Friday, April 27, 2012

Wartsila extends X-series



April 26, 2012 - Wärtsilä, the marine industry's leading system integrator and solutions provider, extends its offering in the low-speed X-generation engine series with the new Wärtsilä X92 engine, to the upper end of its portfolio with a bore of 920 mm.

The new engine, extremely efficient in terms of fuel consumption and emissions, will serve the market for large and ultra-large container vessels with a size above 8,000 TEU to any size under construction and beyond. The first 92-bore engine is planned for delivery in 2014.

The Wärtsilä X92 is designed based on known and validated concepts and employs well-proven Wärtsilä electronically-controlled common-rail technology. Thanks to these technologies, the Wärtsilä X92 will be very efficient in terms of fuel consumption and emissions. Savings in fuel consumption of up to 10 per cent and even beyond are expected compared to today's fleet.

This directly reduces the emission levels of carbon dioxide, making it easier for the shipyard to achieve a better Energy Efficiency Design Index (EEDI). Subsequently, emissions of sulphur oxides and nitrogen oxides decrease as well, compared to earlier solutions. The RPM and power range offer flexibility for a wide variety of vessel speeds. Wärtsilä X-series engines feature an extra long stroke and reduced engine revolutions allowing a larger propeller diameter.

Wärtsilä launched its low-speed X-generation engine series in May 2011 with two mid-sized engines Wärtsilä X62 and Wärtsilä X72, designed specifically for merchant vessels that use mid-size low-speed engines, such as capesize bulk carriers, Panamax bulk carriers, Suezmax tankers and Panamax container vessels.

The Wärtsilä X-series includes also the Wärtsilä X35 and Wärtsilä X40 engines, which cover the small-bore end of the market and provide power for a wide variety of ship types, such as small bulk carriers and product tankers, general cargo vessels, reefers, feeder containerships, and small LPG carriers. The first of the new electronically controlled Wärtsilä X35 low-speed engines was successfully started in November 2011 and passed its factory test in February 2012.

"We believe that this series of electronically controlled low-speed, two-stroke engines is absolutely in line with the current and future needs of the marine sector, and the new Wärtsilä X92 is an essential addition to the series. Container vessels are a vital element within the transportation infrastructure supporting the global economy. With the environment and fuel economy likely to be the future market drivers, Wärtsilä is positioned as the most suitable systems provider for extended ship power solutions," says Lars Anderson, Vice President, Wärtsilä Ship Power, Merchant.

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Technip higher Q1 results



French engineering services player Technip posted a 7% rise in profits during the first quarter of the year on the back of increased revenues.

Technip’s net income for the first quarter was €112.2 million ($148.4 million), an increase on the €104.3 million booked during the same period a year earlier.

The rise in profits came as revenues rose 22.9% to almost €1.7 billion, compared to over €1.4 billion generated during the first quarter of 2011.

Driving revenues was a 33.2% increase from its subsea business segment which generated €791.1 million, while its onshore and offshore division posted a 15.6% rise in revenue to €974.2 million.

Order intake during the quarter totaled €3.3 billion, more than doubling the €1.3 billion of work booked during the first quarter of last year.

This helped drive the company’s order backlog to a record high of more than €12.3 billion, with almost €5.7 billion in subsea work.

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SPP operating profits grow



With its 2011 operating profit increased and successive new orders this year, SPP Shipbuilding of South Korea marches toward normalization.

SPP's turnover and operating profit for 2011 soared to KRW 785.9bn ($692.4m) and KRW 35.7bn, up by 78.8% and 19.8% each year-on-year, according to its audit report on April 25.

Meanwhile, net deficit grew larger by 11.5% to KRW 309bn due to increased interest and bad debt amortization costs, etc.

In 2011, about KRW 1.5trn of newbuildings were newly contracted, while KRW 552bn of orders were canceled.

Also, orderbook gained by KRW 2.24trn by acquisition of sister companies and orderbook as of the end of last year recorded KRW 3.9trn.

SPP contracted a total of 40 newbuildings, valued at $1.4bn in total, mainly for MR product carriers, last year.

Aiming to contract overall $1.8bn of 50 vessels in 2012, it consecutively inked three 52,000-dwt PCs and two from Greece and US owners in February this year.

In particular, its recently contracted 52,000-dwt product carrier is an eco-friendly vessel, designed to load 2,000 ton more than its existing 50,000-dwt, while fuel consumption being reduced by 20%.

SPP's newbuilding price tag is also higher than market average, which would help boost its profitability going forward.

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Kawasaki see the black in FY11



Kawasaki Heavy Industries of Japan is back in black for fiscal year of 2011, from April 2011 to March 2012, ship & offshore structure having posted operating profit, on a consolidated basis, on JPY 39.7bn ($490m), reported on April 26.

Reverse to previous forecast of a consecutive deficit for FY 2011, Kawasaki recovered earlier than expected, thanks to decreased proportion of reserve fund for construction to be carried over.

However, for the next fiscal year, amid declining delivery and low pricing, revenue will fall short of JPY 100bn and mark operating loss of JPY 5bn.

Ship & offshore structure's revenue for FY 2011 has down by 4% to JPY 113.5bn, while it delivered overall 15 newbuildings.

The division contracted a total of JPY 39.9bn of orders, down by 49%, only booked overall eight newbuildings - one small-sized LNG carrier, one LPG carrier six bulkers.

As of the end of March, 2012, ship & offshore unit saw its order backlog stay at JPY 102.9bn.

For FY 2012, the Japanese shipbuilder targets JPY 110bn of orders, 2.8 times higher than previous year, by focusing on sales of newbuilding gas carriers, etc.

Meanwhile, Kawasaki's overall net sales and net profit for FY 11, on a consolidated basis, are JPY 1.3038trn and JPY 23.3bn, up by 6% and down by 10% year-on-year, respectively.

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Yangzijiang profits rise 7%



Yangzijiang Shipbuilding Holdings has made a positive start to 2012 with single and double digit growth in profits and revenue.

The Singapore-listed shipbuilder said profits increased by 7% year-on-year to just over CNY 1bn ($160m) in the first three months.

Revenues rose by 12% year-on-year to almost CNY 3.7bn. Higher revenue recognition from ship construction and deliveries helped lift shipbuilding revenue by 10% to CNY 3.3bn. The company also recognised about CNY 123.5m in revenue from its new demolition operation.

Yangzijiang yards delivered fifteen newbuildings in the first quarter versus the seventeen in the same period a year ago.

During the first quarter Yangzijiang won newbuilding orders for seven ships worth $206.2m, taking its order backlog to 96 ships worth $4.5bn.

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GSI hit by low-margin ships



Guangzhou Shipyard International (GSI) said net earnings in the three months to 31 March were CNY 80.52m ($12.77m), compared to CNY 172.1m in the same three months of last year.

Revenue climbed to CNY 1.85bn from CNY 1.74bn, but operating costs rose to CNY 1.78bn against CNY 1.53bn in 2011.

It said that due to the decline of the shipbuilding market “prices of the ships under construction dropped sharply during the first quarter of 2012.”

It added: “As influenced by market, it is estimated that such phenomenon will continue, and the operation situation of the company will be serious in 2012.”

GSI completed and delivered three vessels in the quarter, as well as launching five more and staring work on another five. It has a backlog of 38 ships totaling 1.53m dwt.

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[Catalogs] Convex coupling





Convex coupling

Generally for the piping, it should be considered the pipe elasticity being changed by the ambient temperature or the imperative angle deflection. It has been designed to tolerate the pipe bending, masimum 6~7℃ deflection on its longitute axis when wessel is sagging or hogging. As much as it has been designed to tolerate seismic on land, it designed to tolerate such a pipe bending.

  • Issues : As dresser type expansion joint has designed to tolerate 4~4℃, it's occurable hull or part damage in coupling when the hull is sagging or hogging masimum 6~7℃. 
  • Development : It has been designed to tolerate the pipe bending, maximum 8℃ from the center of expansion joint to it's longitudinal axis.

  • Dress type : When the hull is bending approximately 6~7 ℃ by sagging or dress type coupling can't tolerate the pipe bending in solid floor accordingly the shaking of solid floor resulted in paint removal and weld crack in hull.
  • Convex : designed to tolerate the pipe bending maximum 8 ℃. It prevents from hull damage and assures the safety even if the hull is bending approximately 6~7 ℃ by sagging or hogging.
G.S Hightecher.co.ltd
1480-10, Songjeong dong, kangseo gu, Busan, South Korea
Phone 82-51-710-3449
gshightecher.koreasme.com

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Thursday, April 26, 2012

Chinese BC resale rises



Chinese shipyards are rushing to re-sell newbuildings of which the original contracts have been canceled and the deliveries are impending.

Clarkson Hellas said that Chinese yards struggle to manage newbuilding resales of its increasing volume of prompt new tonnage.

Jiangsu Rongsheng Heavy Industries has currently committed to resale of its cancelled one capesize bulker, while Jinhai Heavy Industry is known to already have traded off or being in progress for its seven capesizes and two kamsarmaxes, at most.

The bulker newbuildings are under construction and set for delivery within months.

As Chinese shipyards are hurrying to promote newbuilding resales of drawing near to delivery, this is dampening values down to levels that seem to entice interest from cash rich shipowners.

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Rongsheng VLOCs strengthened



Four very large ore carriers under construction at China's Rongsheng Heavy Industries for Oman Shipping for long-term charter to Brazilian miner Vale have received added strengthening since last year’s damage to Vale Beijing.

However, the Omani owner has said that the adjustments made have been “small” and that the company is “comfortable” that the 400,000 dwt vessels, all due for delivery this year from Rongsheng, are structurally safe.

The company emphasized that the design was a different one to that of Vale Beijing, which was built at STX Offshore & Shipbuilding in South Korea, and that the design had since been subjected to various analyses.

While the VLOCs in the valemax building programme share characteristics such as size and dimensions, each of the yards involved has its own design and way of constructing elements of the hull.

The first two of Oman’s quartet of giant bulkers, Vale Liwa and Vale Sohar, have both been floated out since mid-March.

The owner and yard have agreed to put the delivery dates back by a few months. The two ships are now due to undergo sea trials next month and should be handed over in June.

The second pair of Oman Shipping VLOCs are due to be delivered later in 2012.

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BC oversupply main issue



The oversupply of the dry-cargo tonnage keeps going on, Wells Fargo Securities says.

Analyst Michael Webber said, “We continue to believe the significant oversupply of dry bulk tonnage on the water, and continued near-term fleet growth will be material headwinds for the sector, likely keeping rates, asset values, and the stocks in check”.

While scrapping may offer some relief from the flood of newbuilding deliveries, he notes the panamax and capesize fleets are relatively young - blunting the impact of elevated demolition in the long-haul trades.

“Scrapping is only a partial safety valve,” Webber wrote. “While scrapping reached 3.4m dwt last June, it fell to an average of 1m dwt per month in Q4 2011 as spot rates improved.

“In short, there remains no avoiding this oversupply, which we believe will remain the sector’s biggest variable for the foreseeable future.”

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Sovcomflot eyes LNG & Offshore



Sovcomflot, owner of the world’s largest tanker fleet, is expanding offshore services and liquefied natural gas transportation to benefit from Russian President-elect Vladimir Putin’s call for more than $500 billion of investments on the continental shelf.

The Russian state-owned shipper plans to double the share of revenue from LNG and offshore services by 2017 as it seeks long-term contracts to reduce the cyclical nature of the tanker business, the St. Petersburg-based operator’s Chief Financial Officer Nikolay Kolesnikov said. LNG will account for 20 percent and offshore services 40 percent of the total, he said.

“We see potential growth and have aggressive expansion plans,” Kolesnikov said in an interview in Moscow. Partners in the Arctic may include OAO Gazprom’s Shtokman project, OAO Novatek’s Yamal LNG project and a joint venture between OAO Rosneft and Exxon Mobil Corp. to explore the Kara Sea, he said.

Russia, the world’s biggest energy exporter, aims to create new production centers offshore and in remote Arctic regions as output falls in mature regions. Putin this month proposed tax breaks for new offshore projects that he said will help attract $500 billion of spending. Sovcomflot has been developing the so- called Northern Sea Route, sending test cargoes of gas condensate to Asian markets since 2010.

Yamal LNG plans to start production in 2016 and produce 16 million metric tons of the fuel by 2018. Rosneft and Exxon may start drilling in the Kara Sea in 2014, with first output as early as 2018.

Sovcomflot has $1.4 billion of outstanding shipbuilding contracts, including four LNG tankers, four Aframax tankers for use on the Baltic Sea and two very large crude carriers that were commissioned by PetroChina Co., Kolesnikov said.

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amsung to buy offshore technology



Sources said that South Korean shipbuilder Samsung Heavy Industries established an M&A task force in order to secure original technology of offshore plant.

Samsung aims to reduce dependency upon overseas companies in core offshore-plant technology and improve profitability.

The Geojae-based yard is placed top in new order for offshore plant sector, however, it is weak on original technology of offshore plant. In case of drillship, Korean shipbuilders procure core equipment, such as drilling equipment, etc., from overseas manufacturers, whom are designated by owners.

Therefore, Samsung is said to proceed acquisition of manufacturer with original technology.

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Hudong LNGC technical advancement


Hudong-Zhonghua Shipbuilding of China's "Research on core technical skills for large-size membrane LNG carrier" Project has passed examination by the Ministry of Industry and Information Technology of China.

The project mainly deals with construction skills for hull of LNG carrier, installment of propulsion system, field supervision for cargo containment protection system, wielding, manufacture and installment of liquefaction system, etc.

Through research on the project, Hudong-Zhonghua already is confirmed three patents of invention and one patent on a new device.

The fruits of core technical research has helped Hudong-Zhonghua to successfully construct the Chinese first LNG carrier as well as build its foundation to enter into LNG carrier sector.

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