Following the damaging effects of Hurricane Dorian, which disrupted operations for many ports and changed cruise lines’ routes, the Freeport-based Grand Bahama Shipyard announced that it is back in operation, after being slightly damaged by the storm.
Following years of dwindling shipbuilding orders, South Korea retained the top spot in global shipbuilding orders for the fourth consecutive month in the row in August, according to data provided by the Ministry of Trade, Industry and Energy released on Sunday.
Chinese shipbuilding group Hudong-Zhonghua, part of China State Shipbuilding Company (CSSC) signed a MoU with air lubrication manufacturer Silverstream Technologies, to integrate Silverstream’s fuel-saving air lubrication technology in its future LNG carriers.
The US Coast Guard shared work instruction concerning determinations for a Vessel’s Keel Laid Date, providing guidelines for Officers in Charge, Marine Inspection (OCMIs) to determine what may be accepted for the purpose of establishing a vessel’s keel laid date.
The Government of Canada announced it has made amendments to the invitation to qualify (ITQ) for a third National Shipbuilding Strategy shipyard, correcting an inconsistency in the vessel dimensions that shipyards’ must be capable of building and launching.
South Korea’s top three shipyards, Hyundai Heavy Industries Group, Samsung Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co., have received an overall US$12.1 billion won worth of orders, during the first eight months of 2019. This marks a 21.3% reduction from the previous year.
Norwegian shipbuilder Meyer Werft announced the imminent launch of Norwegian Cruise Line’s newest cruise ship, expected in the morning hours of 17 August 2019. Once Norwegian Encore has left the dock, it will berth at the shipyard’s out-fitting pier to be fitted with its funnel cladding.
Amid an ongoing trade war between China and the US, as well as major geopolitical tensions globally, it is likely that total ordering activity will be softer near term, representing a downside risk to the positive development of newbuilding prices, according to VesselsValue.
The two major mergers of South Korean Hyundai Heavy Industries Co. and DSME, and Chinese shipyards China Shipbuilding Industry Corp. and China State Shipbuilding Corp., are expected to control nearly half of the global shipbuilding market, forging a new reality for the global shipping industry.
Chatsworth, US-based investment banking firm, is collaborating with Onex Elefsis Shipyards on investment of about USD 400 million in financially-distressed Elefsina Shipyards. The agreement for the partnership was decided on July 9, between the two companies. Now, Chatsworth Securities became the stakeholder of the shipyard and is also the exclusive investment bank for the company’s capital needs.
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