Doosan Group pulled out of the bidding for Daewoo Shipbuilding, driving down shares of one of the world's biggest shipyards. South Korean steel maker Posco was reportedly seeking partners to bid for Daewoo Shipbuilding & Marine Engineering in a deal that would value the shipbuilder at as much as $9.
The STX Group said it expects to meet this year's sales target of $24b, thanks to earnings from its affiliates STX Pan Ocean Co. and STX Shipbuilding Co. In the first-half of this year, STX's group-wide sales stood at 13.2 trillion won, up 87 per cent from the same period last year, reports said. Group-wide
Daewoo Shipbuilding & Marine Engineering Co., has won deals worth $1.46b to build two drill ships. The deal with two American companies calls on Daewoo Shipbuilding & Marine Engineering to deliver the vessels by September, 2011, the shipbuilder said in a statement. Daewoo Shipbuilding
The Northrop Grumman-built National Security Cutter USCGC Bertholf was commissioned on the U.S. Coast Guard's birthday, becoming the service's most capable and technologically-advanced maritime asset in its 218-year existence."I know firsthand that the ship we commission today will be the<br
Fincantieri - Cantieri Navali Italiani S.p.A., a leader in the commercial and naval shipbuilding industry, signed a definitive acquisition agreement to acquire the Manitowoc Marine Group (MMG), from its parent company, The Manitowoc Company, Inc. [NYSE: MTW]. Lockheed Martin Corporation [NYSE:
Austal’s US operation located in Mobile, Alabama, celebrated the start of work on its Modular Manufacturing Facility (MMF) with a groundbreaking ceremony on July 31, 2008. Located on Dunlap Drive, just south of Addsco Road, the MMF project when complete will include 700,000 sq.
Hyundai Heavy Industries Co Ltd., reported a 57 percent jump in quarterly net profit on ship orders and growth in non-shipbuilding units, Reuters saidProfits from affiliates and higher interest income added to second quarter net profit, the company said.Hyundai and other South Korean shipbuilders
The Chairman and founder of Strategic Marine, a Western Australian shipbuilder, has been selected for the national finals of the Ernst & Young Entrepreneur of the Year Awards in Sydney in November this year.Mark Newbold, who qualified for the finals after winning the western region’s
Since its introduction in 2000, MTU's Series 8000 high-speed diesel engine has gained popularity among Naval and Commercial shipbuilders because of its performance and operating availability.With over one hundred 20V 8000 engines sold, and with over 160,000 hours in combined operation, the world's
South Korean shipbuilder STX Shipbuilding won a $211.8m order to build two bulk carriers for an undisclosed European firm. The vessels will be delivered by mid-2010.
Despite a sliding stock market, bidders for South Korea's Daewoo Shipbuilding may have to pay a hefty premium and large fees to snap up the coveted $4 billion asset amid upbeat prospects for the sector.Slow progress in the bidding process due to union protests and delays in selecting a lead manager,
GE Marine announced that it will supply the Spanish shipbuilder, Navantia, Madrid, with two LM2500 aeroderivative gas turbines. The LM2500s will power two new Royal Australian Navy (RAN) Landing Helicopter Dock (LHD) amphibious ships. In February 2007, Navantia and Australia’s Tenix
Daewoo Shipbuilding & Marine Engineering Co. said that its second-quarter earnings increased 12.6 percent from a year earlier on rising demand for high-priced ships. Net profit reached $113m in the April-June period, compared with a profit of 102 billion won a year earlier, the company said in a regulatory filing.
Samsung Heavy Industries Co., led advances among South Korean shipbuilders in Seoul trading on expectations second-quarter profit will increase as they build more vessels at higher prices, Bloomberg reportedSamsung Heavy advanced 5.1 percent, the most in more than two months, to 40,600 won as of 11:52 a.
Aker Yards has a clear ambition to strengthen the operational focus in the business area Cruise & Ferries in Aker Yards, and has decided to strengthen the management team. The new manager for the yards in Finland, Martin Landtman, will together with the manager for the yards in France and the manager
A number of companies have been showing interest in the sale of Daewoo Shipbuilding & Marine Engineering (DSME.) GS Group has expressed interest to acquire the shipbuilder.According to reports, the group believes it has an advantage over other conglomerates such as POSCO and Doosan.On the contrary,
STX Group of Korea will launch a mandatory buy-out offer for Aker Yards after increasing its shareholding to above 40 percent, reports said.The Korean shipbuilder acquired 39 percent of the Norwegian group for $800m last October.STX Group announced yesterday that it had bought 1.3m shares at Nkr63 a share,
Speaking at the API Tanker Conference in San Diego, Lloyd’s Register’s CEO Richard Sadler spoke about the future of quality and safety in shipping."Class is vital to the quality and safety system in world shipping," Sadler said.The greatest improvements in marine
The New York Times reported that a shortage of ships used for deepwater offshore drilling may impede any rapid turnaround in oil exploration and supply.Slow growth in oil supplies, at a time of soaring demand, has been a major factor in the spike of oil and gasoline prices. Demand is so
The Subcommittee on Coast Guard and Maritime Transportation of the House Committee on Transportation and Infrastructure conducted a hearing on Rebuilding Vessels under the Jones Act. The law requires, for vessels eligible to engage in the US coastwise trade, that any rebuilding, including the construction
France announced plans on to buy back 9 percent of the country's biggest shipyard.Chantiers de l'Atlantique in western France, which built Queen Mary 2, was sold by French engineering firm Alstom to Norwegian shipbuilder Aker Yards in 2006. But a controlling 39 percent stake in the Norwegian company
VT Group has finalized its shipbuilding joint venture with BAE Systems. Under the agreement -- the terms of which are substantially unchanged from those set out in the framework agreement in July 2007 -- the BVT Surface Fleet Ltd joint venture will be owned 45 percent by VT and 55 percent by BAE Systems.
Some of the maritime industry’s leading practitioners have urged global shipbuilders and suppliers not to let the current shipping boom distract them from what must remain their top priority: the construction of quality vessels.The comments, made at the 7th annual meeting of Lloyd’s
Australian shipbuilder Strategic Marine is making the most of the current high demand for offshore vessels in international shipping markets by building eight aluminum crew boats on a speculative basis.In a move which is expected to boost its revenues by over $40m, the company will build six 40m vessels at its Singapore shipyard,
Head of the Delegation of European Commission (EC) Dr. Stefan Frowein said that the EC would provide necessary support to the local shipbuilders for letting them relatively stronger footing in the global market. The European Commission envoy made the remark during a visit to the Western Marine
Korea Development Bank (KDB), which has been looking for a lead manager to replace Goldman Sachs, said it would sell Daewoo Shipbuilding & Marine Engineering on its own, Korea Times reported.Deloitte Anjin is known to have already made contracts with Hanwha and Doosan, potential bidders for the shipbuilder.
Britain is set to sign a long-awaited $7.8b deal to build two aircraft carriers, which will be the Royal Navy's largest ever ships and are set for 50 years of service. The 65,000-ton carriers are said to be called Queen Elizabeth and Prince of Wales and will enter service in 2014 and 2016. <br
As the world has been beset by a wave of bad financial news -- from the looming financial crisis and credit crunch to the rapidly escalating cost of industrial materials, particularly steel -- Clarkson via its weekly Clarkson Index delivered some good news for a change, as the index, which is a measure of prices for all types of vessels,
Northrop Grumman Corporation's Shipbuilding sector reached an important construction milestone May 18 when it completed the final hull welds of the Virginia-class submarine New Mexico (SSN 779). This accomplishment, known as "pressure hull complete," signifies the hull sections being joined to form a single unit.
Hitachi Zosen Diesel & Engineering celebrated the completion of its first Wärtsilä RT-flex common-rail marine diesel engine at its Ariake Machinery Works in Kumamoto Prefecture, Japan. The new engine was presented and demonstrated to an invited audience from shipowners, shipbuilders, classification societies,
Western Australian shipbuilder Strategic Marine has broken new ground by winning a contract to build a 23.9m new generation compact tug – the first tugboat signing in the company’s history. The vessel, which has a 60 ton bollard pull, has been ordered by
GE Marine announces that its LM2500 marine aeroderivative gas turbine now powers the United States Coast Guard’s first National Security Cutter, Bertholf. The cutter recently completed extensive sea trials and was delivered to the U.S. Coast Guard on May 8 by shipbuilder Northrop Grumman Shipbuilding (NGSB).
Senators Maria Cantwell (D-Wash.) and Olympia Snowe (R-Maine), Chairwoman and Ranking Member of the Senate Subcommittee on Oceans, Atmosphere, Fisheries, and Coast Guard, and Congressman Elijah E. Cummings (D-Md.), Chairman of the House Subcommittee on Coast Guard and Maritime Transportation, sent a
Interferry and the International Maritime Organization have extended the Memorandum of Understanding on their joint campaign to reduce ferry fatalities by 90% in developing nations.The original two-year MOU has been renewed indefinitely following major progress towards running demonstration projects
Cosco Corp. Singapore Ltd. aims to draw one third of its business each from ship repairs and conversion, new shipbuilding and offshore marine engineering services. The three key businesses contribute $481.2m or 91 percent of the company's $528.8m revenue during the January to March quarter, Energy Current reported.
Foreigners bought a net 58 billion won worth of shares listed on the main board, and local institutions sold a net 135b. Local retail investors bought a net 69 billion won, Reuters reported.Decliners outnumbered advancers by 455 to 318, with 82 titles ending unchanged. Trade volume stood at 268 million shares worth 5 trillion won,
Arabian Gulf waterfront developments such as Dubai’s Palms and Abu Dhabi’s island resorts are set to turn the region into the world’s biggest market for water buses and small passenger ferries, according to industry experts.Regional demand for fast vessels carrying between eight
Since 2003, China has kicked maritime cargo carriers into overdrive by importing huge amounts of raw materials to feed its economy, Investor's Business Daily reports.Until late last year, there were giant spikes in dry-cargo rates fed by China's voracious appetite for commodities. A trigger was
Goldman Sachs was picked to manage the sale of Daewoo Shipbuilding and Marine Engineering Co Ltd., according to a Reuters report, kicking off a deal expected to attract in excess of $4b. The sale is poised to become the biggest M&A transaction in South Korea this year, as the state-run Korea
A Korean shipbuilder has succeeded in independently designing a liquefied natural gas carrier. Building LNG ships is a high value-added business, as it requires the highest level of shipbuilding technology. The latest achievement should significantly lower the royalties that Korean companies have had