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Rescued Singapore Shipbuilder Buckles Under Debt Woes

A Singapore shipping company rescued by its chairman just over a year ago faces collapse unless the courts step in, a sign that an earlier slump in oil prices is still reverberating. Saddled with $877 million in liabilities and creditors demanding payment, Otto Marine Ltd. is asking the Singapore High Court for protection. The shipbuilder wants to turn itself around under the court’s supervision and fend off creditors while it restructures its debt, according to its Feb. 20 application for judicial management, which was obtained by Bloomberg News. “I cannot ...

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ONE, OOCL and SACO Shipping use booking tool eBooking

Since February 2018, the carriers ONE – Ocean Network Express (Europe) Limited and OOCL Orient Overseas Container Line Limited as well as the NVOCC service provider SACO Shipping have also been receiving forwarders’ bookings via DAKOSY’s eBooking platform. The response messages, including booking confirmations, depot information, arrival at the port of destination, etc., are also sent back to the freight forwarders electronically via the platform. eBooking offers many advantages for forwarders. They gain an EDI interface to the platform and, in addition to ONE, OOCL and SACO, are also connected ...

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Hyundai Heavy wins $58 mln order to build LPG tanks in Nigeria

Hyundai Heavy Industries Co., the world’s largest shipbuilder by sales, said it has received a US$58 million order to build 15 bullet tanks for storing liquefied petroleum gas (LPG) for a Nigerian firm. Hyundai Heavy said it is set to deliver the tanks to Nigeria’s Dangote Oil Refining Company, Africa’s largest refinery, beginning in April 2019. The 15 cylindrical tanks — each being eight meters in diameter and 95 meters in length — can hold 75,000 cubic meters of LPG, according to Hyundai Heavy. Shares in Hyundai Heavy fell 2.34 ...

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Palumbo Group opens new site in Romania

Palumbo Group, which runs the Bormla shipyard, has just opened a new site in Costanza, Romania, as it continues with its rapid expansion. The development comes just a month after it invested more than €10 million in taking over the ailing former Mondomarine facility in Savona, Italy. “Our strategy is to continue building on optimising our services and remaining a major player to be reckoned with in the Mediterranean,” Group CEO Antonio Palumbo said. The new site in Costanza will provide specialised services to the offshore and engineering sectors. The ...

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Leanships: changing the tide in shipbuilding

Scientists hail the imminent arrival of new, efficient, low-emission ships on the market thanks to leaps forward in hull and propeller development. Imagine you are sailing on a vessel designed to reduce CO2 emissions by up to 25% and completely eliminate other pollutants, like sulphur or nitrogen oxide. Believe it or not, the solution may lie at an icy pool in northern Germany. The ambient temperature there is -10°C and the water stands at a chilly -0.8°C”. Emulating the Arctic In the early morning, researchers are on an icy mission. ...

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Biofouling during outfitting at South Korean shipyards drives high demand for Selektope® antifouling solution

As global water temperatures increase, global ‘biofouling hotspots’ in subtropical/tropical areas are intensifying, exposing newbuildings at the world’s major shipyards to greater risk of hard fouling during the outfitting process. The effects of intense hard fouling on idle newbuilds can have great impact on a newly applied hull coating and on a vessel’s performance in sea trials. In response to this problem, a new antifouling coating specifically targeting hard biofouling prevention during the outfitting period was brought to market by Danish marine coatings specialist Hempel in late 2017. GLOBIC 9500S ...

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Abu Dhabi Ship Building Achieves Second Highest Profit in Its History

Abu Dhabi Ship Building PJSC (ADSB) has released its financial results for the financial year ended 31 December 2017. The report was accompanied by a statement from the Chief Executive Officer, Dr. Khaled Al Mazrouei, who provided highlights from the successful business year. Overall, 2017 was another positive year for ADSB, as the company surpassed targets, re-branded its market position, and continued to build on the momentum from all operational segments. In his statement, Dr. Al Mazrouei called attention to the even more improved financial position of the company, including ...

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Sembcorp: Results for 4Q/FY 2017

Sembcorp Marine posted Group revenue of $2.39 billion for the twelve months to December 31, 2017. This compares with $3.54 billion in revenue generated the previous year. The lower revenue was largely due to lower sales from all key business segments with the exception of Repairs & Upgrades, as well as a reversal of previously recognised rig sales upon the termination of contracts with original customers. Rigs & Floaters reported a turnover of $1.10 billion in FY 2017, a 42% decline from the $1.89 billion booked in the previous year ...

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S. Korean shipbuilders mired in losses

South Korea’s leading shipbuilders and one of its shipping firms have been mired in losses due to unsuccessful restructuring efforts, industry data showed. The cumulative net loss of Daewoo Shipbuilding & Marine Engineering Co., a major South Korean shipbuilder, came to more than 7 trillion (US$6.5 billion) from fiscal year 2012 through 2016, according to Chaebul.com, which monitors the activities of business groups. Hyundai Heavy Industries said its net loss came to 93.4 billion won in 2017, compared with a net profit of 15.5 billion won in 2016. Samsung Heavy ...

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Japanese Shipbuilders Beat Korean Counterparts in New Orders and Order Backlogs

It has been found that the Korean shipbuilding industry lagged behind the Japanese industry in the new order competition in January of this year. Japanese shipbuilders’ monthly new orders eclipsed Korean shipbuilders’ in about a year since November 2016. It was said that in terms of order backlogs showing shipbuilders’ remaining work, Korean shipbuilders’ order backlog was fewer than Japanese shipbuilders’ as of the beginning of February. While the Korean shipbuilding industry was faltering with a restructuring, the Japanese shipbuilding industry took advantage of the chance. According to Clarkson Research, ...

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Iskes Towage & Salvage adds two more Damen ASD Tugs 2810 to its fleet

Iskes Towage & Salvage, the leading maritime service provider based in the port of IJmuiden/Amsterdam, has taken delivery of two Damen ASD Tugs 2810. The vessels were built at Damen Song Cam Shipyards, Vietnam, and delivered last year to Damen Shipyards Gorinchem, the Netherlands, as part of the group’s strategy to position stock vessels for rapid availability in Europe. This on-demand availability was a significant factor in Damen winning the contract, with both tugs being delivered within two weeks of the contract being signed. Named Phoenix and Lynx, the tugs ...

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TH Heavy Engineering to shift to shipbuilding

TH HEAVY Engineering Bhd (THHE) plans to shift its core business from fabrication to shipbuilding and ship repair in a move to turn around the debt-ridden company. The offshore and marine engineering services company, also a Practice Note 17 company since April 28 last year, aims to grow the shipbuilding and ship repair segment to more than 50% starting 2019, after its regularisation scheme is fully implemented. “Fabrication business in the oil and gas industry is very competitive and already reached overcapacity. We would like to move away from it ...

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Singapore: Foreign worker levy rates for marine shipyard and process sectors to be deferred for another year

The levy rates for foreign workers will remain unchanged for all sectors, said Minister for Finance Heng Swee Keat on Monday (Feb 19). The earlier-announced levy rate increases for the marine shipyard and process sectors, which still face weakness, will also be deferred for another year. The levy rate for the basic tier of workers in these two sectors is $300 for higher-skilled workers and $400 for lower-skilled workers. The rates were supposed to go up by between $50 and $150. With the announcement, the levy rate for the basic ...

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The quiet king of Japanese shipbuilding expands its empire

It buys more steel than any other Japanese company except Toyota Motor, and its shipbuilding dominance is such that rivals Mistui and Mitsubishi group are now turning to it for help. Yet the inner workings of Imabari Shipbuilding — a family-controlled company with a history going back over a hundred years — remain rather murky. Its latest move, however, is not only putting the unlisted company in the spotlight, it is may also pave the way for a wave of industry realignment. On Jan. 12, Imabari announced that it had ...

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S. Korea: Spring Wind Blows in the shipbuilding industry

A recovery is being made in the Korean shipbuilding industry’s new order receipt. Korean shipbuilders were expected to be hit by a dearth of funds this year following a dearth of orders two years ago. As a result, there has been growing concern that if the Korean shipbuilding industry continues to suffer from a slump in winning new orders this year, its industrial ecosystem may be completely destroyed. Fortunately, Korean shipbuilders are relieved as new their orders have been growing ahead of new spring. According to the Korean shipbuilding industry ...

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