Hanwha signs ‘conditional' deal to acquire DSME for USD1.4 billion
27 September 2022
by Jon Grevatt
DSME's existing programmes include the construction of KSS-III diesel-electric submarines for the Republic of Korea Navy. The second submarine in this class is pictured above at its launch in November 2020. (Republic of Korea Navy)
South Korea's Hanwha Group has signed a preliminary agreement to acquire a controlling stake in Daewoo Shipbuilding & Marine Engineering (DSME), one of the country's biggest naval shipbuilders.
Hanwha said on 26 September that its conditional memorandum of understanding (MOU) with DSME enables the group to secure a 49.3% stake worth KRW2 trillion (USD1.4 billion).
These shares will be acquired by six Hanwha subsidiaries including its defence unit, Hanwha Aerospace. The shares will be acquired from DSME's main creditor, the state-run Korea Development Bank (KDB), whose shareholding in the shipbuilder will reduce to about 28%.
Hanwha said a formal acquisition agreement is expected to be announced in November, with the transaction completed by the first half of 2023.
However, the agreement will only be valid if Hanwha is selected to acquire DSME ahead of any competitive bids for the shipbuilder before a 17 October deadline.
Damen awarded contract for Portuguese Navy's new multi-purpose vessel
30 November 2023
by Kate Tringham
The new multi-purpose vessel, which will be named
D João II
, is planned to enter service in the second half of 2026.
Damen Shipyards Group has been awarded a contract for the design, construction, and outfitting of a new multi-purpose vessel for the Portuguese Navy.
Announcing the contract award on 24 November, Damen said the 107 m-long vessel had been designed to meet the Portuguese Navy's requirement for a platform that combined oceanic research with unmanned systems deployment capabilities.
The new vessel, which will be named D João II, is planned to enter service in the second half of 2026.
The project follows a European tender process and has received funding from the European Union's (EU's) Recovery and Resilience Plan (PRR), which is part of NextGenerationEU, the economic recovery package to support EU member states affected by the Covid-19 pandemic. PRR funding for the project is valued at EUR94.5 million (USD103.8 million), with state investment amounting to EUR37.5 million.
The multi-purpose vessel will be used primarily for oceanic research, search-and-rescue, and emergency relief, with a secondary role for naval support and maritime security operations.
formally entered service on 27 November.
(Islamic Republic News Agency)
The Northern Fleet of the Islamic Republic of Iran Navy (IRIN) officially received its new frigate on 27 November, nearly six years after its previous one sank in an accident.
(78) was formally inducted into service in Bandar-e Anzali on the Caspian, with photographs showing the event took place at one of the port's grain terminals, not at the IRIN base where it was built.
(77), the second of Iran's locally built Jamaran-class frigates, which sank after hitting the breakwater around Bandar-e Anzali during a storm in January 2018.
Satellite imagery shows the first section of the hull for a replacement had appeared in the dry dock at the base by October 2018. Until recently, IRIN officers referred to the new ship as
and it had the number 77 painted on top of its bridge and helicopter flight deck until October, when this was changed to 78, indicating it was recently renamed after a town close to Bandar-e Anzali.
A still from media coverage of the commissioning of
, the first of the UAE's two Gowind corvettes, on 29 November 2023.
(WAM news agency)
The first of the two Gowind corvettes the United Arab Emirates (UAE) ordered from France's Naval Group was commissioned into service on 29 November, the UAE Ministry of Defence (MoD) announced.
(P110) was commissioned by Vice-President Sheikh Mansour bin Zayed al-Nahyan at the Mina Zayed naval base in Abu Dhabi just under two years after it was launched at Naval Group's yard in Lorient.
Naval Group announced earlier in November that the corvette left Lorient on 23 October having been handed over to the UAE Navy two days earlier. It added that the UAE's second Gowind,
, would soon begin sea trials.
The video released by the MoD also showed that the UAE Navy has commissioned a third 71 m landing ship called
, further augmenting its already impressive sealift capability. Satellite imagery shows the landing ship was launched at the Al-Fattan yard in Abu Dhabi in March 2022.
Claire Chu, Janes senior China analyst joins Harry Kemsley and Sean Corbett to discuss how China's economic activity projects influence globally and what she learnt as part of the recent US Congressional staff delegation to China.