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Keppel’s 1H 2018 net profit up 38% year on year to S$583m

Dividends totaling 15.0 cents per share declared for 1H 2018 include a special dividend of 5.0 cents per share. Keppel Corporation Limited (Keppel) reported a net profit of S$583 million for half year ended 30 June 2018, 38% higher than the S$423 million achieved a year ago. Stronger contributions from the Property and Infrastructure divisions more than offset losses incurred by the Offshore & Marine and Investments divisions in 1H 2018. The Group’s 1H 2018 revenue of S$2,993 million was 7% higher than the S$2,802 million for 1H 2017. Offshore ...

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Sembcorp Marine swings to second quarter loss, says outlook gloomy

Sembcorp Marine posted Group revenue of $2.81 billion for the six months to June 30, 2018. This compares with $1.39 billion in revenue generated in 1H 2017 (restated for accounting changes on adoption of SFRS (I)). The higher revenue in 1H 2018 was largely due to revenue recognition on delivery of 4 jack-up rigs to Borr Drilling, 1 jack-up rig to BOTL, sale of the West Rigel semi-submersible rig (West Rigel) and higher percentage recognition for ongoing drillship and offshore production projects in 1H 2018. On a segmental basis: -Turnover ...

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China now has self-developed pipeline-checking vessel

China has put into operation its first self-developed marine pipelines-checking ship to help operate offshore rigs and protect the environment, the China Daily reported Friday. The ship Ocean Oil 791 was delivered to China National Offshore Oil Corp (CNOOC) earlier this month by the shipbuilder, the Shanghai Merchant Ship Design and Research Institute of China State Shipbuilding Corp. The electrically propelled ship is 66.3 meters long, with a maximum speed of 24 kmph and a sailing mileage up to 10,700 km in one operation, according to the newspaper. Currently, China ...

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Croatia – Underdogs on the Field, but Winners in the Battle of Shipbuilding

Croatia and France both have a history of well established shipyards dating back to the 19th century, the dawn of modern shipbuilding. Yards in these countries still produce ships despite intense competition from Asian manufacturers. French shipyards retain their focus on production requiring high aesthetics, such as passenger ships and Superyachts. Croatian yards focus on more of the working class markets of cargo shipping, with strong representation in the Tanker segment. There are 317 live French built vessels with 16 units currently under construction in French yards, while Croatia takes ...

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Hyundai Mipo wins 123.8 bln won container ship order in Africa

Hyundai Mipo Dockyard Co. said Wednesday it has received a 123.8 billion won (US$109 million) order to build four container carriers for an Africa-based company. Under the contract, Hyundai Mipo will build four container ships for a shipper in Liberia by March 31, 2020, the company said in a regulatory filing with the Financial Supervisory Service. Hyundai Mipo is an affiliate of Hyundai Heavy Industries Co., the world’s biggest shipbuilder by orders. Source: Yonhap

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Philly Shipyard Expects New Orders

At the end of the second quarter of 2018, Philly Shipyard was building two containerships under contract with Matson (Hulls 029-030). Hull 029 (named Daniel K. Inouye) was christened at a ceremony at the Philly Shipyard on 30 June 2018. When delivered, this vessel will be the largest containership ever built in the United States. Hull 029 production activities continue to progress in the Commissioning Dock and sea trials are expected to occur next month. Hull 030 production activities continue to progress in the Building Dock. The planned delivery dates ...

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Beijing, Tokyo and Seoul aid shipbuilders as rivalry deepens

Shipbuilders in China, Japan and South Korea are locked in a struggle for survival amid a global supply glut and shrinking market, as each government digs in its heels to protect these major employers. The world’s shipbuilding companies are concentrated in the three East Asian countries, which together control 90% of global market share. Advanced and affordable Japanese shipbuilders beat out European rivals in the 1950s to lead the world for roughly 40 years. But competitors arose in South Korea in the 1990s and in China the next decade. Companies ...

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Hyundai Heavy Confirms Marinakis’ Newbuildings As It Wins 836.5 Bln Won LNG ship order

Hyundai Heavy Industries Co. said Tuesday it has received a 836.5 billion won (US$744 million) order to build four liquefied natural gas carriers for a European company. The world’s biggest shipbuilder by sales obtained the order to build four LNG ships for Capital Gas Carrier Corp. by June 30, 2021, the company said in a regulatory filing. In the January-June period, Hyundai Heavy bagged $2.87 billion worth of orders as offshore facility contracts plunged 99 percent on-year to $200 million. Source: Yonhap

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GTT notified by HSHI for the tank design of two new LNG Carriers

GTT has received a new order from the Korean shipyard Hyundai Samho Heavy Industries (HSHI), concerning the tank design of two LNGCs of 174,000 m3, on behalf of a European ship-owner. GTT will realize the design of the LNG tanks of both units, which will be fitted with the Mark III Flex membrane containment system, a proven technology developed by GTT. The delivery of the ships is planned during the first semester of 2021. Philippe Berterottière, Chairman and CEO of GTT, declared: “We are delighted to receive these two new ...

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Damen, Ampelmann and VEEM join forces in providing a single marine access solution

At the end of June, Damen Shipyards Group along with Ampelmann and VEEM hosted a Marine Access Event. Over two days, delegates from both the offshore renewable and non-renewable industries had the opportunity to sail from IJmuiden in the Netherlands to experience the latest in marine access solutions. The demonstrations took place on board a Damen Fast Crew Supplier 5009 equipped with an Ampelmann L-type gangway and two VEEM VG 260SD gyro stabilisers. This combination of VEEM gyro stabilizers, the latest Ampelmann L-type gangway system and a Damen FCS 5009 ...

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Shipbuilders ask steelmakers to freeze shipbuilding plate prices

South Korean shipbuilders on Monday called on steelmakers to keep the prices of shipbuilding plates at current levels until their businesses are back on track. In a statement released Monday, the Korea Offshore & Shipbuilding Association demanded that steel firms freeze the prices of thick steel plates as any price hike will threaten their survival amid declining orders and tougher competition with Chinese rivals. Shipbuilders face a double blow of declining sales and deteriorating profitability. As shipyards cannot pass most of the rising raw material prices onto clients, they are ...

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Yangzijiang may be the only O&M stock to deliver stronger q-o-q results this season: CGS-CIMB

CGS-CIMB Securities is maintaining its sector “overweight” on Singapore’s offshore & marine (O&M) industry with expectations of Yangzijiang Shipbuilding to deliver stronger q-o-q earnings on stronger shipbuilding margins. The counter has been rated “add” with a target price of $1.27, ahead of its 2Q results due Aug 8. In a Tuesday report, analyst Lim Siew Khee says Yangzijiang’s shipbuilding margins could improve to about 20% from 17% previously, with an estimated quarterly group profit of about RMB720 million ($147.2 million) after the delivery of +20 vessels. “Held-to-maturity (HTM) income could ...

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Pakistan: Challenges before ship-breaking industry

The ship-breaking industry surely has its contribution to the economy, notwithstanding its built-in hazards — environmental or otherwise. But no in-depth study or research work has been done yet to weigh pros and cons of the industry that has expanded at a fast pace. From the perspective of the economic gains, the ship-breaking sector may be rewarding enough, for it saves the basic cost of production of steel, but undoubtedly it is hurting the country’s environment and posing a grave threat to the workers involved in it. It is, thus, ...

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Japan’s Jun vessel orders drop 47% on year to 536,000 gross tons

Japanese shipbuilders received export orders for a total 536,000 gross tons or 18 vessels in June, down 46.9% year on year but up 7.1% from May, Japan Ship Exporters’ Association data showed. A JSEA official said vessel prices offered by neighboring countries were lower and Japanese shipbuilders were facing difficulties securing orders. “Also vessel owners are considering how they respond to new regulations by the International Maritime Organization requiring the use of lower sulfur fuel from January 2020, such as if they should add the machinery to their existing vessels, ...

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Hyundai Heavy workers stage partial strike for job security

Hundreds of unionized workers at Hyundai Heavy Industries Co. staged a partial strike on Friday, company and union officials said, the latest trouble faced by the world’s biggest shipbuilder amid dwindling orders. Some 200 workers walked off the job at a shipyard in the industrial city of Ulsan, about 410 kilometers southeast of Seoul, and held a protest rally in front of the company’s office in Seoul. “The strike is focused on job security,” union spokesman Kim Hyung-gyun said by phone from Ulsan. A key issue is how to address ...

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