Friday, October 19, 2012

Keppel net profit jump



Keppel Corporation announced net profit for the first nine months of this year improved 47% to S$1,618 million, compared to a year ago.

Third quarter net profit, however, fell 15% to S$346 million from 3Q 2011.

Mr Choo Chiau Beng, Chief Executive Officer, said "The volatile global economy showed signs of further weakness with lingering EU debt problems. In the US, slow employment growth and risks of a potential fiscal cliff have raised doubts about the sustainability of its recovery.

"In Offshore & Marine, E&P spending remains buoyant, supported by sustained Brent oil prices of above US$100 per barrel. Oil companies have strong impetus to continue sanctioning projects. Recent discoveries in the North Sea, as well as deepwater Mexico and both coasts of Africa, have also fueled optimism for further exploration work.

"In the third quarter, Keppel Offshore & Marine secured $7.3 billion in new orders across Brazil, Kazakhstan and Singapore. This brings our net orderbook to $13.1 billion as at end September with work extending to 2019. As I had emphasised in the first half of this year, we remain resolved in executing our backlog of projects well, while sharpening our technology edge at the same time."



Published : October 19, 2012


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Financing hinges on efficiency



Ship financing market will hinge on eco-friendly vessel as well, as fuel efficiency will become a new standard for banks' loan portfolios of shipping companies.

Analyst Park Mu-Hyun of E*Trade Securities explained that older ships with lower fuel efficiency will gain credit risks.

He said that KfW IPEX-Bank of Germany has evaluated energy efficiency of shipping portfolio, on the basis of EEDI, with Germanischer Lloyd (GL)'s subsidiary FutureShip.

Park explained that these recent trend represents ship financing has started to provide a differentiated service by fuel efficiency.



Published : October 19, 2012

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Boxship deliveries rise



Next year is forecast to be the biggest year ever for containership deliveries.

In Braemar Seascope’s latest Quarterly Container Ship Fleet Statistics, it is estimated that around 1.7m teu is scheduled to be delivered during 2013.

In terms of annual fleet growth Braemar estimates the cellular fleet will expand in the region of 9.5 per cent in 2013.

Previously, the biggest year for cellular deliveries was 2008, with approximately 1.5m teu of new tonnage commissioned. Cellular deliveries in 2012 are estimated to total 1.3m teu.



Published : October 19, 2012


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UDW rig orders go on



Ultra-Deepwater (UDW) rig newbuilding orders are set to continue, Dahlman Rose says.

The US investment bank forecast more rigs will be newly ordered on spec despite the recent plateau of UDW rates.

“Market participants continue to order new rigs on spec,” say Dahlman Rose's James Crandell and Doug Garber.

The analysts say total UDW rig orders came at 37 so far this year and are approaching last year’s total of 42.

“This trend will continue, even if UDW dayrates fail to move higher than their current levels,” they said.



Published : October 19, 2012


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Sungdong eyes shuttle tankers



Greece's Tsakos Group is said to be in talks with Sungdong Shipbuilding & Marine Engineering to build a pair of suezmax shuttle tankers.

Industry insiders say the newbuildings would be for delivery by the end of 2014 for charter to Brazil's Petrobras.

Meanwhile, Tsakos has two 4,700TEU containerships on order at the Korean shipyard and is said to be discussing to change the boxship order to shuttle tankers.

Tsakos Energy Navigation had earlier penned 157,000-dwt shuttle tankers with Sungdong in March 2011.



Published : October 19, 2012


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Wartsila performs excellent



Wärtsilä Corporation announced in its interim report that the company recorded order intake of EUR 1,275 million in the third quarter of this year, increased by 14% against a year ago.

Net sales increased 28% to EUR 1,087 million while Operating result (EBIT) was EUR 113 million or 10.4% of net sales.

During the January-September period, Order intake increased 10% to EUR 3,583 million.

Net sales increased 7% to EUR 3,191 million with Operating result (EBIT) at EUR 328 million or 10.3% of net sales.

At the end of the period the order book totalled EUR 4,724 million, an increase of 17%.

BJÖRN ROSENGREN, President and CEO said, “Despite the continuing uncertainty in the global economy and the tough market conditions, both our order intake and net sales developed well. In the third quarter they were up by 14% and 28% respectively. Ship Power’s year-on-year performance is strong, and has been supported by both an active offshore sector and the Hamworthy acquisition.

“Among the highlights are a major engine and propulsion equipment order for six Brazilian drillships from Jurong Shipyard Pte Ltd, and three platform supply vessel related orders from Statoil, as well as the first four ballast water management system orders. Wärtsilä again received a record power plant order, this time for an approximately 600 MW power plant to be constructed in Jordan. It will be the world’s largest tri-fuel power plant.

“I am also happy to note that the growth trend for Services continues, regardless of the difficult market environment that many of our marine service customers are experiencing.

“We believe that net sales will grow this year by around 10-15%, which is more than originally estimated. Our profitability now stands at 10.3% and we believe it will improve in the fourth quarter. As a result, we expect profitability for the full year to be 10.5-11%.”



Published : October 19, 2012


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Meyer Werft wins cruiseship



Norwegian Cruise Line announced it has ordered a new cruiseship at Germany's Meyer Werft in a deal worth EUR700m, due for delivery in October 2015.

The ship, code-named Breakaway Plus weighing 163,000-gross tons and housing 4,200 passengers, will be larger than the Norwegian Breakaway and the Norwegian Getaway already under construction at the same yard.

Norwegian Cruise Line also maintains the option for another ship, for delivery in spring 2017.

The company says it has export credit financing in place which was arranged by Germany’s KfW IPEX-Bank GmbH.



Published : October 19, 2012

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Hyundai orders fall 40%



Hyundai Heavy Industries announced in a regulatory filing Thursday afternoon that it has won new orders worth a total of $13.12bn during the first nine months of this year, on a stand-alone basis.

The figure is down by 40.4% against the same period a year ago.

The Korean heavy industries company's shipbuilding division won $5.02bn orders during the period, offshore division inked $1.6bn and industrial plant unit penned $552m, down by 49.9%, 51.9% and 43.9% year-on-year respectively.



Published : October 19, 2012

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AVIC eyes yard M&A



China's AVIC International Investments is planning to acquire shipyards.

The Singapore-listed company recently purchased Finland-based ship design firm Deltamarin.

AVIC is seeking opportunities to acquire shipyards with niche strengths and competitive advantages across the world.

“With the gradual establishment of the shipbuilding and ship design capabilities, the company intends to build up comprehensive service capabilities in the shipping industry,” said executive chairman Diao Weicheng.



Published : October 19, 2012


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Japan orders edge down



Japanese shipyards' total order for export ship contracted during the first nine months of the year declined by 7% year-on-year, in terms of GT, to 117 vessels of a combined 5.67m gt (2.66m cgt).

According to Japan Ship Exporters' Association (JSEA), during July-September of 2012, export-ship order recorded 2.18m gt, increased by 65% on previous three months and nearly doubled against the same quarter of last year.

Of overall 117 vessels contracted for export from January to September, bulkers took the largest proportion with 92 vessels.

During the same period, more tankers were contracted, recording 18 orders. Also, five VLCCs, four LNG carriers, three LPG carriers, three product carriers, etc., were booked.

45 vessels were ordered by overseas owners, accounting for 40% of total 117 export ships. Considering orders awarded by domestic owners used to take more than 80%, proportion of overseas orders has widely expanded.

During the first nine months, a total of 282 vessels of a combined 12.82m gt, down by 2% y-o-y, went through customs, representing total newbuilding delivery.

Meanwhile, as of the end of September, Japanese shipbuilders secured a total of 622 export ships of a cumulative 28.25m gt (12.65m cgt) on the book, declined by 0.36m gt month-on-month.



Published : October 19, 2012


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