COSCO Shipyard Group Co.

Dalian, China

COSCO Shipyard Group Co.

Dalian, China
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News Article | May 5, 2017
Site: worldmaritimenews.com

COSCO Shipping International (Singapore) has decided to sell equity interest in its shipyard assets for a price of CNY 1.46 billion (USD 211.5 million) to COSCO Shipping Heavy Industry. In an effort to centralize operations and management, the company said it will dispose of a 51% equity interest in COSCO Shipyard Group, a 50% equity interest in COSCO (Nantong) Shipyard and a 39.1% equity interest in COSCO (Dalian) Shipyard. “The proposed disposal will enable the company to exit from a loss-making business and create cash for investment in potential future new businesses, substantially reduce the company’s debt and improve the company’s financial position,” Gu Jing Song, Vice Chairman and President of the company, said. COSCO Shipping International said that the completion of the sale and purchase is conditional upon approval of the company’s shareholders. The company intends to use the sale proceeds from the disposal to fund future projects, which may include mergers and acquisitions, and for working capital requirements of the Group. In a separate announcement the company said that it ended the first quarter of 2017 with a widened net loss which reached SGD 78.9 million, compared to a net loss of SGD 14.3 million reported in the quarter ended March 31, 2016. The group’s turnover for the period was at SGD 401.8 million, representing a drop of 44 percent against a turnover of SGD 722.2 million seen a year earlier. Turnover from shipyard operations decreased 45 percent to SGD 392.6 million on lower revenue contributions from ship repair, ship building and marine engineering, while the turnover from dry bulk shipping and other businesses recovered 63 percent to SGD 9.2 million on higher charter rates. The group’s gross order book of USD 5.8 billion includes several offshore marine engineering projects which have been substantially completed in construction but are yet to be delivered due to customers’ requests for extension of delivery. This order book continues to be subject to revision from any new, cancellation, variation or scheduling of orders that may arise. COSCO Shipping International said that it expects these “difficult and challenging business and operating conditions to persist or even worsen. As such, 2017 will remain a very difficult year for the group.”


News Article | May 22, 2017
Site: worldmaritimenews.com

China-based COSCO (Dalian) Shipyard, a subsidiary of COSCO Shipyard Group, has delivered bulk carrier newbuilding Flag Lama to a European owner. The 79,500 dwt vessel was handed over to Greek shipping company Golden Union, VesselsValue’s data shows. The Panamax bulker, which has a market value of USD 23.76 million, features a length of 229 meters and a width of 32.26 meters. Flag Lama, which flies the Marshall Islands flag, has joined the company’s fleet of more than 40 ships. Golden Union has five more Panamax bulk carriers under construction at China’s shipyards, including one 79,500 dwt ship at COSCO Dalian, according to information provided by VesselsValue.


News Article | May 15, 2017
Site: worldmaritimenews.com

China’s COSCO (Qidong) Shipyard has entered into a contract with an unnamed European buyer to build a Floating Storage Regasification Module (FSRU module). The company’s parent, COSCO Shipping International (Singapore), said that its Qidong shipyard and the European buyer have agreed to keep the contract prices confidential. As disclosed, the module is scheduled for delivery in the first quarter of 2018. COSCO Shipping revealed earlier this month that it is planing to sell equity interest in its shipyard assets for USD 211.5 million to COSCO Shipping Heavy Industry. The move comes as part of an effort to centralize operations and management, and it would include disposal of a 51% equity interest in COSCO Shipyard Group, a 50% equity interest in COSCO (Nantong) Shipyard and a 39.1% equity interest in COSCO (Dalian) Shipyard. The completion of the sale and purchase is conditional upon approval of the company’s shareholders. The company said it would use the sale proceeds from the disposal to fund future projects, which may include mergers and acquisitions.


Zhang Y.,Nanjing Southeast University | Li Y.,Jiangsu University | Wang Y.,Jiangsu University | Ni T.,COSCO Shipyard Group Co. | Zhuang J.,COSCO Shipyard Group Co.
Jiangsu Daxue Xuebao (Ziran Kexue Ban)/Journal of Jiangsu University (Natural Science Edition) | Year: 2013

To gain accurate calculation about standing stability of wind turbine installation vessel, two different constraint models of pipe legs, the conventional hinge model and the pile and soil interaction model, were established. With the two models, numerical analysis was conducted to investigate the standing stability of wind turbine installation vessel based on static, modal and transient dynamics analyses. The comparison results of two models show that the static analysis of the pile and soil interaction mo-del is greatly different with that of the hinge model, while the two model maximum stresses are far below the yield strength of pile leg. The two natural frequencies of pile leg vary slightly, and the maximum bending moment occurs at the end of pile legs without occurrence near the water surface. The maximum displacement of legs under variable load is greater than that under static load. The pile leg of wind turbine installation vessel has good stability, and higher accuracy can be achieved by the pile and soil interaction mode to analyze stability.


Zhang Y.,Nanjing Southeast University | Shen H.,Jiangsu University | Dai F.,Jiangsu University | Ni T.,COSCO Shipyard Group Co. | Zhuang J.,COSCO Shipyard Group Co.
Jiangsu Daxue Xuebao (Ziran Kexue Ban)/Journal of Jiangsu University (Natural Science Edition) | Year: 2013

The models of SEVAN 650 and GVA 7500 were established in Pro/E software. The proposed models were imported into the Hydrodynamic Diffraction module of ANSYS Workbench software to calculate the response amplitude operators of each platform in storm environment of South China Sea. The hydrodynamic characteristics of the two platforms in the storm environment were compared by the characteristic curves of heave, roll and pitch. The results show that SEVAN 650 has better crude oil storage capacity and deck variable load bearing capacity than those of GVA 7500, which indicates that SEVAN 650 has better anti-dumping capacity than that of GVA 7500 in storm environment. However, the heave response amplitude operator of SEVAN 650 in storm environment should be further reduced.


Wu J.,Dalian University of Technology | Ji Z.,Dalian University of Technology | Chang H.,COSCO Shipyard Group Co.
Harbin Gongcheng Daxue Xuebao/Journal of Harbin Engineering University | Year: 2012

Hull parts mark-line marking, which is done with the numerical control cutting operations at the same time, was one of the important taches in modern shipbuilding. The marking path planning problem would be regarded as the traveling salesman problem. According to the special of the marking path, a planning model was proposed based on an improved ant colony optimization algorithm and max-min ant system was applied to optimize the problem. By analysis and simulation, the best value range and combinatorial optimization settings of parameters was given. Then the comparison with genetic algorithms was given. The simulation results show that the optimization model is effective, which can effectively reduce the idle marking path.


Wu J.-J.,Dalian University of Technology | Ji Z.-S.,Dalian University of Technology | Chang H.-Q.,Cosco Shipyard Group Co.
Dalian Ligong Daxue Xuebao/Journal of Dalian University of Technology | Year: 2012

Hull markline marking, which is done with the CNC operations for hull parts at the same time, is one of the important parts in modern shipbuilding. According to the features of the marking, taking the marking order and the marking direction as the parameters and taking the minimum idle marking path as the objective, a mathematical model of marking optimization is established on the basis of hybrid encoding in genetic algorithm. The different genetic strategies are used for evolution of the marking order and the marking direction. The random mutation operator maintains the diversity of the population and the self-evolution of elite operator accelerates the evolution process. The use of "greedy strategy" for initial population improves the fitness of the population. The simulation results show that the model is effective, which can effectively reduce the idle marking path and improve the efficiency of shipbuilding.


Wu J.,Dalian University of Technology | Ji Z.,Dalian University of Technology | Chang H.,Cosco Shipyard Group Co.
Advanced Materials Research | Year: 2012

Generally the process of hull part cutting is that the part can not be cut until the previous part has been cut. This mode is poor cutting efficiency and high cutting cost. Based on the famous Seven Bridges Problems, this paper models the cutting problem and then presents a brand-new cutting technology, the bridge cutting. In this technology, only one pierce point is enough to cut off all the parts that lie in the same level. The example shows that the technology is effective for reducing the numbers of pierce points and shortening the length of idle cutting path, which not only improves the cutting efficiency but also saves the cutting cost. © (2012) Trans Tech Publications.


Liu Y.,Harbin Engineering University | Meng M.,Harbin Engineering University | Wang Q.,Harbin Engineering University | Ling X.,COSCO Shipyard Group Co. | Jiang H.,COSCO Shipyard Group Co.
2012 2nd International Conference on Remote Sensing, Environment and Transportation Engineering, RSETE 2012 - Proceedings | Year: 2012

Essence and connotation of resource optimization of modern shipbuilding material flow are put forward in light of the problem of resource optimization of shipbuilding material flow. Solutions for resource optimization system and resource acquisition optimal selection in modern shipbuilding material flow are brought forward by taking the characteristics of modern shipbuilding material flow system into consideration and meanwhile, a research thought that adapts to modern shipbuilding material flow resource optimization simulation model is formulated. © 2012 IEEE.


Guo C.,Harbin Engineering University | Zhang Q.,Harbin Engineering University | Zhang Q.,COSCO Shipyard Group Co. | Shen Y.,Harbin Engineering University
Journal of Marine Science and Application | Year: 2015

The scale effect leads to large discrepancies between the wake fields of model-scale and actual ships, and causes differences in cavitation performance and exciting forces tests in predicting the performance of actual ships. Therefore, when test data from ship models are directly applied to predict the performance of actual ships, test results must be subjected to empirical corrections. This study proposes a method for the reverse design of the hull model. Compared to a geometrically similar hull model, the wake field generated by the modified model is closer to that of an actual ship. A non- geometrically similar model of a Korean Research Institute of Ship and Ocean Engineering (KRISO)’s container ship (KCS) was designed. Numerical simulations were performed using this model, and its results were compared with full-scale calculation results. The deformation method of getting the wake field of full-scale ships by the non-geometrically similar model is applied to the KCS successfully. © 2015, Harbin Engineering University and Springer-Verlag Berlin Heidelberg.

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