"ranwhenparked" (ranwhenparked)
08/06/2014 at 12:54 • Filed to: shiplopnik, shipbuilding
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"ranwhenparked" (ranwhenparked)
08/06/2014 at 12:54 • Filed to: shiplopnik, shipbuilding | 0
| 5 |
Less than a decade after it bought almost all the shipyards in Europe, South Korean conglomerate STX Corporation (formerly SsangYong Heavy Industries) has reached another milestone in its campaign to basically execute a giant "do-over" by successfully divesting its Turku, Finland yard.
Turku, under prior owners Aker and Kvaerner, was perhaps the largest and most dominant shipbuilder in the world for large ocean-going passenger ships (ferries and cruise ships) between the 1970s and 1990s and was responsible for a huge percentage of those types of vessels still sailing.
STX got into the European shipbuilding business at a bad time, taking over Aker Yards' operations in Finland (which had already absorbed Kvaerner) as well as Alstom's Chantiers de l'Atlantique yard in France just a couple of years before the economy collapsed and orders slowed and they've been gradually divesting STX Europe since. The Vard, Finland yard has already been sold to Fincantieri of Italy, while the Helsinki New Shipyard has been spun off into a joint venture, and now Turku is gone.
Its kind of an unusual move for Meyer Werft, they've always been a conservatively managed, family-owned firm that tends to shun large-scale deals. Meyer is known, however, as perhaps the world's leading shipbuilder at the moment in terms of quality and attention to detail for companies that are willing to pay a bit more to get the best.
The struggling yard has recently secured orders for three new cruise ships for German-based TUI Cruises, so at least Meyer is inheriting some business, but will need to aggressively go after new orders to keep the place running beyond 2017 or so.
The deal leaves STX with their French yard in Saint Nazaire, and 50% of the Helsinki New Yard, look for those to go next.
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Cé hé sin
> ranwhenparked
08/06/2014 at 13:07 |
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Until recently four companies in Germany, France, Finland and Italy have built essentially all of the world's cruise liners, something which tends to discomfit all those Americans cruising in the Caribbean and not having any locally built ships to do it in.
Anyways STX are transferring cruise liner technology back to Korea so they won't need their European yards and Mitsubishi are looking to get into the business too so expect to see changes in the future cruise liner market.
Interestingly one of Meyer's yards built U boats during WW2.
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ranwhenparked
> Cé hé sin
08/06/2014 at 13:25 |
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It is really remarkable how small the industry is, considering the amount of money involved - Fincantieri, Meyer Werft, and STX Europe are basically the only three options.
Mitsubishi has taken some serious steps to break into passenger shipbuilding - they did do Diamond Princess and Sapphire Princess for Carnival UK, not without fire-related complications though, and they haven't gotten any similar orders since.
There's really not much reason why STX's yards in South Korea haven't bid on any big cruise ship contracts yet, other than that they own yards in Europe that are currently better equipped for the work, I expect its only a matter of time.
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Cé hé sin
> ranwhenparked
08/06/2014 at 14:16 |
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There's a list of current orders here .
I see Samsung were building one in Korea.
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ranwhenparked
> Cé hé sin
08/06/2014 at 14:23 |
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It was supposed to be finished last year, but has now been put back to 2016. Utopia Residences seem to have been having trouble coming up with the money.
gmporschenut also a fan of hondas
> ranwhenparked
08/06/2014 at 22:32 |
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Barrage balloon? I guess the Fins aren't letting their guard down.