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Korean shipbuilders embrace bumper year-end amid falling vessel price

Falling vessel unit price has raised the chance of a bumper year-end for South Korean shipbuilders as price weakening usually leads up to surge in orders. Data from the British shipbuilding and marine industry tracker Clarkson Research showed uptick in the order book for Korean shipbuilders since September. Global shipyards have seen a rapid recovery after a dearth of orders in the first half due to the impact of Covid-19. Clarkson said the recent surge in global shipbuilding orders has been driven by the 4 percent to 5 percent lower ...

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KSOE and Samsung Heavy Win Orders for Crude Carriers Worth over 1 Tril. Won

Korea Shipbuilding & Offshore Engineering (KSOE) and Samsung Heavy Industries have won orders for a total of 13 crude carriers. The combined value of the ships exceeds 1 trillion won. KSOE, a shipbuilding arm of Hyundai Heavy Industries Group, announced on Nov. 17 that it has clinched an order for 10 300,000-ton very large crude carriers (VLCCs) from an Oceania-based shipping company. The deal is worth about 985.7 billion won. The shipbuilder will deliver them by Aug. 31, 2023. KSOE has won a total of 85 ships worth US$6.3 billion ...

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Korean Shipbuilders Face Dwindling Chances to Win Tender for Design of FPSO for Arctic Wisting Oil Field

Korean shipbuilders are expected to suffer another setback in bidding for offshore plant projects. Daewoo Shipbuilding and Marine Engineering and Samsung Heavy Industries are participating in a tender arranged by Norway’s state-run oil company Equinor to select the design of a floating production storage and offloading (FPSO) unit to be used to develop the Wisting oil field in the Arctic region. Equinor awarded a contract to Sevan SSP on Nov. 12, saying that it has decided to further assess a floating production unit based on a circular FPSO solution. This ...

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Shipbuilding/Machinery: Changes in the Air for 2021

Despite sluggish industrial demand, there are some possible favorable changes in the air for the shipbuilding/machinery sector from next year, concentrating on developments in the G2. Global container trade and Chinese construction equipment sales both showed eye-catching strong growth this year. Also warranting attention are likely changes in the market environment stemming from Biden administration effects. Upgrade investment rating to Positive: Changes in the air for 2021 Although Covid-19 effects continue to weigh upon the shipbuilding and machinery industry players, we anticipate earnings improvement from 2021. Individual shipbuilding/machinery sector companies ...

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DSME Books a 722.6 Bil. Won Order for 6 Container Ships

Daewoo Shipbuilding & Marine Engineering (DSME) announced that it has recently signed a contract with a European shipping company to build six container ships for 722.6 billion won. The ships will be delivered to the shipping company by January 2023. This marked the company’s first order for container ships this year. With the deal, DSME has attained 55 percent (US$3.95 billion) of its 2020 order intake target of US$7.21 billion. Earlier, DSME won orders for a total of 19 ships —six LNG carriers, six container ships, one LNG-FSU, two shuttle ...

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Korean Shipbuilders Sweep 70% of Global Orders in October

Korea was ranked first in global shipbuilding order intake in October, retaining the top spot for four consecutive months. Korea’s order receipts totaled 720,000 CGTs in October, or 69 percent of the world’s 1.04 million CGT order placements, said Clarkson Research, a shipbuilding and shipping market analysis company on Nov. 10. China claimed second place with 250,000 CGTs, followed by Finland with 30,000 CGTs. In terms of order intake from January to October 2020, China came in first with 5.22 million CGTs, ahead of Korea’s 3.77 million CGTs. Japan placed ...

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Mitsubishi Shipbuilding Participating in “ROBOSHIP Joint Value Creation Project: PoC in Tokyo 2020” Exploring the Future of Marine Vessels

Mitsubishi Shipbuilding Co., Ltd., a part of Mitsubishi Heavy Industries (MHI) Group, is participating in an inter-business project to explore the potential of the “ROBOSHIP” as the marine vessel of the future. A proof of concept (PoC) test using two actual surface vessels was jointly conducted on November 11, 2020. This PoC test, to be held in the sea off Toyosu in Tokyo using a passenger vessel owned by Tokyo Cruise Ship Co., Ltd., intended to demonstrate the cutting-edge technologies and ideas of the participating companies, with the aim of ...

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Vard Finds The Perfect Fit

Norwegian-based shipbuilder Vard has been installing Pipeotech’s DeltaV-Seal in its vessels since 2016 and the cost-saving benefits have been very clear to Johny Morland, Principal Engineer, QA and Standardisation at the Fincantieri-owned company. Vard is known for building specialised, cutting-edge vessels and its approach means it pays close attention to innovation and high quality from its suppliers. The company uses the DeltaV-Seal from Norway’s Pipeotech in large steam systems for its expedition cruise ships, of which it has built 10 to date. Morland highlights the significant cost saving in man ...

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KSOE Clinches 200 Bil. Won Order for Two Crude Carriers

Korea Shipbuilding & Offshore Engineering (KSOE), a shipbuilding arm of Hyundai Heavy Industries Group, has won an order for two super-large crude carriers. KSOE announced on Nov. 9 that it recently signed a contract with a European shipping company to build two 300,000-ton very large crude carriers (VLCCs) for 200 billion won. Each of the ships is 330 meters long, 60 meters wide and 29.7 meters tall, and will be equipped with a scrubber, an exhaust gas emissions reduction device. The vessels will be built at Hyundai Heavy Industries’ dockyard ...

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Medium-Sized Korean Shipbuilders Put Up for Sale

Medium-sized shipbuilders under creditor-led restructuring processes are put up for sale. Medium-sized shipbuilders under creditor-led restructuring processes are put up for sale. They include Hanjin Heavy Industries & Construction, STX Offshore & Shipbuilding and Dae Sun Shipbuilding and Engineering. However, it remains to be seen whether these shipbuilders can be sold within the year in light of the sluggish shipbuilding industry. Korea Development Bank (KDB), the main creditor of STX Offshore & Shipbuilding, has selected EY Han Young as the lead manager in the sale of the shipbuilder and is ...

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Hyundai Heavy Industries’ shipbuilding arm in contract for new crude carriers

Korea Shipbuilding & Offshore Engineering is set to win a new contract to build 10 Very Large Crude Carriers as South Korea’s shipbuilding industry grapples with the coronavirus pandemic. KSOE, which is owned by Hyundai Heavy Industries, is close to securing the order and has signed a letter of intent with Everest Korea Finance Advisory in Seoul to build the ships with various clients, TradeWinds and Yonhap reported Friday. Each ship is priced at $85 million. Everest Korea, funded by Chinese investment firm Everest Venture Capital, could be seeking a ...

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First Japan-built LNG-fueled PCC with FGSS Supplied by Mitsubishi Shipbuilding Has Entered Service

Mitsubishi Shipbuilding Co., Ltd., a part of Mitsubishi Heavy Industries, Ltd. (MHI) Group, has completed installation of the first unit of an LNG (liquefied natural gas) fuel gas supply system (FGSS) for marine dual fuel engines, delivered in November last year, on the pure car carrier (PCC) built by Shin Kurushima Toyohashi Shipbuilding Co., Ltd. The first LNG-fueled PCC built in Japan was delivered to Nippon Yusen Kabushiki Kaisha on October 28, 2020, and has entered service. During the construction period after the delivery of the FGSS, Mitsubishi Shipbuilding maintained ...

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Yangzijiang 3Q earnings down 17% y-o-y to RMB585.2 mil

Yangzijiang Shipbuilding has reported earnings of RMB585.2 million for 3QFY20, down 17% y-o-y, as its bottom line was hit by forex losses and impairment. Revenue in the same period was RMB3.58 billion, down 34% y-o-y, due to lower trading volume. During the quarter, the company booked forex losses of RMB291 million and made an impairment of RMB190 million too. The company has been winning new ship building orders. Year to date, it has secured contracts totalling US$834 million to build 29 vessels. Its total order book now stands at around ...

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Korea Shipbuilding & Offshore Engineering: Wait for Upturn in Energy Demand

3Q20OP misses consensus by 27.6% at KRW40.7bn (-56% QoQ) Korea Shipbuilding & Offshore Engineering posted operating profit of KRW40.7bn (-56.2% QoQ) on sales of KRW3.5tr (-11.9% QoQ) for 3Q20, missing the consensus estimate of KRW56.2bn by 27.6%. Sales fell on a QoQ basis due to; 1) the decline in KRW-based sales following a 2.6% QoQ drop in the average USD/KRW exchange rate; and 2) fewer working days. Operating profit fell short on: 1) increased fixed cost burden from the decline in sales; 2) KRW25.7bn in one-off expenses caused by KRW ...

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Korean Shipbuilders Suffer Big Drop in Order Intake

Korean shipbuilders’ order intake almost halved this year compared with a year ago due to a sharp drop in international oil prices and the COVID-19 pandemic. In particular, demand for LNG carriers, a major cash cow item for Korean shipbuilders, also plunged. As of the end of October 2020, Korean shipbuilders received orders for a total of 107 vessels, a 38.9 percent drop from 175 in the same period a year earlier. Globally, order placements totaled 511 vessels in the first 10 months of 2020, a sharp plunge from 981 ...

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