Daewoo to exceed target

Daewoo Shipbuilding & Marine Engineering of South Korea is expected to exceed its 2012 new order target of $11bn by 30%, thanks to thriving offshore plant market.

Analyst Park Min, Korea Investment & Securities said on March 15, "Daewoo is waiting for sole-source contract for Israel's Tamar FLNG, totalling about $4bn at maximum, which is to be finalized in the end of this year."

According to Park, Daewoo is also bidding solely for Petronas FLNG of Malaysia, Mafumeria Sul central processing facility of Angola, Block B gas platform of Vietnam and Shtokman FPU of Russia, etc.

He said, "It is forecast that Daewoo would ink about overall seven offshore drilling facilities this year, including four semi-submersible rigs to be contracted soon."

He also forecast, "About a total of 1m-1.1m teu containership orders would be placed in 2012, down from around 2m teu last year, and recently to increase freight rate would likely to lead into newbuilding ordering eventually."

He said, "Daewoo fixed new order target for this year as $11bn, however, it would pass the target by 30% with thriving offshore plant business. Also, order for drillship and LNG carrier prospected in H2 is coming earlier than expected."

Pointed out, "Boom in offshore plant market is not temporary, but to last until next year or longer."

Meanwhile, the Geoje-based yard has booked orders for two offshore platform (one offshore-platform topside and one FPSO), four aircraft-carrier auxiliary ships, four VLCCs, one PC, etc., valued at $3.5bn in total, among which offshore plant made up about $2.2bn.


Published : March 16, 2012

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RS opens new centre in Korea

Russian Maritime Register of Shipping (RS) has opened a Design and Newbuilding Support Centre in the Republic of Korea.

The Centre has been established in line with the RS strategic global expansion plans. It will facilitate further development of RS services in the region. The main objectives of the newly established office are:

- to foster closer contacts with clients and partners within one time zone;
- to provide technical support to RS surveyors involved in newbuilding projects at Korean yards,
- to render the full range of RS services in newbuilding for Korean market, including design review, surveys of ships during construction, certification of marine equipment,
- to liaise and hold joint seminars with representatives of the Korean maritime industry.

The first project of the new Centre is supervision during construction of two LNG carriers for JSC "Sovcomflot" under the recent agreement with STX Offshore & Shipbuilding shipyard (South Korea). Other projects are in the pipeline.

The official opening ceremony and evening reception took place on 7 March 2012 in Busan. The ceremony was attended by senior maritime executives, including Mr. Nikolai Grigoriev, Director of Global Shipping & Logistics of Gazprom Global LNG; Mr. Viktor Rokhlin, advisor of JSC "Sovcomflot" Chief Executive Officer; Mr. Hwanag Byung Hyun, Senior Executive Vice President STX; Mr. Chullyun Kim Executive Vice President Samsung Heavy Industries; Executive Vice President Daewoo Shipbuilding and Marine Engineering Yong-Seop Han, Executive Director Hyundai Heavy Industires G. J. Ha; Senior Manager Hyundai Mipo Dockyard C. H. Song; President of SPP Shipbuilding Kwak Han Jung, Sales Director Hanjin Heavy Industries and Construction Jy Kim; President of Sungdong Shipbuilding & Marine Engineering Byun Moon Sung; Executive Director Sungdong Shipbuilding & Marine Engineering B.I. Gu; and Mr.Andrey Osmakov, Consul-General of the Russian Federation in Busan.

Mr. Grigoriev of Gazprom Global LNG remarked, "Gazprom's and other Russian companies' need for cost-effective and environmentally-friendly tanker fleet for trade and export operations and the need for offshore units and vessels for the exploitation and production of natural resources on the Russian shelf, call for a new approach based on innovation, best scientific achievements and best practices of the world's shipbuilding sector. RS maintains close contacts with almost all the maritime industry stakeholders, both Russian and foreign: shipyards, shipowners, research institutes and international organisations. Thanks to its unique practical experience and position, RS can and should become a ‘bridge', coordinating Russian and foreign partners' joint efforts for innovation in shipbuilding."

Mr. Rokhlin of Sovcomflot said, "Sovcomflot highly appreciates the level of interaction with RS and looks forward to expanding the scope of our cooperation".

"Our clients' ambitious fleet construction plans have prompted us to expand our global presence, especially within the major shipbuilding centres, - emphasised RS CEO Mikhail Ayvazov. The first RS office in the Republic of Korea was established back in 1996 with the main focus on ships in operation. Since 2005 RS has continuously been involved in various newbuilding projects in Korea and has acquired substantial experience of cooperation with the major Korean shipyards. The high-tech marine projects involving RS participation in Korea range from Arctic shuttle tankers to state-of-the-art drilling units. These projects have enabled us to establish good relationships with the local maritime industry."


Published : March 16, 2012

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Samsung "No plan on STX OSV"

On a request of a regulatory filing, Samsung Heavy Industries of South Korea revealed on March 14, "We have no plan to take over STX OSV."

Meanwhile, market sources said that STX Group sent an information memorandum (IM) regarding STX OSV sale to over 15 of candidate companies, including Samsung, Fincantieri of Italy, as well as global private equity fund, etc., in the end of February.

STX OSV recorded KRW 2.4517trn ($2.16bn) of turnover and KRW 436.3bn of operating profit in 2011, after securing a significant number of OSV orders amid troubled commercial ship market.


Published : March 15, 2012

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Hyundai launches hybrid ship

Hyundai Heavy Industries of South Korea had a launching ceremony for its latest patrol ship on March 15.

The patrol ship 'Pacific 12', 112.7m in length and 14.2m in breadth with maximum speed of 28knots, is installed with four 10,000HP engines and one 750kW electric propulsion motor.

Pacific 12 is an eco-friendly ship, having cut fuel consumption by 25% than diesel engine propelled vessels.

Equipped with the latest facilities, such as two 40knots/hr small boats, extinguisher, etc., the patrol ship will crack down on Chinese fishing boats which are illegally operating and do relief works for wrecked ships, after delivery in July 2012.

Meanwhile, Hyundai has delivered a total of 56 naval vessels to date.

Published : March 15, 2012

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Marine Tech Korea 2012

KOMEC will be hosting Marine tech Korea 2012 from November 13 to 16 for 4 days.

Background Held
This exhibition will be held for systematic and constant development of Korean marine industry with global best competitiveness. Especially Gyeongnam shall find an plan large scale such as exhibition to get a change to promote the position of Korean shipbuilding companies and Korean competitiveness in shipbuilding field through most efficient and effective measure with its most powerful position with closely located domestic shipbuilding and marine companies. It is to prepare a system to overcome challenging economy of Korean shipbuilding industry which has recently shown negative growth for the first time in a decade and help local small and medium companies strengthen their competitiveness for future through enhancement of export and domestic demand. Also, such event can help Changwon, Jinhae, Tongyeong and Geoje lay on an opportunity to establish a concrete base as the hub of marine business and promote the globalization of not only large shipbuilding companies but small and medium companies by cooperation between Asian competing countries.

Exhibition Name : Marine Tech Korea 2012

Period : 13 Nov. 2012 ~ 16. Nov. 2012

Venue : Changwon Exhibition Convention Center (CECO)

Scale : 12.000 ㎥ (650 Booths) 360 companies from 40 countries

Hosted by : Gyeongsangnam-do, Changwon City, Tongyeong City, Geoje City

Organized by : K. Fairs Co., ltd GNA international Co., Ltd, KOMEA, Reed Exhibition

Website : english.mtkorea.org

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Jan-Feb orders plummet 64%

It is evident that ship owners have scaled back their newbuilding orders, despite lower pricing from many shipyards, amid depressed shipping market and straining owners' balance sheets. In its latest report, Clarkson Hellas noted that during January-February of 2012, only a total of 112 orders against 310 for the same period of last year have been placed, down by 64%.

The report said however, "It is not necessarily total doom for yards and there shows signs of growth. In particular, with further reports of new business being concluded this week, there is a continual activity in the market"

It also mentions that shipbuilders' crisis comes from the continued tightening of the debt markets and an uncertain macro economic environment making huge capital investment decisions increasingly challenging.

2011 had provided for significant volumes of LNG and Offshore ordering, many of which South Korean builders had secured. As to whether 2012 will produce the same opportunities remains to be seen, although LNG and Offshore market would soon be saturated.

Meanwhile, the Japanese yards also keep remaining under pressure against a weakened demand for bulker. However with a focus on efficient designs and the Yen depreciating by over 6% against the Dollar over the past month, there is the potential for investment from the market.

Clarkson concluded, "With a number of inquiries still under discussion, newbuilding order in the second quarter of 2012 would be a key moment in defining how the landscape of the rest of the year will look."

Meanwhile, shipbroker Golden Destiny reported this week, "A fairly amount of newbuilding has been contracted this week with owners being attracted by low prices and eco-friendly designs. However, expectations remain gloomy for the shipbuilding market under the tight ship financing conditions and the recession of freight markets."

In the bulker segment, Oshima Shipbuilding of Japan has won an order for five fuel-efficient 82,000-dwt newbuildings by National Shipping Company of Saudi Arabia at a price of about $31.5m apiece with delivery in mid 2014.

Also, Greek London based Lomar Shipping has placed two 64,000-dwt bulkers under construction in Cosco Zhoushan of China in an eco-friendly design, including an option for additional four, to be delivered in March and June of 2014.

In the tanker segment, Hyundai Heavy Industries of South Korea has contracted for two LR2 106,000-dwt aframax tankers for delivery in August 2013 from Densa Shipping of Turkey.

While Guangzhou Wenzhou of China has inked an order for two 3,400-teu containerships with an option for two more from Nordic Hamburg Shipping of Germany.

Published : March 15, 2012

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Aker designs world's largest Spar

14 March 2012 - Aker Solutions has been awarded a FEED (front-end engineering and design) contract from Statoil to design the world's largest Spar platform for the Aasta Hansteen field development in the Norwegian Sea.

With a total hull length of 193 meters and a draught of 170 meters, the Aasta Hansteen (formerly named Luva) Spar platform will be the largest of its kind. A Spar platform is a cylinder shaped floating offshore installation. Aasta Hansteen will be the first Spar platform on the Norwegian continental shelf (NCS), and also the world's first Spar platform with condensate storage capacity - a so called Belly-Spar.

The Belly-Spar concept is an exclusive Aker Solutions design. The 'belly' refers to the increased diameter on part of the circular shaped hull, where the condensate storage tanks are located. This gives the Aker Solutions' Belly-Spar its characteristic shape.

Henning Østvig, head of Front-End & Technology in Aker Solutions says: "The Aasta Hansteen Spar will be the first production platform on the NCS with steel catenary risers. With a water depth of 1300 meters, this is probably the only riser technology that can meet the challenges on the Aasta Hansteen field".

The steel catenary risers are made of self-supporting steel pipes in a bow shape between the platform and the seabed. The shape helps the risers compensate for the motions on the floating facility.

"The Belly-Spar concept is a result of the innovative spirit and culture among our engineers, who have come up with the right solutions for the challenging conditions on the Aasta Hansteen field," says Valborg Lundegaard, head of Engineering business area in Aker Solutions.

The mooring system for Aasta Hansteen Spar platform consists of a set of polyester lines. "There are currently no installations on the NCS with polyester mooring. Aasta Hansteen may be the first, and it will definitely be operating in the deepest water," says Henning Østvig.

The FEED study will be completed in the third quarter of 2012. The contract value is undisclosed.

Published : March 15, 2012

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Hyundai Mipo to gain PC, PSV

Hyundai Mipo Dockyard of South Korea is expected to gain a benefit from increasing order for product carrier and PSV.

Analyst Yoo Jae-Hoon, Woori Investment & Securities said on March 14, "Increase in Shale gas production would lead to growing export of the US' petroleum product and import of chemical product, which cause increase in cargo volume and demand for product carrier."

Added, "Demand for product carrier would surge by building additional petro-chemical plant in Middle East and China's high demand for chemical product being continued."

Woori's Yoo pointed out, "For the last three years, yearly average of 474,000-dwt newbuilding product carriers have been contracted, which is rather low. Therefore, if product volume soars, new order for product carrier would rapidly increase."

Meanwhile, Hyundai Mipo penned four PSVs on February 8 for the first time and it is known that the Korean yard is receiving a number of newbuilding inquiries.

Yoo forecast that Hyundai Mipo would be able to secure a total of 10 PSVs, which totals $500m, 15% of its 2012 entire order target, this year with its experiences in medium-sized ship building and popularity in the market.

Published : March 14, 2012

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'Cloudy→Clear': H1

Buying opinions for South Korean shipbuilders in the first half of 2012 would be improved from 'cloudy' to 'cloud lifted.'

Analyst Jun Jae-Chun, Daishin Securities said that a gloom drawn upon shipyards had already passed and it started to show signs of new order bouncing back.

He particularly pointed to growing orders for drillship and LNG carrier, mainly won by South Korea's Big3.

Q1 2012 went past smoothly since the longer term refinancing operations (LTRO) of the European Central Bank (ECB) had relieved concerns over Eurozone financial crisis and the US economy was expected to recover, said Daishin's Jun.

LNG carrier and drillship ordering having started from last month would continue for about six months and there will be good news heard from shipbuilders.

In particular, with oil price hiking, the market becomes promising to shipbuilders and new order for drillship is expected.

Meanwhile, small-and-medium sized yards do not have order volumes sufficient enough to raise their share prices.


Published : March 15, 2012

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