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Shipbuilding News

India has great opportunity to become ‘shipbuilding hub’: Rajnath Singh

Defence Minister Rajnath Singh on Saturday said the country has a great opportunity to become an indigenous shipbuilding hub and the government has introduced policies that will help the domestic industry become world-class players. Speaking at the ceremony in Chennai today while commissioning the indigenously built Indian Coast Guard Ship Vigraha, the Defence Minister said, “Reports suggest that in the next one or two years, that is, by 2023, the expenditure on security around the world is going to reach 2.1 trillion US dollars. Most of the countries do not ...

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Hyundai Genuine readies reorganization, recapitalization to become global No. 5

Hyundai Heavy Industries Group will groom its new global No. 9 construction equipment unit with Doosan Infracore under its arm to No. 5 with revenue of 10 trillion won ($8.6 billion) by 2025 through organizational rationalization and recapitalization of 800 billion won within the year. Capital clean-up and fueling is the first task for the new company, according to its business outline unveiled Wednesday by Hyundai Genuine Co., holding entity that took off last month to oversee Hyundai Construction Equipment and Doosan Infracore the group had bought for nearly 900 ...

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NGOs urge Greece and Bangladesh to stop illegal beaching of ferry

Yet another passenger ship is heading towards the shipbreaking beaches of South Asia, in clear violation of European rules that are aimed at preventing the trade of toxic waste from the EU to non-OECD countries. The passenger/ro-ro vessel PRINCESS (IMO 7347548) illegally departed from Katakolon, Greece, in July and arrived on 22 August in Chattogram, Bangladesh, where is about to be beached. Despite the fact that competent authorities were alerted that the ship was heading for scrap already in May, the unit was allowed to leave European territorial waters. Before ...

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Korea’s top 3 shipyards enjoying heyday unready to expand workforce

South Korea’s shipbuilding majors have shed some 1,500 jobs on their payrolls during the first half despite their record-breaking order book this year as higher commodity prices ate into their income while it usually takes couple of years for new orders to fatten their coffers. Korea Shipbuilding & Offshore Engineering Co. (KSOE), Samsung Heavy Industries Co., and Daewoo Shipbuilding & Marine Engineering Co. (DSME) had a total of 378,845 employees on payrolls as of June 30, according to their first-half reports. The combined workforce count is about 1,500 fewer from ...

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Hyundai shipyard wins Maersk’s $1.4 bln order to build eight container ships powered by methanol

South Korea’s Hyundai shipbuilding group has secured an order from Maersk, the world’s largest container shipping line and vessel operator, to build eight container ships powered by methanol, an inflammable liquid which is emerging as a new clean-burning fuel thanks to lower production costs and significantly reduces greenhouse gas emissions. The order worth 1.64 trillion won ($1.4 billion) calls for the delivery of eight 16,000-TEU container ships equipped with methanol fuel propulsion systems by 2024, Korea Shipbuilding & Offshore Engineering (KSOE) affiliated with the shipbuilding group said on August 24. ...

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Sembcorp Marine’s $1.5 billion rights issue approved by shareholders

Shareholders of Sembcorp Marine have voted in favour of a renounceable rights issue to raise $1.5 billion in funds to support the company’s operations. At an extraordinary general meeting on Monday (Aug 23), more than 98 per cent of shareholders approved of the exercise, under which they will receive three rights shares priced at eight cents each for every two existing shares held. Startree, an indirect wholly owned subsidiary of Temasek, had given an irrevocable undertaking to SembMarine to subscribe for its 42.6 per cent entitlement to the rights shares. ...

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Chinese expect shipbuilding boom to continue in 2H 2021

Chinese officials are forecasting that the strong growth in shipbuilding orders experienced in the first half of 2021 will continue for the remainder of the year. Speaking about the outlook for the shipbuilding industry they speculated that the industry has entered a new high-growth phase as owners seek to adapt to new regulations. They said China is well-positioned due to its work on new technologies and advanced manufacturing techniques. “There will be many orders in the second half (2021), and global annual new ship transaction volume will definitely exceed 90 ...

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Workplace disasters, strikes stress Hyundai Heavy ahead of planned IPO

The planned initial public offering (IPO) of Hyundai Heavy Industries (HHI) next month appears to face obstacles, with deadly industrial accidents and strikes affecting the operation of the country’s largest shipbuilder. On the bright side, HHI already surpassed its yearly goal of ship orders worth 8.5 trillion won ($72 billion) by winning the orders worth 15.4 trillion won in the first half alone. The company, however, was behind its rivals ― Daewoo Shipbuilding & Marine Engineering (DSME) and Samsung Heavy Industries ― in the first half in terms of production ...

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Further Success With E-Flexers – Deltamarin Signs Design Contracts For Three Ropax Ships

Deltamarin has signed design contracts with China Merchants Jinling shipyard (Weihai) for the complete basic and detail design packages of three RoPax vessels. These are the 10th, 11th and 12th Stena E-Flexer vessels for two different end clients. Stena’s E-Flexer class has been developed with a basic concept, but is flexible and adapted to customer needs, both commercially and technically. The concept combines cargo and passenger capabilities, and the vessels are substantially larger than today’s standard ferries. The Stena E-Flexer class is at the forefront in terms of sustainability, and ...

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All-electric ship to help boost green transportation

The hull construction of the world’s largest purely electric-drive cruise ship has been completed in a shipbuilding industrial park in Yichang, Hubei province, in a step toward providing more options in the green growth of transportation on the Yangtze River. Workers are now outfitting the ship, which is expected to play a role in boosting the local tourism industry. The Changjiang San Xia 1, which is 100 meters long and 16.3 meters wide, will mainly operate on the Yangtze, the longest river in the country. The ship is expected to ...

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Daewoo Shipbuilding swings to net loss of 1.25 trillion won in H1 due to increased costs, allowances

Daewoo Shipbuilding & Marine Engineering Co. swung to a net loss of 1.25 trillion won in the first half due to increased costs and allowances after posting a net profit of 294 billion won a year ago. Sales dropped 45 percent to 2.17 trillion won. The company suffered an operating loss of 1.22 trillion won after posting an operating profit of 352 billion won last year. DSME cited weak orders and increased allowances as the main culprit. The shipbuilder allocated 800 billion won for allowance for legal disputes with clients ...

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POSCO to finalize steel price deal with Hyundai, Samsung

Local steelmakers are on the verge of coming to a consensus with heavy industry companies in setting the steel plate price for the second half of this year. According to the industry, Wednesday, the steelmakers and local big three heavy industry companies ― Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering (DSME) and Samsung Heavy Industries ― went through tough negotiations and came to a compromise on the price, which is expected to be a little lower than POSCO’s initial offering of 1.15 million won ($977) per ton. The deal ...

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Korean Shipbuilders Post Negative Earnings Surprises

The three major South Korean shipbuilders posted negative earnings surprises, 2,994.8 billion won in total operating losses, for the first half of this year, when they won the biggest number of contracts since 2008. This is because the earnings reflect their slump in 2019 and the price of thick plates surged in the first half. The operating losses of Korea Shipbuilding & Offshore Engineering, Daewoo Shipbuilding & Marine Engineering, and Samsung Heavy Industries were 829.8 billion won, 1,220.3 billion won and 944.7 billion won in the first half, respectively. Daewoo ...

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Accelerating Strategic Business Expansion: Sembcorp Marine Completes Two Offshore Wind Farm Substations for Ørsted Wind Power

Sembcorp Marine has successfully completed the fabrication of the Offshore Substation (OSS) and Reactive Compensation Station (RCS) (collectively, “Substations”) for Ørsted Wind Power subsidiary Optimus Wind Limited. The Substations set off on a voyage to the Hornsea Two Offshore Wind Farm from Sembcorp Marine Admiralty Yard today. Constructed at Sembcorp Marine’s integrated facilities, the OSS is the largest AC offshore substation and together with the RCS, they have a combined weight of 10,200 tonnes. In addition to fabrication, Sembcorp Marine spearheaded the engineering, procurement, hook-up and commissioning works for the ...

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Chinese Shipbuilders to see surge in orders this year

China’s shipbuilding sector will enter a high-growth period this year, driven by soaring demand of global maritime trade and many shipping groups’ moves to adopt smart and green vessels, industry officials said on Monday. Chinese shipyards completed orders of 23.18 million dead weight tons (DWT) for both domestic and foreign shipowners in the first half, accounting for 47.4 percent of the world’s total in this area, data released by the Beijing-based Chinese Association of the National Shipbuilding Industry showed. In the meantime, they received new orders of 28.39 million DWT, ...

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