,000 cbm, and the third and fourth units are for delivery in 2014.

Dynagas paid around $200m each for its first two HHI newbuilds three months ago and the latest pair are said to have the same price tag.

Mr Prokopiou confirmed that the new shipbuilding contracts had been finalised and that the first two units, which are due to be ready in H2 2013, are already covered with long-term charter.

The latest firm Dynagas orders bring to 23 the number of firm LNG carriers ordered by Greeks since the start of this year. There are an estimated eight or nine options in addition to this.



Published : August 18, 2011

Source: Asiasis





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Keppel seeks higher rig prices




Keppel Corp., the world’s biggest offshore oil-rig maker, said it may win higher prices because of rising raw-material costs and increasing investment in exploration.

Prices for offshore units are “moving up a little bit,” Chief Executive Officer ChooChiauBeng said in an interview in Singapore yesterday, without elaboration.

“When costs go up, prices have to go up otherwise the service provider cannot justify their existence.”

About $205 billion may be spent on deepwater projects in 2011 to 2015, 79 percent more than the previous five years, according to Douglas- Westwood Ltd., a U.K.-based energy consultant.



Published : August 18, 2011

Source: Asiasis





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Wednesday, August 17, 2011

Pipavav back to profit




Newly renamed Pipavav Defence & Offshore Engineering made it back into profit in the first quarter.

The Indian shipyard changed its name from Pipavav Shipyard earlier this year to highlight its focus on offshore and naval business.

It posted net earnings of INR 79.4m ($1.75m) to 30 June, compared to a loss of INR 97.8m in the same period last year.

Revenue climbed to INR 3.38bn from INR 1.76bn in 2010, while costs rose to INR 2.89bn against INR 1.75bn.



Published : August 17, 2011

Source: Asiasis



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HMD Q2 profit halved




On Aug 16th, Hyundai Mipo Dockyard of South Korea announced operating profit in Q2 to drop by 46.7% to KRW 113.1bn ($105.5m) on K-IFRS (Korean International Financial Reporting Standards) consolidated basis from the same period last year. 

During Apr - Jun period, turnover increased by 12.8% to KRW 1.165trn, however, net profit plummeted by 51.2% to KRW 88.6bn from Q2 2010.


Published : August 17, 2011

Source: Asiasis
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Petrobras fined on local content




Petrobras chief executive Jose Sergio Gabrielli said the company will likely be fined by the Brazilian government because it cannot prove that it met rules requiring some use of locally produced equipment. 

Petrobras had no way to document what portion of the oil-exploration equipment it used was produced in Brazil, the head of the state-controlled oil company said. 

"Petrobras will be fined because we didn't have a system in place to prove" the national content, he said. 

The government has determined that 55% to 65% of equipment used in deep-water exploration must be supplied by Brazilian companies. 

Gabrielli said that production platforms being built for the company now have between 68% and 72% of components produced locally.


Published : August 17, 2011

Source: Asiasis
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Tuesday, August 16, 2011

NOV scores $1.5bn drillship equip




Houston headquartered National Oilwell Varco reports that it has signed contracts to supply drilling equipment packages for seven drillships to Brazilian shipbuilder Estaleiro Atlantico Sul ("EAS"), including drilling riser and pressure control equipment.

The value, over the term of the deliveries, is approximately $1.5 billion.

Pete Miller, Chairman, President and CEO of National Oilwell Varco, stated "We are pleased to have been selected as the drilling equipment supplier for this prominent project, and excited to work with one of Brazil's premier shipyard companies, EAS. Brazil's extraordinary deepwater discoveries of the past several years have transformed it into one of the most significant offshore markets we serve, and one we expect to continue to grow. We are investing heavily in Brazil to manufacture more of the products and technologies National Oilwell Varco provides to our oil and gas customers, and to service the rapidly growing installed base of NOV drilling equipment in the region.

"Congratulations to our Rig Technology team in securing the largest single order in our company's 150 year history."



Published : August 16, 2011

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Source: Asiasis

ABB books $200m orders



ABB reports that in the second quarter it booked orders for a total of $200 million from Samsung Heavy Industries, Hyundai Heavy Industries, Keppel FELS and Jurong Shipyard, to supply equipment for 24 new jack-up and DP drilling vessels and one FPSO.

"This group of important orders underscores ABB's excellent reputation for delivering comprehensive, reliable solutions that help our marine customers operate at the highest levels of efficiency," said Veli-Matti Reinikkala, head of ABB's Process Automation division.

ABB's scope of supply includes complete electrical systems and related equipment such as generators, distribution switchboards, and transformers, as well as drives and motors to power the ships' thrusters and drilling systems.



Published : August 16, 2011

Source: Asiasis







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Daewoo invests in Daewoo-Mangalia



South Korea's Daewoo Shipbuilding & Marine Engineering (DSME) is to increase its investment in Romania.

It is the majority shareholder in the Daewoo-Mangalia Heavy Industries.

The other shareholder is the Romanian state.

For its share of the increased investment, the country’s president, Traian Basescu, announced that it would provide development land for shipyard expansion.

The shipyard specialises in containerships and bulkers. Its current orderbook contains four 8,600-teu boxships and six post-panamax bulkers.



Published : August 16, 2011

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Source: Asiasis

Who‘s Hyundai‘s steady customer?



South Korea's Hyundai Heavy Industries had won the largest number of orders from shipowners in Germany and Greece.

Having delivered its first ship in June 1974, Hyundai has maintained world No.1 shipbuilder in terms of handover totaling 1,670 vessels until July 2011 from its Ulsan Shipyard.

Its main customers are shipowners from Germany and Greece, having ordered and received delivery of 206 ships and 198 vessels each. Japan follows with a total of 104, rumors saying Japan chose Hyundai of high technology and quality over Japanese shipbuilders. And Denmark of 87 ships and USA of 85 come next.

Meanwhile, Hyundai had built 501 boxships, 307 bulkers, 191 tankers, 127 VLCCs, 93 PCs, 87 LPG carriers, 62 RORO ships, 37 LNG carriers, etc. These ships were delivered to 268 shipowners in 49 countries.  

Containerships, its main segment, were built the most and Hyundai completed concept design of 18,000 TEU.

The Ulsan-based shipbuilder developed LNG-FSRU, LNG-FPSO, etc. and new vessels such as ice-class ship, liquified-CO2 carrier, LNG-propelled ship, CNG·PNG carrier are also in development.



Published : August 16, 2011



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Source: Asiasis