A subcontracted worker hired by Hyundai Heavy Industries (HHI) died while working at a shipyard in Ulsan Metropolitan City, according to Korea’s biggest shipbuilder. The 34-year-old man, surnamed Kim, was found unconscious at around 11:20 a.m. Thursday in an LNG carrying vessel where he was working on welding operations. He was immediately taken to Ulsan University Hospital, but was pronounced dead shortly after. The cause of death is assumed to be argon gas poisoning. Argon gas is used to control air pressure in welding. It can be fatal if a ...

Daewoo Shipbuilding & Marine Engineering Co., a major shipbuilder in South Korea, said Thursday that it has clinched a 411 billion-won (US$340 million) deal to build a floating storage facility. Under the deal with a company based in Central America, Daewoo Shipbuilding will deliver a liquefied natural gas floating storage regasification unit (LNG-FSRU) by June 2023, the shipbuilder said in a regulatory filing. Daewoo Shipbuilding did not reveal the name of the buyer. “The deal will be effective after the company in Central America makes a final investment decision,” the ...

Jiangnan Shipyard (Group) Co. Ltd. has contracted TMC Compressors of the Seas (TMC) to supply the marine compressed air system for two very large ethance carrier (VLEC) the shipbuilder is constructing for Pacific Gas (Hong Kong) Holdings Limited. According to Jiangnan Shipyard, the two vessels are amongst the largest VLECs ever ordered. TMC’s scope of work is to supply a complete marine compressed air system, including two service air compressors, to each of the two VLECs. TMC has not disclosed the value of its contract. The 99,000 cubic metre B-class ...

Shipbuilding has always been a seismograph for long-term development lines in world trade. 95% of the global exchange of goods is handled by ship. New ships are ordered when the market expects positive developments. SARS-CoV-2 not only leads to short-term distortions, but also to considerable uncertainties for the medium-term development. The sharp increase in public and private sector debt will result in high consumption losses. Existing trends that impede the global exchange of goods will be reinforced. Global systemic tensions, especially between China and the USA, are intensifying. Slump in ...

On May 12th, 2020, in Shanghai, COSCO Shipping Heavy Industry (CHI) and GTT have renewed and enhanced their strategic cooperation agreement which was signed several years ago. GTT is the reference in membrane LNG containment systems and its technologies are recognized by ship-owners and shipyards worldwide. CHI, through its shipyard Cosco Zhoushan, has already been qualified by GTT as an approved repair shipyard, and plans this year to qualify another shipyard of the group. The shipyard with the support of GTT has successfully upgraded their first Mark III LNG Carrier ...

Damen Shipyards Group has signed an agreement with Korean yard Hanjin Heavy Industries and Construction (HHIC) to deliver a complete components package. The package includes all equipment for oil recovery operations as well as a complete dredging installation. The multi-purpose vessel will primarily act as an oil recovery vessel, and will undertake work as a hopper dredger when not tending to emergencies. The 5,000 tons, 4,100 m3 vessel will be built by HHIC, a Korean yard experienced in building special purpose vessels that is, therefore, suited to the construction of ...

The ex-boss of one of China’s largest shipbuilding conglomerates and former head of its aircraft carrier development programme is under investigation by the country’s top anti-corruption watchdog. Hu Wenming, who retired as chairman of the state-owned China Shipbuilding Industry Corporation (CSIC) in August 2019, is suspected of “serious violations of law and discipline”, the Central Commission for Discipline Inspection said late Tuesday. Hu is the latest in a long line of top executives and senior Communist Party members to be brought down by President Xi Jinping’s anti-corruption campaign, which critics ...

Daewoo Shipbuilding & Marine Engineering Co., a major South Korean shipbuilder, said Friday that its first-quarter net profit rose 24.2 percent from a year earlier due to increased one-off gains and a weak won. Net profit reached 243 billion won (US$197 million) in the January-March period, compared with 195 billion won a year ago, Daewoo Shipbuilding said in a regulatory filing. The company said it received about 200 billion won in additional payment from an unidentified client over an offshore project, which improved its bottom line. The company said a ...

Damen Shiprepair Harbour & Voyage (DSHV) has signed a joint partnership cooperation with Verolme Special Equipment for the provision of services to exhaust gas cleaning systems (EGCS), widely known as Marine Scrubbers. The agreement arose from a mutual understanding that both parties’ clients were seeking wider availability of services for on board scrubber installations – either in port or underway. The partnership will create a leading global service provider of EGCS, supporting cleaner, emissions-reduced shipping worldwide and available 24/7. More and more vessels are having scrubbers installed as one of ...

Migrant labourers are leaving ship breaking yards at Alang, Gujarat in droves, thus adding further strain on the embattled ship recyclers smarting under the after effect of the coronavirus outbreak. Migrants from Uttar Pradesh, Bihar, Jharkhand and Odisha make up some 80 per cent of the 20,000 workers directly employed in some 120 shipbreaking plots at Alang, home to the world’s largest stretch of shipbreaking beaches, in Gujarat’s Bhavnagar district. Another 3 lakh people are indirectly employed in Alang. The lockdown forced recyclers to halt operations till April 21. When ...

Daewoo Engineering & Construction Co., a major builder in South Korea, said Thursday that its joint venture with two foreign partners has won a 5.18 trillion won (US$4.2 billion) order to build a liquefied natural gas (LNG) production train in Nigeria. Daewoo E&C said its joint venture with Italy’s Saipem SPA and Japan’s Chiyoda Corp. will carry out the whole process of engineering, procurement and construction of the Train 7 project for Nigeria LNG. Daewoo E&C said the project is set to be completed in Bonny Island, Nigeria in 66 ...

SEA Europe – the European Shipyards’ and Maritime Equipment Association – welcomes and supports the European Commission’s New Industrial Strategy for Europe and the SME Strategy for a sustainable and digital Europe, issued in March 2020. Today, SEA Europe issued a Position Paper on both strategies, welcoming the European Commission’s intention to “provide special focus on sustainable and smart mobility industries” and welcoming the identification of shipbuilding as one of the industries with “the responsibility and the potential to drive the twin transitions, to support Europe’s industrial competitiveness and to ...

As mentioned at Sembcorp Marine’s FY 2019 full-year results announcement on Feb 20, 2020, from FY 2020 onwards, the Group’s 1Q and 3Q financial results announcements will take the form of an interim Business Update, while half-year and full-year financial results announcements will be maintained. Sembcorp Marine will continue to update the market on all material developments related to the Group as and when necessary. The above-mentioned changes follow the decision by SGX to discontinue the mandatory quarterly reporting (QR) requirement for most listed companies with effect from Feb 7, ...

Valmet has signed a contract with Mitsubishi Shipbuilding Co., Ltd. Shimonoseki Shipyard to deliver hybrid scrubber systems and water treatment units to two ferries. Each vessel will be equipped with two identical Valmet Marine Scrubber towers for each main engine and a water treatment unit as well as Valmet’s marine automation system. The order was included in Valmet’s orders received of the first quarter 2020. The value of the order will not be disclosed. The vessels will be delivered from Mitsubishi Shimonoseki shipyard to Meimon Taiyo Ferry Co., Ltd. in ...

In the context of the tax reform introduced by L. 4646/2019 to most areas of the Greek tax legislative framework, significant shipping taxation amendments have also entered into force as of January 1 2020. Under the new shipping tax law provisions, the Greek tax legislator has also expanded the tonnage tax regime to bareboat chartering and ship leasing by amending Article 25 of L. 27/1975. This provides the legal framework for the establishment of offices and branches of foreign shipping companies in Greece through the introduction of two new articles ...