Hyundai develops 'LNG-FPSO'

Hyundai Heavy Industries develops its own LNG-FPSO model for the first time in Korea and put spurs to attract high-value LNG offshore plant market.

Hyundai announced on 5 January that it received approval in principle (AIP) for its self-developed "Hyundai FLNG" from DNV.

Hyundai FLNG, 355m in length, 70m in breadth and 35m in height, produces 2.5m-ton liquefied natural gas in a year and stores 193,800-cbm.

Now the South Korean shipbuilder is the one and only company to build LNG-FPSO, from designing to trial run, being carried out EPIC (engineering, procurement, installation, commissioning).

Hyundai said, "Hyundai FLNG can be constructed just in 45 months and we will actively engage in new order competition for gas field development projects."

The Ulsan-based yard has experiences to build a total of 11 ultra-large FPSO and it inked an order for LNG-FSRU from Hoegh of Norway, for the first time in the world, in June 2011.


Published : January 5, 2012

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Evergreen sticks to 8,800TEU

Evergreen group chairman Chang Yung-fa is warning of a difficult first half of the year for the global container trades.

Dr Chang has refused to follow other competitors by ordering much larger ships, a position that has drawn both praise and criticism from analysts.

However, in what appeared to be a tacit acknowledgement that Evergreen could not afford to work in complete isolation in the current business climate, the carrier has agreed to co-operate more closely with the four-member CKYH alliance, without becoming a full member.

“I have been in this trade for more than four decades,” he said. “The development of shipping markets always follows a cyclical pattern with lots of ups and downs. Even though it is not easy to make a profit this year, I don’t worry about the challenges and believe the market will surely recover.”

Dr Chang has stood firm against ships larger than 8,800 teu, arguing that he would rather operate vessels of that capacity with full loads than much larger units with lower utilisation levels.

Dr Chang said he expects the euro debt crisis and other economic woes to continue during the first three months of 2012 and even into the second quarter.

“Therefore, the performance of container shipping industry will mainly hinge on the global economic condition in the latter half of this year,” he forecast.


Published : January 6, 2012

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Dae Sun delivers SITC 1,000TEU

Dae Sun Shipbuilding & Engineering named and delivered Thursday the first of three Feeder Containerships ordered from China's SITC in late 2010.

The ceremony was attended by SITC CEO Yang Xianxiang and Yard executives among others.

The 953TEU vessel will be followed by two more vessels of 1,040TEU class for SITC in September and December this year.

Amid severe difficulties in the shipbuilding industry, the South Korean yard won a new order from Chinese owner and this is noteworthy, Dae Sun said.

Published : January 6, 2012

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KR New Year's Message

Chairman Oh Kong-Gyun, Korean Register of Shipping (KR) said from his New Year's message that KR had reduced PSC detention to zero, placed top in classification evaluation and registered tonnage of 50m became just at hand, last year.

Chairman Oh added that KR now secured global competitiveness and jumped into international classification society.

He said that KR should work consistently for technology development, enhancing of approval compentence, marketing, etc. in 2012, to survive in the midst of troubled shipbuilding/shipping market.

Announced KR's 2012 policy, "Build up SMART-KR through Green, Challenge, Trust."

Published : January 4, 2012

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Big3 eye 70% offshore

South Korean Big three are to make a big cut in new order for commercial ship, while expand offshore sector orders to 70-80%.

Daewoo Shipbuilding & Marine Engineering plans to reduce weight on merchant ship sector to 20-30% in 2012. It sealed newbuilding contracts for merchant ship, occupying 55% of overall $14.8bn orders for 2011, as it inked 20 18,000-teu ultra-large boxships from Maersk in 2011.

In 2011, new order for commercial ship of Hyundai Heavy Industries' Shipbuilding and Offshore & Engineering divisions, including Hyundai Samho Heavy Industries, accounted for about $6.8bn, one third of overall $20.1bn. However, it is expected to decrease to around $6bn this year, making up 25.4%.

Samsung Heavy Industries, which secured 40% of total $15bn new order from merchant ship, would lighten weight on the sector approximately to 20%.

As commercial ship market seems unfavorable this year, major yards expand into offshore market. Also, merchant ship market would still be clouded until economic uncertainty in Europe would fade away.

On the other hand, offshore market is relatively bright, order for drillship, FPSO, LNG-FPSO, etc., getting bigger.

Market player said, "Big three's new order in offshore sector would grow by 14% to $26.5bn this year from $23.3bn in 2011."


Published : January 5, 2012

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Korea targets $75bn shipbuilding

South Korean shipbuilders, reached about $65bn of new order in 2011, are to go into aggressive sales with a total of around $75bn of order target in 2012, bigger by 15.4% than last year's performance.

Hyundai Heavy Industries, STX Offshore & Shipbuilding, Hyundai Mipo Dockyard, SPP Shipbuilding, etc., aim higher new order than that from last year, while Samsung HI, Daewoo Shipbuilding & Marine Engineering, etc., lower their targets than 2011 new orders.

Hyundai set increased targets for its Shipbuilding and Offshore & Engineering divisions with Hyundai Samho Heavy Industries to $23.6bn, up by 19.2% from $19.8bn of 2011 target. This year's target is even larger than last year's new order, $20.1bn.

STX (including STX Europe, STX Dalian) secured only $8.2bn new order in 2011, despite its target of $12.8bn. It made an aggressive target of $15bn this year, as well.

Meanwhile, Samsung's 2012 target is set for $12.5bn, $1bn larger than 2011 target of $11.5bn, however, it is smaller than last year's total new order of $15bn.

Daewoo is known to settle the same target as last year, $11bn. It contracted about $14.8bn, 35% bigger than target, of newbuilding in 2011.

While, commercial ship market is expected to suffer from depression, small-and-medium size yards are to make an aggressive move with overall target of $10bn this year.

Hyundai Mipo Dockyard, inked a total of about $2bn of new order in 2011, targets $3.2bn for 2012 and SPP Shipbuilding, won about $1.4bn, makes a target of $1.8bn for this year.

Daehan Shipbuilding aims $1.4bn of new order, at most, Samjin Shipbuilding Industries and Dae Sun Shipbuilding & Engineering set $1bn and $600m of targets each for 2012.

Meanwhile, Sungdong Shipbuilding & Marine Engineering has currently confirmed its normalization procedure by creditor group but its business plans for 2012 has yet to be decided. Considering last year's performance of $2.2bn, however, the yard would seal around $2.5bn orders this year.


Published : January 5, 2012

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Major 7 records $63.4bn

  South Korea's major seven shipbuilders' overall new order in ship and offshore facilities was estimated to be $63.4bn in 2011.
Hyundai Heavy Industries won $19.8bn of new order, followed by Samsung HI $15bn, Daewoo Shipbuilding & Marine Engineering $14.8bn and STX Offshore & Shipbuilding, including STX Europe and STX Dalian, inked $8.2bn.

  In case of medium-size yard, they put up a good fight in difficult economic situations of surging global oil price and Eurozone financial crisis, etc. For instance, Sungdong Shipbuilding & Marine Engineering contracted $2.2bn of newbuildings, Hyundai Mipo Dockyard $2bn, SPP Shipbuilding $1.4bn, etc.
  Big three, by contracting 26 drillships, 43 LNG carriers, four LNG-FSRU, one LNG-FPSO, two FPSO, etc., won about $33.4bn for offshore plant and specialized ship sectors, taking over 67% of their total new order of $49.6bn.
Medium-size builders actively participated new order competitions by putting up their staple vessel products.

  Sungdong has first entered offshore plant market, among South Korean small-and-medium size yards, having successfully signed for newbuild shuttle tanker and FSO.
SPP has proved itself as one of global leaders in MR product carrier sector, securing about 70% of its new order with MR PCs.


Published : January 3, 2012

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