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Thursday, September 19, 2019

Daewoo Shipbuilding And Marine Engineering News

Image: James Fisher and Sons plc

JFD Wins DSRV Contract from Republic of Korea Navy

The subsea operations and manufacturing company JFD, a part of James Fisher and Sons, has received a multi-million dollar contract for the design and build of an advanced Deep Search and Rescue Vehicle (DSRV).The DSRV will be delivered as a part of a submarine rescue capability being provided to the Republic of Korea Navy (RoKN).The contract, awarded by South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME), will ensure the provision of an advanced and highly…

Arc7 Class Arctic Vessels for Yamal LNG Facility

A new ice-breaking liquefied natural gas (LNG) tanker of the Arc7 class has begun sea trials by South Korea's Daewoo Shipbuilding and Marine Engineering (DSME) around the island of Geoje, Refinitiv Eikon data shows.The Nikolay Zubkov, formerly known as Hull DSME 2429, exited DSME's port on Geoje on Tuesday and has zig-zagged across the Korea Strait, the data showed. Ship trials for previous Arc7 carriers now in operation have lasted several months.The Arc7 tankers, for Novatek's Yamal LNG facility in northern Russia…

Flex Endeavour. Pic: FLEX LNG Management AS

FLEX LNG Orders Five LNG Carrier Newbuilds

Flex LNG, the shipping company controlled by billionaire John Fredriksen, is entering into a transaction for the acquisition of five 5th generation LNG newbuildings comprising three MEGI LNG carriers and two X-DF LNG carriers.According to a release from the shipping company, that owns and operates LNG carriers, and floating storage and regasification units, the MEGI LNG carriers are currently under construction at Daewoo Shipbuilding and Marine Engineering Co. Ltd. (DSME) with…

Image: Maran Gas Maritime Inc.

Angelicoussis Books its 100th Ship at DSME

South Korean shipyard Daewoo Shipbuilding and Marine Engineering (DSME) has bagged an order from the Angelicoussis Shipping Group’s unit Maran Gas Maritime, for a floating storage and regasification unit (FSRU). The local media which quoted DSME sources saying Tthat the vessel with a 173,400 cubic meter storage capacity is the 100th vessel ordered by the Angelicoussis Shipping Group at DSME since 1994. The FSRU with a length of 295 meters and a width of 46 meters is scheduled for delivery in the first half of 2021.

Courtesy GTT

LNG Ships: Two DSME Orders for GTT

GTT announces it has received at the end of March, an order from the South Korean shipyard Daewoo Shipbuilding and Marine Engineering (DSME) for the design of the LNG tanks of two LNG carriers (LNGC). Each offering a capacity of 173,400m3, these units will be built at DSME's shipyard in Geoje, Korea, on behalf of a European ship-owner. The tanks will be fitted with the NO96 GW technology. Their delivery is expected for the first half of 2020. "We are very pleased to continue our excellent partnership with DSME with these two new orders." commented Philippe Berterottière…

Very Large Crude Oil Carrier. Photo: Daewoo Shipbuilding and Marine Engineering

Hyundai Merchant Marine Gets $420 Mln to Add 5 VLCCs

South Korea’s leading sea carrier Hyundai Merchant Marine Co. (HMM) has signed a financial contract with Korea Shipping and Maritime Transportation to build five 300,000-ton very large crude carriers (VLCCs), said a report in Business Korea. HMM has secured $420 million (470 billion won) through a state shipbuilding subsidy funding program, it said. The order has already been placed with local shipyard Daewoo Shipbuilding and Marine Engineering (DSME) September last year. The…

DSME’s first LNG-FPSO is on display in Okpo Bay. Photo: Daewoo Shipbuilding and Marine Engineering

DSME Posts Profit for Q3

South Korean yard giant Daewoo Shipbuilding and Marine Engineering (DSME) ended the third quarter of this year with a profit of KRW 45.7 billion (USD 41 million), compared to a net loss of KRW 284 billion posted a year earlier, Yonhap said. The troubled shipbuilder is significantly better off than last year after a rescue package from the South Korean government in the spring. DSME, which has battled a highly publicised liquidity crunch for the past two years,  posted profit for the third straight quarter from July through September…

Photo: DNV GL

DNV GL, South Korean Yards Kicks off Standardization

The first phase of a joint industry project (JIP) to promote a global standard for engineering and construction of offshore oil and gas installations has delivered four recommended practices (RPs). The outcome of the JIP, led by DNV GL, will be reduced complexity, less rework and delays and greater predictability. This will help reduce cost and increase quality further, enabling more projects to move forward. Phase 1 of the JIP has comprised DNV GL, Hyundai Heavy Industries (HHI)…

Image: Itexpo Team

Iran Strikes $2.4bn Ship Order with Korea

Iran has placed orders worth around $2.4 billion with South Korean shipyards for the construction of ships to carry Iran’s oil and petrochemical products, The Wall Street Journal says. The orders have been placed by the Islamic Republic of Iran Shipping Lines (IRISL) and the oil producer Iranian Offshore Oil Company (IOOC). The Korean companies involved in the case are Hyundai Mipo Dockyard, which is a subsidiary of shipbuilding giant Hyundai Heavy Industries Group, as well as Daewoo Shipbuilding and Marine Engineering Company.

Photo: Daewoo Shipbuilding and Marine Engineering

DSME Reveals Additional Self-Restructuring Plan

South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) has  revealed an additional self-restructuring plan amid the falling shipbuilding orders. The company’s creditors, led by the state-run Korea Development Bank, will now decide on the new self-rescue plan which proposes a further cut in DSME’s workforce and wages, as well as temporary closure of docks, the Korea Herald reports citing industry sources. The company plans to separate its lucrative defense business, including special vessel, put it in its subsidiary and list it.

Photo: Hyundai Heavy Industries

No Merger for Ailing Korean Shipmakers

The South Korea government plans to drop its forceful measures to push ailing local shipbuilders to merge with each other as mergers or additional cash outlays to Hyundai Heavy Industries (HHI), Samsung Heavy Industries (SHI) and Daewoo Shipbuilding and Marine Engineering (DSME) are unlikely to boost their bottom line, reports Korea Times. The Korean ship buildes are under heavy pressure on accumulating debt and  zero new building orders in April. The creditors have been urging…

Photo: Samsung Heavy Industries

Samsung, Daewoo Merger on the Way?

As the Korea government is pushing for restructuring of the faltering shipbuilding industry, speculation grows over a possible merger between the country’s two major shipbuilders — Samsung Heavy Industries and Daewoo Shipbuilding and Marine Engineering, reports Korea Herald. South Korea's shipbuilding sector has been facing rough weather. The global economic slowdown is severely impacting the country's so-called big three in the industry: Hyundai Heavy Industries, followed by second-ranked Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries.

Photo: MacGregor (Cargotec Corporation)

MacGregor Signs Loose Lashing Orders for Twelve Container Vessels

MacGregor, part of Cargotec, will supply loose lashings equipment for twelve 19,200 TEU container vessels under construction in South Korea for a European owner. The equipment is planned for delivery during 2016. The order was booked into first quarter 2016 order intake. The ultra-large container ships are being built at two shipyards. Six have been contracted to Daewoo Shipbuilding and Marine Engineering (DSME) and the remaining six are under construction at Samsung Heavy Industries (SHI).

Photo: DSME

DSME's First Export Submarine Goes to Indonesia

South Korean defense contractor Daewoo Shipbuilding and Marine Engineering (DSME) launched the first out of three Type 209/1400 Chang Bogo-class (a license-built variant of the 209) diesel-electric attack submarines for service in the Indonesian Navy. Indonesian Defense Minister Ryamizard Ryacudu and Navy chief of staff Admiral Ade Supandi visited South Korea to witness the unveiling of the submarines. “The unveiling was only ceremonial in nature, [it is important] for the Navy as the user to see that the product is ready,” Ade Supandi said in South Korea.

Image: Daewoo Shipbuilding and Marine Engineering

$4.3B: Daewoo Shipbuilding has Record Loss

South Korean shipbuilding major Daewoo Shipbuilding and Marine Engineering (DSME) posted a KRW 5.13 trillion (USD 4.3 billion) worth loss for the full year of 2015. Due to writing down more charges from offshore projects which are under construction, Daewoo Shipbuilding & Marine Engineering Company, the world’s second-biggest shipbuilder, has posted a record loss of US$4.3 billion in 2015, according to Bloomberg. DSME’s sales fell by 23% when compared to the previous year standing at KRW 12.97 trillion and the company’s operating loss amounted to KRW 5.51 trillion…

Photo: Yamal LNG

Daewoo's World's First Icebreaking LNG Carrier for Russia Launched

Daewoo Shipbuilding and Marine Engineering (DSME) launched on Friday the world’s first icebreaking liquefied natural gas (LNG) carrier at its Okpo shipyard in Geoje, South Gyeongsang. It was the first ship to be launched for Russia’s Yamal project and part of a 15-ship order that is supposed to help turn around the troubled shipbuilder. The SCF Yamal - first Arc 7 ice-classed LNG carrier classed for breaking through over 2 meters of ice, and can carry 170,000 cubic meters of liquefied gas.

Photo: Maersk Line

Maersk Line Slashes Costs, Jobs on Asia-Europe Slowdown

Maersk Line, the world's largest container shipping company, said on Wednesday it will slash costs, cut staff by almost a fifth and pull out of vessel orders as trade along the busiest routes in the world, from Asia to Europe, slows down. The business, part of the A.P. Moller-Maersk conglomerate, is a bellwether for global trade and the shipping industry, which is run mainly by unlisted companies not required to make their assessments or financial circumstances public. The plans come two weeks after A.P.

Image: DSME

Creditors to Pump $3.7B into Ailing DSME

Creditors of South Korea's Daewoo Shipbuilding and Marine Engineering Co. will pour 4.2 trillion won about (US$3.68 billion) into the ailing shipyard to help it get back on track, the main creditor bank said, according to South Korea's (Yonhap) News Agency. The massive rescue package offered by state-run Korea Development Bank — which owns a controlling 31.5 per cent stake — and Export-Import Bank of Korea, includes new loans, a rights offering and debt-to-equity swaps. “In return for this rescue package…

Courtesy Dorian LPG

Dorian Acquires 2 ECO VLGC

Dorian LPG, an owner and operator of modern Very Large Gas Carriers ("VLGCs"), reported today that it has taken delivery of the ECO VLGC Commodore from Hyundai Samho Heavy Industries and the ECO VLGC Cresques from Daewoo Shipbuilding and Marine Engineering ("DSME"). These will be Dorian LPG's ninth and tenth newbuilding deliveries and the first of three to be delivered from DSME. Dorian LPG also announced today that the Cheyenne's delivery will take place in the calendar fourth quarter, instead of prior to September 30, 2015 as previously advised.

DNV GL has kicked off a joint industry project (JIP) with Hyundai Heavy Industries (HHI), Daewoo Shipbuilding and Marine Engineering Company (DSME) and Samsung Heavy Industries (SHI) that will establish a new international

New Standard for Offshore O&G Project by DNV GL Led JIP is Cost Saving

Variations in owner, operator and regulatory requirements during engineering and construction phases at South Korean shipyards present a huge challenge for operators and drive up costs. DNV GL has kicked off a joint industry project (JIP) with Hyundai Heavy Industries (HHI), Daewoo Shipbuilding and Marine Engineering Company (DSME) and Samsung Heavy Industries (SHI)  that will establish a new international standard for offshore oil and gas projects. The results could potentially cut project costs by 15%…

Photo: Oman Drydock Company

Oman Drydock Bags VLCC Contracts

Onassis-controlled Springfield Shipping will convert two oil-bulk-ore (OBO) carriers to VLCCs at Oman Drydock Company (ODC), Oman. The multi-million pound contracts will see ODC convert the recently bought 319,869 deadweight tonnage (DWT), 2010-built Selma B to the Olympic Lion and the 2009-built Camilla T to the Olympic Leopard. The ships will be converted from oil bulk ore (OBO) carriers to very large crude carriers (VLCCs). The deal follows an identical job ODC completed for Springfield on the Olympic Luck (ex B Whale) that was successfully completed in January this year.

Daniel Chin (Photo: KPI Bridge Oil)

KPI Bridge Oil Appoints Seattle Trader

KPI Bridge Oil, a global broker and trader in marine bunkers, marine lubricants and risk management products, has appointed  Daniel Chin as a Bunker & Lubricant Trader at its Seattle Office. Having worked as an oil trader in Korea as well as in Singapore and Pakistan, Chin  has advantageous knowledge of the maritime industry and its needs. Previous to his joining KPI Bridge Oil Seattle, Chin  was a Junior Trader and Manager with Daewoo Shipbuilding and Marine Engineering (DSME).

Image: Morgenthau Center

North Korea Conducts Third SLBM Test

North Korea recently conducted a third test of a new submarine-launched ballistic missile (SLBM) that is part of Pyongyang’s expanding nuclear arsenal, according to US defense officials cited by the Washington Free Beacon. The test took place on April 22 from an underwater test platform near the coastal city of Sinpo in the southeast of the country, and tested what the US is calling a KN-11 missile. The test appears to have been successful, and is the third KN-11 test showing the high-priority of the nuclear missile program for North Korea.

Lena River gas carrier. Photo: Gazprom

Hyundai to Build LNG Regasifying Ship for Gazprom

South Korea's Hyundai Heavy Industries has won the Gazprom Flot tender for the construction of the Kaliningrad floating LNG terminal, Gazprom said. It will build a floating liquefied natural gas terminal in the western Russian city of Kaliningrad for $295 million. The following companies participated in the tender: DAEWOO Shipbuilding and Marine Engineering Co., ltd and Samsung Heavy Industries Company, Limited. A 3.5 km pipeline will run from the vessel to shore near the Kulikovskaya wind power plant at the southern end of the Curonian Spit.

Yamal

Wärtsilä DF Engines for Icebreaking LNG Carriers

Five new Arc 7 design ice-class LNG carriers being built at the Daewoo Shipbuilding and Marine Engineering (DSME) yard in South Korea will be powered by a total of 30 Wärtsilä 50DF dual-fuel engines. The vessels will operate in arctic conditions to serve the Yamal LNG project in Northern Russia. The order was placed in January with Wärtsilä's joint venture company, Wärtsilä Hyundai Engine Co. (WHEC) who will also build the engines in South Korea. Each of the LNG carriers will be fitted with four 12-cylinder Wärtsilä 50DF engines and two 9-cylinder Wärtsilä 50DF engines.

MSC Oscar (Photo: Lukoil Marine)

Lukoil Supplies Lubricants for MSC Oscar

With the launch of MSC Oscar, Mediterranean Shipping Company (MSC) sets a new record in terms of TEU capacity; at 19,224 TEU, the vessel is largest containership ever built.The ship was officially inaugurated at the Daewoo Shipbuilding and Marine Engineering (DSME) Shipyard in South Korea on January 8, 2015 and will service trade routes between Asia and Europe. According to Lukoil Marine, who supplies lubricants to more than 100 vessels in the MSC fleet, MSC Oscar’s size isn’t its only impressive aspect.

Q3 2019  - Breakbulk Issue