Maritime news 2013, Feb. Second

[쁘띠메종]

Dear Sirs,

Good afternoon.

Please view the following maritime news 2013 Feb. third. I hope this help to your business.

1.    LNGC orders speed up

As energy paradigm has shifted from oil to gas, new orders for LNG carriers has increased that Korea’s large shipbuilders are expected to benefit from this.  

Yang Hyung-Mo, analyst of Taurus Investment & Securities in Korea said on February 25 in a report named ‘Secure Cash Cow Under the Third Energy Revolution’ that in global LNG- carrier orderbook, Korea is standing on 68 vessels on order accounting for 80% of market share and new orders for LNG carriers are prospected to be placed at Korea's Big3 builders. Korea’s competitors, China and Japan, have 10.6% (nine vessels) and 9.4% (eight vessels), respectively, of market share.

Yang said that considering LNG carriers’ current tonnage, the number of newbuildings to be delivered and shipping volume, etc., a shortage in supply of LNG carriers is expected from 2015-2016; thus, at least 41 and at most 136 number of 170,000-CMB LNG carriers, on average, are to be additionally needed by 2016. Also, he anticipated that an average number of 104-269 170,000CBM LNG carriers will be needed by 2018.

Furthermore, the number of LNG carriers to be needed by 2016, estimated on the basis of LNG liquefaction plant (under construction, FID, FEED, Proposed phase), is 42 vessels at least and 130 at most.

The number of LNG project projected to firmed up within the first half of 2013 is around up to 28 vessels and average newbuilding prices per vessel is said to be $200m, however LNG carriers for Yamal project may cost $300m~350m per ship that a total of $8bn worth of LNG orders are anticipated just within the first half of this year. Yang explained that this represents the overall values contracted during just the first half year could outpace the annual amount of order in 2012.  

Newbuilding projects for LNG carriers said to be sealed within the first half year are three LNG carriers from INPEX ($600m worth), six from NLNG ($1.2bn), three from Teekay ($600m) and 16 from Yamal project ($4.8-5.6bn).

In term of options, Samsung Heavy Industries of Korea is said to secure four vessels to be contracted before July, Daewoo Shipbuilding & Marine Engineering of Korea can book three within the first quarter of this year and Hyundai Heavy Industries of Korea has one to win within the first half year.

Newbuilding LNG-carrier contracts that were already signed up year-to-date are Samsung’s two 174,000CBM for GasLog and the shipyard also penned one LNG-FSRU from BW Maritime as well.

Meanwhile, Japan’s average prices of importing LNG, which has been a barometer of LNG prices, is anticipated to be firm in the long-term. Also, it is said that Japan’s LNG import in 2012 increased up to 87.18m ton, showing 11% increase from 2011’s 78.46m ton and this trend is expected to continue this year.

2.    Mitsui, Winner of MBC BC

Mitsui Engineering & Shipbuilding appears to have won an order for 56,000-dwt bulker from Ambi Shipping.

The newbuilding costs $26.6m with delivery in the first half of 2015.

Mitsui had delivered 55,600-dwt bulker M.V. Alam Manis to MBC in March 2007, and before that it completed delivery of one 46,600-dwt newbuilding for the shipowner.

MBC is an amicable shipowner to Japanese shipyards, which placed orders at Japan for about 90% of its fleet currently in operation.

Ambi Shipping is using internal funds to pay for the vessel in five installments.

Ambi is a joint venture between MBC, through its wholly-owned subsidiary, Lightwell Shipping and Japanese trading house Mitsui & Co with the share equity set at 70% and 30% respectively.

3.    Flex LNG losses at $300m

Flex LNG saw a net loss of $299m in 2012, after a write-down of $285m in the fourth quarter on its FLNG newbuilding assets.

Despite the loss, the Oslo-listed floating liquefaction company said it would have sufficient working capital to operate into 2014.

Flex LNG is now embroiled in a dispute with Korean shipbuilder Samsung Heavy Industries.

Flex has requested that part of the FLNG newbuilding funds be refunded by Samsung.

4.    Wartsila-STX sign supply deal

Feb. 26, 2013 - Wärtsilä, the marine industry’s leading solutions and services provider, has been contracted by the Korean yard STX Offshore & Shipbuilding, to supply exhaust gas cleaning systems for four new Container Ro/Ro (ConRo) vessels being built for Ignazio Messina & Co, the Italy based ship owner and operator. The contract was signed on February 1st and is entered in the February order book.

Wärtsilä is the market leader in exhaust gas cleaning solutions for the shipping sector. This latest order will enable the new vessels to comply with both current and pending environmental legislation relating to exhaust emissions. For ships sailing in European waters, the maximum sulphur content will be limited to 0.5% from 2020, while a tighter limit of 0.1% will apply from 2015 to ships operating in ‘sulphur emission control areas’ (SECAs), which include the North Sea, the Baltic Sea and the English Channel. The Wärtsilä systems supplied under the terms of this order will clean both sulphur oxides (SOx) and particulate matter emissions from the main engines, auxiliary engines, and the boiler. Deliveries are scheduled to take place during 2013 and 2014, and the vessels are to be delivered by the shipyard to Ignazio Messina & Co during the second half of 2014.

“Our exhaust gas cleaning technology is well proven as being both reliable and effective in helping the industry comply with the increasingly stringent environmental regulations. The integration of Hamworthy’s expertise into the Wärtsilä portfolio has given us a significant edge in meeting our customers’ needs in this area,” says Juha Kytölä, Vice President, Environmental Solutions, Wärtsilä Ship Power.

Mr Enrico Allieri, Technical Director, Ignazio Messina, says: “This is a further step in ensuring that our fleet complies with the regulations. In fact, this time also the main engine’s exhaust is included in the system supply. This order follows on from a contract with Hamworthy back in 2010 to supply exhaust gas cleaning systems for the auxiliary engines and boiler for four new 45,000 dwt RoRo vessels, the first of which, the ”Jolly Diamante”, was successfully delivered in 2011. The installation of Wärtsilä exhaust gas cleaning systems to control emissions is critical to our overall environmental objectives. We now have a competitive advantage in being able to comply with the 0.1 per cent sulphur regulations in EU ports while burning residual fuel oil, and are now fully prepared for the future global IMO and local EU requirements. These regulations will have a dramatic impact on the industry.”

Wärtsilä offers a range of environmental solutions to help owners and operators meet upcoming legislation, including ballast water management systems and waste water treatment. Wärtsilä has today the widest portfolio of exhaust gas cleaning systems in the marine sector. Furthermore, the Wärtsilä AQUARIUS? UV ballast water management system has recently received type approval.

5.    Nordic Yards pens transformer platform

Wismar, Rostock-Warnemünde, February 26th, 2013. Leading manufacturer of major maritime projects, Nordic Yards, has signed a contract to construct an offshore transformer platform. The client, Alstom, with whom Nordic Yards will be working for the first time, was awarded the tender by transmission grid operator TenneT Offshore GmbH.

DolWin gamma is the fourth HVDC transformer platform (High Voltage Direct Current) in the shipyard group's order book. Assigned the construction number 215, the subsidiary platform is intended to feed 900 megawatts of renewable energy from wind farms in the German North Sea into the German power grid.

Grégoire Poux-Guillaume (President Alstom Grid) is very pleased to be awarded the contract and said: “As a market leader in the AC transformer station and HVDC transformer station segment, we are well equipped as a new competitor to enter the German market for offshore transformer stations. The cooperation between Nordic Yards and Prysmian Powerlink, two companies with outstanding reference projects, is the key to mastering this task.”

Vitaly Yusufov, Managing Director of Nordic Yards, explains: “We are an established player in the realisation of the planned German renewable energy revolution and are very much looking forward to the project with Alstom. As usual, we will be doing everything to provide the best Nordic quality.”

Four of the world's seven platforms of this type currently under construction stem from Nordic Yards in Wismar and Rostock- Warnemünde. The HelWin alpha, BorWin beta and SylWin alpha transformer platforms are already being built at Nordic Yards.

In addition to the offshore platforms, the next projects to be started are a maintenance ship for offshore wind turbines, and the construction of two ice-breaking rescue and salvage vessels for the Russian Ministry of Transport. “Nordic Yards has long since outgrown the role of a traditional shipyard, we are now a maritime systems integrator and manage complex processes. Today we are a significant partner and therefore well prepared for the future,” says Vitaly Yusufov, owner and Managing Director of Nordic Yards.

The yards currently employ a workforce of 1,135. The new order will secure work for the yards until 2017.

Information about the DolWin gamma offshore transformer platform

The topside, the actual platform, is installed 20 metres above the water surface and contains the High Voltage Direct Current (HVDC) equipment for converting the current from AC to DC in order to transmit the power created by the wind farm to the mainland with very little losses.

The name DolWin stands for Dollart and Wind and therefore gives an indication of the location of the wind farm and the platform.

Dollart is a marine bay some 100 km² in area located west of the mouth of the Ems near Pogum, opposite the town of Emden.

6.    Teekay Offshore to supply FSO

Teekay Offshore Partners has signed a letter of intent with Salamander Energy to supply a floating, storage and offloading (FSO) vessel.

The floating unit will be placed at Bualuang field to begin work by mid-2014 for an initial ten year period with options to extend up to an additional five years.

The Teekay spinoff said if the contract firms up, it will convert its laid-up 72,228-dwt shuttle tanker Navion Clipper built in 1993, which will cost around $50m.

7.    Keppel books FPSO deals

Feb. 26, 2013 - Keppel Offshore & Marine Ltd's (Keppel O&M) subsidiaries - Keppel FELS Brasil S.A. (Keppel FELS Brasil) and Keppel Shipyard Ltd (Keppel Shipyard) - have secured two contracts worth S$200 million from repeat customers.

Keppel FELS Brasil's contract is with MODEC and Toyo Offshore Production Systems Pte Ltd (MTOPS), a joint-venture company between MODEC, Inc. and Toyo Engineering Corporation (TOYO), to integrate the topside modules of a Floating Production Storage and Offloading (FPSO) unit. This project will be carried out at BrasFELS, Keppel FELS Brasil's yard in Angra dos Reis, Rio de Janeiro, Brazil.

Over in Singapore, Keppel Shipyard has been engaged by SBM Offshore N.V. (SBM Offshore) to fabricate an internal turret for a newbuild FPSO, which will be installed in the Ichthys Field, in the Browse Basin, offshore of Western Australia.

Mr Tong Chong Heong, Chief Executive Officer of Keppel O&M, shared, "We are pleased to be selected by our customers for repeat projects as these are strong affirmations of the quality of our services. BrasFELS and MTOPS' first FPSO project was delivered safely and 19 days ahead of schedule; the second project is underway and on track for delivery in 2Q 2014. Keppel Shipyard has collaborated with SBM Offshore on some 17 major conversion and fabrication projects.

"With good rapport and understanding between our yards and their customers, we are confident that both the MODEC FPSO and Ichthys FPSO internal turret projects will be completed to high satisfaction."

The FPSO, a project by MODEC and its partner Schahin Group, has been chartered for operations offshore Brazil for 20 years. Integration works for the FPSO will take place from 3Q 2014 to 3Q 2015. The completed unit will have a production capacity of 150,000 barrels of oil per day and storage capacity of 1,600,000 barrels of oil.

Meanwhile, Keppel Shipyard's work on the 6,800-tonne Ichthys FPSO turret is scheduled to complete by Q3 2014.

The Ichthys FPSO turret forms a part of the Ichthys LNG Project, which is a joint venture between the field operator INPEX group companies, TOTAL group companies and other participants. The Ichthys LNG Project is expected to produce 8.4 million tonnes of liquefied natural gas (LNG) and 1.6 million tonnes of liquefied petroleum gas (LPG) per annum, along with approximately 100,000 barrels of condensate per day at peak. Gas from the Ichthys Field will undergo preliminary processing offshore to remove water and raw liquids, including condensate, before being exported to onshore processing facilities in Darwin via an 889km pipeline.

Keppel Shipyard's ongoing projects for SBM Offshore are the conversion of FPSO OSX-2 for Brazil as well as modification and upgrading of FPSO N'Goma for Angola. SBM Offshore is also working with Keppel Singmarine Pte Ltd on the newbuilding of a multi-purpose dive support construction vessel.

8.    HMD "profitability on slide"

Hyundai Mipo Dockyard of Korea is expected to continue seeing its low profitability this year due to a decrease in ship price.

Lee Ji-Hoon, an analyst at SK Securities of Korea, has said, “It will be hard for Hyundai Mipo to get out of its poor performance for a while” and he expected its operating margin to drop up to 1.5% this year, while last year’s fell to 2.1%.

Despite improved product portfolio with decreased proportion of bulker segment, the performance is seen to be affected by the low ship price too greatly. Prices of the yard's major vessel type, product carrier (PC), dropped to $31m last year from $36m of the beginning of 2011 and recently it has remained at $32.5m~$33.5.

The drop in exchange rate and worse performance of Hyundai-Vinashin Shipyard in Vietnam are boosting the Hyundai Mipo’s poor performance.

Lee expected, “Speaking of annual performance for 2013, revenue is estimated to be KRW 4.0738trn ($3.7bn) with KRW 60bn of operating profit, showing decreases of 7.7% and 33.8, respectively, against the previous year.”

He added that it is notable that the ship price has shown a potential to rally and said, “The rise in prices of PC is almost expected and the increase is estimated to be 3~5% which might be reflected in new orders contracted in March.”

As orders for PC continue to be awarded, the increasing orderbook is said to be a factor behind the rise in vessel price.

That’s it for today.

Thank you so much.

We will meet in March.

Kind regards,

Heun Woo Lee

heunwool@gmail.com

www.vinbang.com

[정인섭]

이선배님 좋은글 감사드립니다.

[antoncolor]

이감독님 좋은 정보 늘 감사합니다