Japanese Shipbuilding Giants to Merge
Japan's biggest shipbuilders Imabari Shipbuilding and Japan Marine United (JMU) have formalized their business alliance by agreeing to enter into a capital tie-up amid blockbuster mergers in South Korea and China.According to Jiji Press, with the alliance, the shipbuilders aim to strengthen their international competitiveness at a time when South Korean and Chinese rivals are going through major realignment to grow stronger.Under the basic deal Imabari Shipbuilding plans to buy a nearly 30 pct stake in JMU via a shares purchase.
Singapore Raises Concern over HHI-DSME Deal
The Competition and Consumer Commission of Singapore (CCCS) has expressed concern about the agreement of fusion notified from the South Korean shipbuilding groups Hyundai Heavy Industries (HHI) and Daewoo Shipbuilding & Marine Engineering Co. (DSME).The authority antitrust of Singapore has raised competition concerns with the proposed acquisition by Korea Shipbuilding & Offshore Engineering Co., Ltd. (KSOE) of a majority interest in DSME and the intended integration of the businesses of KSOE and DSME.Earlier…
Gunvor to Charter Flex LNG Newbuild
Commodity trader Gunvor Group will charter a liquefied natural gas (LNG) carrier from shipping firm Flex LNG for up to 10 years, the two companies said on Monday.Geneva-based Gunvor, which has said it wants to take a lead in energy transition by investing in cleaner natural gas, last year became the biggest trader in the burgeoning LNG market.The initial contract is for five years, with options to extend to 10, the firms said. The vessel, with capacity to transport 173,400 cubic meters of LNG…
Hyundai Seeks EU's Ok to Acquire Daewoo
South Korea’s leading shipbuilding conglomerate Hyundai Heavy Industries (HHI) Group has submitted an application to the European Union for approval for its takeover of the compatriot shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME).According a Yonhap report, HHI informed that the submission will be reviewed by anti-trust authorities at the European Commission, expecting the results of their call in 2020.Hyundai Heavy has been taking prerequisite steps since April to apply for the EU’s mergers and acquisitions approval.In March…
Hunter Group Takes Delivery of 3rd VLCC
Norwegian investment company Hunter Group said that its wholly owned subsidiary Hunter Tankers has taken delivery of its third newly built very large crude carrier (VLCC) and subsequently delivered it to its new owner.The new VLCC with hull number 5457, built by South Korea’s Daewoo Shipbuilding & Marine Engineering (DSME), was handed over on October 31 in accordance with a Memorandum of Agreement signed in June 2019. All funds have been transferred and the transaction is complete, the company informed in a press note.On 19 October 2019, Hunter Tankers took delivery of “Hunter Saga” (NB No.
CPLP Fixes Agamemnon with MSC
Greek shipping company Capital Product Partners L.P. (CPLP) announced that its vessel, M/V ‘Agamemnon’ commenced new long-term time charter with Mediterranean Shipping Company Co. S.A.The 108,892 dwt / 8,266 TEU container carrier Agamemnon was built in built 2007 in Daewoo Shipbuilding & Marine Engineering Co., Ltd., South Korea, said a press note from the shipping company engaged in the seaborne transportation of a wide range of cargoes, including dry cargo and containerized…
Hunter Tankers Takes Delivery of ECO VLCC
Hunter Tankers, a wholly owned subsidiary of the Norwegian investment company Hunter Group, has taken delivery of its first of seven identical ECO design VLCC newbuildings, the Hunter Atla.The vessel was handed over from the South Korean shipbuilding giant Daewoo Shipbuilding & Marine Engineering (DSME), said the company.Two additional VLCCs are scheduled for deliveries in 2019, while the remaining four vessels will delivered between March and July 2020.All seven of the Company’s…
SFI Acquires Three VLCCs From Hunter Group
Bermuda-based ship-owning and ship chartering firm Ship Finance International Limited (SFL) has agreed to purchase three very large crude carriers (VLCCs) from Norwegian investment company Hunter Group. The 300,000 dwt oil tankers are currently being constructed by South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME). Hunter Group placed the order for the VLCCs last year. SFI will pay almost $60 million for each tanker and a total of $180 million for all three.
MacGregor Develops Cargo System for MSC Boxship
Cargotec company MacGregor has developed a new cargo system for one of the world’s largest container ships, the MSC Gülsün.The ship was built by South Korean company Samsung Heavy Industries (SHI) and delivered in July of this year, having a capacity of more than 23,000 TEU, a length of 400 meters and width of 61.5 meters, and is the first of 11 ultra-large containerships MSC has on order, six of which are being supplied by SHI. Daewoo Shipbuilding & Marine Engineering will construct…
MacGregor Cargo System for World's Largest Boxship
MacGregor, part of Cargotec, has designed the cargo system for the world’s largest containership, MSC Gülsün, which was delivered in July 2019 by South Korea’s Samsung Heavy Industries. She is 400 m long, 61.5 m wide and is the first in a series of 11 ultra-large containerships with a capacity of more than 23,000 TEU. Six of the vessels are being built by Samsung Heavy Industries, and the other five by Daewoo Shipbuilding & Marine Engineering.The system was developed in close collaboration with MSC from an early stage of the project.
MOL’s LNG Pioneer Rescues 4 Castaways
Japanese shipping giant Mitsui O.S.K. Lines, Ltd (MOL) said that its liquefied natural gas (LNG)carrier LNG Pioneer safely rescued four castaways in the Pacific Ocean about 270km off Davao in the Island of Mindanao, the Philippines.The Bahamas-flagged LNG Pioneer was sailing off the coast of Davao Oriental province in the southern Philippines when it came across the distressed crew floating in the water aboard what was left of their fishing boat.The sequence of events was as follows:At 11:28 (all times in local time) on July 5…
LR Approves DSME Smart Ship Solution
South Korean shipbuilders Daewoo Shipbuilding & Marine Engineering Co., Ltd (DSME) has received approval in principle (AiP) from Lloyd's Register (LR) for its Smart Ship Solution (DS4).The fleet monitoring smart ECDIS and surveillance system has been granted the descriptive note ‘Digital AL3 SAFE SECURITY’, confirming compliance with LR’s digital ships requirements.The Digital SAFE descriptive note confirms that systems which are essential for ship operation, and that have remote access to onboard operational data for analysis…
Shareholders OK HHI Split-up Plan
Shareholders of Hyundai Heavy Industries (HHI) have approved the South Korean shipbuilder's split-up plan amid fierce opposition from its labor union.According to local media reports, Hyundai Heavy Industries, , South Korea's largest shipbuilder, is now divided into mid-holding companies and subsidiaries engaged in shipbuilding, special ship, offshore plant, engine and machinery business.HHI changed its name and mission to the Korea Shipbuilding & Marine Engineering Co., Ltd.
Shipbuilding: OSC Orders VLCC Pair
Oman Shipping Company (OSC) is expanding courtesy of an order for a pair of newbuild Very Large Crude Carriers (VLCC ) with Daewoo Shipbuilding & Marine Engineering (DSME).According to Michael Jorgensen, OSC's CFO and acting CEO, said the VLCCs are expected to be deployed in the spot market, as the company plots further fleet expansion in the bulk and container market.Today OSC’s fleet includes 49 vessels including 16 VLCCs, 17 product tankers and 4 chemical carriers.The two latest additions will be constructed at DSME’s Okpo shipyard measuring 336m in length…
Bardex Shiplift Chosen by DSME
Daewoo Shipbuilding Marine Engineering (DSME-Korea) awarded Bardex a ShipLift System in order to increase the capacity of the shipyard from the previously installed 1990 system. The originally installed smaller system had been running continuously for the past 28 years. The Ship Elevator will be used for launching & maintaining military vessels.
Daewoo Shipping and Marine Engineering Posts Q3 Loss
The South Korean shipbuilding major Daewoo Shipbuilding & Marine Engineering (DSME) has posted a net loss in the third quarter from a year earlier due to one-off losses.According to a stock exchange announcement by the world’s second-largest shipbuilder by orders, the net loss reached 323.9 billion won (US$285.1 million) in the three months ending Sept. 30 from a net profit of 74.9 billion won during the same period last year.DSME's operating profit in the third quarter fell 9.6…
Workforce Down by 27% at S. Korea’s ‘Big 3’ Shipbuilders
South Korea's Big Three shipbuilders - Hyundai Heavy Industries (HHI), Samsung Heavy Industries (SHI) and Daewoo Shipbuilding & Marine Engineering (DSME) - have hit record low in workforce.According to a report in Business Korea, the total number of employees in South Korea's Big Three shipbuilders has plunged a whopping 27 percent compared to 2011.The “big three” shipbuilders had 36,757 employees on the payroll last year, down 27.04 percent from 50,377 in 2011.The figure decreased to 35…
Daewoo Wins Contract to Build Three Vessels
Daewoo Shipbuilding & Marine Engineering says it signs $273 mln order.Daewoo Shipbuilding & Marine Engineering Co Ltd says has signed an order worth 306 billion won ($272.51 million) for three oil container ships from a European shipowner. Source: Eikon:Reporting by Joori Roh
Hyundai Merchant Marine to Spend $2.8 Bln on 20 Containerships
South Korea's largest shipping line Hyundai Merchant Marine (HMM) said it will invest 3.153 trillion won ($2.84 billion) for 20 new large containerships to be delivered by June 2021.In June this year, the company signed letters of intent for ship orders with South Korea's top three shipbuilders Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering (DSME) and Samsung Heavy Industries.DSME and Samsung will build seven and five 23,000 TEU vessels respectively, which are expected to deliver in the second quarter of 2020.
HHLA Transports Ship Propeller for Hyundai Supreme
Hamburger Hafen und Logistik AG (HHLA) loaded the biggest ship propeller in the world onto a vessel. The “HHLA IV” floating crane brought the gigantic 110-tonne object to the port of Waltershof, where it was hoisted onto the “Hyundai Supreme” container ship.It was the most powerful ship propeller to have ever been lifted by the hook of a HHLA floating crane. Although HHLA regularly loads the specialised products of Mecklenburger Metallguss GmbH (MMG) onto ships in Hamburg, the latest propeller…
Braemar Shipping Services Adds New LNGC 'LNG Schneeweisschen'
Braemar Shipping Services announced the successful delivery of the 180,000m3 Liquid Natural Gas Carrier (LNGC) called “LNG Schneeweisschen” from Daewoo Shipbuilding & Marine Engineering (DSME), South Korea, as part of the ongoing LNGC newbuilding project between Uniper Global Commodities SE (Uniper) and Braemar.The international provider of broking, financial, consultancy, technical and logistics services to the shipping, marine, energy, offshore and insurance industries said that the vessel has been built for Japan based owners…
MOL Takes Delivery of LNG Schneeweisschen
Mitsui O.S.K. Lines (MOL) announced that the LNG carrier, LNG Schneeweisschen, jointly ordered by MOL and Itochu Corporation was delivered on July 31st at the Okpo shipyard by Daewoo Shipbuilding & Marine Engineering (DSME) in South Korea.The 180,000 cbm newbuilding has entered in to a Transportation Service contract for several voyages with Uniper Global Commodities, 100% owned by one of the largest European gas and electricity companies, Uniper SE.The LNG Schneeweisschen features two new technologies - the slow-speed two-stroke engine (X-DF) made by Winterthur Gas & Diesel…
Government Okays USD 1.2 bln for Korea Ocean Business Corporation
The government of South Korea decided to invest 1.35 trillion won (USD 1.2 billion) in Korea Ocean Business Corporation (KOBC). The compnay was created in order to help its shipping industry stand on its feet, especially after the bankruptcy of Hanjin Shipping.Yonhap reported quoting the finance ministry that Cabinet approved a plan to contribute 12.7-percent stakes in each of the country's four port authorities to the KOBC.Earlier this month, the corporation was officially launched in Busan…
MOL's FSRU Challenger for Hong Kong LNG Terminal Project
Mitsui O.S.K. Lines (MOL) announced that MOL, has entered into a preliminary agreement to supply a Floating Storage and Regasification Unit (FSRU), as well as Jetty Operation & Maintenance Services for the Hong Kong Offshore LNG Terminal Project on a long term contract. MOL will utilize the "MOL FSRU Challenger" built in 2017 with a storage capacity of 263,000m3 which remains the largest FSRU in the world today, to provide services to the Hong Kong Offshore LNG Terminal Project. The FSRU was constructed at Daewoo Shipbuilding & Marine Engineering Co., Ltd.
Hyundai Merchant Marine Selects 3 Yards to Build Eco-Friendly Mega Containerships
Since HMM sent out a Request for Proposal (RFP) to shipbuilding companies on April 10, HMM has considered all the conditions for newbuilding including delivery date and price of new ships suggested by shipbuilders, and finally selected three shipbuilders to sign a Letter of Intent (LOI) for 20 new vessels. First, HMM chose Daewoo Shipbuilding & Marine Engineering (DSME) and Samsung Heavy Industries (SHI) for seven and five 23,000 TEU containerships respectively which are expected to deliver in the second quarter of 2020.
Nakilat, Maran Ventures JV adds two vessels
Nakilat has expanded its joint venture partnership with Greek shipping company Maran Ventures Inc., to include two additional LNG vessels. Maran Nakilat Co. Ltd. was first established in 2005 with four jointly-owned LNG vessels, and was further expanded on several occasions. This new agreement increases the number of vessels jointly-owned by Nakilat and Maran Gas from 13 to 15 vessels. The two newly added vessels, Woodside Rogers and Woodside Goode, are equipped with modern technology and built by Daewoo Shipbuilding & Marine Engineering Co (DSME).