STX continues to rise

South Korea's STX Offshore & Shipbuilding seems to continue its improvement on business performance in the second half of this year, being indebted to normalization of its overseas yards.

According to STX O&S's earnings results for Q2, operational margin went up to 4.7% by 0.4%p from Q1, despite declines of other Korean shipbuilders', and net profit made a turnaround to KRW 134.1bn ($126.3m) from net loss.

Analyst Uhm Kyung-Ah, Shinyoung Securities, forecast, "Improvement in Q2 owes to increased profitability by shipbuilding experiences and rise in turnover from overseas yards. Uptrend would last into next year."

During the second half, total revenue is anticipated to go up due to increasing deliveries from yards abroad.

Shipbuildings in H2 plans to up by three ships to eight from STX Dalian and by five vessels to a total of 15 from STX OSV. Also, STX Europe helps turnover to grow since cruiseship ordered last year began construction since Jan 2011.

Researcher Lee Seok-Jae, Mirae Asset Securities, forecast, "As STX Dalian's delivery expects to grow, overall earnings of STX O&S would also be improved. Furthermore, STX Finland yards turning around from net loss, operating profit would continue to increase."

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Sungdong wins LRⅠ pair

South Korea's Sungdong Shipbuilding & Marine Engineering has won an order for two 74,000-dwt products carriers from Greek owner. 

Navios Maritime Holdings placed an order for two LRⅠ tankers after it inked two such vessels back in 2006. 

Delivery is set for September and October 2012 while newbuilding prices unrevealed. 

Sungdong's LRⅠ order award is first in a couple of years as the ship type newbuilding demand plunges since 2008. 

Meanwhile, the Greek shipowner is aggressively expanding its tanker fleet. In April last year it bought 11 PC newbuildings and two chemical carrier newbuildings. Later that year it purchased two LRⅠ newbuildings and acquired two MR ships in June this year.

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STX continues to rise

South Korea's STX Offshore & Shipbuilding seems to continue its improvement on business performance in the second half of this year, being indebted to normalization of its overseas yards.

According to STX O&S's earnings results for Q2, operational margin went up to 4.7% by 0.4%p from Q1, despite declines of other Korean shipbuilders', and net profit made a turnaround to KRW 134.1bn ($126.3m) from net loss.

Analyst Uhm Kyung-Ah, Shinyoung Securities, forecast, "Improvement in Q2 owes to increased profitability by shipbuilding experiences and rise in turnover from overseas yards. Uptrend would last into next year."

During the second half, total revenue is anticipated to go up due to increasing deliveries from yards abroad.

Shipbuildings in H2 plans to up by three ships to eight from STX Dalian and by five vessels to a total of 15 from STX OSV. Also, STX Europe helps turnover to grow since cruiseship ordered last year began construction since Jan 2011.

Researcher Lee Seok-Jae, Mirae Asset Securities, forecast, "As STX Dalian's delivery expects to grow, overall earnings of STX O&S would also be improved. Furthermore, STX Finland yards turning around from net loss, operating profit would continue to increase."




Published : September 2, 2011

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Daewoo to win LNG-FPSO

South Korea's Daewoo Shipbuilding & Marine Engineering (DSME) establishes a joint venture for Papua New Guinea (PNG) gas field project in the beginning of Sep. DSME E&R, DSME's affiliated company specialized in resources development, plans to sign a shareholder's agreement with Petromin, a state-owned oil company in PNG, and Norwegian shipowner Hoegh LNG. The three companies are to establish a Singapore-based joint venture and would discuss final details about investment fund, equity holdings, project operation, etc. Then, the main operator will be decided and discussions on ordering for LNG-FPSO newbuildings are set to proceed. DSME E&R, a proposer of the project, is predicted to be the main operator, Petromin would be in charge of government approval and set up of operational/legal environment in PNG. While Hoegh LNG would manage design and technology of LNG regasification and fleet operation. President Nam Sang-Tae from DSME said on Aug 29 that DSME is looking forward to winning newbuilding order for LNG-FPSO worth around $2bn as early as Q1 2012. JV company is scheduled to sign master agreement with DSME for LNG-FPSO newbuilding, to be put in PNG LNG project, in Q1 2012. The project is to produce yearly 3m-ton of LNG for 20 years from 2016 and is predicted to create revenue totaling $14bn during the period.

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Published : September 1, 2011

Capesize rates recover

Average capesize time charter rates reaches their highest level this year of $19,610 per day. The Baltic Exchange reported that J. Aron, the commodities division of Goldman Sachs, had paid $20,500 per day to charter the 2011-built, 177,830 dwt Brave Hunter from Rotterdam for a spot trip via Colombia to load coal and redeliver the vessel back in Europe. Other charterers reported as taking vessels in the Atlantic, were Classic Maritime taking the 2010-built, 180,316 dwt Orient Vesta for $19,000 per day for two laden legs within the basin, and commodities giant Cargill taking a Cosbulk relet vessel - the 2009-built, 177,935 dwt Anangel Argonaut at $17,850 per day for a voyage loading coal in Colombia. Norwegian broker Fearnleys said on Wednesday that the sun was “again shining” on the capesize market as increased spot cargo volumes across both basins resulted in the “dramatic” improvement in rates. Published : September 1, 2011

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IHIMU develops LNG-fueled 10,000TEU

IHI Corp. said Wednesday that it has developed a low-emission 10,000TEU containership concept design that can run on liquefied natural gas in addition to the conventional fuel of heavy oil. The vessel's engine can take either heavy oil or LNG. IHI used proprietary technology SPB(Self-supporting Prismatic Shape IMO Type B) to keep the LNG tanks small as a way of maximizing container transport capacity. When running solely on LNG, the ship produces no sulfur oxides and emits 80% less nitrogen oxides than a comparable heavy-oil-powered vessel, according to the firm. Shipbuilders have been designing environmentally friendly vessels in preparation for the planned introduction of international emissions regulations for ships in 2016. Kawasaki Heavy Industries and Kawasaki Kisen Kaisha are developing vessels that use LNG as fuel. But LNG-powered ships suffer the drawback of higher initial costs than oil-powered vessels. IHI intends to market the new containerships at home and abroad by promoting their lower operating costs over the long term compared with ships that run on oil alone. Published : September 1, 2011

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CFRP propeller in limelight

Japan's Nakashima Propeller started development of its marine propeller with carbon fiber reinforced plastic (CFRP). Current raw material for ship propeller is copper, however, its price tag going up and heavy weights suggest to find substitute. CFRP, which has about one fifth of copper specific gravity, is preferable in increasing 3% of fuel efficiency and enabling easier exchanges.   Also, with enhanced corrosion resistance and suppress cavitation, CFRP propeller seems in great demand from vessels avoiding cavitation, such as submarine, research vessel, etc. Targeting commercialization in two to three years, Nakashima already conducted experiments in application to ships and is collecting data. Also it plans to accumulate related technologies, such as material testing, heat treatment, etc. Nakashima Propeller, the largest marine propeller manufacturer in Japan, reached JPY 21.1bn ($275m) of turnover for 2010-2011 fiscal year (Apr 2010-Mar 2011), taking 70% of propeller market. Published : September 1, 2011

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HHIC-Phil in $1bn expansion

Hanjin Heavy Industries & Construction-Philippines (HHIC-Phil), the country's largest shipbuilder, announced that it will undergo a USD1 billion program designed to accomodate shipbuilding offers that may come from the Malampaya exploration activities, Positive News Media Philippines reports.

It said it has already reserved an additional 150 hectares of land to expand its Subic shipyard facility as part of its USD1 billion expansion activity.

Under the expansion plan, 100 hectares — falling under the shipyard development’s Phase 1-2 — will be dedicated for dry-dock 6 while the remaining 50 hectares will be for fabrication of materials for the Malampaya platform.

From now until 2015, HHIP has 31 new buildings for delivery. At the end of the month, it will deliver its 24th ship, bulk carrier MV Houheng II to Heugh Industries of Hong Kong.

As this developed, Subic Bay Metropolitan Authority administrator Armand Arreza said HHIP’s Cagayan De Oro plant (Southern Philippines) is on hold and that the company will instead focus on its Subic yard while waiting for results of its engineering, procurement and construction bid for Phase 2 of the Malampaya natural gas project.

“Even before the Malampaya II project, HHIP already expressed their intention to expand their yard in Subic,” Arreza stressed.

“However, with the Malampaya project, we now expect that the expansion would be accelerated and result in big investments for SBMA. HHIP is also looking at setting up all other support industries for the platform project to be housed in Subic.”


Published : August 31, 2011

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