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Singapore shipyards secured S$820m in new orders in 2016, down from S$4.9b in 2015

Singapore shipyards secured some S$820 million in new orders last year, a sharp drop compared to the S$4.9 billion contracted in 2015, the Association of Singapore Marine Industries (ASMI) said. ASMI’s president, Chua San Lye, said the new orders secured in 2016 were mainly from non-drilling projects. “The reduced exploration and production (E&P) and drilling activities have resulted in a dearth of new orders for drilling rigs given the weak utilisation of existing operating rig fleets, coupled with the supply overhang of newbuilds still under construction. “Major shipyards had received ...

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Vietnam: Industry Ministry proritizes letting Dung Quat Shipyard go bust

In a report sent to National Assembly delegates, the Ministry of Industry and Trade (MoIT) said it is prioritizing the bankruptcy option for Dung Quat Shipyard (DQS), one of 12 loss-making projects belonging to the ministry, foreshadowing losses in the hundreds of millions of dollars for PetroVietnam. There were three options considered for the shipbuilder in the report: an ownership conversion through valuation, auction of assets and liabilities, and allowing it declare bankruptcy or restructuring the company. “Based on careful consideration regarding lawful matters and the actual situation, MoIT proposes ...

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Keppel secures contract to build LNG carriers worth over S$100m

Keppel Offshore & Marine Ltd (Keppel O&M), through its wholly-owned subsidiary Keppel Singmarine, has strengthened its track record in the Liquefied Natural Gas (LNG)-related business by securing a contract worth a total of S$103 million to build two LNG carrier vessels for Stolt-Nielsen Gas B.V. (Stolt-Nielsen Gas), a subsidiary of Stolt-Nielsen Limited. As part of the contract, Keppel Singmarine has also secured options to build another three similar units for Stolt-Nielsen Gas. The latter has 6, 12 and 18 months from the effective date of the contract to exercise the ...

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Keppel to build two additional dredgers worth S$120 million for Jan De Nul

Keppel Offshore & Marine’s (Keppel O&M) wholly-owned subsidiary Keppel Singmarine Pte Ltd (Keppel Singmarine) has secured contracts from Codralux S.A., a wholly-owned subsidiary of Jan De Nul Group, to build two Trailing Suction Hopper Dredgers (TSHDs). The dredgers are valued at approximately S$120 million, including owner-furnished equipment. Keppel Singmarine is currently building three dredgers for Jan De Nul Group, based on contracts that were secured in July 2016. The first of the two dredgers for this new order is expected to be completed in 2H 2019. Construction of the second ...

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Spun-off Hyundai Heavy unit aims to become world’s top 5 construction equipment maker

An affiliate spun off from Hyundai Heavy Industries Co., a major shipyard here, said Wednesday that it will become one of the world’s top five construction equipment makers by 2023. In March, shareholders of Hyundai Heavy approved the company’s plan to hive off its noncore businesses, aimed at what it claims will boost each business unit’s competitiveness. Under the plan, the shipyard split into four independent entities: shipbuilding, electronics, construction equipment and robotics. Hyundai Construction Equipment Co. said it will generate 7 trillion won (US$6.21 billion) in sales by 2023 ...

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DSME Competes with Domestic Shipbuilders to Win Offshore Plant Projects

Daewoo Shipbuilding & Marine Engineering (DSME) pledged to close down its offshore plant business when the debt ridden company received an additional 2.9 trillion won (US$2.58 billion) in emergency funding from the former Park Geun-hye administration and a state-run bank. The shipbuilder, however, the is highly likely to break its promise. As expectations are growing that international oil prices, which remained low for a long time, will increase and some companies have begun the process of securing major offshore contractors for offshore plants, DSME is snooping around the market. Accordingly, ...

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German Shipyards Receive Record Orders, Despite Sector Crisis

While the global shipbuilding sector is suffering its worst crisis in decades, German shipyards are receiving record numbers of orders for merchant vessels. Yet, weak global demand and increasing protectionism have set the industry’s alarm bells ringing. In the press conference on occasion of its annual meeting, the German Shipbuilding and Ocean Industries Association (Verband für Schiffbau und Meerestechnik, VSM) reported a record number of merchant vessel orders received by German yards but warned about significant future risks. Some key facts: Since the Lehman Bros. collapse ten years ago the ...

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Oman Drydock Company receives vessel Sohar Max

Oman Drydock Company (ODC) in Duqm in the Governorate of Al Wusta received yesterday the vessel Sohar Max. It is the biggest vessel to enter the dry dock since starting operation in 2011. The vessel, owned by Oman Shipping Company, is 360 metre long, 65 metre wide with a capacity of 400,000 tonnes. “Sohar Max’, which is used in transporting iron ore, will be under maintenance for 11 days. Dr. Ahmed Al Abri CEO of ODC said that the maintenance work for Sohar Max includes paint, replacement of consumable parts, ...

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DSME restructuring to go forward despite opposition

Korea Development Bank (KDB) will move forward with its plan to provide funds for Daewoo Shipbuilding & Marine Engineering (DSME), despite opposition from a DSME investor, the state-run policy bank said. “One investor opposing the funds is not going to stop the plan from continuing to move forward,” a KDB spokesperson said. A lower court recently rejected the retail investor’s appeal for an injunction against the state rescue plan, demanding full retrieval of 1.59 billion won in cash the bondholder invested in the debt-troubled DSME. The bondholder appealed to the ...

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Chinese shipbuilders win huge chunk of orders from Korean shippers

Chinese shipbuilders have received orders from South Korean shippers to build 13 ships so far this year, while their South Korean rivals clinched deals from local shippers to build just seven ships, industry sources said Monday. According to related data, local shippers have placed orders so far this year for a combined 20 ships. Last year, South Korean shipping firms placed orders for 26 ships, 22 of which were awarded to local shipyards. PanOcean Co., the country’s leading bulk carrier, placed orders to a Chinese shipbuilder for five new ships, ...

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Samsung Heavy bags US$100 mln order for 2 LNG ships

Samsung Heavy Industries Co., a major South Korea shipyard, said Monday that it has clinched a US$100 million deal to build two LNG carriers. Under the deal with South Korean shipper Korea Line Corp., Samsung Heavy will build the ships by December 2019, the company said. The ships, which can carry up to 7,500 cubic meters of LNG each, will be deployed to transport liquefied natural gas between local ports, it added. With the latest deal, Samsung Heavy has clinched deals valued at a combined $2.3 billion to build 12 ...

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Marco Polo’s shipyard unit gets court order to temporarily restrain creditors

MARCO Polo Marine said that its PT Marcopolo Shipyard has filed an application to place itself under a suspension of debt payment plan as it undertakes a court-supervised debt restructuring. The troubled offshore and marine group said that following the application on May 18, a temporary restraint of legal proceedings against the shipyard unit will be put in place for 45 days commencing from the date of the application. A supervisory judge has been appointed and a team of administrators have been designated to assist the shipyard in managing its ...

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Ship Breaking Yard: One killed in Ctg; safety gears absent

A worker was killed as an iron pipe fell on him yesterday at a ship-breaking yard in Sitakunda upazila of Chittagong. The deceased was identified as Sachindra Das, 26, son of Jaghdeb Das of South Jahanabad Jelepara of Sonapara in Sitakunda. According to the inquest report, Sachindra was brought to Chittagong Medical College Hospital with injuries to his neck and head around 1:30am. He was declared dead at the time. Fellow workers, who brought him to the hospital, said that an iron pipe fell on him when he was cutting ...

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Working conditions at Gadani ship-breaking yard ‘still bad’

Despite the loss of almost 40 lives of workers at the Gadani ship-breaking yard since November 2016, no efforts have been made by the state or the owners to improve the conditions. This was stated by Nasser Mansoor, general secretary of the Pakistan National Trades Unions Federation (PNTUF), while addressing a seminar at the Irtiqa Institute of Social Sciences on Saturday evening. Departments like the police and the environment took bribes from the owners to do their bidding against the labourers, he alleged. The capitalist owners, he said, spent Rs4million ...

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Shipbuilders Council Honors Sen. Cochran, Rep. Hunter and Names Richard McCreary of BAE as New Chairman

The Shipbuilders Council of America (SCA), the national trade association representing the U.S. shipyard industry, hosted their annual spring meeting in Washington, D.C. this week and honored Sen. Thad Cochran (R-MS) and Rep. Duncan Hunter (R-CA) as recipients of their prestigious Maritime Leadership Award; the association also named Mr. Richard McCreary of BAE Systems as the new chairman of the association. As recipients of the Maritime Leadership Award, Sen. Cochran and Rep. Hunter are recognized as exemplary leaders from Congress who have demonstrated outstanding dedication and support of the U.S. ...

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