SHIPBUILDING MARKET ANALYSIS

Market News

Recent Developments

New Product Launch

In August 2022, Hindustan Shipyard Limited is a prominent shipyard company based in Visakhapatnam, India commenced the construction of two Special Operation Vessels for the Indian Navy. The US$ 66.1 Mn contract will further augment Hindustan Shipyard Limited.’s shipbuilding order.

In April 2022, Yangzijiang Shipbuilding (Holdings) Ltd It is one of the leading private shipyards in China and is engaged in the construction of various types of ships, including bulk carriers, container vessels, and other commercial ships. launched Y-SMART Intelligent Technology in a move to accelerate its digital transformation and build capabilities in smart shipbuilding solutions. Y-SMART utilizes technologies like big data, AI, VR/AR, blockchain, cloud computing, and IoT.

In January 2022, China State Shipbuilding Corporation is one of the largest and most prominent state-owned enterprises in China announced a joint venture with the France-based engineering company GTT to develop membrane tank systems for LNG carriers. This furthers the company’s capabilities in building advanced LNG carriers.

Acquisition and partnerships

In April 2022, Hyundai Heavy Industries Co. is particularly well-known for its shipbuilding division, where it designs and constructs a wide range of vessels, including commercial ships, naval ships, and offshore structures such as oil rigs and drilling platforms acquired a majority stake in the robotics firm Boston Dynamics for US$ 880 million. This expands its robotics capabilities and technologies.

In January 2022, Hyundai Heavy Industries Co. signed a memorandum with the oil company Saudi Aramco to cooperate on shipbuilding, engine development, and maintenance services. This extends the partnership between the companies.

In April 2022, Hyundai Heavy Industries Co. and General Electric, which is an energy leader in providing equipment, solutions, and services, signed an agreement to develop emissions-reducing technologies for vessels. They will collaborate on fuel cells, hybrid systems, and digital solutions.