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Cebu attracts 3rd shipbuilder

American-owned shipbuilder Advanced Catamaran Composites (ACC) Inc. is investing in the expanding West Cebu Industrial Park (WCIP), cementing Cebu’s claim as the shipbuilding capital of the Philippines having three shipbuilder locators to date. Eduardo Aboitiz, Vice President for Business Development of the Aboitiz Integrated Economic Centers, said Advanced Catamaran Composites will start operation in the first quarter of next year. Advanced Catamaran is an American-owned but based in the Philippines. Aboitiz did not provide additional details as to the investments of ACC Inc. but said that WCIP operator Cebu Industrial ...

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Damen launches third Island Class vessel for BC Ferries

On 28th October, Damen Shipyards Galati successfully launched the third Island Class Vessel for BC Ferries. The vessel is part of an order of six such vessels for the ferry operator and will perform an environmentally efficient inter-island ferry service between Vancouver and Vancouver Island in British Columbia, Canada. Damen has already delivered the first two vessels to BC Ferries in February this year. The Island Discovery and Island Aurora have been providing a service along the British Columbian coast since June this year. The Island Class vessels are Damen ...

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Damen signs with Aqualiner-Swets in nine vessel order

On the 2rd of November, Damen Shipyards signed a contract with the Dutch ferry joint venture Aqualiner-Swets for a total of nine passenger vessels. With these vessels, the joint venture will provide the public transportation service between Rotterdam and the Drecht cities on behalf of the Province of South Holland and the Region from 2022, better known as Waterbus. Aqualiner-Swets turned out to be the winner of a EU tendered contract of maximum fifteen years. Damen will deliver a total of nine vessels, of which six are hybrid and carbon ...

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Hyundai Mipo Dockyard: Further Downside Limited but Wait for Upturn

3Q OP of KRW28.8bn (+136.1% QoQ) beats consensus by 46.4% Hyundai Mipo Dockyard posted 3Q20 operating profit of KRW28.8bn (+136.1% QoQ) on sales of KRW631.8bn (-12.8% QoQ), topping the consensus estimate of KRW15.4bn by 46.4%. Sales were sluggish due to: 1) 2.6% QoQ decline in the average USD/KRW rate; 2) fewer working days; and 3) drop in shipbuilding volume from weak order intake in 1H20. One-offs booked in 3Q20 included: 1) KRW13bn in construction loss provisions for newly-ordered vessels; 2) KRW5.5bn in costs from the 2.3% QoQ drop in USD/KRW ...

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Korea Shipbuilding & Offshore Engineering Wins 425-Bil.-Won Order for 2 LNG Carriers

Korea Shipbuilding & Offshore Engineering Co. (KSOE), a shipbuilding arm of Hyundai Heavy Industries Group, has won an order for two LNG carriers worth 425 billion won, the company said on Nov. 2. KSOE recently signed a contract with a European shipping company to build two 174,000-cubic-meters LNG carriers. The contract includes an option for two additional LNG carriers of the same class. The LNG carriers ordered this time are 299 meters long, 46.4 meters wide and 26.5 meters high. The vessels will be built at Hyundai Heavy Industries in ...

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Colombo Dockyard resume operations with strict health guidelines

Sri Lanka’s leading ship builder, Colombo Dockyard PLC, (CDL) resumed shipyard operations on November 1, giving highest focus to regulatory health guidelines in order to redeliver the ongoing projects at the earliest, the company said in a statement. The management has taken proactive measures to carry out nearly 2,000 PCR screening of the yard team to-date and positive cases are being treated while the first contacts have been quarantined and the situation is being diligently attended in coordination with the authorities. “Our team has gone to the extent of providing ...

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Philly Shipyard: Q3 2020 and First Nine Months 2020 Results

Efforts are continuing on the National Security Multi-Mission Vessel (NSMV) program, with Philly Shipyard and its team advancing the engineering, procurement and planning work in accordance with plan. Philly Shipyard expects to start production on NSMV 1 by Q1 2021 and NSMV 2 by Q2 2021. Recruiting efforts are progressing to mobilize and ramp up the workforce in time for this work. The NSMVs will be constructed using commercial design standards and commercial construction practices consistent with the best interests of the U.S. Government. Ship repair and maintenance activity continued ...

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Samsung Heavy wins against U.S. drilling firm in damage suit

Samsung Heavy Industries Co. has won a lawsuit against Pacific Drilling S.A. (PDC), an American offshore drilling company, eliminating the risk related to the years-long legal battle. According to industry sources on Wednesday, a high court in London rejected PDC’s appeal against an earlier ruling by an arbitration tribunal in London. In January, the court had ordered PDC to compensate $318 million to Samsung Heavy for cancellation of a drill ship order. The South Korean shipbuilder received the order from PDC in 2013 to build a drill ship. But the ...

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170 Ships Sold for Scrap During the Third Quarter of 2020

There were a total of 170 ships broken in the third quarter of 2020. Of these, 110 ships were sold to the beaches of South Asia, where, despite several yards being closed due to the Covid-19 pandemic, shipbreaking activities continued to put workers’ lives at risk. Between July and September, at least four workers were severely injured and one worker lost his life in Bangladesh. On July 1, Rohul (47 years old) suffered an accident at KSB Steels shipbreaking yard. He fell and broke five ribs while dismantling the ship ...

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KDB’s suspicious internal trading over Hanjin Heavy?

Korea Development Bank (KDB) Investment’s participation in a bid to take over Hanjin Heavy Industries is raising suspicions over the former’s possible access to internal information from the KDB, the main creditor of the cash-strapped shipbuilder. Concern have arisen since a consortium led by KDB Investment jumped into the race to take over Hanjin Heavy valued at around 500 billion won ($443.2 million). The state-run lender established KDB Investment in 2019. A total of seven consortiums and companies submitted a letter of intent to acquire the shipbuilder. They include the ...

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Shipbuilding Industry: Offshore FEED Remains Sluggish

Continued sluggish orders at leading offshore engineering player TechnipFMC indicate that offshore oil and gas field development demand has yet to recover. We expect offshore plant orders at Korean shipbuilders to stay tepid for at least one more year. TechnipFMC 3Q20 review: Orders decline 14.7% y-y Leading offshore plant engineering player TechnipFMC posted less-than-expected orders for 3Q20, suggesting difficulties for the offshore plant industry. TechnipFMC recorded 3Q20 sales of US$3.33bn (+5.6% q-q) and OP of US$120mn (OPM of 3.6%). With margins improvement recovery lagging market expectations, the firm’s posting of ...

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Keppel Corporation announces business updates for 3Q & 9M 2020

The Group returned to profitability in 3Q 2020; makes steady progress on Vision 2030 with a 100-day programme to drive results. Keppel Corporation Limited (Keppel) has today released its first voluntary business update for 3Q & 9M 2020, following the adoption of semi-annual reporting of its results. Many of Keppel’s businesses provide essential services and continued to operate throughout the COVID-19 pandemic. As the COVID-19 situation stabilises in Singapore and other key markets where the Group operates, Keppel’s employees are progressively returning to the workplace, while observing the relevant safe ...

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Japan’s Mitsubishi Heavy asks other companies to take on idle workers: sources

Mitsubishi Heavy Industries 7011.T (MHI) said it has asked several other companies to temporarily employ idle workers from its factories in central Japan in a bid to cut costs and weather a downturn from the COVID-19 pandemic, two sources told Reuters. MHI has approached firms in Aichi Prefecture including Toyota Motor Corp-affiliated parts maker Toyoda Gosei 7282.T, about transferring dozens of workers for up to three years from January, the sources with knowledge of the plan said. They asked not to be identified because they are not authorised to speak ...

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GTT entrusted by Zvezda with the tank design of ten ARC7 ice-breaking LNG Carriers

GTT has received a second order from the Russian shipyard Zvezda Shipbuilding Complex (Zvezda) for the tank design of ten ARC7 ice-breaking LNGCs1 on behalf of a Russian ship-owner. Each vessel will offer a capacity of 172,600 m3. GTT will design the tanks of the vessels, which will be fitted with the Mark III membrane containment system. GTT technologies have been adapted for heavy environmental conditions, allowing LNCGs to operate and navigate safely in ice-covered waters. These ARC7 vessels will contribute to the projects of the Russian LNG producer Novatek. ...

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Ship recycling in focus: key to safeguarding corporate reputation

The present uncertain outlook for shipping, brought about by the ‘new normal’, coupled with the introduction of several maritime regulations – such as the sulphur cap that has driven up fuel costs or alternatively introduced costs for scrubber and other equipment fitment – has caused several ship-owners to consider taking their older (or operationally less economical) ships out of service; or recycling them at a date earlier than the usual ‘end of life’ expectation. In today’s world, however, recycling potentially exposes the ship-owner to certain risks, should harm come to ...

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