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Yangzijiang Shipbuilding reports higher 1HFY2022 earnings from continuing operations

Yangzijiang Shipbuilding (Holdings) has reported earnings of RMB1.37 billion for its 1HFY2022 ended June 30, down 17% y-o-y. However, earnings from continued operations for the same period was up 32% y-o-y to RMB1.2 billion. Earnings from the company’s financing and investment businesses were largely no longer included following the separate listing of Yangzijiang Financial Holding in April this year. Revenue for the six-month period was up 70% y-o-y to RMB 9.74 billion, as the company rode on a shipbuilding boom and delivered a record number of vessels. The company also ...

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Mitsui E&S : Consolidated Financial Results for the Three Months Ended June 30, 2022

1. Consolidated Financial Results for the Three Months Ended June 30, 2022 (from April 1, 2022 to June 30, 2022) (1) Consolidated Operating Results (cumulative) (2) Consolidated Financial Position 2. Dividends 3. Forecast of Financial Results (from April 1, 2022 to March 31, 2023) Reference: Dividends for Preferred Stock Dividend per share for Class-A Preferred stock is as follows: Application of International Financial Reporting Standards to the Affiliate using Equity Method MODEC, Inc., the affiliate accounted for using equity method, used to apply Generally Accepted Accounting Principles in Japan and ...

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Keppel O&M partners M1 to implement Southeast Asia’s first maritime 5G AR/VR Smart Glasses Solution

Keppel Offshore & Marine Ltd (Keppel O&M), in partnership with M1 Limited (M1), has implemented 5G Augmented and Virtual Reality (AR/VR) Smart Glasses solution at its yard in Singapore, the first in Southeast Asia’s maritime industry. The pilot project is part of Keppel O&M’s strategy to leverage digitalisation and virtual technology to enhance the efficiency of remote operations for its tech-enabled workforce. The project received a grant from IMDA’s 5G Innovation Programme for the development of virtual platform solutions. Smart Glasses has multiple applications; it can be deployed in different ...

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Centre of Excellence in Maritime & Shipbuilding (CEMS) and Medhavi Skills University sign MOU

Centre of Excellence in Maritime & Shipbuilding (CEMS), a skill development initiative by Indian Register of Shipping and Sagarmala – Ministry of Ports, Shipping & Waterways, signed a Memorandum of Understanding (MoU) with Medhavi Skills University (MSU), a UGC, DGT and NSDC recognized Skills University. CEMS & MSU will jointly develop and promote Industry 4.0 new-age courses in latest Software & Hardware tools and technology with university credits equivalence leading to recognized higher & technical qualifications in line with the New National Education Policy, NEP2020. The collaboration will jointly co-create ...

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DSME Unionists Opposed to Divide and Sell

Unionized Daewoo Shipbuilding & Marine Engineering (DSME) workers released a statement on Aug. 1 to express concerns on the possibility of the company being divided into several units to facilitate its sale. After the recent strike by subcontract workers that continued for 51 days, divide and sell is emerging as the most feasible privatization plan for DSME in the largest shareholder Korea Development Bank. “Now is the time to do everything to return the company to normal, but some outsiders are trying to influence its management,” the workers said, adding, ...

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Chinese shipyard newbuilding orders drop 41% in H1

China’s shipbuilding output and newly received order volume both declined in the first half of 2022, but the country still claims the top spot globally. According to China Association of the National Shipbuilding Industry (CANSI) Chinese yards’ shipbuilding volume was 18.5m dwt for the first half of this year, declining 11.6% year-on-year; newly-received shipbuilding orders were 22.46m dwt, dropping 41.3%; orders on hand were 102.74m dwt, an increase of 18.6%. Shipbuilding export volume was 15.81m dwt, dropping 11.6%; newly-received export shipbuilding orders were 20.44m dwt, falling 40.2%; export orders on ...

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GTT signs a contract for its “smart shipping” solutions with Antartica21

GTT, through its subsidiary Marorka, announces the signature of a contract with Antarctica21, the world’s leading Antarctic fly and cruise expedition operator, to equip its modern expedition vessel Magellan Explorer with GTT Digital smart shipping solutions. This contract includes the deployment of sensors, automatic data collection systems and intelligent software to manage and optimize the energy and environmental performance of the vessel. GTT Digital platform will play a key role in Antarctica21’s plan to monitor the Carbon Intensity Index (CII), reduce its vessel’s emissions, and comply with the overall EEXI ...

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Samsung Heavy Industries: 2Q22 Review: Earnings Hampered by Sanctions on Russia, Steel Prices

Samsung Heavy Industries (SHI) posted 2Q22 consolidated (K-IFRS) revenue of KRW 1.426tn (-16.9% YoY) and operating loss of KRW255.8bn (loss to loss YoY; OPM -17.9%). — Revenue missed consensus by 15.6%. Operating loss amounted to three times the consensus figure (KRW87.3bn), and two times the KB estimate (KRW120.6bn). — EBT, however, succeeded in turning to profit (KRW32.1bn) on asset disposal gains of around KRW300bn from the sale of its Ningbo (China) subsidiary. Sluggish performance due to sanctions against Russia, rising prices for steel materials — Disruptions to processes at the ...

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Keppel O&M awarded floating production contracts worth around S$75 million

Keppel Offshore & Marine Ltd (Keppel O&M)’s wholly-owned subsidiaries, Keppel AmFELS, Inc (Keppel AmFELS) and Keppel Shipyard Ltd (Keppel Shipyard), have been awarded contracts worth around S$75 million for the refurbishment and completion of two floating production units (FPU). The first contract is by Keppel AmFELS with Salamanca FPS Infra, LLC for the refurbishment of a floating production unit to be operated by LLOG Exploration Offshore, LLC, a private exploration and production company in the U.S. Keppel AmFELS’ scope of work on the production facility includes demolition, hull modifications, and ...

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Keppel O&M delivers its first new build LNG-fuelled containership for Pasha Hawaii in the U.S.

Keppel Offshore & Marine (Keppel O&M), through its wholly owned subsidiary, Keppel AmFELS, Inc (Keppel AmFELS), has successfully delivered the first of two new build Liquefied Natural Gas (LNG)-fuelled containerships to Pasha Hawaii, one of the leading shipping and logistics companies in the United States. Designed and built by Keppel O&M, the M/V George III was completed with an excellent safety record. M/V George III will join Pasha Hawaii’s fleet serving the Hawaii/Mainland trade lane. Built by Keppel AmFELS, Keppel O&M’s yard in Brownsville, Texas, the 774 by 115-foot Jones ...

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Korean Shipbuilders Enjoy 5.7% Increase in Order Intake in 1H22

Korean shipbuilders’ order intake in the first half of this year increased 5.7 percent from the same period of 2021. As of June, the combined order intake of the five major Korean shipbuilders — Hyundai Heavy Industries, Hyundai Mipo Dockyard, Hyundai Samho Heavy Industries, Samsung Heavy Industries, and Daewoo Shipbuilding & Marine Engineering (DSME) — amounted to US$28.23 billion (about 36.76 trillion won). Order intake grew 2.5 percent between January and May, but the growth rate accelerated in June. Samsung Heavy Industries booked orders worth US$2.9 billion in June. Hyundai ...

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KDB may break up DSME in next attempt to privatize the shipbuilder

State lender Korea Development Bank (KDB) has outsourced a scheme to privatize deficit-ridden Daewoo Shipbuilding &Marine Engineering (DSME) and could seek sale in pieces to lessen the burden of the cost, according to its new chairman Kang Seog-hoon. “We are considering various options (regarding DSME sale), including separated sales. The key issue with DSME is its weak competitiveness, and we will study various ways to improve its competitiveness,” Kang said in a response to a question from governing People Power Party lawmaker Yun Chang-hyun about KDB’s DSME sale plan during ...

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GTT Receives An Order From Hyundai Heavy Industries For The Tank Design Of Eight New LNG Carriers

GTT announces that it has received an order from its partner the Korean shipyard Hyundai Heavy Industries for the tank design of eight new LNGCs[1] on behalf of a European shipowner. As part of this order, GTT will design the tanks of the vessels, which will offer a cargo capacity 174,000m3 each and will be fitted with the Mark III Flex membrane containment system, a technology developed by GTT. Deliveries of the vessels are scheduled between the third quarter of 2025 and the fourth quarter of 2026. Source: GTT

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GTT Reports Strong First Half Financial Results and New Record Order Intake

GTT, the technological expert in membrane containment systems used to transport and store liquefied gases, today announces its results for the first half of 2022. Commenting on the results, Philippe Berterottière, Chairman and CEO of GTT, said: “With 88 orders for LNG carriers, our core business sales performance for the first half of 2022 beats our record for the whole of 2021, highlighting particularly strong momentum. Furthermore, the final investment decisions on new liquefaction plants taken in the second quarter, the expected ramp-up of LNG carrier orders from Qatar and ...

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Italy’s Fincantieri to cut debt, focus on core business after H1 loss

Italian shipbuilder Fincantieri vowed to lower its debt in the coming months by delivering new cruise ships, after reporting a first half net loss of 234 million euros ($237 million). Chief Executive Pierroberto Folgiero, who took over earlier this year from long-serving predecessor Giuseppe Bono, said the company would focus on its core business in order to reap benefits from expected growth in defence spending and a post-pandemic recovery in the cruise market. Intesa Sanpaolo analysts said the proposed strategic review of Fincantieri’s non-core businesses, such as infrastructure construction activities, ...

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