Korean and Indian shipyards rethink and restructure

Shipyards in Korea and India are rethinking and restructuring in a bid to hold out during the credit crunch.

In South Korea, the scale of restructuring is evident, though analysts say that the “first round” of restructuring had not been dramatic. They say that a large scale second phase would begin in February. The world’s largest shipbuilding market is set to concentrate on business diversification, and may choose to build high value-added ships and offshore plants since smaller firms have so far not expressed any enthusiasm for this sector. And while large shipbuilders may be unable to get the finances to upsize themselves at the moment, they see this time as a chance to widen South Korea’s lead over Chinese shipbuilding. Meanwhile, failed South Korean builder C& Heavy Industries, which was liquidated has now been presented with three options. The first could be to reject financial support offered and rebuild the business independently by securing some US$10 million in funds and US$104 million in investment capital. The second option would be for the builder to allow the courts to restructure the business. The final option would be for the company to sell off to a third party. The South Korean government is keen to withdraw C& Heavy from the market and is heavily promoting restructuring to other yards.

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MOL and Gulf LPG start VLGC Pool

Tokyo: Mitsui O.S.K. Lines and Gulf LPG Transport Company W.L.L. of Qatar (Gulf LPG) have entered into an agreement for immediate launch of a very large gas carrier (VLGC) pool called LPG Global Transport.

MOL and Gulf LPG have jointly incorporated LPG Global Transport Management Inc. to manage the pool’s business operations. In a statement to the press, the Japanese shipping giant said, “Both MOL and Gulf LPG are bullish about the future expansion of global LPG seaborne trade, especially from Qatar. LPG Global Transport will be able to offer enhanced services to LPG charterers and create efficiencies by optimizing voyage costs through efficient deployment of the combined fleet.” LPG Global Transport is expected to substantially increase its pooled fleet, with Gulf LPG contributing one new building in March 2009 and MOL adding seven new buildings to be delivered during the second half of 2009 and the first half of 2010.

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New cranes at Ecuadorian terminal heralds new era of port operations

The Guayaquil Container and Multipurpose Terminals (GCMT) in Ecuador has recently taken delivery of three new quay cranes and eight rubber tyred gantries (RTGs).

The new container handling equipment, manufactured by Shanghai Zhenhua Port Machinery of China, is the first of their type to be introduced in Ecuador, heralding a new era of modern port operations in the country. The owner and operator of the terminal, Contecon Guayaquil, acquired two mobile harbor cranes immediately after its takeover of the port in 2007.

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Venezuela seizes ENSCO rig

Venezuela seized an oil rig run ENSCO in a dispute over payment for services today, a sign that tumbling oil prices have worsened the cash crunch at state-run PDVSA.

The company said ENSCO had broken its contract by halting drilling at the offshore Petrosucre oil project that includes investment from Italy's ENI in a dispute over ENSCO's past work. PDVSA said Dallas-based ENSCO had earned $110 million from its work at the project, but did not say how much money ENSCO was owed or whether negotiations continue. ENSCO was not immediately available to comment on the issue, but a company spokesman had previously confirmed it was struggling to receive payment from PDVSA. PDVSA has built close to $8 billion in debts with providers and sources said in recent months it has skipped payments to partners and services companies as falling crude prices and heavy social spending have pinched its finances. But the company has faced growing complaints from a broad array of providers about unpaid bills.

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New tanker launched at Brodosplit

Croatia: A new tanker for navigation and transport for oil products in icy regions was launched at the Brodosplit shipyard last weekend (Saturday January 24).

The Swedish owner of newbuilding 462, a tanker with a 65,056-tonne capacity, is Concordia Maritime. The tanker was built in accordance with the MAX concept is characterized by good economy, high flexibility and a high level of safety. Its wider hull design means that the vessel can load about 30 percent more cargo without its draught being affected. In addition to having mandatory double hulls, the vessel has double main engines in two completely separate engine rooms, double rudders and steering gear, two propellers and double control systems. All these double systems can be operated independently of each other, which results in even safer oil transportation. This is the first ship of a total of four in a handmax fleet building program which Concordia contracted Brodosplit to build.

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Northrop Grumman Launches Sub

Northrop Grumman Corporation reached a milestone by launching the Virginia-class submarine New Mexico (SSN 779) at the company's Shipbuilding sector in Newport News, Va, on Jan. 22.

"Launching a ship is always a proud moment for the shipbuilders and crew," said Becky Stewart, vice president of submarine programs for Northrop Grumman Shipbuilding. "Our Virginia-class team has done an excellent job of achieving this milestone and furthering our efforts to deliver New Mexico eight months ahead of schedule." On January 15, shipbuilders used a transfer car system to move the 7,800-ton New Mexico out of a construction facility to a floating dry dock. Two days later, they submerged the floating dry dock and successfully launched New Mexico into the James River. Once in the water, tugboats moved New Mexico to the shipyard's submarine pier where final outfitting and testing will take place. New Mexico is the sixth ship of the Virginia class. With improved stealth, sophisticated surveillance capabilities and special warfare enhancements, it will provide undersea supremacy well into the 21st century. The ship's construction began March 2004, the keel was authenticated on April 12, 2008, and the ship's sponsor, Cindy Giambastiani, christened the ship during a ceremony held Dec. 13, 2008. New Mexico is scheduled for delivery in Aug. 2009.

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Global bags $75m Transgasindo gig

Offshore engineering player Global Industries has won a $75 million pipeline replacement job with Indonesian outfit Transgasindo.

The job starts in February and work on the 28 inch pipeline should be finished by April. Global use the pipelay barge Comanche, assisted by support vessels, to install a new 23 kilometre section at KP 110-KP 133 Kuala Tungkal - Panaran, Grissik-Singapore Pipeline. The project also includes a total of eight hot tap installations to tie the new pipeline to the existing pipeline. The repair is to be carried out without interruption of the gas flow.
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