Leading Haigong Han Shipbuilding and then picking up a single tide
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In the first half of this year, in the two major areas of merchant shipping and offshore equipment, the new orders of major Korean shipbuilding companies showed double-digit growth compared with the same period last year. According to statistics, Hyundai Heavy Industries, Samsung Heavy Industries and Daewoo Shipbuilding and Oceans have received a total of US$26.6 billion, of which Hyundai Heavy Industries received orders of US$12.2 billion, and Samsung Heavy Industries and Daewoo Shipbuilding received orders of US$9 billion and US$5.4 billion, respectively.
In the first half of last year, none of the above-mentioned enterprises achieved the business goal of “more than half of the time and more than half of the order receivedâ€. This year is different. The three ship companies' orders for orders from January to June totaled 49.8 billion US dollars, of which Hyundai Heavy Industries was 23.8 billion US dollars, and Samsung Heavy Industries and Daewoo Shipbuilding Oceans were all 13 billion US dollars. As a result, the total amount of orders received by the three companies in the first half of the year exceeded half of their planned total. Among them, Hyundai Heavy Industries and Samsung Heavy Industries have exceeded the order taking task, and only Daewoo Shipbuilding Ocean failed to achieve "more than half of the time, more than half of the task."
There are three main reasons for the substantial growth in the performance of the three major shipping companies in South Korea. First, the international shipping market recorded the most sluggish record in recent years. Compared with the lower orders received last year, the growth rate in the first half of this year is relatively high; It is true that the shipping market has shown a certain degree of improvement compared to last year. Third, there are some conditions that are favorable to the shipowners in the international shipping market, and “temptation†the shipowners to place orders.
The number of offshore orders increased by nearly 40%
In the market forecast of the South Korean shipbuilding industry at the end of last year and early this year, it is believed that the merchant shipping market will improve slightly in 2013, and the offshore equipment market will perform well, and offshore equipment manufacturing is the strength of large shipbuilding companies in South Korea. Therefore, when Korean shipping companies set out their plans for this year's orders, their planning targets are tilted toward the offshore equipment sector. In Hyundai Heavy Industries' annual US$23.8 billion order-taking plan, offshore equipment orders reached more than US$6 billion; in the orders of Samsung Heavy Industries and Daewoo Heavy Industries, each of the US$13 billion orders received, offshore engineering orders accounted for 60%. ~70%.
In the first half of the year, the three companies received a total of $12.47 billion in offshore product orders, an increase of 38.6% compared to less than $9 billion in the same period last year. Among them, Hyundai Heavy Industries ranked first, with orders for offshore equipment reaching US$5.15 billion, and orders for offshore equipment from Samsung Heavy Industries and Daewoo Shipbuilding Ocean were US$4.04 billion and US$3.27 billion, respectively.
Specifically, Hyundai Heavy Industries received five offshore orders in the first half of the year, one of which was a set of floating oil production storage and offloading equipment (FPSO) orders from Chevron Petroleum Company of the United States, amounting to 1.9 billion Dollar. It is reported that this is the highest order received by Korean shipping companies in the first half of the year. The remaining four orders of Hyundai Heavy Industries are: a set of floating oil production and storage equipment (FPU) orders from the French oil company Total, which cost US$1.3 billion; from Statoil ASA A set of FPSO upper equipment platform orders, the platform cost of 1.1 billion US dollars; a set of semi-submersible drilling rig equipment from European oil companies, the cost of 700 million US dollars; a sea from the Greek oil company The equipment is supplied to the support ship, and the price of the ship is 150 million US dollars. As a result, Hyundai Heavy Industries received orders of US$5.15 billion in offshore equipment in the first half of the year, which is very close to the annual target of US$6 billion in offshore equipment.
In the first half of the year, Samsung Heavy Industries Co., Ltd. undertook four orders for offshore equipment, totaling US$4.04 billion, of which the highest amount was an order for FPSO equipment from Nigeria. The cost of the FPSO is $3 billion. Since Samsung Heavy Industries has successfully competed with foreign companies for bidding, the actual order amount is $1.7 billion.
It is reported that Nigeria's offshore oilfield development project is jointly invested by oil companies in China, France and Nigeria. The FPSO has been bidding internationally five years ago. The three major shipping companies in Korea, China and Japan have participated in the bidding. However, for a variety of reasons, the results of the bidding were announced in June this year. Hyundai Heavy Industries was originally the most promising bidder. Later, Samsung Heavy Industries promised Nigeria that after the order was received, part of the FPSO construction project will be built and installed in Nigeria. The Nigerian side with the final decision will eventually hand over the order. Samsung Heavy Industry.
The other three orders received by Samsung Heavy Industries are: one drilling ship ordered by the drilling ship operators in the United States and the United Kingdom. The ship price is 520 million US dollars. Two sets of offshore equipment brackets ordered by Statoil ASA of Norway ( Rig) structures cost a total of $1.3 billion.
In the first half of the year, Daewoo Shipbuilding received three sets of offshore equipment orders (ships), totaling US$3.27 billion, including a fixed offshore offshore oil production platform, which cost US$1.6 billion; Norwegian Statoil ASA The custom-built FPSO upper natural gas production equipment platform cost US$1.1 billion; a drilling equipment ship ordered by Edwood Oceanigs, an American drilling equipment operation company, has a ship price of US$570 million.
It is reported that at the beginning of this year, several major shipping companies in South Korea generally have great expectations for the drilling ship market, and believe that the order volume on the market this year will remain at least 16 ships last year. However, in fact, in the first half of the year, the number of drilling vessels received by Korean shipping companies was only three, namely two Samsung Heavy Industries and one Daewoo Shipbuilding Marine. In this regard, the Korean shipbuilding industry and related market research institutions believe that this is mainly because the order volume of the drilling ship in the previous two years has affected the order volume this year. In addition, the continued warming of global shale gas development may have an impact on offshore oil and gas development. Researcher Yan Zhishou of the LG Economic Research Institute of Korea recently published a paper entitled "The Light and Darkness of Global Related Industries after the Shale Revolution", arguing that the shale revolution will have a "dark side" effect on the Korean shipbuilding industry, and the strength of Korean shipping companies – – The market demand for LNG ships and offshore equipment will be reduced to some extent.
Power to complement the design and supporting short board
In response to the cyclical fluctuations in the shipping market, Japanese shipbuilding companies are developing into comprehensive heavy industry enterprises to reduce market risks. At present, shipbuilding is not the main business of Mitsubishi Heavy Industries, Kawasaki Heavy Industries, Ishikawajima Heavy Industries, etc. In terms of total sales, shipbuilding revenue accounts for only 14% to 19%, which also makes these companies resistant to the shipbuilding market. The ability is greatly enhanced.
Large-scale shipbuilding companies in South Korea are walking on two legs: on the one hand, they are also developing towards comprehensive heavy industry enterprises, and on the other hand, they are vigorously developing the offshore equipment business. At present, in the offshore industry, the number of orders received by Korean shipping companies, the amount of orders received, the amount of orders placed and the amount of completion are the highest in the world. Despite this, the Korean shipbuilding industry, relevant research institutions and government authorities are clearly aware that they must not be satisfied with such a world first, but also boldly face their own "soft ribs": the offshore products are backward, here In terms of not only the localization rate of supporting equipment is low, but also the lack of relevant talents.
It is understood that the current domestic matching rate of materials and equipment for Korean offshore products is only 20% on average. Since South Korea established the offshore equipment as a "national policy" last year, the bottleneck of breaking the localization rate has become the consensus of "production, learning, research, and official". In the first half of last year, the South Korean government introduced a road map to improve the domestic matching rate of offshore equipment: by 2025, the domestic matching rate of offshore equipment built by South Korea should reach 50% to 60%. In order to achieve this goal, shipbuilding enterprises, supporting enterprises, relevant institutions of higher learning and research institutions have established a research platform for cooperation in production, research and research. There are both divisional and cooperative projects, each with its own duties and responsibility, and regulations. It is necessary to produce results within a limited time.
In addition to offshore support, offshore equipment design is also a “soft rib†in Korea. After the Korean shipping company gets an order, its design basically depends on foreign professional companies. Some colleges and universities in South Korea have a shipbuilding engineering department. Their faculty, curriculum, and teaching facilities are all aimed at shipbuilding. Therefore, at present, Korean production, research and research departments generally lack professional talents in the field of offshore equipment, and design talents are even more scarce.
In this regard, South Korean experts in the offshore industry pointed out that although the number of orders for offshore equipment undertaken by Korean shipping companies ranks first in the world, and the cost per set of products is hundreds of millions of dollars, more than one billion or even more than 2 billion. The US dollar seems to be very "smart" on the surface, but the company's profitability is very limited. The reason is that Korean companies can only independently design and build the shell parts of offshore products, and the design of the whole set of products and about 80% of the materials. Equipment must rely on foreign companies, causing most of the "silver" in the order to be "dedicated" to foreigners. From a profit point of view, the profits of Korean shipbuilding enterprises for the construction of offshore equipment are far lower than those of high value-added merchant ships that are designed and equipped to be “self-sufficientâ€, such as large and super large container ships, LNG (LNG). Transport ships and large and medium-sized oil carriers.
At the same time, the Korean shipbuilding industry has also felt some pressure on the rapid development of Chinese shipbuilding enterprises in the offshore industry. Although Chinese companies still have a certain gap in the offshore equipment field compared with Korean companies, the two major problems facing the design and design of South Korea are also difficult for Chinese companies. Therefore, this shows that the gap between the two sides is not very large. Not only that, South Korea does not have its own offshore oil and gas fields, so it lacks a platform for practice testing. It can be foreseen that the Korean shipbuilding industry must take all kinds of measures to fill the shortcomings of the development and offshore talents as soon as possible, so as to further widen the gap with its Chinese counterparts. In this regard, the Korean industry analysis believes that it is expected to take at least 5 to 10 years to solve the two major problems of offshore construction and design.