Korean shipbuilders seek overseas yards for surging orders | Maritime Union Of India

South Korean shipbuilders are seeking overseas production bases through mergers and acquisitions to meet soaring demand across the world as they have secured works for the next five years.

Hanwha Ocean Co., the country’s No.3 shipbuilder, decided to establish a holding company in the US to acquire shipyards in North America on Nov. 16.

The company, formerly Daewoo Shipbuilding and Marine Engineering Co., set aside 420 billion won ($321.6 million) for manufacturing bases and stakes in other firms for its defense products when it raised 1.5 trillion won through a rights offering earlier this month. The move aimed at securing docks at home to build vessels with high profitability while producing defense products in other countries.

HD Korea Shipbuilding & Offshore Engineering Co. (HD KSOE), an intermediate holding firm of South Korea’s top shipyard HD Hyundai Co., started considering takeovers of overseas shipbuilders, according to industry sources in Seoul on Sunday.

“We kept the door open for acquisitions of foreign shipbuilders and other measures as we need to compete against Chinese rivals in the long run,” said an HD KSOE executive at an earnings conference call for the third quarter.

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Ship Recycling Enters “Slow Season” Mode | Offshore Jobs

The ship recycling market has experienced slow activity as the Diwali festivities took over. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “this week, the recycling market remained fairly inactive as the Diwali festivities were in full swing. There does however seem to be some spring in sentiment from the recycling yards following the continued shortage of supply of tonnage which is resulting in improved indications. The Indian recyclers continue to lead the way in pricing, but it will be interesting to see how the domestic steel markets open on Monday ‘post-Diwali’ and how the sentiment of the Buyers is reflected from then onwards. Activity from the Bangladeshi and Pakistani markets remain limited as the ongoing issues opening Letters of Credit is still unresolved and these financial difficulties look set to continue into the New Year”, the shipbroker said.

In a separate note, Allied said that “the recycling market continued on a slightly quieter pace, in part as a consequence of Diwali celebrations. One sizeable sale emerged, in the form of the ‘SAMC Eddie’ of 24,181 LDT, with delivery in January. Considering how close the $505/LDT is to the current market, this suggests some confidence in prices over the coming two months, particularly in light of the ‘as is’ nature of the sale. This might not be a bad assessment, given that there have been some beneficial scrap and steel price movements across the Indian Sub-continent, with breakers in India poised to benefit from positive movements in global steel markets, even if domestic price changes have not all been in their favour.

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NYK Group, Stolt Tankers, and ENEOS Ocean Launch Chemical Ship Pool Business | Rig Jobs

The NYK Group, Stolt Tankers B.V., and ENEOS Ocean Corporation launched a chemical ship pool business in the Asia-Pacific region (the “Project”*) in October.

The project started with 13 vessels comprising two chemical tankers owned by ENEOS Ocean and 11 chemical tankers owned by a joint venture between the NYK Group and Stolt Tankers. The vessels are equipped with stainless steel tanks capable of transporting various chemical products, thus allowing the companies to respond flexibly to shippers’ transportation needs. Through this business with Stolt Tankers and ENEOS Ocean in the chemical market, where demand is strong, the NYK Group aims to provide high-quality transport services through a competitive fleet.

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Ocean Safety unveils new brand identity at METSTRADE 2023 | Merchant Marine Jobs

Marine safety specialist, Ocean Safety has unveiled its striking new brand identity at METSTRADE 2023.

The brand refresh represents Ocean Safety’s commitment to ensuring its brand identity reflects the high quality of its extensive portfolio of innovative lifesaving equipment.

“As the experts in marine safety, we want our brand to visually reinforce our mission to provide the highest quality, most effective and innovative solutions to protecting lives at sea, as well as reflecting the durability and functionality of our products,” says Alistair Hackett, Managing Director at Ocean Safety.

“Our striking new logo will bring our portfolio together under one strong visual identity, giving our products a mark of distinction, letting people know at a glance that they’re protected by the most advanced safety equipment on the market, developed using our years of experience and expert knowledge.”

The eye-catching new logo will be rolled out across Ocean Safety’s market leading range of safety equipment, joining all its lifesaving essentials together under this one unifying identity.

A new website will also be unveiled to underpin the launch of Ocean Safety’s new brand identity and to reinforce the brand’s values and messaging as the company enters a new chapter in its 30-year history.

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Hapag Reports Below Forecast Results Warning of Prolonged Challenges | Merchant Marine Jobs

Hapag-Lloyd became the latest of the large carriers to report a significantly lower financial performance in the quarter posting what the investment community is calling a “big miss.” The world’s fifth largest container carrier, however, also painted a bleak picture of the market outlook, lowering its forecast and saying it expects it could be years until the market recovers.

“If spot rates do not recover, we could face some challenging quarters in this subdued market environment,” said Rolf Habben Jansen, CEO of Hapag-Lloyd. Describing what he called a “challenging market,” he told investors that he expected 2024 and potentially after that to remain difficult. Speaking in an interview with Bloomberg he said he was concerned about the next 24 to 36 months saying the markets were likely to remain under significant pressure.

Unlike many others in the industry, Hapag’s challenge is however not with volumes. The company reported a small increase in volumes for the third quarter versus last year and a roughly flat level of volume for the first nine months of 2023 compared to the prior year. Hapag moved over 3.1 million boxes last quarter and more than 8.9 million TEUs so far in 2023.

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Asian seaborne thermal coal demand picking up, but prices stay soft | All Types of Marine Jobs

Demand for seaborne thermal coal in Asia is starting to pick up ahead of peak winter consumption, but prices are still trending weaker as soft European imports force suppliers to shift destinations for their exports.

Lower domestic prices in top importer China are also helping keep seaborne prices subdued as suppliers look to remain competitive in the world’s largest producer and consumer of the fuel used mainly to generate electricity.

Asia’s imports of seaborne thermal coal climbed to 75.77 million metric tons in October from 70.29 million in September, according to data compiled by commodity analysts Kpler

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ITIC warns ship managers of the dangers of management mistakes | Merchant Navy Jobs

International Transport Intermediaries Club (ITIC) – a mutual insurer that provides professional indemnity cover for transport intermediaries operating in the marine, offshore, renewable and aviation industries – has advised ship managers to be wary of the risks and costs involved with claims of failing to meet contractual obligations.

The warning came as part of ITIC’s October 2023 Claims Review that cited a case of a ship manager managing two vessels for the same owner and allegedly failing to meet the required standards expected according to the signed BIMCO Shipman contracts.

For the first vessel, the owners alleged that the managers mismanaged their ships by failing to identify deficiencies, arrange and supervise maintenance and repairs, implement the onboard ISM and PMC systems, and communicate appropriately with the crew.

The owners further alleged that the managers failed to provide them with sufficient information in respect of ‘extraordinary’ expenditure to allow owners to make an informed decision on whether to approve incurring the cost.

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