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Sembcorp Marine profits could rise 56% in 2019

With $2.5b in new orders pending, 2018 could be a big year. The lull could finally be over for Sembcorp Marine if it manages to bag orders worth $3.5b in 2018 and see its profits increase 56% in 2019 to $136m, CIMB said. Things look up for the firm because it is in the running for some sizeable projects, likely to be awarded in 2018. CIMB has factored in $2.5b new orders in 2018. These include Shell’s Vito topside, and hull construction, estimated to be worth US$300m, Gravifloat FLNG for ...

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KDB to offer refund guarantee for STX Offshore’s 11 ship orders

State-owned Korea Development Bank (KDB) offered refund guarantee on orders of 11 vessels that STX Offshore & Shipbuilding Co. has won this year on the condition that the company carries out restructuring including a 30 percent cut in fixed costs. A senior official at KDB said on Tuesday the state lender and the creditors of STX Offshore & Shipbuilding decided to give the shipbuilder the last chance to normalize its operation as it plays an important role in the nation’s shipbuilding industry and makes contributions to regional economy and job ...

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Court impounds shipbuilder’s headquarters amid fraud probe

Kaohsiung District court impounded the headquarters of Ching Fu Shipbuilding Co. (CFS) on Wednesday, at the request of one of Ching Fu’s lenders, amid allegations of the company’s financial woes and its involvement in a fraud scandal related to a Navy contract. The court took provisional legal ownership of the first six floors of the 10-story building on Fuxing Fourth Road and CFS’ partial land ownership of the site, the Kaohsiung District Court said. The court explained the action was taken to protect the rights of debtees and emphasized that ...

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Philly Shipyard Delivers Fourth and Final Product Tanker to Kinder Morgan

Philly Shipyard, Inc. (PSI), the sole operating subsidiary of Philly Shipyard ASA (Oslo: PHLY), today delivered the American Pride, the fourth of four next generation 50,000 dwt product tankers that it has built for American Petroleum Tankers (APT), a subsidiary of Kinder Morgan, Inc. The vessel was delivered ten days ahead of the contract delivery date. This delivery is the 28th vessel built by PSI (formerly known as Aker Philadelphia Shipyard, Inc.). The next generation 50,000 dwt product tanker is based on a proven Hyundai Mipo Dockyards (HMD) design that ...

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Kaohsiung court rejects detention of former shipbuilder CEO

The Taiwan High Court Kaohsiung Branch denied Monday an application by local prosecutors to detain former Ching Fu Shipbuilding Co. (CFS) CEO Chien Liang-chien (簡良鑑) over alleged illegal activities involving the company. CFS, Taiwan’s largest private shipbuilder, is embroiled in a fraud scandal over a contract that it won from the Ministry of National Defense in October 2014 to build six mine sweepers for Taiwan’s military at a cost of NT$34.9 billion (US$1.18 billion), as part of the nation’s domestic warship-building program. The fraud allegedly occurred when CFS was trying ...

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Strong Korean Won Puts Shipbuilding Industries on Red Alert

A strong Korean won raised a red flag for some Korean exporting companies. Although most Korean export companies do not have any problems with existing export volume due to foreign exchange hedge, new volume will be significantly affected. According to the Korean industrial world on November 17, Korean steelmakers are now in a position to withstand the high strength of the Korean won for the time being thanks to recent strong exports. On the other hand, automakers in a slump are forecasting that a strong Korean won will adversely affect ...

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Higher oil prices bode well for S. Korean shipbuilders

Global oil prices have rallied in the past weeks and may settle above the US$60 level in the near future, a boon for Korean shipbuilders still struggling with falling new orders, industry sources said Monday. Oil prices rebounded Friday on hopes for the extension of an OPEC output cut deal. Brent crude oil rose $1.36, or 2.2 percent, to settle at $62.72 a barrel, while U.S. West Texas Intermediate crude (WTI) ended $1.41, or 2.6 percent, higher at $56.55 a barrel. Oil prices have risen roughly 20 percent since August ...

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Wagenborg Offshore Chooses Ulstein Px121 Design

The Ulstein-owned vessel, ‘Blue Queen’, has been awarded a 6-year contract by Wagenborg Offshore to support Nederlandse Aardolie Maatschappij (NAM) and SHELL UK Exploration & Production (Shell UK) with their offshore operations on the Southern North Sea. The so-called ‘Walk-to-Work Emergency Response and Rescue Vessel’ (W2W ERRV) will be operated by Wagenborg Offshore as a standby and support vessel for inspection and maintenance of the unmanned platforms in both Dutch and British waters. WALK TO WORK, EMERGENCY RESPONSE AND RESCUE OPERATIONS For the provision of the W2W ERRV vessel to ...

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Japan’s rise in shipbuilding orders dwarfed by Asian rivals

A rebound continues for Japanese shipbuilders as new-order capacity rose on the year for a 10th straight month in October, but these manufacturers are firing volleys at heftier rivals in South Korea and China whom they say receive unfair government assistance. The Japanese companies booked new orders for 22 vessels last month totaling 890,300 gross tons of capacity — up sevenfold from October 2016, the Japan Ship Exporters’ Association said Wednesday. The vessels are bulk carriers for transporting resources, grains and other goods. These additions lifted the total orderbook at ...

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From Amsterdam to Curacao: Damen’s repair yards update ISO and OHSAS certification

Over the last month Lloyd’s Register Quality Assurance has visited two yards and one sister company from Damen Shiprepair & Conversion’s (DSC) global network to audit their management systems. The results of the auditing processes have been successful: firstly, in the Netherlands, Damen Shiprepair Amsterdam and Niron Staal received ISO 9001:2015, ISO 14001:2015, and OHSAS 18001:2007 certifications. And secondly, in the Caribbean Sea, Damen Shiprepair Curaçao gained ISO 9001:2015 and ISO 14001:2015 certification. Lloyd’s Register visited the two Amsterdam-based companies in mid-October to complete a comprehensive assessment of management systems. ...

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Seaspan Announces $1M Investment to University of Victoria for Hybrid Electric Technology Research

The Dennis & Phyllis Washington Foundation (the “Foundation”), in conjunction with Seaspan, announced today a $1 million investment to the University of Victoria (UVic) to support innovative teaching and research for cleaner and more environmentally friendly transportation solutions. As a result of the grant, additional government and industry funding will be secured to support future research activities focusing on advanced hybrid electric propulsion technologies that enable cleaner, lower cost fuel alternatives. The research team led by mechanical engineer Dr. Zuomin Dong will advance solutions for heavy-duty marine, mining and transportation ...

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Former Shanghai shipyard’s CEO jailed for corruption

Gu Tiquan, former boss of China’s biggest shipbuilder, has been sentenced to 13 years in prison for taking bribes and embezzlement. Gu, former CEO of the state-owned Shanghai Hudong-Zhonghua Shipbuilding (Group) Co, was found to have taken 5.34 million yuan (US$805,758) in bribes and to have embezzled 520,000 yuan over 15 years, according to No. 1 Branch of Shanghai People’s Procuratorate. The 58-year-old asked his old friend Gao Liansheng to open a company in 1997. Gu took advantage of his position as a high-ranking official with Jiangnan Shipyard Group to ...

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Hyundai Heavy accelerating 3rd-generation succession

Hyundai Heavy Industries (HHI) Group appears to be accelerating its third-generation succession as Chung Ki-sun, the eldest son of the largest shareholder Chung Mong-joon, assumes a greater role in steering Korea’s biggest shipbuilding group. The younger Chung was in charge of HHI’s sales of ships and offshore plants. But in the latest reshuffle of the company’s senior management, Tuesday, he was given additional authority to oversee its business planning and other managerial decisions. Chung, HHI’s senior executive director, has been promoted to vice president to run the firm’s department of ...

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Competition heats up between international shipbuilding countries

China has (so far) this year replaced Japan as the biggest builder of bulk carriers, while South Korea has usurped China by taking the most new orders for tankers since January 1. Bulkers China has bagged firm orders for 129 new bulk carriers or 55% of the total 234 bulkers that were contracted during the first 10 months this year, according to Alibra data. Globally, only 34 new bulkers were ordered firm during the same period last year, of which the majority (50%) were contracted at Japanese yards. On the ...

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Singaporean Shipbuilders Making Korea’s Big 3 Shipbuilders Tense

A red flag was raised for Korean shipyards such as Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering (DSME) and Samsung Heavy Industries which had dominated the offshore plant market. This is because they are losing orders to Singaporean shipyards which have not been even recognized as their competitor so far. In particular, bidding prices submitted by Singaporean shipbuilders are much lower than those of Korean shipyards. Of course, it is still unclear whether or not the bidding prices suggested by Singaporean shipbuilders can give rise to profits. There is ...

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