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S. Korean shipbuilders benefit from dollar surge and falling steel costs

South Korean shipbuilders, with secured orderbooks covering the next three to four years, are positioned to leverage structural advantages stemming from a robust U.S. dollar and stable steel plate prices. The shipbuilding sector, which prices vessels in U.S. dollars, is widely recognized as a prime beneficiary of high exchange rates. Meanwhile, prices for heavy plates—steel plates exceeding 6 millimeters in thickness, which account for roughly 20% of a ship’s construction cost—remain low, driven by declining iron ore prices and increased imports of cheaper Chinese products. On Dec. 6, the foreign ...

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S. Korean shipbuilders to benefit as steam turbine LNG carrier phase-out speeds up

The retirement of aging steam turbine liquefied natural gas (LNG) carriers is accelerating as LNG freight rates continue to decline. This year alone, 12 steam turbine LNG carriers have been scrapped and sold for dismantling after failing to secure new charter agreements. Industry experts anticipate that dozens more of these vessels may enter the market by early next year. As the transition to next-generation LNG carriers gathers pace, South Korean shipbuilders, renowned for their expertise in LNG carrier construction, are poised to reinforce their global leadership. According to industry sources, ...

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China sets new record on LNG vessel delivery

A China’s self-developed large liquefied natural gas (LNG) container vessel was named and delivered to QatarEnergy in Changxing Island, Shanghai on Friday, according to the shipbuilder, Hudong-Zhonghua Shipbuilding (Group) Co Ltd. With a payload capacity of 174,000cubicmeters,the vessel HLAITAN marks the third vessel of its kind, as well as the seventh LNG vessel delivered by the shipbuilding company this year, setting a new annual delivery record. The carrier measures 299 meters in length, 46.4 meters in width, and 26.25 meters in depth. Certified by both the American Bureau of Shipping ...

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Korean Shipbuilders Moving to Secure a New Production Base in Southeast Asia

South Korean shipbuilders are establishing a second production base in Southeast Asia to overcome domestic capacity limitations. With domestic shipyards operating at full capacity due to the increase in global new ship demand, they are seeking to secure additional production capacity in Southeast Asia, where business costs are relatively lower. HD Hyundai Mipo plans to expand the annual construction capacity of its Vietnamese shipyard from the current 15 ships to 23 ships by 2030, an increase of nearly 50%. The company has recently completed an official request to the Vietnamese ...

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Ascenz Marorka expands its real-time fleet performance monitoring service with new centre in Singapore

Ascenz Marorka, the Smart Shipping arm of the GTT Group, announces the launch of its second Real-Time Fleet Performance Monitoring Centre in Singapore. Thanks to this new centre, ship-owners, charterers, and ship managers will benefit from a global support, ensuring seamless operations across time zones. As the first centre located in France, the Singapore centre brings together a team of maritime experts with extensive knowledge in navigation, meteorology, vessel performance management, as well as LNG and offshore operations. This second facility reinforces Ascenz Marorka’s commitment to delivering a comprehensive approach ...

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ASRY and Lumofy Collaborate to Launch a Holistic Talent Management Platform

Lumofy, a leading provider of AI-driven talent management solutions, has partnered with the Arab Shipbuilding and Repair Yard Company (ASRY), a global leader in industrial marine services, to introduce an innovative, AI-powered platform. This collaboration is set to transform workforce development by aligning employee skills with ASRY’s strategic objectives while enhancing overall competencies. This partnership signifies a pivotal step in ASRY’s journey toward fostering a progressive work environment and competency-based training culture. Lumofy’s comprehensive talent management platform enables ASRY to refine core competencies, develop future leaders, and provide personalized development ...

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Korean Shipbuilders: Anatomy of a long cycle

Will an ageing fleet, the green transition and geopolitics drive new ship orders further? We forecast solid new ships demand globally in the next decade with TAM of 599m dwt (6.3 years of work, US$563bn) until 2030E, and a larger 954m dwt (10 years of work, US$781bn) in 2031-35E before entering a decade-long downturn. The UBS Evidence Lab survey of shipping executives supports this strength. Granted, orders are capped by capacity and may face a downturn in 2027-28E given new capacity adds, but we expect yards to enjoy rare pricing ...

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Tsuneishi launches 16th vessel this year

Shipbuilding firm, Tsuneishi Heavy Industries (Cebu), Inc. (THICI) has launched its 16th vessel this year, the SC 455. In a statement, Tsuneishi said that this 63,300-ton bulk carrier, constructed for a prominent Southeast Asian firm, showcases Tsuneishi’s commitment to excellence and innovation in shipbuilding. With over three decades of operations at the West Cebu Estate, Tsuneishi has achieved significant milestones, including the construction of nearly 400 vessels and the delivery of over 360 ships to international clients. This track record strengthens its position as the largest shipbuilder in the Philippines ...

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Russia’s VTB to buy Zvezda shipbuilding yard from Rosneft

Russia’s second largest lender VTB will acquire the Zvezda shipbuilding yard from oil company Rosneft but the deal is still in its early stages, VTB CEO Andrei Kostin told Reuters. VTB is currently running Russia’s United Shipbuilding Corporation (USC), Russia’s largest shipbuilder, which operates about 40 shipyards, design offices and repair yards across Russia, employing 95,000 staff. “The deal is at the very beginning. There are basic agreements. And just recently, we signed a trilateral agreement between USC, VTB, and Rosneft regarding the due diligence process,” Kostin said. Zvezda is ...

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Yangzijiang Shipbuilding secures shipbuilding contracts worth US$2.63 billion

Yangzijiang Shipbuilding has secured shipbuilding contracts for 21 vessels, with a total contract value of US$2.63 billion ($3.54 billion). This comes on the back of the group’s 9MFY2024 business update, which reported a record high order book of US$22.14 billion. According to the group, the contracts are scheduled for deliveries between 2025 and 2027, and are not expected to have any significant impact on the earnings of the group for the financial year ending Dec 31. Following its new contract wins, the group has secured a total of 119 effective ...

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Ship breakers urged to meet June 2025 deadline

The Bangladesh Ship Breakers and Recyclers Association (BSBRA) held its 41st Annual General Meeting (AGM) in the port city. Members attending the meeting called for united efforts and dynamism to boost the industry, which has been grappling with various crises over the past few years. President of BSBRA Abu Taher chaired the meeting. Among others, the AGM was addressed by senior vice president Liakat Ali Chowdhury, vice president Zahirul Islam Rinku, vice president Karim Uddin, and executive members Mohammad Lokman, Mohammad Nayeem Shah Imran, Shahin Alam, Mohammad Sekander Hosen, and ...

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Autonomous shipping draws closer with HD Hyundai’s AIP certification

HD Hyundai’s autonomous and remote navigation technology for large vessels has received certification from Korean and Liberian authorities, paving the way for the future commercialization of unmanned ships. The Korean shipbuilder said on Thursday that it applied the technology to a Liberian container ship with a capacity of 8,000 20-foot equivalent units (TEU) that earned approval in principle (AIP) from the Korean Register and the Liberian International Ship & Corporate Registry. An AIP license verifies that the reviewed technology meets safety and feasibility standards for application. In the demonstration, remote ...

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GTT receives an order from Samsung Heavy Industries for the tank design of a new LNG Carrier

GTT announces that it has received, in the fourth quarter of 2024, an order from its partner the Korean shipyard Samsung Heavy Industries for the tank design of a new LNG carrier. The vessel will feature a total capacity of 174,000 m³ and will be fitted with GTT’s Mark III Flex containment system. Delivery of the vessel is scheduled for the second quarter of 2027. Source: GTT

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S. Korean shipbuilders lead hybrid ship boom

This year, hybrid ships account for 60% of orders received by South Korea’s five major shipbuilders, including HD Hyundai Heavy Industries (HHI), HD Hyundai Samho, HD Hyundai Mipo, Hanwha Ocean, and Samsung Heavy Industries. Out of 187 ships ordered, 116 (62%) are dual-fuel vessels capable of using eco-friendly fuels like LNG, ammonia, and methanol, in addition to traditional heavy oil. As global environmental regulations tighten, the automotive industry has already embraced hybrid vehicles as a transition to fully electric cars. Now, the maritime sector is following suit. Stricter carbon emission ...

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Damen signs LOI with Herman Sr. for new Multi-Purpose Vessel 4916

Damen Shipyards Group and Herman Sr. have signed a letter of intent (LOI) for the construction of a new Multi-Purpose Vessel (MPV) 4916. The LOI was signed during the Offshore Energy exhibition in Amsterdam on 26 November by Jeroen van Woerkum on behalf of Damen and Chris and Erwin van Dodewaard of behalf of Herman Sr. Next level versatility The MPV 4916 will be the first in a series of vessels combining the qualities of the Damen Shoalbuster and Multi Cat series to offer next level versatility in the workboat ...

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