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Shanghai-based shipyard in full swing as Omicron abates, ‘ready for launch of 3rd aircraft carrier’

In a significant achievement of work resumption after the latest COVID-19 resurgence in Shanghai, the Jiangnan Shipyard on Monday launched three new ships and readied two ships for the next stage of construction, with the shipbuilder vowing to make up for lost time and complete all production missions on time. At this rate, China’s third aircraft carrier, reportedly also being built at the shipyard, could be launched soon, observers said on Tuesday. Three ships exited their docks and two were floated from the third and fourth dockyards of the Jiangnan ...

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GTT receives an order from Hyundai Heavy Industries and Hyundai Samho Heavy Industries for the tank design of four new LNG Carriers

GTT announces that it has received, in May 2022, an order from its Korean partner shipyards Hyundai Heavy Industries (HHI) and Hyundai Samho Heavy Industries (HSHI) for the tank design of four new LNGCs1. Two of these LNGCs will be built by HHI and the two others will be built by HSHI on behalf of the same Asian ship-owner. GTT will design the tanks of the vessels, which will offer a cargo capacity 174,000 m3 and will be fitted with the Mark III Flex membrane containment system, a technology developed ...

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Thick Plate Price and Russia-related Risks Affecting South Korean Shipbuilders

South Korean shipbuilders are facing a rise in thick plate price and Russia-related risks after a boom in the industry started last year. Qatar, in the meantime, is expected to place a number of LNG carrier orders starting from next month. Between the steel and shipbuilding industries, an agreement has recently been made regarding a thick plate price rise of 100,000 won to 150,000 won per ton for the first half of this year. The price of the material, which accounts for 20 percent of the total building cost of ...

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China delivers world’s first LNG support ships with four smart systems

The world’s first liquefied natural gas (LNG)-powered support vessels equipped with four sets of intelligent systems were delivered in Nantong City, Jiangsu Province on Saturday. The shipbuilder told China Media Group (CMG) that the vessels were solely designed and built in China, marking a milestone the country’s green and digital development of offshore oil equipment. Tian Jun, deputy general manager of Wuchang Shipbuilding Industry Group under the China State Shipbuilding Corporation, said that the “Offshore Oil 542” and “Offshore Oil 547” vessels are designed specially to provide services for the ...

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International Maritime Industries signs agreement with Keppel LeTourneau to collaborate on offshore rigs

International Maritime Industries (IMI), the largest shipyard in the MENA region, has signed a Letter of Intent (LOI) with Keppel LeTourneau Middle East (KLET), a leading rig designer, to collaborate on the design and construction of Mobile Offshore Drilling Units (MODUs). As part of the LOI, KLET will provide engineering and construction support as well as rig components to IMI through Kit Construction & License Agreements (KCLA). The KCLAs will be entered into on a per-rig basis. The engineering support includes the development of a rig-specific design kit containing engineering ...

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Bangladesh: Shipbuilding industry to get loans at 4.5% interest

The Bangladesh Bank has set up a refinancing scheme of Tk2,000 crore to provide entrepreneurs in the shipbuilding industry with low-interest loans for the development of this sector to reduce the country’s import dependence. In a circular on Thursday, the central bank said borrowers in this sector will get the loan at an interest rate of only 4.5%. The central bank asked lenders to decide loan limits based on the relationship between banks and customers. The loan will be repaid in 12 years with a grace period of three years. ...

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Drydocks in deal to upgrade FPSO vessel for Brazilian project

Drydocks World has signed a contract with Malaysia-based Yinson Production to upgrade, refurbish, and convert a floating production storage and offloading (FPSO) vessel. The contract with Yinson Production, which designs, constructs, and operates industry-leading production assets for the offshore oil and gas industry – covers conversion and life extension services, as well as refurbishment for the FPSO Atlanta at Drydocks World-Dubai. The upgraded FPSO will be delivered in the third quarter of 2023 to Brazilian independent oil and gas company Enauta at the offshore Atlanta Field in the Santos Basin. ...

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Damen to supply second Combi Freighter to Elbe-Ems

Shipping company Elbe-Ems has ordered a second Combi Freighter 3850 (CF 3850) from Damen Shipyards, following very positive experience with the vessel of the same type that they ordered before. The first, motor vessel Sophie is operating in European waters since September last year. The second, MV Jan Laurenz will be delivered in the fourth quarter of this year. The contract for the second CF 3850 for Elbe-Ems was signed on 29 September at the Hamburg office of the ship operating company, which is a co-operation of ship owners Uniatlantico ...

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Learning from mistakes – VSM calls for reduction of dependence on China

The German and European maritime industry is facing major challenges. Geostrategic developments and the transformation initiated by governmental climate policy are creating a gigantic need to invest in ships and maritime assets. Nevertheless, the industry finds itself confronted with low demand and uncertain future prospects. The pandemic-induced crisis of the cruise industry has made the dramatic development of the German and European shipbuilding industry abundantly clear. Focusing on high-end markets such as cruise ships, yachts, naval vessels and other government vessels have been a successful approach to escape the distortions ...

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Financial Sanctions on Russia Affecting South Korean Shipbuilders

Daewoo Shipbuilding & Marine Engineering (DSME) announced on May 23 that it canceled a shipbuilding contract with a Russian shipowner on May 18. The contract is one of the three ice-breaking LNG carrier contracts they concluded in October 2020, which total 1.0137 trillion won. The first vessel was supposed to be delivered in April 2023, but the shipowner failed to make the second payment. The price of the ship in question is 330 billion won or so, and the other two contracts are likely to be canceled, too. This has ...

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Yangzijiang Financial up 9% after board proposes share buyback

Shares of Yangzijiang Financial Holding jumped by more than 9 per cent on Tuesday (May 24) after the company on Monday called for an extraordinary general meeting (EGM) seeking shareholders’ approval to adopt a share buyback mandate. The EGM, which will be held on June 8, comes shortly after Yangzijiang Financial was listed on the Singapore Exchange (SGX) on April 8 at 69 cents a share. However, the shares tumbled in value, reaching a low of 39 cents on May 19. The company’s shares closed at 47.5 cents on Tuesday, ...

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Korea’s shipping stocks survive the bear market amid solid shipping rates

South Korea’s shipping stocks are set to resume gains as they recouped most of their earlier losses on anticipated normalization in China after lockdowns. Korea’s leading bulk carrier, Pan Ocean, saw its stock price surge 21.47 percent this month as of Tuesday. Compared with the beginning of the year, the price jumped 49.54 percent. The shares closed Tuesday’s trading at 8,090 won ($6.40), heading towards last year’s peak of 8,770 won. Korea’s sea flag container carrier, HMM, also climbed 47 percent from its bottom at 21,900 won in January this ...

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J-ENG to exhibit at Posidonia 2022

Japan Engine Corporation (J-ENG) will exhibit at “Posidonia 2022” , an international maritime exhibition held in Athens, Greece, from June 6th to 10th 2022. J-ENG will present not only the latest environmentally-friendly engine models such as UEC-LSH having an ultra-low fuel consumption and UEC-LSJ adopting the stratified water injection system, but also preventive and efficient maintenance management using digital transformation technologies in the exhibition. Furthermore, the world-leading ammonia-fueled and hydrogen-fueled engine, which J-ENG is developing to achieve carbon neutrality in 2050, will be introduced. This April many customers visited J-ENG’s ...

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A world leader in shipbuilding chooses Québec City to settle in Canada

ALMACO Group, world leader in turnkey solutions for the shipbuilding industry, chooses Québec City to settle its first subsidiary in Canada. ALMACO Group provides innovative solutions for accommodation, living spaces and catering areas for passengers and crew on board ships as well as for the maintenance of these areas. By setting up in Canada, a rapidly expanding market, ALMACO wishes to bring its expertise to the region and the country, while strengthening existing partnerships and developing new relationships with suppliers and professionals in Québec and Canada. “We see Canada as ...

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Keppel O&M secures another two jackup rig charter contracts worth up to S$120m

Keppel Offshore & Marine Ltd (Keppel O&M) has, through its wholly-owned subsidiaries[i], signed contracts for the bareboat charter of another two KFELS B Class rigs to be deployed in the Middle East. The rigs will be chartered to an established drilling company in the Middle East for deployment in 4Q 2022 for a period of three years, with options for a year’s extension. Total revenue from the charters, including the options and modification works by Keppel O&M to prepare the rigs for on-site operations, is expected to be up to ...

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