South Korea to combine world’s two biggest shipbuilders in $2 billion deal | Reuters
▻https://www.reuters.com/article/us-daewoo-s-m-m-a-hyundaiheavyinds-idUSKCN1PO17K
Hyundai Heavy Industries, the world’s biggest shipbuilding group, has announced a share swap deal worth 2.1 trillion won ($1.98 billion) to take over second-ranked Daewoo and create a global heavyweight controlling over 20 percent of the market.
Fire-Stricken Maersk Honam to Be Rebuilt in South Korea – gCaptain
▻https://gcaptain.com/fire-stricken-maersk-honam-to-be-rebuilt-in-south-korea
Maersk Line has confirmed plans to rebuild the Maersk Honam in South Korea.
In an emailed statement on Monday, Maersk revealed that a portion of the vessel will be transported by heavy-lift vessel to Hyundai Heavy Industries where it will be rebuilt. The transport of the vessel will take place in February 2019.
The vessel has now been cut into two parts at the Drydock World Dubai (UAE).
According to Maersk, the 228.5-meter-long sound section, from midship to stern, will be transported aboard the heavy-lift vessel Xin Guan Hua to South Korea. It is expected to deliver the section at Hyundai Heavy Industries Shipyard in March 2019, the same yard the vessel was built in, where it will be rebuilt with a new forward section.
The former forward section, which includes the accomodation block, will be safely moored at Drydock World Dubai for continued removal of damaged containers and debris. Once cleaned, it will be recycled, Maersk said.
The company added relevant recycling options are currently being investigated and evaluated.
[…]
The rebuilt vessel is expected to resume service again in the second half of 2019.
XIN GUANG HUA 新光华, Rotterdam, 13/04/2017
Europoort
La #concurrence est rude dans la #construction #navale #asiatique entre le #Japon, la #Chine et la #Corée du Sud.
The #competition is rough in #asian #shipbuilding between #Japan, #China and #South #Corea
Cet article des Nikkei staff writers nous présente la situation critique de l’#industrie navale asiatique.
▻https://asia.nikkei.com/Economy/Trade-tensions/Chinese-and-South-Korean-support-for-shipbuilders-irks-Japan
Publié le 24/03/2018
Vu le 03/06/2018
Unless we do something, the ailing industry will get even worse" - Yasuhiko Katoh, président de la Shipbuilders’ Association of Japan
Alors que l’industrie se porte déjà mal que ce soit pour la Daewoo Shipbuilding & Marine Engineering de Corée du Sud, deuxième plus importante mondiale, la China State Shipbuilding (CSSC), une des deux principales du pays ou de manière générale en ce qui concerne l’industrie navale et l’industrie #lourde au Japon. Pour ce dernier cette industrie avait été expansive dans les années 90’ mais a chuté en 2017 alors que la Corée du Sud c’est améliorée #technologiquement, c’est alliée à Hyundai Heavy Industries et que ses #bateaux apparaissent moins couteux que ceux du Japon sur le #marché aux même titre que ceux de la Chine. De ce fait malgré la situation difficile des trois pays sur le marché naval aucun accord n’est décidé et la #concurrence reste rude. Les #constructeurs japonais tentent alors de s’étendre en #outre-mer avec Mitsui E&S Shipbuilding et Tsuneishi Shipbuilding, ou de se plaindre de la Corée du Sud la World #Trade Organization.
Construction begins on Saudi Aramco shipyard joint venture
▻https://www.reuters.com/article/us-aramco-shipbuilding/construction-begins-on-saudi-aramco-shipyard-joint-venture-idUSKCN1GS1QG
Construction work has begun on a joint venture to build a shipyard on Saudi Arabia’s eastern coast, oil rig builder Lamprell Plc said in a statement on Friday.
The joint venture, International Maritime Industries (IMI), started operations after reaching agreement for a loan from the state-backed Saudi Industrial Development Fund (SIDF), the statement said.
The SIDF agreed in principle last year to provide 3.75 billion riyals ($1 billion) in financing for the project.
IMI is a partnership between United Arab Emirates-based Lamprell, state oil giant Saudi Aramco, National Shipping Co of Saudi Arabia (Bahri) and South Korea’s Hyundai Heavy Industries Co.
An Aramco executive will be chief executive of the project, which Aramco has previously said will cost more than 20 billion riyals ($5.3 billion).
Lamprell’s anticipated total equity contribution over the construction period is up to $140 million, the statement said.
The nearly 12 million square-meter facility is planned to have an annual capacity to manufacture four offshore rigs and over 40 vessels, including three Very Large Crude Carriers (VLCCs), and service over 260 maritime products.
#CMA_CGM Preparing Order for 22,000 TEU Containerships -Reports – gCaptain
▻http://gcaptain.com/cma-cgm-readying-order-for-22000-teu-containerships-reports
Photo : CMA CGM
(le CMA CGM Rodolphe, seulement 11000 TEU)
CMA CGM is rumored to be on verge of placing a massive order for the construction of up to nine 22,000 TEU containerships, which if built would be the largest in the world.
According to several reports, South Korea’s Hyundai Heavy Industries is competing with a shipyard in China for the contract to build the ships. Reports say the order, which could finalized in the new few weeks, will consist of six 22,000 TEU newbuildings with options for three additional vessels.
CMA CGM is not responding to request for comments about the rumors, but it is also not denying them.
Et donc, logiquement, on voit réapparaître les problèmes d’#assurabilité (outre la surcapacité actuelle…)
Insurers grow #twitchy as containerships get bigger and cargo more valuable - The Loadstar
▻https://theloadstar.co.uk/insurers-grow-twitchy-containerships-get-bigger-cargo-valuable
Notwithstanding liner industry concerns that the sector is already overtonnaged, the prospect of yet more behemoths being put into service has reignited the concerns of insurers.
In a LinkedIn post today, Michael Hauer, head of marine reinsurance for the Singapore branch of Munich RE, says the insurance industry needs to try to understand the likely exposure when – not if – a ULCV gets into trouble.
Indeed, when the 2008-built 8,110 teu MOL Comfort broke its back off the coast of Yemen in 2008, resulting in a total loss of the ship and 4,380 containers, the insured cargo loss was reported at some $300m.
Marine insurers typically calculate their average exposure per box at $50,000-$100,000, but Mr Hauer said amounts recorded for single containers lost from the MOL Comfort were considerably higher.
Mr Hauer said the growth in size of containerships, more than double in the last decade or so, also means that historical large loss values “must be called into question”.
cf. #MOL_Comfort
Hyundai Heavy Lands $650 Million Ship Order from Iran -Yonhap – gCaptain
▻https://gcaptain.com/hyundai-heavy-lands-650-million-ship-order-from-iran-yonhap
South Korean shipbuilder Hyundai Heavy Industries Co Ltd received a $650 million order to build 10 ships for Iran’s state-owned shipping company, South Korea’s Yonhap News Agency reported on Saturday, citing a Hyundai Heavy spokesman.
The company will build container ships and tankers for Islamic Republic of Iran Shipping Lines, with delivery starting in 2018, Yonhap cited the spokesman as saying. The number of each type of ship was not disclosed.
The deal was signed on Friday and was the first shipbuilding order by the Iranian firm since the lifting of international sanctions, Yonhap said.
A Single Vessel Is Behind Canada’s Largest-Ever Trade Deficit - Bloomberg
▻http://www.bloomberg.com/news/articles/2016-11-04/a-single-vessel-is-behind-canada-s-largest-ever-trade-deficit
Canada posted its largest trade deficit on record in September, a whopping C$4.1 billion ($3 billion) — and a single piece of equipment is to blame.
A heavy-load carrier arrived at Bull Arm, Trinity Bay in Newfoundland on Sept. 2, after a voyage from South Korea that began in June.
You’ll note that the 224.8 meter-long vessel had to sail around Africa rather than go through the Suez Canal, due to its size and cargo.
The Blue Marlin, as the vessel is known, was carrying a 30,000 tonne utilities and process module made by Hyundai Heavy Industries. The module, which had been under development since 2013, will be used in the Hebron offshore-oil project off the coast of Newfoundland and Labrador.
Exxon Mobil Corp. has the largest interest in this project; co-venturers include Chevron Corp., Suncor Energy Inc., Statoil ASA, and Nalcor Energy Corp. The field has been estimated to contain more than 700 million barrels of recoverable resources.
The arrival of this module helped push the imports of industrial machinery, equipment and parts up by C$2.9-billion in September, according to Statistics Canada, meaning the nation’s trade deficit excluding this increase would have totaled C$1.2 billion for the month — an even smaller gap than the C$1.7 billion deficit that economists had been estimating.
The World’s Top Three Shipyards Want to Raise $7.3 Billion in Revamp - Bloomberg
▻http://www.bloomberg.com/news/articles/2016-06-08/world-s-top-three-shipyards-seek-to-raise-7-3-billion-in-revamp
The world’s three biggest shipyards, battered by the deepest industry slump in at least two decades, are getting a helping hand — from the state.
South Korea’s government is at the forefront of efforts to revive the shipbuilders, which employ almost 62,000 people, or 1.4 percent of the nation’s manufacturing sector workforce. After pledging active steps in April to help the sector weather the slowdown, policy makers in Seoul on Wednesday announced an 11 trillion-won ($9.5 billion) fund to help lenders absorb losses.
For their part, Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. unveiled plans to raise a combined 8.41 trillion won selling assets as part of the restructuring. The companies have struggled with losses and mounting debt after a slide in crude oil prices, which more than halved in the past two years, prompted customers to slash investments, and cancel or postpone projects.
UPDATE 3-S.Korea creates $9.5 bln fund for banks exposed to shipyard troubles | Reuters
▻http://www.reuters.com/article/southkorea-economy-restructuring-update-idUSL4N1900UC
South Korea’s government and central bank will create an 11 trillion won ($9.50 billion) fund to support two state-run banks most exposed to the country’s struggling shipping and shipbuilding firms.
“Our key industries like shipping and shipbuilding are being aggressively caught up by countries like China and management conditions have worsened due to weak global trade,” Finance Minister Yoo Il-ho said in a speech announcing the corporate restructuring plans on Wednesday.
South Korea expects a 20 percent drop in major shipbuilders’ capacity and a 30 percent drop in their workforce by 2018 from 2015, after the restructuring process.
The two state-run banks to be capitalised are Korea Development Bank (KDB) and the Export-Import Bank of Korea (KEXIM).
Following the announcement, the International Monetary Fund said it supported Korea’s corporate reforms and urged the government to implement additional fiscal stimulus and the central bank to ease monetary policy.
South Korean Prosecutors Raid Daewoo Shipbuilding Offices - Bloomberg
▻http://www.bloomberg.com/news/articles/2016-06-08/south-korean-prosecutors-raid-daewoo-shipbuilding-offices
South Korea’s prosecutors raided the offices of Daewoo Shipbuilding & Marine Engineering Co. as the world’s second-largest shipbuilder tries to raise funds through asset sales to reduce debt.
The raid comes after an audit committee of Daewoo Shipbuilding requested an investigation into two former chief executive officers for alleged mismanagement of the company, the Geojae, South Korea-based shipyard said in an e-mailed response to a Bloomberg News query.
Daewoo Shipbuilding posted its biggest loss last year after write-offs for delayed projects. The company is among shipyards restructuring to raise funds after deliveries of offshore drilling and production units were pushed back, as oil prices that have fallen by half in the last two years crushed demand.
Prosecutors raided the company’s offices in Seoul and Geojae, Daewoo Shipbuilding said. Computer hard drives, account books and documents were confiscated by the officials, Yonhap News Agency reported, citing the Supreme Prosecutors’ Office. A person who picked up a call to the media office of the Seoul Central District Prosecutors’ Office said she couldn’t comment on any investigation by the office.
Daewoo Shipbuilding posted a net loss, excluding minority interest, of 3.19 trillion won ($2.8 billion) in 2015. The company restated its earnings from 2013 on the advice of its auditors to better reflect the write-offs in its financials.
Base vie pour 800 personnes à vendre - Neuf, jamais servi
Edda Accommodation Cancels Delayed Newbuild at Hyundai Heavy Industries - gCaptain
▻https://gcaptain.com/edda-accommodation-cancels-delayed-next-generation-newbuild-at-hyundai-hea
Edda Accommodation says it has decided to cancel its order for a newbuild accommodation vessel at Hyundai Heavy Industries due to extensive delays.
The vessel, which was to be named Edda Fortis, was ordered in March 2014 with delivery originally scheduled for June 2015.
[…]
Fortunately for Hyundai Heavy the vessel looks practically complete, so it could potentially be a pretty good deal for someone needing to house 800 people offshore. [Above] it is pictured in what must be the waters off Ulsan.
Why megaships suddenly dominate the ocean shipping industry - Fortune
▻http://fortune.com/2015/02/02/biggest-container-shipping
▻https://fortunedotcom.files.wordpress.com/2015/02/461121716.jpg?quality=80&w=840&h=485&crop=1
Behind the world’s biggest container ship are bigger changes in the shipping industry.
On Monday, December 8, the newly-christened CSCL Globe left port in Shanghai en route to Europe on its maiden voyage. Capable of carrying 19,100 twenty-foot shipping containers—19,100 TEU, as they say in the industry—the Globe, constructed by Hyundai Heavy Industries and owned by the state-run China Shipping Company, is now the world’s largest container ship by volume. It is also among the largest ships in operation by raw size, at 400 meters long and 59 meters wide. If you cut the antenna tower off the Empire State Building, it would be 20 meters shorter than the Globe is long.