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Tax office inspectors raid Damen Shipyards in corruption probe

Commons Tax office inspectors this week raided the Gorinchem offices of Dutch shipbuilder Damen Shipyards as part of an investigation into ‘corruption abroad’, the Financieele Dagblad said. They took away files and paperwork but there were no arrests, the paper said. The public prosecution depart said the investigation is underway but declined to comment further. According to business magazine Quote, the investigation relates to the payment of bribes. Damen Shipyards is the biggest Dutch shipbuilding company and has a worldwide workforce of some 9,000. The company was founded in 1927 ...

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Hanjin Heavy delivers first Philippine-made VLCC

Hanjin Heavy Industries and Construction – Philippines (HHIC-Phils.) last week delivered the first Philippine-made Very Large Crude Carrier (VLCC) to its owner after being recognized as the country’s top sectoral exporter by the Department of Trade and Industry (DTI) last December during the National Export Congress. Newly installed HHIC-Phil President Chung Gwang-Suk said: “We are very pleased to welcome the New Year with the successful delivery of this state-of-the-art vessel to one of our valued clients overseas. This vessel gives us enormous pride as it is the very first Philippine-made ...

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Daewoo Shipbuilding CEO grilled over accounting fraud

The head of cash-strapped Daewoo Shipbuilding & Marine Engineering Co. was questioned by prosecutors Tuesday over allegations the company cooked the books to cover up its losses. Jung Sung-leep, 66, appeared before the Seoul Central District Prosecutors’ Office as a suspect on charges of violating the Act on External Audit of Stock Companies. Jung, who took office in May 2015, is suspected of ordering the company to underreport some 120 billion won (US$101 million) in business losses that year, despite his original pledge to break away from the past and ...

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Signing of Japanese ODA Loan Agreement with Morocco: Utilizing Japanese shipbuilding technology in the construction of a research vessel

On January 16, the Japan International Cooperation Agency (JICA) signed a loan agreement with L’Institut National de Recherche Halieutique (the National Institute of Fisheries Research) in Rabat to provide a Japanese ODA loan of up to 5.371 billion yen for the Oceanographic and Fishery Research Vessel Construction Project. Morocco has outstanding fishing grounds on the Atlantic Ocean and the fisheries industry is important to Morocco as a means for acquiring foreign currency and creating employment. The fisheries sector, which exports octopus, squid, and tuna to Japan, accounts for approximately five ...

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First TTS shipset delivered to COSCO/Shanghai Shipyard

TTS Group is proud to announce the delivery of the first of four shipset of TTS deck equipment to COSCO / Shanghai Shipyard. In April 2015, Shanghai Shipyard Co. Ltd., part of the China State Shipbuilding Corporation (CSSC), ordered various TTS deck equipment for four 28.000 DWT Multipurpose Heavy Lift Vessels. The first official hand over took place this week end. The vessels are part of the ongoing fleet extension program of China Ocean Shipping (Group) Company (COSCO). COSCO already operates eight identically constructed vessels (Da Type 3) with a ...

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After multiple tragedies, NTUF prepares draft for ship-breaking code

After consultation with government officials, the National Trade Union Federation (NTUF) has prepared a draft of a ship-breaking code, it emerged on Sunday. Labour leaders and trade unionists had been insisting on creating a ship-breaking code, on the lines of the one in India, to prevent the growing number of accidents at the yard, claiming more than 32 lives in the last three months. Speaking about the draft, deputy general secretary of the NTUF Nasir Mansoor said a ship-breaking code had been discussed at an earlier meeting with the Kalat ...

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A pioneering office for the Korean marine and shipbuilding industry

It leverages on Singapore’s status as a marine hub. As a global hub office for the Korean marine and shipbuilding industry, Korea Marine Equipment Association (KOMEA) was established as the first overseas representative office for the industry. According to Park Yoonso, Chairman of KOMEA, it was designed to meet the needs of globalization for the industry with the key feature of a co-operative office space, which will fulfil the role of the Singapore office in connecting markets and developing new business opportunities. “This is a pioneering project for the marine ...

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China’s shipbuilding giant charts new course

Dalian Shipbuilding Industry Company (DSIC), one of the largest shipbuilding companies in the country, is charting a new course to overcome decline in global demand. Based in Dalian in Northeast China’s Liaoning province, the State-owned company is shifting its focus away from conventional shipbuilding to high-end vessels such as very-large crude and ore carriers and bulk carriers. The shipping giant, which has 12,000 employees, recorded revenue of 23.4 billion yuan ($ 3.4 billion) in 2016 and net profit of 760 million. DSIC’s service spans the entire life cycle of a ...

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China urges shipbuilders to venture abroad

China wants its shipyards to look actively for acquisitions overseas amid weak oil prices and freight rates that have led to declining orders for offshore rigs and vessels worldwide. The government is encouraging shipyards to develop and build more offshore equipment, according to a plan for the five years through 2020 posted on the website of China’s Ministry of Industry and Information Technology. It also supports strategic cooperation among companies in oil and gas, shipping, offshore equipment and financial institutions, the plan showed. The maritime proposals under the plan add ...

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ANSTERTRAILER Provided SPMT to Wuchang Shipbuilding to Transport 5000 Tons of Ship

Anster being an SPMT supplier from China deals over the world for transporting tons of load for the ease of transportation of heavy goods in less cost. Wuchang shipbuilding company deals in making ships and ship parts being heavy need to be carried from one place to another. Anster has provided SPMT to Wuchang to transport 5000 tons of ship recently. Technology New production line of WUCHANG SHIPBUILDING uses SPMT for carrying ship parts and constructing ships, this has reduced million dollars of cost that were consumed for transporting loads ...

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Samsung Heavy aims to clinch orders worth over US$6 bln this year

Samsung Heavy Industries Co., a major South Korean shipbuilder, is aiming to clinch orders worth more than US$6 billion this year, its head said. Park Dae-young, president and CEO of the shipbuilder, also said that this year will be a crucial point for his company’s survival at a time when local shipbuilders are suffering from an industry-wide slump and economic slowdown. “We raised this year’s target for new orders, compared with $5.3 billion set for last year,” Park told reporters on the sidelines of the new year’s meeting of businessmen ...

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China: Shipbuilding to be boosted in 5-year plan

China aims to account for 35 percent of the global ocean engineering equipment market and to take up 40 percent of the shipbuilding market worldwide by 2020. The Ministry of Industry and Information Technology announced the targets yesterday in a 13th Five-Year (2016-2020) Plan for the industry Shipbuilders need to “take up more than 2.5 percent of their revenue” for investment in research and development, the ministry said. The national plan envisages higher domestic production so that 60 percent of the equipment for advanced ships and 40 percent for advanced ...

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Korea’s shipbuilders buoyant in order target amid oil recovery

South Korean dockyards that struggled throughout last year in a dearth of orders turned buoyant this year on expectation that the recovery in oil prices would revive the offshore pipeline. The country’s top three players – Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co., and Samsung Heavy Industries Co. – hope to bump up order levels to triple last year’s pitiful record of $7 billion. According to shipbuilding industry sources on Friday, the country’s largest shipbuilder Hyundai Heavy Industries and its affiliates Hyundai Mipo Dockyard Co. and Hyundai ...

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Hyundai Heavy Industries’ outlook bright on subsidiary’s sound performance and restructuring

Expectations are high that Hyundai Heavy Industries Co., South Korea’s largest and also the world’s top shipbuilder, would have returned to profit last year snapping losing streak for two straight years since 2014, thanks to its subsidiary Hyundai Oilbank Co.’s improved performance and labor cost cutting efforts despite poor sales of shipbuilding business. According to market data provider FnGuide on Wednesday, Hyundai Heavy Industries was estimated to have recorded 1.62 trillion won ($1.35 billion) in operating profit on sales of 38.57 trillion won in 2016. Despite a 16.6 percent on-year ...

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Philly Shipyard Celebrates Keel Laying Milestone for Fourth Product Tanker for Kinder Morgan

Philly Shipyard, Inc. (PSI), the wholly-owned U.S. subsidiary of Philly Shipyard ASA (PHLY.OL), held a ceremonial Keel Laying today for the fourth product tanker in a four vessel order for American Petroleum Tankers (APT), a Kinder Morgan, Inc. subsidiary. Keeping with long held shipbuilding tradition, coins were placed on one of the keel blocks before the 650 ton unit was lowered into place in the dry dock. Representatives from Philly Shipyard and Kinder Morgan were in attendance to place the coins as a sign of good fortune and safe travels. ...

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