STX buys stake in European cruise ship builder

STX Shipbuilding, the world's seventh-largest shipyard, said it has purchased a major stake in a European cruise ship builder to make inroads into the European market.

Until now, no world-class level Korean shipbuilders have been involved in the cruise ship building industry, since the construction of the high value-added floating hotels demands sophisticated capabilities such as refined interior design. STX said it bought a 39.2 percent stake in Oslo, Norway-based Aker Yards ASA for US$800 million. The STX purchase makes the Korean shipbuilder the largest individual shareholder. The Norwegian shipbuilder employs 20,000 workers at 18 yards in eight countries including Finland, France, Germany and Brazil. It is the world's largest producer of small and medium-sized ferries and the second largest builder of cruise liners after Italy's Fincantieri.

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Danaos orders five 12,600-TEU ships

Greek shipping giant Danaos Corp said it has ordered five 12,600 TEU containerships, to be built by Hyundai Samho Heavy Industries in a deal worth US$830 million.

Danaos is expected to add about $92 million of earnings before interest, taxes, depreciation and amortisation upon delivery of all five vessels, the company said in a statement.

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Daewoo wins freighter order

Daewoo Shipbuilding & Marine Engineering said that its Romanian joint venture Daewoo Mangalia Heavy Industries Shipyard won an order for nine 5,550 TEU freighters from a European shipping company.

So far this year Daewoo Mangalia has secured a record $1.92b worth of orders for 21 ships, topping the $1b mark for the first time in its history. In 1997, when the company was set up, Daewoo Mangalia won $3m worth of orders. In 2001 it won more than $100m, and this year its orders are up to 640 times what it achieved at its start. Combining orders of Daewoo Shipbuilding & Marine Engineering and the Romanian joint venture, the value of all contracts amount to $16.4b.

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Hallin adds to ROV fleet

UK-based Hallin Marine has expanded its fleet of Remote Operated Vehicles with an order for seven new vehicles, the company officials said.

Hallin Marine said it had placed the $5.4 million order to extend its subsea inspection capabilities. All seven ROVS are designed to operate in the inspection, repair and maintenance market. The new vehicles will complement the company's existing six ROVs, Hallin said. The new machines are scheduled for delivery during the first quarter of 2008.

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Precious Shipping orders three supramaxes from ABG

Precious Shipping Public Company Limited said it has made 3 shipbuilding contracts for 3 new ships.

As a part of the ongoing fleet rejuvenation program, the Company has entered into the contracts with ABG Shipyard to construct vessels classified as supramax bulk carriers at an aggregate price of about US Dollar 114 million. The contracts are subject to approval from the Board of Directors, Company's shareholders and other Thai regulatory approvals. Each vessel is a supramax double hull type bulk carrier with hopper tank and upper side tank of 54,000 dwt. The vessels are expected to be delivered from 31st December 2010 until 31st December 2011. Apart from this, the company has entered into 12 shipbuilding contracts with the same builder for 12 new ships with aggregate 384,000 DWT to be delivered between 2010 and 2013. Read More