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Keppel O&M secures two more jackup rig charters from ADES worth up to S$155 million

Keppel Offshore & Marine Ltd (Keppel O&M) has, through its wholly-owned subsidiaries[1], signed bareboat charter contracts with ADES Saudi Limited Company for two jackup rigs to be deployed in Saudi Arabia. This brings the total number of rigs Keppel O&M has on charter with ADES to four. The charters will be for a period of five years, expected to commence in 1H 2023, and projected to generate total revenue of about S$155 million for Keppel O&M, which includes modification works to prepare the rigs for deployment. These are the fifth ...

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HHI to bring 550 skilled foreign workers to home amid labor shortages

South Korea’s biggest shipwright Hyundai Heavy Industries Co. will bring about 550 skilled foreign workers including welders from Thailand and Indonesia upon easing in visa regulation to address dire labor shortage at shipyards amid a boon in orders after a decade-long slump. According to industry sources on Monday, about 350 skilled shipbuilding workers will arrive in Korea starting this month to work as Hyundai Heavy Industries’ subcontract workers. Around 200 from Indonesia will also come to Korea by early next year, with others from China, Uzbekistan and Vietnam. With the ...

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Chinese Shipbuilders Winning Orders for LNG Carriers

Chinese shipbuilders are winning a growing number of orders in the liquefied natural gas (LNG) carrier market, the stronghold of Korean shipbuilders. Some say this is a temporary phenomenon resulting from the full booking of Korean dockyards. But this may cause an oversupply of LNG carriers around the world. CMG, a Chinese state-run company, recently placed an order for four LNG carriers with CSSC of China. The vessels will be built by Dalian Shipbuilding, a shipyard affiliated with CSSC. Dalian Shipbuilding has mainly focused on the construction of container ships ...

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China Wins More Shipbuilding Orders than Korea in October

Korean shipbuilders fell behind their Chinese rivals in order intake in October. Global ship orders in October amounted to 3.41 million CGT, up 19 percent from the same period of 2021, according to Clarkson Research, a British shipbuilding and shipping market analysis agency. Korea’s order intake totaled 1.43 million CGT (22 ships), ranking second with a market share of 42 percent. China took first place with 1.8 million CGT (32 ships, a 53 percent share). Total global orders from January to October in 2022 reached 34.75 million CGT. Korea accounted ...

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Hanwha to complete on-site inspection on DSME this month

South Korea’s defense-to-energy conglomerate Hanwha Group is expected to complete on-site inspection on Daewoo Shipbuilding & Marine Engineering this month, with plans to finish the acquisition process within the first half of next year, industry sources said Monday. Hanwha began inspection on DSME last month, but had extended the original four-week long period to six weeks, citing its need to thoroughly analyze DSME’s status and competitiveness in the market. The shipbuilder has been under the state supervision for 21 years. In September, Hanwha signed a conditional memorandum of understanding with ...

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GTT receives an order from Hyundai Heavy Industries for the tanks design of a Floating Storage Regasification Unit (FSRU)

GTT announces that it has received an order from its partner the Korean shipyard Hyundai Heavy Industries for the design of a new Floating Storage and Regasification Unit (FSRU1) on behalf of the U.S.-based LNG company, Excelerate Energy, Inc. GTT will design the tanks of this FSRU, with a capacity of 170,000 m3. The tanks will be fitted with the Mark III Flex membrane containment system developed by GTT. The delivery of this FSRU is scheduled for the second quarter of 2026. Source: GTT

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FSRUs Emerging as New Cash Cow for Korean Shipbuilders

As a global energy crisis deepens, demand for LNG floating storage and re-gasification units (LNG-FSRUs) is also on the uptick. They are emerging as a new cash cow for Korean shipbuilders, who boasts unrivaled leadership in this field. According to Clarkson Research, a British shipbuilding and shipping market analysis agency, the number of FSRUs to be operated in northern and western European waters is expected to increase to 11 with the addition of seven by the end of next year. The number of FSRUs worldwide is expected to reach 53 ...

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China’s top shipbuilder inks deals worth $450m with global partners at CIIE

China State Shipbuilding Co (CSSC), the world’s largest shipbuilding conglomerate, has inked fruitful deals with international partners at the ongoing China International Import Expo (CIIE) in Shanghai, with a total value of $450 million, a big jump of 205.5 percent year-on-year. The deals involve 21 cooperative projects with 18 international partners. The projects involve supporting equipment in the field of shipbuilding, ranging from diesel generator sets to communication systems and LNG gas supply systems. CSSC said it was a reflection of the Chinese shipbuilder’s contribution to the growing prosperity of ...

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DSME receives $253 million order for LNG carrier by Maran Gas Maritime

Daewoo Shipbuilding & Marine Engineering (DSME) announced Tuesday that it received a 350.9-billion-won ($253 million) order for one liquefied natural gas (LNG) carrier from the Greek shipper Maran Gas Maritime. The LNG carrier ordered Tuesday is in the 174,000-square-meter class and will be equipped with a dual fuel propulsion engine and the shipbuilder’s latest green technologies, including the shaft generator motor, which is a type of energy-saving system, and an air lubrication system, which uses technology to increase fuel efficiency and decrease emissions of carbon dioxide. With the addition of ...

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Strategic Marine’s orderbook gains pace with contract wins for twin newbuilds of enhanced 42m Fast Crew Boats

Specialist international aluminium shipbuilder Strategic Marine (S) Pte Ltd has won a newbuild contract for two Fast Crew Boats (FCB) from Centus Marine Sdn Bhd (CMSB). The two offshore support vessels will be the fifth and sixth FCBs ordered from the Singapore-based shipyard in the past two years. CMSB provides offshore support vessels, which include Supply Vessels, Anchor Handling Tugs, Fast Crew Boats and other various types of vessels for marine offshore clients. The 42-metre long FCBs will feature design and technical enhancements when compared to previous vessels. The robust ...

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New Pelagic Wind Fund kicks off with up to 6 CSOV newbuilding orders

As part of its third compartment under the name “Pelagic Wind Fund”, Pelagic Partners has secured a series of 2+2+2 newbuild orders for Commissioning Service Operation Vessels (‘CSOVs’) at Cochin Shipyard in India. The order has a value of over 350m Euro and the vessels are expected to be delivered in Q1 2025, as mentioned during the signing agreement that took place today in Cochin, India where executives from Pelagic Partners, Pelagic Wind Services and Cochin Shipyard launched the new partnership. Based on Kongsberg’s UT 5519 HL-design, the purpose-build CSOV’s ...

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Korean shipbuilders in a jam as Vietnamese welders denied entry

Over 1,000 Vietnamese skilled workers have been denied entry to Korea due to forged documents, leaving shipbuilders short of labor just as orders are increasing. A total of 1,150 welders from Vietnam assigned to work at Korean shipyards on E-7 work visas were denied entry, according to local press reports. The reports said that entry documents had been forged by unscrupulous brokers, including documents related to education and work experience. A minimum of two years of experience is required for workers in the welding category to enter Korea on a ...

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S.Korea’s shipbuilding order volume to plummet next year: report

South Korea’s shipbuilders fear seeing their orders next year plummet by over 40% on-year due to disruptions in related financing amid surging interest rates fueled by a global economic downturn. The Overseas Economic Research Institute, an arm of the Korean Export-Import Bank released a report Monday on the global shipbuilding sector in the third quarter and its outlook for 2023. For domestic shipbuilders, the order forecast was 8.5 million compensated gross tonnage (CGT) next year. That would be a drop of 41.8% from this year’s estimated output of 14.6 million ...

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Chinese shipbuilders chase South Korean rivals on LNG carriers

Chinese shipbuilders are mounting a challenge against leading South Korean players on liquefied natural gas carriers, though their race to expand production amid the Ukraine war is raising concerns of a supply glut down the line. China State Shipbuilding Corp. (CSSC) will start building a roughly 20 billion yuan ($2.76 billion) shipyard in the city of Dalian in November through local unit Dalian Shipbuilding Industry (DSIC). The goal is to complete construction at the end of 2024, a source familiar with the matter said. State-owned port developer China Merchants Group ...

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Philly Shipyard Wins USD 1 Billion Contract to Build Three Aloha Class LNG-Fueled Containerships for Matson

Philly Shipyard, Inc. (PSI), the sole operating subsidiary of Philly Shipyard ASA (XOAX: PHLY), today announced it has been selected by Matson Navigation Company, Inc. (Matson), a leading provider of ocean transportation and logistics services, to construct three Aloha Class LNG-fueled containerships. The award is valued at approximately USD 1 billion. The vessels are contracted for delivery in 2026 and 2027 and will not require external financing by PSI. “Winning this order creates historic backlog for Philly Shipyard, as well as great visibility through 2027 for its shareholders and other ...

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