Samsung Heavy Industries Co., a major South Korean shipbuilder, said Friday it has clinched a 215 billion-won (US$190 million) deal to build a liquefied natural gas (LNG) carrier. The contract was made with an Asian shipper, the company said in a regulatory filing. The ships will be delivered by March 2022. With the latest deal, Samsung Heavy has won deals valued at $1.3 billion so far this year to build seven LNG ships. Samsung Heavy earlier announced that it aims to bag $7.8 billion won worth of orders this year. ...

Workers at Croatia’s biggest shipbuilder Uljanik went on strike for the third time since August, claiming they had worked without pay for months pending a government decision on the ailing group’s future. Protesting workers symbolically welded shut two main entrances to the dock in the northern Adriatic city of Pula. Uljanik, which is 25 percent state-owned and which operates two shipyards in Pula and Rijeka, has been working to stave off bankruptcy due to liquidity problems that began in 2017. Workers went on strike twice last year over unpaid wages. ...

Croatia will decide in coming days whether to place troubled shipbuilder Uljanik into bankruptcy or try to restructure the business at a cost to the state of around one billion euros, a top official said. Last month Uljanik, the country’s largest shipbuilder, chose local rival Brodosplit as a strategic partner to restructure its operations, with Italian shipbuilder Fincantieri acting as an adviser in the process. “The restructuring would cost us 1.009 billion euros ($1.15 billion), while bankruptcy would cost us 557 million euros,” Branko Bacic, a leading official of the ...

Hyundai Mipo Dockyard Co., a mid-sized South Korean shipbuilder, said that it has secured 120 billion won (US$107 million) worth of orders to build three container vessels. Under the deal with an Asian shipper, Hyundai Mipo will build the 2,500-TEU vessels, with the delivery of the ships to begin during the second half of 2020. Hyundai Mipo is an affiliate of Hyundai Heavy Industries Co., the world’s largest shipyard. So far this year, Hyundai Heavy Industries Group has secured over $1 billion worth of orders to build a total of ...

On March 18, 2019, a ceremony was held at Damen Yichang Shipyard, China, to mark the start of cutting steel for the first of a planned series of short-sea LNG Bunker vessels to be built for Eesti Gaas of Estonia. The 6,000m³ capacity vessel and its future sister-ships are intended to accelerate the wider adoption of LNG as a cleaner alternative fuel in the north-eastern region of the Baltic Sea by providing a mobile and efficient ship-to-ship distribution service for the first time. Virgo Vinkel, Technical Manager (Tallink), represented AS ...

ABG Shipyard Ltd, once India’s biggest private shipbuilder, is headed for liquidation after a lenders panel rejected the resolution plan submitted by London-based Liberty House for the debt-laden shipbuilder. Sundaresh Bhat, the resolution professional for ABG Shipyard, has filed an application with the Ahmedabad bench of the National Company Law Tribunal (NCLT) seeking liquidation of the Gujarat-based shipbuilder under Section 33 (2) of the Insolvency and Bankruptcy Code (IBC), according to papers filed with the bankruptcy court. The Committee of Creditors (CoC) led by ICICI Bank has approved a resolution ...

Topaz Energy and Marine (“Topaz”), a leading offshore energy logistics company, is pleased to announce that it has signed contract extensions for 12 of its vessels currently supporting the offshore operations of BP Exploration (Caspian Sea) Limited (“BP”) in Azerbaijan. Under the terms of the agreement, seven of the offshore support vessels will be under contract until 2025, three until 2023 and two until 2022. The extended contracts all include a two-year option to extend. The agreement has materially increased our backlog, while also converting a significant portion of our ...

International Container Terminal Services Inc. (ICTSI) of ports tycoon Enrique Razon intends to transform the Hanjin shipyard in Subic Bay into a multi-purpose facility should it take over the facilities of the South Korean shipbuilder. ICTSI global corporate head Christian Gonzalez said the listed firm is still working and trying to put the team together for a potential Hanjin offer. “Our intention is not shipbuilding at all. It’s to utilize the site for other purpose, other critical type of support infrastructure like automotive terminal, multi-purpose crane terminal, steel, power, etc. ...

Last week the Council on Ethics of the Norwegian oil pension fund (Government Pension Fund Global) announced that it will turn its attention towards Indian shipbreaking practices. This may well result in further divestments from shipping companies with poor shipbreaking records. In 2018, the Council on Ethics had already advised the fund to divest from companies, including container line Evergreen, selling their end-of-life vessels to shipbreaking yards located in Pakistan and Bangladesh “due to an unacceptable risk that the companies are contributing to serious environmental damage and gross violations of ...

Reygar, a leading provider of innovative remote monitoring and reporting platforms to the marine industry, has announced that specialist high-speed ferry builder, Wight Shipyard, has installed its BareFLEET monitoring system on the new Catamaran Venus Clipper – the latest fast ferry built for MBNA Thames Clippers. BareFLEET is a cloud-based monitoring platform that will give Wight Shipyard an unprecedented level of insight into the performance of the new vessel as it enters operational service on the Thames. The system will ultimately enable MBNA Thames Clippers to optimise performance, reduce maintenance ...

Singapore shipbuilding and marine service firm Global Radiance Group has announced plans to invest around $2 billion in the Pakistani shipbuilding industry, the group chairman and managing director Abdul Lateef Siddiqui said. The step is set to create about 4,000 jobs, according to the executive, as quoted by the News International, Pakistan’s largest English-language newspaper. Siddiqui said that the country is currently forced to pay up to $4 billion to foreign shipping companies. Pakistan’s state-owned National Shipping Corporation (PNSC) reportedly operates nine ships, three tankers and six bulk carriers with ...

The Nigerian Content Development and Monitoring Board (NCDMB) has declared that Korean shipbuilding giant, Samsung Heavy Industries (SHI) has transformed Nigeria into a hub for fabrication and integration of Floating Production Storage Offloading (FPSO) unit in Africa. Speaking to journalists in Lagos on the local content milestones in Nigeria’s oil and gas industry, the Executive Secretary of NCDMB, Mr. Simbi Wabote stated that the massive investment of SHI in Lagos is a major breakthrough in the implementation of local content in Nigeria. Wabote said the successful construction and local integration ...

Japanese shipbuilders received 13 vessel orders for export in February, totaling 714,400 gross tons, down 20.4% year on year on a gross tons basis, latest data by the Japan Ship Exporters’ Association published Thursday showed. However, steel consumption will remain stable, a JSEA official said. The JSEA official said the orders fell on a year on year basis because orders received in February 2018 was high, but February 2019 orders rose 5.7% on a month-on-month basis. “We understand shipbuilders are receiving steady orders, but we are concerned about the drop ...

South Korea’s industry ministry on Friday said it will keep close tabs on potential impacts of the mega acquisition deal by Hyundai Heavy Industries Co. (HHI), as local marine equipment firms expressed concerns over losing orders. Earlier this month, Hyundai Heavy signed a formal deal with the state-run Korea Development Bank (KDB) to buy its smaller local rival Daewoo Shipbuilding & Marine Engineering Co. The Ministry of Trade, Industry, and Energy said while HHI’s purchase of Daewoo Shipbuilding will help beef up the competitiveness of the local shipbuilding industry through ...

In the land of giants, a true colossus is set to rise. In South Korea, home to the world’s largest shipbuilders, two of the top three companies – Hyundai Heavy Industries and Daewoo Shipbuilding & Marine Engineering – are set to merge, forming a combined entity which would hold more than 20% of the global market for ships and offshore platforms. Or perhaps not. The merger plan faces major barriers, from union fury at both HHI and DSME to the need for approval from antitrust regulators’ around the world. And ...