File photo: Hyundai Heavy Industries

Dim Q3 Forecast for Korean Shipyards

By Aiswarya Lakshmi!!!

South Korea's major shipyards are projected to report weaker-than-expected earnings for the third quarter of the year, due to increased costs and the construction of low-priced ships amid decreased new orders.

Yonhap News Agency, quoting data compiled by Yonhap Infomax, said that Hyundai Heavy Industries (HHI) is expected to log an operating income of 106 billion won (US$93.6 million) during the July-September period, compared with the previous year's operating earnings of 322 billion won.
Samsung Heavy Industries (SHI), another big shipbuilder here, is forecast to rack up an operating income of 39 billion won for the third quarter, compared with an operating income of 84 billion won tallied a year earlier.
Troubled Daewoo Shipbuilding & Marine Engineering (DSME) is also projected to chalk up a profit under the current quarter. In the January-March period, the shipyard reported an operating income of 292 billion won. In the second quarter, its operating income reached 665 billion won.
The country's top three shipyards suffered a combined operating loss of 8.5 trillion won in 2015. The loss was due largely to increased costs stemming from a delay in the construction of offshore facilities and an industrywide slump, with Daewoo Shipbuilding alone posting a 5.5 trillion-won loss.
Photo: Hyundai Heavy Industries

Hyundai Heavy Signed $400 Million Order to Build 5 VLOCs

South Korea’s Hyundai Heavy Industries (HHI) has clinched a deal worth approximately US$400 million to build five very large ore carriers(VLOCs) from Seoul-based shipper Polaris

Photo: Suez Canal Authority

Suez Canal Revenues Fall

Suez Canal revenues fell 2.2% month-on-month in September 2017, according to official data. Revenues amounted to $459.8 million in September 2017, versus $470.

Nakilat's flagship, the QMax Mozah. Photo: Qatar Gas Transport Company

Nakilat Net Profit Down for the Last Nine Month

Qatar Gas Transport Company (Nakilat), the largest LNG ship owner in the world, concluded its financial results for the nine-month period ended 30 September 2017

Photo: Rosneft

Rosneft Orders Ten More Arctic Shuttle Tankers at Zvezda

Rosnefteflot, a subsidiary of Russia’s petroleum company Rosneft, has inked agreements with compatriot Zvezda Shipbuilding Complex for construction of ten Arctic shuttle tankers.

Photo: d’Amico International Shipping S.A.

Hyundai Vinashin Launches d'Amico LR1

d’Amico International Shipping (DIS) has launched the first three LR1 (long-range) vessels in its history, at the Hyundai Vinashin shipyard in Vietnam, ANSA reported.

BP’s LNG Carrier Fleet is Growing

BP said it will take delivery of six new, state-of-the-art liquefied natural gas (LNG) tankers in 2018 and 2019 to support its expanding global LNG portfolio.