Compressors, Marine Compressors, Marine Compressor from Korea

Company: PACOHITEC Co.

Country: South Korea

Address: 108ho, 28dong, Industrial supplies market, Gwaebeop-dong, Sasang-gu, Busan, Korea (South) 617-726

Contact: Seunghyeok Kim

Phone: +82-51-266-6994

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[Ship Building] Five vie for 150K BCs

Korean major shipyards are carrying on a cutthroat competition for nine newbuilding 150,000-dwt bulkers for Korean power generation utility companies, including Korea South East Power, Korea Midland Power, Korea Western Power, Korea Southern Power and Korea East-West Power.

Proposals should be submitted by coming December 21 and under conditions of 'built by domestic yards', Korean shipbuilders are fiercely competing with each other.

Sources said newbuilding prices were estimated to be around KRW 50bn ($46.5m) per ship and STX Offshore & Shipbuilding, Hyundai Mipo Dockyard, Daewoo Shipbuilding & Marine Engineering, Hanjin Heavy Industries & Construction and Sungdong Shipbuilding & Marine Engineering are now fighting to win newbuildings.

Shipbuilders are currently in negotiations with shipowners about newbuilding prices, etc. Shipowners should submit letter of intent signed with shipyards when participating in the bid.

Daewoo plans to hand over newbuildings to Daehan Shipbuilding, now under consignment management from Daewoo, for Daehan's stabilization of management.

STX is promoting with STX Pan Ocean and Hyundai Mipo, which recently making a progress with product-carrier orders, is also involved in the newbuilding competition.

With an aim to secure works for Yongdo yard, Hanjin have entered the competition and Sungdong, which has inked mostly specialized vessel, wishes to grab bulker orders.

{C}
Published : December 13, 2012

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[Ship Building] World's biggest Float Joining

Hull No. 3401 Allseas Pieter Schelte Project’s float joining process started on 26th November.

This is the biggest project ever constructed at the Okpo shipyard.

It will be 328m long, 117m wide, and 30m high so it will completely fill the No.1 dock after the float joining.

DSME won the Allseas project in 2010 and it will be the world’s biggest platform decommissioning and pipe laying vessel.

The total weight will be approximately 240,000 tons so it is seven times bigger than a drilling rig.

It is also possible for it to lift an offshore platform top side weighing up to 48,000 tons and install or decommission it on the sea.

After delivery, its name will enter the Guinness Book of Records as the biggest vessel in the world.

DSME patented three methods of construction to assist with the float joining.

The methods patented are the huge block joining technology on the float, the special equipment for the float joining, and the use of temporary rubber fenders.

12Y and 13Y, two huge blocks, were launched from the No.3 and No.4 Royal dock. These Blocks required adjusted accuracy on the float so the new block joining technology was needed.

DSME also developed special equipment such as a bumper guide and setting guide. These guides help to prevent collisions and made it easier to adjust the block level and improve welding accuracy.

DSME also manufactured temporary rubber fenders and installed them on the hull side. They were useful for the tug boat when pushing and moving. They will be removed after the re-docking in the No.1 dry dock is finished which will help keep the construction on schedule.


Published : December 13, 2012

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[Ship Building] China factor to stimulate orders

Expected recovery of China's economy would lead to growing newbuilding investment.

Analyst Lee Kang-Rok of KTB Investment & Securities said "China's industrial production has exceeded market consensus in November, by having increased by 10.1% year-on-year,"

He added "which affected shipbuilding industries saw 5.4%p increase from earning rate of stock market."

Lee explained that economic recovery in China would result in increasing steel demand, improving iron-ore volume and recovery of bulker market. This will eventually end up with placement of newbuilding orders.

Looking at precedents, about three months after China's industrial production spike, newbuilding orders usually increased, he said.

Lee recommended Hyundai Heavy Industries and Daewoo Shipbuilding & Marine Engineering as Top Picks in shipbuilding segment. He explained "With comparatively short backlog against competitive shipyards, it will make an aggressive sales activity in 2013."

And added "In case of Daewoo, as proportion of offshore plant under construction is to rise in 2013, its earnings will start to improve. And the company is predicted to win orders more than $10bn next year."


Published : December 13, 2012

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[Marine] Scorpio's timely MR order

Scorpio Tankers announced early this week that it had executed options with Hyundai Mipo Dockyard of Korea for the construction of two MR product tanker newbuildings.

And it also executed a letter of intent with SPP Shipbuilding of Korea for the construction of four MR product tanker newbuildings.

The six newbuildings are scheduled to be delivered to the company in the second and third quarters of 2014.

Evercore Partners analyst Jonathan Chappell said the delivery dates attached to the six newbuildings penned at two top tier shipyards in Korea bodes well for the shipowner.

He forecast that the supply and demand balance in the product tanker segment will have improved by 2014.

“Scorpio has an envious capital structure that should render it as an attractive counterparty for banks in a tight lending environment,” Chappell said.

“We believe Scorpio will garner 60% financing for the newbuilds, roughly $120m, leaving it with excess funds from the recent capital raise that can be used for even more fleet expansion in 2013,” he added.


Published : December 13, 2012

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[Marine] Noble sells Jack-ups

ZUG, Switzerland, Dec. 10, 2012 - Noble Corporation (NYSE: NE) reported that it has entered into two separate Definitive Agreements for the sale of two standard jackup drilling units.

The first agreement, for the 300-foot water depth capable jackup Noble Lewis Dugger, is with a wholly-owned subsidiary of Goimar S.A. de C.V., a private company in Mexico that owns and operates supply vessels, platform drilling rigs and jackups. This unit is being sold for $61 million and the closing is expected to occur in early 2013 after the unit has completed its contract with the current customer, PEMEX.

The second agreement is for the sale of the 150-foot water depth capable Noble Don Walker to Axxis Petroconsultants Limited, a private company in Nigeria that owns and operates drilling units. The unit has been cold-stacked in Cameroon since 2009. The purchase price is $18 million, and the closing is expected in early 2013. Both transactions are subject to customary closing conditions.


Published : December 13, 2012

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[Marine] Wuchang inks response vessel

China's Wuchang Shipbuilding Industry has contracted an order to build a response vessel, invested by the Ministry of Transport of China (MOC) and operated by MOC-affiliated Shanghai Salvage Company.

Recently signed newbuilding will be Shanghai Salvage's first response vessel and it is in charge of prevention of sea pollution, cleaning up oil spills, etc.

Meanwhile, many Chinese shipyards are seeking to overcome new order drought by building vessels, other than commercial ships.


Published : December 13, 2012

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General Support: +82-51-972-6474, +82-51-972-6478

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[Marine] STX PO "On Sale"

STX Group has decided to shed off its shipping subsidiary STX Pan Ocean for business reorganization and for the more stable financial structure.

The Korean Group announced that it had started discussion with local and overseas major investors to sell off Korean major dry-bulk owner STX Pan Ocean.

STX Group, which specializes in shipping and shipbuilding businesses, has been confronted with troubles amid protracted depression of both markets.

Particularly, recently shipbuilding industries are faced with plunged newbuilding prices and aggravated management environment with heavy-tail payment. Moreover, with tightened bank's risk management on shipbuilding and shipping industries, it became more difficult for companies to improve financial stability.

With judgement that operating both businesses under recent stagnancy is difficult to sustain, the Group made strategy to reorganize its business portfolio by concentrating on shipbuilding and related businesses.

Disposal of STX Pan Ocean is expected to become an opportunity for the Group to rearrange its portfolio, which is to be composed of shipbuilding, plant and energy.

STX is to put spurs to on-going restructuring as well. Recently, it finalized disposal of its stakes in STX Energy, totalling around KRW 360bn ($335m), and sale negotiation of STX OSV has entered a final stage.

{C}
Published : December 12, 2012

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[Equipment] DSIC halts on jack-up rig

Jack-up rig built at Singapore’s Jurong Shipyard tilted.

Dalian Shipbuilding Industry Offshore has been notified by Friede & Goldman Marketing BV (F&G) to temporarily suspend construction of its rig jacking systems.
Arising from the recent accident during the construction of a similar rig at the Jurong Shipyard in Singapore, Prospector Offshore Drilling S.A. which has four jack-up rigs under construction in Dalian Shipbuilding Industry Offshore Co. Ltd. (DSIC-Offshore), has been informed that DSIC-Offshore has been notified by Friede & Goldman Marketing BV (F&G) to temporarily suspend work on the rigs’ jacking systems, pending testing.

F&G is the engineering firm that has designed the jack-up and which has supplied the entire jacking system through their own sub-suppliers. The F&G notice follows a recent incident involving another drilling company’s F&G design jack-up rig under construction in Singapore.

DSIC-Offshore had previously experienced issues with some of the components of the jacking systems of F&G rigs currently under construction at their yard, and was investigating the jacking systems before receiving the letter from F&G. The Company believes that these issues, to the extent they refer to its rigs, are limited in scope.

The company is cooperating closely with DSIC-Offshore, F&G and ABS, to resolve these issues. The American Bureau of Shipping (“ABS”) is an independent classification society.

The company’s first rig, PROSPECTOR 1, was previously expected to be delivered at the end of January 2013 and mobilized to the North Sea for a long term drilling contract. At this time, tthey cannot estimate any impact on the delivery date of PROSPECTOR 1 until the evaluation of the jacking system is complete, which is anticipated to be within the next few weeks.

Bill Rose, President and CEO, commented: “We appreciate the prudent steps taken by F&G and DSIC-Offshore to ensure safe delivery of a very high quality drilling unit conforming to our specifications and the highest industry standards. The F&G JU2000E jack-up is a proven design and has operated in the areas like the North Sea, and we expect a quick resolution.”


Published : December 13, 2012

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