Hyundai wins $23bn orders

Hyundai Heavy Industries has secured a total of $22.9bn of new order up to October this year. Its Shipbuilding and Offshore & Engineering divisions took 59% of new order with overall $13.6bn.

The South Korean builder made an official notice that its new order in the first ten months totalled $22.948bn, up by 48% on the same period in 2010.

Shipbuilding division increased to $10.1bn, Offshore & Engineering to $3.5bn and Engine & Machinery to $2.9bn, up by 167.44%, 23.71% and 47.05%, respectively.

Meanwhile, Hyundai's revenue in October recorded KRW 2.1934trn ($1.914bn), up by 13.44% on the same month last year, on the base of K-IFRS stand-alone basis (unaudited). And total revenue by October this year jumped by 14.26% to cumulative KRW 20.4619trn.


Published : November 30, 2011

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Global approach to ship CO2 emission

Industry bodies and NGOs have endorsed a market approach to pollution from ships to be applied globally.

The International Chamber of Shipping (ICS), World Wildlife Fund and Oxfam have agreed, in principle, that carbon emissions from shipping could be subjected to market-based measures as a way to curb greenhouse gases.

Peter Hinchliffe, ICS Secretary General, said: “It is in the best interests of both the environment and developing nations for shipping to be regulated via our industry regulator, the International Maritime Organization, with the same rules for carbon reduction applying to all internationally trading ships, but in a manner which respects the principles of the UN climate convention.”

Shipping accounts for under 5% of global CO2 emissions. The industry has come under increasing pressure to forge an agreement on controlling those emissions.

Published : November 30, 2011

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STX PO sells off more

STX Pan Ocean is said to have sold off three handysize vessels at soft prices.

Several brokers reported that STX Pan Ocean, South Korea’s largest dry bulk operator, had sold its 2005-built, 33,720 dwt STX Queensland and sistership STX Pioneer for approximately $19.5m each, with most reporting Thai dry bulk specialist Precious Shipping as the buyer.

These sales plumb new depths when compared to the sale of the 2006-built, 32,317 dwt Clipper Kikishio for $23.6m in September, and they are also well below VesselsValue.com’s current appraisal of the STX Pioneer at $20.64m, which still stood as high $22.38m only two weeks ago.

“With the handysize spot market being less prone to high levels of volatility, buying interest had remained high and asset values subsequently have held relatively firm,” shipbroker Gibson wrote in its weekly report. “This week’s activity however is a clear indication to the contrary.”

Several brokers also noted STX Pan Ocean has sold its 1996-built, 27,539 dwt New Accord to Thalkat Shipping of Thailand for $10.3m-$10.6m, well below VesselsValue.com’s $11.5m value estimate and an even steeper fall of almost 30% compared to the sale of its sisterships in June.

Clarksons then reported STX Pan Ocean had sold the 1996-built, 27,254 dwt New Baroness, the 1996-built, 27,259 dwt New Concord and the 1997-built, 27,254 dwt New Diamond to undisclosed Indonesian interests for $14.5m each.


Published : November 29, 2011

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Korean equip enters M&S America

South Korea's Ulsan city dispatches shipbuilding and offshore plant trade delegation to Rio de Janeiro (Brazil), Lima (Peru), etc., to develop new markets for small- and medium-sized companies.

A total of seven companies, including Cheong Gu Tech, Hyundai Lifeboats and others, compose the delegation.

Shipbuilding and Offshore related companies has made a consortium to enter into fast emerging market of Brazil.

These companies have made a successful result from consultation meeting with Brazilian buyers last month with $46.71m worth of consultation.

An official from Ulsan city said, "Cooperation of related companies would overcome financing problem and is expected to make outstanding outcome in the project."


Published : November 29, 2011

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Hyundai diversifies BWT products

Hyundai Heavy Industries pushes forward into ballast water treatment (BWT) market.

Hyundai's 'HiBallast', recently got final type approval from the Ministry of Land, Transport and Maritime Affairs, successfully removes organisms, sediments and suspended solids and sterilizes the ballast water through electrolysis.

The new BWT product with a sterilizing capability of up to 8,000㎥ a hour, has special coatings on electrodes reducing power consumption and it lengthens the product lifespan.

The South Korean shipbuilder has also approved for 'EcoBallast', which sterilize with ultraviolet rays, in March.

Hyundai now enhanced its competitiveness in BWT system market, which is forecast to have KRW 15trn ($12.9bn) of new order for four years and yearly KRW 700bn after 2016.

To prevent further marine pollution, IMO makes compulsory installation of ballast water treatment system on vessels starting to be built from 2012 and in operation from 2016.

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Technip wins topsides contract

Technip has won an engineering services contract from Samsung Heavy Industries to carry out work at Statoil’s Valemon gas and condensate field.

In an announcement, the French company said it would be responsible for design, procurement engineering and follow-on engineering support for Valemon’s fixed platform topsides.

Technip’s operating centre in Kuala Lumpur will execute the contract, which is scheduled to be completed in the second half of 2012.

While Technip did not put a value on their part of the contract, the total cost of the Valemon topsides to be built by Samsung was estimated to be Nkr 2.3 billion ($390.4 million) earlier this year.


Published : November 28, 2011

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Daewoo finalizing Petronas LNG-FPSO

Daewoo Shipbuilding & Marine Engineering and French engineer Technip are revising an LNG-FPSO FEED for Malaysia’s Petronas.

Petronas has changed its choice of feedstock gas fields that will supply the planned floating liquefaction project.

Front-end engineering and design on the FLNG unit, which is being undertaken by South Korea’s DSME and Technip, was due to have been completed by the year-end.

They are now believed to be wrapping up a FEED revision to take account of the gas field switch, which will enable them to submit new prices for supplying the unit.


Published : November 28, 2011

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