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Sales expansion in China by a Chinese licensee: Receiving orders of the world’s first 6UEC33LSH-C2 and the latest 6UEC42LSH-Eco-D3 for multiple projects

Japan Engine Corporation(:J-ENG) has announced that a Chinese licensee, Zhejiang Yungpu Heavy Machinery Co., Ltd., has received orders for multiple projects, the world’s first 6UEC33LSH-C2 for a Chinese costal bulk carrier, and 6UEC42LSH-Eco-D3 for a Chinese costal chemical tanker. The UEC33LSH-C2 engine is being developed as the successor of best seller engine of UEC33LSII, to meet the market demands for cement carriers, small-size bulk carriers and chemical tankers and so on, by covering a superwide power range from high- to low-speed. The latest engine’s low fuel consumption is superior to ...

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DAMEN SHIPREPAIR AMSTERDAM READIES HNLMS EVERTSEN FOR VOYAGE TO JAPAN

After a six-week period of maintenance, Damen Shiprepair Amsterdam has this week handed the HNLMS Evertsen back to the Royal Netherlands Navy. The shipyard worked hard – together with its Dutch suppliers – to prepare the Air Defence and Command frigate for deployment on, among other things, the voyage of nearly 40,000 kilometres that she will soon be making to Japan together with the UK Carrier Strike Group. HNLMS Evertsen is one of the four air defence and command frigates (LCF) of the De Zeven Provinciën class. Under the leadership ...

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GTT receives an order from Hudong-Zhonghua Shipbuilding (Group) Co. Ltd. for the tank design of a new LNG Carrier

GTT announces that it has received an order from its partner the Chinese shipyard Hudong-Zhonghua Shipbuilding (Group) Co. Ltd. for the tank design of a new LNGC1 on behalf of the Chinese ship-owner ShenZhen Gas Corporation Ltd. GTT will design the tanks of the vessel which will offer a cargo capacity 79,960 m3 and will be fitted with the NO96 L03+ membrane containment system, a technology developed by GTT. The vessel will be delivered in January 2023. Source: GTT

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HHI Holdings: Share Price Low Relative to NAV

While HHI Holdings’ NAV has risen 15.2% over the past four months, its share price has increased only 2.5%. In our view, the stock is undervalued, as it fails to reflect rising share prices at subsidiaries—all subsidiaries’ earnings and valuations are improving. HHI Holdings’ stock split and high dividend yield also warrant attention. Raise TP to W80,000 to reflect stock split and 15.2% NAV increase We revise our TP from W370,000 to W80,000 to reflect: 1) a stock split (1:5) that took place on Apr 12; and 2) a 15.2% ...

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Damen delivers Stan Tug 1004 to Vletterlieden

Damen Shipyards Group has recently delivered a Stan Tug 1004 to Corps van Vletterlieden for operation in the Port of IJmuiden in the north of the Netherlands. The tug, Boatman2, will perform a wide range of tasks including mooring, supply, crew transfer and diving support. The vessel had previously operated for a client of Damen’s in Norway, her previous owner trading her in with the purchase of a new Damen vessel. Ordinarily, Damen would assist its clients in carrying out an inspection of a second hand vessel. However, due to ...

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Hyundai Heavy Industries Holdings: Valuation and Dividend Merits Intact

Maintain BUY; Raise target price to KRW67,000 We raise our 12m fwd TP for HHIH by 11.7% from KRW60,000 (post-stock split basis) to KRW67,000 (12m fwd BVPS x 0.73x target P/B). Our TP was bumped up to reflect upward revisions to earnings estimates (2021E/2022E NP attributable to controlling interests up 4.1%/4.3%), a change in market risk premium (5.93% for 2020→7.37% for 2021) and necessary adjustments to assumptions (e.g., risk-free rate, terminal growth rate) due to market rate changes. We maintain BUY as our new TP offers 17.8% upside (24.5% if ...

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Samsung shipyard acquires independent technologies for wind turbine installation vessel

Samsung Heavy Industries, a major shipbuilder in South Korea, has acquired original technologies for the construction of a wind turbine installation vessel (WTIV) featuring eco-friendly technologies. The vessel is designed for the installation of offshore wind turbines. Similar to a jack-up rig, it is self-elevating. Samsung Heavy Industries (SHI) said that the design of its low carbon-emitting WTIV concept has obtained “Approval in Principle” simultaneously from three major maritime classification societies — the American Bureau of Shipping (ABS), DNV, and Lloyd’s Register (LR). The shipbuilder said it has applied eco-friendly ...

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Japanese Shipbuilders Poised to Beat Rivals with Clean Air Technology

Japan’s shipbuilding companies are accelerating the development of environmentally friendly vessels that emit no greenhouse gases (GHGs) such as carbon dioxide (CO2). Firms like Kawasaki Heavy Industries have begun developing ships that operate on high-power fuel cells (FCs). Imabari Shipbuilding Co., Japan’s largest shipbuilder based in Imabari, Ehime Prefecture, and Japan Marine United Corporation (JMU), the nation’s second largest headquartered in Yokohama, have zeroed in on ammonia fuel powered ships. Japan’s shipbuilding businesses have struggled against Chinese and South Korean rivals on price competition. However, Japanese firms hope to regain ...

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Inside the now-booming business of building container ships

In ocean shipping, present success often breeds future failure. Across the decades, freight-rate spikes have spurred newbuilding sprees, wiping out freight rates. Which brings us to today: Container freight rates are spiking and container-ship newbuild orders are surging at yards in China, South Korea and Japan. Is the ending of this story inevitable? Not necessarily. There have been a very large number of orders in Q4 2020 and Q1 2021. Yet container shipping’s orderbook was historically low before this new wave of contracts hit. What happens next will be important ...

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Korean shipbuilders’ revival

Korean shipbuilders regained the No. 1 spot in the world after pulling off a 10-fold increase in the number of orders won in the first quarter of the year compared to 2020. They received 5.32 million compensated gross tons (CGTs) in new orders for 126 ships in the first three months, accounting for 52 percent of the global total of 1,024 CGTs for 323 vessels and beating out their Chinese competitors. It was stark difference from a few years ago when the nation’s shipbuilders were viewed as a declining industry ...

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Samsung Heavy Industries Develops Eco-friendly Wind Turbine Installation Vessel

Samsung Heavy Industries’ eco-friendly wind turbine installation vessel has been certified by the world’s top three ship classification agencies at the same time. Samsung Heavy Industries (SHI) has developed its own wind turbine installation vessel (WTIV) loaded with advanced eco-friendly technologies. The achievement will help the shipbuilder respond to the rapid growth of the global offshore wind power market. SHI announced on April 8 that it has obtained basic certificates for its WTIV concept design (model name SLW-FUEL CELL) from the world’s top three ship classification agencies at the same ...

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Shipbuilding Companies to Pursue Carbon Neutrality

The top six South Korean shipbuilding companies have declared to achieve carbon neutrality by 2050. The top six South Korean shipbuilding companies organized their carbon neutrality committee on April 8 and made a joint declaration to achieve carbon neutrality by 2050. The shipbuilding industry of South Korea emitted approximately 2.08 million tons of greenhouse gases in 2017. Most of the amount is indirect emission attributable to electric power used in various processes. The liquid fuels for trial runs emit greenhouse gases, too. The government and the companies in the committee, ...

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GTT receives an order from Hyundai Heavy Industries for the tank design of two new Very Large Ethane Carriers (VLEC)

GTT announces that it has received an order from its partner the Korean shipyard Hyundai Heavy Industries (HHI) for the tank design of two VLECs on behalf of an Asian ship-owner. As part of this order, GTT will design the tanks for the VLECs with a cargo capacity of 98,000 m3. The tanks will be fitted with the GTT Mark III membrane containment system. The vessels will be delivered in the last quarter of 2022 and the first quarter of 2023. These latest generation vessels are versatile as they are ...

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Despite the pandemic, Alang beached 187 ships for recycling

Alang-Sosiya in Gujarat’s Bhavnagar district – home to the world’s largest stretch of ship-breaking facilities – beached 187 ships for recycling in FY21 compared to 202 ships in the previous year, as the ship dismantling activity was hit by the pandemic-induced lockdown. Despite the health crisis, one of the world’s top ship recyclers benefited from the green recycling policies of global shipowners for their end-of-life ships. Currently, more than 90 of the 120 working plots at Alang-Sosiya are certified for compliance with the green recycling standards prescribed by the Hong ...

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Another good year in DESMI

2020 is indeed a year to remember – not only in a world historical perspective, but also as a very special year for DESMI. Covid-19 made its entry at the same time as a serious cyber-attack, but in despite hereof a good result is created by focusing on continuous growth, development, and sustainable solutions. It is in this light that the Board of Directors describes the result as satisfactory. “The Covid-19 situation has had (and still has) a great impact on our daily work in regard to visiting and meeting ...

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