Hyundai Heavy, the world’s biggest shipyard, Samsung Heavy Industries Co., and Daewoo Shipbuilding & Marine Engineering Co., which together meet more than a fifth of the global orders, may sell debt as early as this month, said analysts, including Cho In Karp at Good Morning Shinhan Securities Co. in Seoul. Daewoo will seek investor responses next week to determine the size and time of a corporate bond sale, spokesman Ahn Wook Hyeon said in an interview today, without giving more details. “There’s interest for debt sold by companies that have high credit ratings and little risk of default,” said Park Se Girl, a fund manager who oversees the equivalent of $1.4 billion in securities at Meritz Asset Management Co. in Seoul. Shipyards in South Korea, the world’s largest shipbuilding nation, have had orders slashed since September as dwindling global trade slashed cargo rates and demand for new vessels. Cash and cash equivalent at Hyundai Heavy dropped 41 percent to 2.34 trillion won at the end of December from the previous quarter.
Saturday, March 14, 2009
Korea's big three yards look at selling debt
Seoul: Hyundai Heavy Industries Co. and two other South Korean shipyards may borrow about 3 trillion won ($2 billion), tapping the debt market for the first time in seven years to replenish capital as orders dry up.
Hyundai Heavy, the world’s biggest shipyard, Samsung Heavy Industries Co., and Daewoo Shipbuilding & Marine Engineering Co., which together meet more than a fifth of the global orders, may sell debt as early as this month, said analysts, including Cho In Karp at Good Morning Shinhan Securities Co. in Seoul. Daewoo will seek investor responses next week to determine the size and time of a corporate bond sale, spokesman Ahn Wook Hyeon said in an interview today, without giving more details. “There’s interest for debt sold by companies that have high credit ratings and little risk of default,” said Park Se Girl, a fund manager who oversees the equivalent of $1.4 billion in securities at Meritz Asset Management Co. in Seoul. Shipyards in South Korea, the world’s largest shipbuilding nation, have had orders slashed since September as dwindling global trade slashed cargo rates and demand for new vessels. Cash and cash equivalent at Hyundai Heavy dropped 41 percent to 2.34 trillion won at the end of December from the previous quarter.Read More
Hyundai Heavy, the world’s biggest shipyard, Samsung Heavy Industries Co., and Daewoo Shipbuilding & Marine Engineering Co., which together meet more than a fifth of the global orders, may sell debt as early as this month, said analysts, including Cho In Karp at Good Morning Shinhan Securities Co. in Seoul. Daewoo will seek investor responses next week to determine the size and time of a corporate bond sale, spokesman Ahn Wook Hyeon said in an interview today, without giving more details. “There’s interest for debt sold by companies that have high credit ratings and little risk of default,” said Park Se Girl, a fund manager who oversees the equivalent of $1.4 billion in securities at Meritz Asset Management Co. in Seoul. Shipyards in South Korea, the world’s largest shipbuilding nation, have had orders slashed since September as dwindling global trade slashed cargo rates and demand for new vessels. Cash and cash equivalent at Hyundai Heavy dropped 41 percent to 2.34 trillion won at the end of December from the previous quarter.
Korea ventures into Brazilian offshore oil projects
A delegation from South Korea including the Vice Minister for Knowledge Economy, Kim Young-hak, arrived earlier this week in Brazil to discuss cooperative measures for possible large scale oil field developments with Petrobras.
South Korea is looking into oil field development projects in Brazil and will seek rights to develop them in return for providing deep-sea drill ships and FPSOs as necessary. The delegation will continue on to Colombia and Peru, ending the trip on March 20.
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South Korea is looking into oil field development projects in Brazil and will seek rights to develop them in return for providing deep-sea drill ships and FPSOs as necessary. The delegation will continue on to Colombia and Peru, ending the trip on March 20.
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Keel laying at Western Marine Shipyard
Bangladesh: Western Marine Shipyard Limited has recently hosted a keel laying ceremony for the first of twelve 5,200DWT ice class ocean going multi purpose container (MPC) vessels.
In attendance at the ceremony were: Honourble Ambassador of the Kingdom of the Netherlands to Bangladesh, Her Excellency Madam Bea M. ten Tusscher; Honourable Ambassador of the Federal Republic of Germany to Bangladesh, His Excellency Frank Meyke and Former Advisor of the Ministries of Commerce & Education of Bangladesh, Dr Hossain Zillur Rahman. Twelve vessels of the kind have been ordered by German shipowners. Other than this contract, Western Marine Shipyard is also building a series of five ocean going ice class vessels for owners in Denmark.Read More
In attendance at the ceremony were: Honourble Ambassador of the Kingdom of the Netherlands to Bangladesh, Her Excellency Madam Bea M. ten Tusscher; Honourable Ambassador of the Federal Republic of Germany to Bangladesh, His Excellency Frank Meyke and Former Advisor of the Ministries of Commerce & Education of Bangladesh, Dr Hossain Zillur Rahman. Twelve vessels of the kind have been ordered by German shipowners. Other than this contract, Western Marine Shipyard is also building a series of five ocean going ice class vessels for owners in Denmark.
Abu Dhabi Yacht Show Opens
The Abu Dhabi Yacht Show — the capital’s first boat show devoted to hedonistic super-yachts — kicked off on Thursday, with some of fanciest pleasure craft commanding prices in excess of $70 million.
Among the floating palaces berthed across from the city’s national exhibition centre was the 90-metre-long “Dubawi” and the dagger-shaped “Wally Power,” which starred in the James Bond movie Tomorrow Never Comes. Shaikh Sultan bin Tahnoon Al Nahyan, chairman of the Abu Dhabi Tourism Authority, opened the three-day show, together with Mohammed Ahmed Al Bawardi, Secretary General of the Abu Dhabi Executive Council. The show highlights Abu Dhabi’s effort to position itself as the Monaco of the Gulf and a must-see destination for the region’s richest boat lovers. Abu Dhabi currently has four marinas, but plans are underway for an additional 13 to be built in the city or on islands nearby. One of the 20 vessels here was “Aviva,” 68 metres in length and a nominee for the Superyacht Awards in each of the past two years. Gulf Craft, a yacht builder based in Dubai, showcased its latest models — “Majesty 121,” at 37 metres, and its slightly smaller cousin, the 30-metre “Majesty 101.” Dubawi, built by Platinum Yacht of Dubai, was the biggest behemoth on display.
Among the floating palaces berthed across from the city’s national exhibition centre was the 90-metre-long “Dubawi” and the dagger-shaped “Wally Power,” which starred in the James Bond movie Tomorrow Never Comes. Shaikh Sultan bin Tahnoon Al Nahyan, chairman of the Abu Dhabi Tourism Authority, opened the three-day show, together with Mohammed Ahmed Al Bawardi, Secretary General of the Abu Dhabi Executive Council. The show highlights Abu Dhabi’s effort to position itself as the Monaco of the Gulf and a must-see destination for the region’s richest boat lovers. Abu Dhabi currently has four marinas, but plans are underway for an additional 13 to be built in the city or on islands nearby. One of the 20 vessels here was “Aviva,” 68 metres in length and a nominee for the Superyacht Awards in each of the past two years. Gulf Craft, a yacht builder based in Dubai, showcased its latest models — “Majesty 121,” at 37 metres, and its slightly smaller cousin, the 30-metre “Majesty 101.” Dubawi, built by Platinum Yacht of Dubai, was the biggest behemoth on display.
Friday, March 13, 2009
Wartsila receives order for field support vessel design
Finland-based Wärtsilä has received a ship design order from the Norwegian shipping company Sartor Shipping.
The order is for two Vik-Sandvik 465 FSV design vessels that will be built at the Wison Heavy Industry shipyard in China. The Wärtsilä scope of supply also includes two main engines, gear boxes and propellers. Sartor Shipping has options for further newbuildings at the yard. The vessels are due for delivery in 2010 and 2011. The design incorporates a hybrid system that offers considerable fuel savings compared to a purely diesel mechanical solution. This is because the available power can be adjusted to meet the various demands of the different operations that this type of vessel will be used for. The savings will be particularly notable when operating at lower power loads. Multi-functionality is an extremely important feature of this design as the vessels are intended for use in a multitude of different tasks. These are likely to include offshore standby service, emergency towing, oil spill recovery, ROV operations, fire fighting, tanker assistance and surface surveillance. The vessels will have redundant Dynamical Position system, DP II. The speed of the vessels will be approximately 15.5 knots.Read More
The order is for two Vik-Sandvik 465 FSV design vessels that will be built at the Wison Heavy Industry shipyard in China. The Wärtsilä scope of supply also includes two main engines, gear boxes and propellers. Sartor Shipping has options for further newbuildings at the yard. The vessels are due for delivery in 2010 and 2011. The design incorporates a hybrid system that offers considerable fuel savings compared to a purely diesel mechanical solution. This is because the available power can be adjusted to meet the various demands of the different operations that this type of vessel will be used for. The savings will be particularly notable when operating at lower power loads. Multi-functionality is an extremely important feature of this design as the vessels are intended for use in a multitude of different tasks. These are likely to include offshore standby service, emergency towing, oil spill recovery, ROV operations, fire fighting, tanker assistance and surface surveillance. The vessels will have redundant Dynamical Position system, DP II. The speed of the vessels will be approximately 15.5 knots.
COSCO becomes world's fifth largest container terminal operator
China Ocean Shipping (Group) Company has become the fifth largest container terminal operator in the world, according to a 2008 study conducted by world-renowned Drewry Shipping Consultants.
Since 1998, when COSCO implemented its strategic plan, container terminal business was always one of the important components, said Wei Jiafu, President of COSCO Group. After 10 years' development, COSCO Group's container terminal business has developed from "nothing" to ranking fifth in the world. COSCO now runs over 150 berths at home and abroad, handling an annual throughput of more than 45 million TEUs. Subsidiaries of COSCO, the largest shipping and logistics company in China, operate at harbors in China, the Americas and Europe. COSCO has terminal operations in Chinese cities including Dalian, Yingkou, Tianjin, Qingdao, Shanghai, Taicang, Zhangjiagang, Nanjing, Yangzhou, Ningbo, Xiamen, Quanzhou, Shenzhen, Guangzhou and Hong Kong, as well as in foreign countries such as the US, the Netherlands, Belgium, France, Italy, Singapore and Egypt. COSCO has minority or controlling stakes, or operating rights in these terminals. COSCO Group is both China's largest and the world's second largest ocean shipping enterprise.
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Aker Solutions shakes on Saudi tie-up
Norway's Aker Solutions has sealed a partnership deal with the Arabian Consulting Engineering Centre (ACEC) as it presses ahead with plans to boost its engineering services busines in Saudi Arabia.
Under the deal, Aker Solutions will provide the managerial and technical support to expand ACEC's engineering services business. ACEC is a general engineering services contractor approved and licensed by Saudi Aramco. It currently employs 160 staff. The partnership will also enable Aker Solutions to further expand its current engineering, procurement and construction (EPC) business by working with ACEC's owner Sheikh Bugshan to form a separate joint venture for the for the execution of In-Kingdom EPC projects.Read More
Under the deal, Aker Solutions will provide the managerial and technical support to expand ACEC's engineering services business. ACEC is a general engineering services contractor approved and licensed by Saudi Aramco. It currently employs 160 staff. The partnership will also enable Aker Solutions to further expand its current engineering, procurement and construction (EPC) business by working with ACEC's owner Sheikh Bugshan to form a separate joint venture for the for the execution of In-Kingdom EPC projects.
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