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.
S. Korea's Top Three Shipyards Look Bullish
With a slew of contracts to be signed soon South Korean shipyards are expected to clinch a decent number of new orders during the second half of the year, Yonhap reported quoting industry sources. Hyundai Heavy Industries (HHI) and its affiliates have secured a series of fresh contracts, with their new orders reaching US$4.2 billion for 72 ships in the first six months of the year. In the January-June period, Samsung Heavy Industries (SHI) won $4.8 billion worth of orders to build 13 ships, including two offshore plants.
DSME Bounces Back with USD 1 Bln Profit in Q2
South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co (DSME) said that its net profit reached 1.26 trillion won (USD1.1 billion) in the April-June period. According to a report in Yonhap, it posted a profit for the second straight quarter in the second quarter, largely thanks to cost-cutting measures and increased delivery of offshore facilities. The sales for the first half of the year amounted to KRW 6.1 trillion (USD 5.4 billion). The shipbuilder logged an operating income of 5 billion won in the second quarter…
Korean Shipyards Still in Rough Sea
South Korean shipyards are still struggling to cut costs through unpaid leave for their workers and shutting down dry docks idled amid a lack of orders, Yonhap reported quoting industry sources. The report said that for decades, the shipbuilding sector has been one of the key growth drivers for Asia's fourth-largest economy. The top three shipyards in the country - Hyundai Heavy Industries Co (HHI), Samsung Heavy Industries Co. (SHI) and Daewoo Shipbuilding & Marine Engineering Co.
Korean Shipyards Bag $1.5bln Newbuild Order from MSC
Samsung Heavy Industries (SHI) and Daewoo Shipbuilding & Marine Engineering (DSME) - two major shipyards in South Korea - are poised to sign a deal worth $1.5 billion to build container ships for Mediterranean Shipping Company (MSC), according to the Financial Times. The report said that this deal is the latest signal that the South Korea’s troubled shipbuilding industry is showing signs of recovery, after large losses posted by both companies in recent years because of a lack of orders. MSC is working on an order for up to 11 container vessels, the report said.
HMM Orders New Carriers
South Korea’s largest ocean carrier Hyundai Merchant Marine (HMM) will invest USD 417.61 million in five new very large crude oil carriers (VLCCs), Reuters reported quoting company sources. "HMM will invest 470 billion South Korean won (U.S. $418 million) in new facilities for the construction of five, 300,000 deadweight ton (DWT) VLCCs with Daewoo Shipbuilding & Marine Engineering (DSME), with an option for five more," said company sources. HMM will acquire two 11,000-TEU containerships from Hanjin Heavy Industries & Construction’s Subic Shipyard.
HMM Confirms Contract With DSME For Five VLCCs
Hyundai Merchant Marine (HMM) announced that it has signed a formal contract with Daewoo Shipbuilding & Marine Engineering (DSME) for construction of five 300,000 dwt Very Large Crude Carriers (VLCC) with an option of five more vessels. HMM’s letter of intent with DSME for five VLCCs (+5 option) was singed back in April 2017. Under the agreement, DSME will build five VLCCs for HMM worth approx. KRW 470 billion (USD 420 million) that will be financed by the New Shipbuilding Program.
Dim Q3 Forecast for Korean Shipyards
South Korea's major shipyards are projected to report weaker-than-expected earnings for the third quarter of the year, due to increased costs and the construction of low-priced ships amid decreased new orders. Yonhap News Agency, quoting data compiled by Yonhap Infomax, said that Hyundai Heavy Industries (HHI) is expected to log an operating income of 106 billion won (US$93.6 million) during the July-September period, compared with the previous year's operating earnings of 322 billion won.
World's Largest FSRU Named as MOL FSRU Challenger
Mitsui O.S.K. Lines (MOL) has announced that a naming ceremony for the MOL FSRU Challenger was held at the Okpo shipyard of Daewoo Shipbuilding & Marine Engineering Co., Ltd.in Korea on September 28.This is the first FSRU for MOL to independently build, own and operate. Many Guests were invited to witness the naming of our FSRU as the MOL FSRU Challenger. The MOL FSRU Challenger will provide storage and regasification services to a project in Turkey after delivery during October. Operation is slated to commence within 2017.
Teekay’s 1st Arctic LNG Carrier Completes Trial
Teekay LNG Partners said its first icebreaker liquefied natural gas (LNG) carrier newbuild, Eduard Toll, recently completed gas trials. Eduard Toll is Teekay’s first of six 172,000 cubic meter ARC7 LNG carrier newbuildings to be constructed for the Yamal LNG project. The ARC 7 LNG carrier was launched in January this year at the South Korean Daewoo Shipbuilding & Marine Engineering (DSME) shipyard. The vessel has been designed and built to perform year-round navigation through the Arctic and has the icebreaking ability allowing it to proceed through ice up to 2.1 m thick.
Arctic LNG Carriers Delivered: RS Class
The construction of a series of Arctic LNG carriers under the technical supervision of Russian Maritime Register of Shipping (RS) is in progress: in November “Boris Vilkitsky” and “Fedor Litke” gas carriers were delivered to the customer and the keel of a new gas carrier was laid. A series of 15 LNG carriers unique in design, is being constructed as part of the implementation of the large-scale RF liquefied natural gas production project Yamal LNG. The construction site is Daewoo Shipbuilding & Marine Engineering shipyard in the Republic of Korea.
Former Chief of Daewoo Shipbuilding Gets 6 Years in Jail
Former Daewoo Shipbuilding & Marine Engineering (DSME) boss Nam Sang-tae sentenced to six years in prison by Korean court for embezzlement and bribery, Yonhap reported. The report said that the Seoul Central District Court handed down the guilty verdict to Nam Sang-tae, 67, convicting him of accounting fraud, embezzlement, breach of duty and bribery. The court ordered him to forfeit 880 million won (US$806,000). Prosecutors have demanded an eight-year prison term. The court said…
Ice-Breaking LNG Carrier for Yamal LNG Project Named Vladimir Rusanov
Mitsui O.S.K. Lines (MOL) announced that on December 21, a naming ceremony for an ice-breaking LNG carrier, which was jointly ordered by MOL and China COSCO Shipping Corporation Limited (China COSCO Shipping), was held at Daewoo Shipbuilding & Marine Engineering (DSME). As a crowd of VIPs and personnel related to the project looked on, the newbuilding vessel was named the "Vladimir Rusanov" by Ms. Veronika Makeeva of PAO Novatek, the major shareholder of the Yamal LNG project. The name is derived from Russian Arctic explorer and geologist.
South Korean Shipyards Aim More Orders
South Korean shipyards have sharply raised their order targets for next year on expectations that the shipbuilding sector will improve, Yonhap reported. The country's three major shipyards - Samsung Heavy Industries (SHI), Daewoo Shipbuilding & Marine Engineering (DSME), and Hyundai Heavy Industries (HHI) - are looking at improving business conditions on the back of a recovery in the global economy and stable oil prices. The report quoted industry sources saying that HHI is targeting US$13.2 billion worth of new orders next year, up 76 percent from this year's $7.5 billion.
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).