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    Russian Civil Shipbuilding Sector

    Rodion_Romanovic
    Rodion_Romanovic


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    Post  Rodion_Romanovic Mon Jun 19, 2023 9:52 am

    The russian fishings group Norebo acquired Pella shipyard.

    What happened with Pella?

    A few years ago they were even expanding and for a few years even rented the shipyard in feodosia (plus they acquired a shipyard in Germany (stupid move in my opinion)).

    Were there problems due to penalties for the delays with the construction of the  missile ships (22800- karakurt class)?
    Or was mainly due to the sanctions post military operation in the Ukraine?


    https://en.portnews.ru/news/326276/

    https://en.portnews.ru/news/347730/

    Norebo Group changed names of its assets, Pella SK and Pella-Stapel

    New names of the companies are Otradnoye Shipyard LLC and Neva-Stapel LLC, respectively

    Norebo Group says it changedthe names of its assets,Pella SK and Pella-Stapel to Otradnoye Shipyard LLC and Neva-Stapel LLC, respectively from 18 May 2023.

    Pella shipyard based in Russia’s Leningrad region was founded in 1950. Pella was privatized in 1992. Reorganization of Pella JSC was completed in November 2022 with Pella SK, LLC taking over the rights and obligations under shipbuilding contracts on construction of fishing ships and Pella-Stapel, LLC acting as a contractor (its assets were acquired by Norebo in spring 2022).

    According to earlier reports of IAA PortNews, Norebo said in January 2023 that the order book of Pella SK, LLC and Pella-Stapel, LLC (assets of Norebo Group) numbered 12 fishing ships including two crab catchers of Project 3070; four mid-size processing trawlers of Project 3095, two mid-size processing trawlers of Project 1701 and four long-liners of Project 200101.

    Established in 1997, Norebo is one of Russia’s three largest fishing companies. The group incorporates fishing companies based in the North-West Region and in the Far East of Russia, fish processing factories, a logistics center, cargo terminal Seroglazka and ship repair facilities in Kamchatka. From 2022, Norebo has been investing in the development of its shipbuilding company in the Leningrad Region. The group’s fleet numbers over 40 medium-size and large-size fishing ships operating in all key fishing areas of the Atlantic and Pacific Oceans. The holding’s transport company is engaged in fish products transportation by refrigerated ships. As of today, Norebo headquartered in Murmansk employs over 3,500 people.

    By the way, recently also the vostochnaya verf (a shipyard in Vladivostok) went bankrupt and many of its employees went elsewhere.

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    lancelot
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    Post  lancelot Mon Jun 19, 2023 10:06 am

    From what I read the Pella Shipyard has been winning the lawsuits against the Russian state with regards to the Karakurt class corvettes.
    It is not their fault that components like engines were not delivered on time. Because of that they could not finish the ships on the contracted construction time. The ship hulls were complete and were launched. When components were delivered on time you can see they delivered complete ships in 3-4 years.

    But all those delays and the costs of the lawsuit likely did cause the shipyard some losses.

    Vostochnaya Verf lost the contract to build the Karakurt class corvettes to Amur Shipyard. So they lacked the orders to remain viable. I do not know if there are some kind of political reasons for them losing the contract. But I think it was a bad idea to clog Amur Shipyard with building the Karakurt when it could easily have been taken care of by the smaller yard at Vostochnaya Verf. They should use Amur Shipyard to build the larger ships.

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    Rodion_Romanovic
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    Post  Rodion_Romanovic Mon Jun 19, 2023 10:47 am

    lancelot wrote:From what I read the Pella Shipyard has been winning the lawsuits against the Russian state with regards to the Karakurt class corvettes.
    It is not their fault that components like engines were not delivered on time. Because of that they could not finish the ships on the contracted construction time. The ship hulls were complete and were launched. When components were delivered on time you can see they delivered complete ships in 3-4 years.

    But all those delays and the costs of the lawsuit likely did cause the shipyard some losses.

    Possibly there were also a lot of losses with the German shipyard.

    Still it is sad, it was one of the best private shipyards in Russia. I hope that the new management will not ruin it.

    lancelot wrote:
    Vostochnaya Verf lost the contract to build the Karakurt class corvettes to Amur Shipyard. So they lacked the orders to remain viable. I do not know if there are some kind of political reasons for them losing the contract. But I think it was a bad idea to clog Amur Shipyard with building the Karakurt when it could easily have been taken care of by the smaller yard at Vostochnaya Verf. They should use Amur Shipyard to build the larger ships.

    I know, but I thought they had more orders for civilian ships or for the border guard.

    Anyway, it is a smaller shipyard than Amur, but it should be capable of building vessels and ships with a displacement of up to 2.5 thousand tons, so in addition to Corvettes or patrol ships its facilities could be used for a large variety of civilian ships...

    Let's hope they do not let it go derelict.
    lancelot
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    Post  lancelot Mon Jun 19, 2023 11:35 am

    There seems to be some sort of tussle between the owners of the Vostochnaya Verf shipyard with lawsuits and claims of embezzlement and the like. Because of delays with deliveries of prior government orders, other orders including the Karakurt corvettes got cancelled. They also seem to be having trouble delivering civilian ships with the sanctions making it harder for them to get imported ship equipment. The government basically decided not to chance it with this private company anymore.

    It still seems like a misuse of shipbuilding resources though.
    GarryB
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    Post  GarryB Mon Jun 19, 2023 12:47 pm

    Lots of stories recently about western entities owning port facilities and just extracting money out of them and not putting anything back in to stifle growth and development of Russian ports and companies.

    Seems the Russians have been working hard to reverse these privatisation errors and reclaim these assets to get them working again as state owned assets...

    We saw what happened with RED diesel engines in Germany and we know about western interests sabotaging Russian companies and stealing money from them... perhaps foreign interests will be squeezed out and Russians can rebuild and start growing... there is no shortage of work on ship building in Russia for civilian and military vessels and getting more and more ports and shipyards working using Russian workers and Russian components and materials to make ships for Russian companies is the most desirable goal all round.

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    Rodion_Romanovic
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    Post  Rodion_Romanovic Mon Jun 19, 2023 1:37 pm

    Still, I believed that vostochnaya verf was part of the United Shipbuilding Corporation (USC) (Объединённая судостроительная корпорация - ОСК) which in turn is owned by the Federal Agency for State Property Management (Rosimushchestvo).

    Or maybe I am wrong?

    From a post in another thread I also discovered that severnaya verf had been (partially?) Privatised in the 1990s even if it is part of USC.

    Were some of the issues there also due to the half foreign owners?

    And for vostochnaya verf? Is the bankruptcy procedure something only negative or can it also bring positive changes (except for the current owners)?

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    Scorpius
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    Post  Scorpius Mon Jun 19, 2023 1:39 pm

    GarryB wrote:Lots of stories recently about western entities owning port facilities and just extracting money out of them and not putting anything back in to stifle growth and development of Russian ports and companies.

    Seems the Russians have been working hard to reverse these privatisation errors and reclaim these assets to get them working again as state owned assets...

    We saw what happened with RED diesel engines in Germany and we know about western interests sabotaging Russian companies and stealing money from them... perhaps foreign interests will be squeezed out and Russians can rebuild and start growing... there is no shortage of work on ship building in Russia for civilian and military vessels and getting more and more ports and shipyards working using Russian workers and Russian components and materials to make ships for Russian companies is the most desirable goal all round.

    If you think that the problem is only in the shipbuilding sector, you are mistaken. They are common in EVERY field. The owner of one of the enterprises from Almaz-Antey lives in Sweden. Of the deputy prime ministers of Russia who have held office over the past 25 years, it seems that only Rogozin has not fled abroad. The owners of the largest retailers in Russia are foreign assets. The owners of the largest developers in Russia live permanently in the West.

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    GarryB
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    Post  GarryB Tue Jun 20, 2023 4:54 am

    Well now seems to be a good time to have a purge because these people in the west are going to struggle to get money out of Russia with no SWIFT and problems with currency conversion.

    And for vostochnaya verf? Is the bankruptcy procedure something only negative or can it also bring positive changes (except for the current owners)?

    I woulds say a bankrupt private company could be taken over by the state for a few cents in the dollar so they could buy up valuable assets rather cheaply and make them state owned... or get a court order to make null and void the illegal ownership in the first place...

    Things like ports can make a lot of money for very little outlay so I would prefer state ownership over private ownership no matter where the private owner lived... gathering that much money for a small group of people is not good for the economy or the people who live and work there...

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    sepheronx
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    Post  sepheronx Tue Jun 20, 2023 6:05 am

    Scorpius wrote:
    GarryB wrote:Lots of stories recently about western entities owning port facilities and just extracting money out of them and not putting anything back in to stifle growth and development of Russian ports and companies.

    Seems the Russians have been working hard to reverse these privatisation errors and reclaim these assets to get them working again as state owned assets...

    We saw what happened with RED diesel engines in Germany and we know about western interests sabotaging Russian companies and stealing money from them... perhaps foreign interests will be squeezed out and Russians can rebuild and start growing... there is no shortage of work on ship building in Russia for civilian and military vessels and getting more and more ports and shipyards working using Russian workers and Russian components and materials to make ships for Russian companies is the most desirable goal all round.

    If you think that the problem is only in the shipbuilding sector, you are mistaken. They are common in EVERY field. The owner of one of the enterprises from Almaz-Antey lives in Sweden. Of the deputy prime ministers of Russia who have held office over the past 25 years, it seems that only Rogozin has not fled abroad. The owners of the largest retailers in Russia are foreign assets. The owners of the largest developers in Russia live permanently in the West.

    I am unsure how true most of these claims are.  As Garry said, they cannot extract the money anymore out of Russia unless through black market means.  I mean, yeah there is a lot of rot left over but I am unsure how "far spread" it is.  I heard these stories before so many times but one thing is for certain, if it was the case, then Russia would have nearly collapsed with these sanctions and cut off from swift.  Yet that didn't happen, but growth did. I don't doubt the rot and all the fools who left Russia with money. But money and ownership are kind of two different things. I figure most of these individuals know by now they aren't gonna get anymore money and probably now cutting all losses. Not like they can do much anyway.

    Anyway...

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    owais.usmani


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    Post  owais.usmani Tue Jun 20, 2023 6:48 am

    https://prim.rbc.ru/prim/freenews/648fa7519a7947f3287d2091

    Zvezda to replace South Korean shipyards with Chinese ones


    The Zvezda shipbuilding complex, which is located in Primorye, ceases cooperation with South Korean companies. As RZD-Partner notes , the plant is currently building 26 large reinforced ice-class tankers to transport hydrocarbons along the Northern Sea Route (NSR). It was originally planned that 15 of them would be created in partnership with South Korea. However, last year the shipyards decided to stop cooperation with the Russian side.

    “The Koreans signed up for 15 [vessels], they give 5, they will be completed on the Zvezda. 10 remain, now we are negotiating with colleagues from China,” Deputy Minister of Industry and Trade of the Russian Federation Viktor Evtukhov said at the session “The Russian Fleet for New Sea Transport Corridors”. He noted that about 70 ships would be needed to transport hydrocarbons along the NSR.

    According to Port News, Yevtukhov also clarified that in addition to the 26 vessels that are already under construction, another 44 are announced for construction by various users and manufacturers of products that will be transported along the Northern Sea Route. “According to Rosatom estimates, there should be another 2 dozen more of these vessels,” the deputy head of the Ministry of Industry and Trade specified. At the same time, the Russian shipbuilding industry is ready to build them, provided that all applications are verified and turn into “solid contracts”.

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    GarryB
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    Post  GarryB Tue Jun 20, 2023 9:30 am

    South Korean shipyards are going to be feeling like French shipyards pretty soon.

    Much the same way Chinese shipyards might be feeling like Turkish shipyards... (relief that their own governments give a shit about them and not about US bullshit).

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    lancelot
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    Post  lancelot Tue Jun 20, 2023 10:26 am

    South Korean shipyards in the short and middle term are going to be fine. For example Europe now needs to buy LNG, and there simply isn't enough LNG tanker capacity in the whole world to replace the natural gas they used to get piped from Russia. It will likely take a decade of shipbuilding to replace this capacity. South Korea is the main builder of LNG tankers worldwide. Back when Russia decided to collaborate with South Korea in the Zvezda shipyards to build LNG tankers for Yamal LNG project, the Chinese were just starting out building their own LNG tankers. That is likely why they decided to partner with South Korea.

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    Post  GarryB Tue Jun 20, 2023 2:18 pm

    Not for a second suggesting Russia made a mistake with South Korea... just as the purchase and licence production of French thermal imagers made sense too as did the Mistral contracts, if politics didn't get in the way Russia would likely be operating four Mistral class ships by now and foreign countries might have been interested in buying some too.

    The South Koreans know how to run a shipyard and build ships, that is why the Russians took notice and cooperated with them and hired them to build the Zvezda shipyard in the Russian far east.

    But the Chinese have stepped up and shown they can make ships now so at a time when Russia wants to expand its civilian fleet and probably start to seriously increase some aspects of its military fleet China is going to benefit from orders, and South Korea is not... nor are most western ship building nations that the Russians and Soviets have engaged in the past to make things for them like Sweden and Norway and Finland...

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    JohninMK
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    Post  JohninMK Tue Jun 20, 2023 3:36 pm

    GarryB wrote:
    I woulds say a bankrupt private company could be taken over by the state for a few cents in the dollar so they could buy up valuable assets rather cheaply and make them state owned... or get a court order to make null and void the illegal ownership in the first place...

    Given Russia's seeming instinct to do things by the book, they seem to be starting to apply some of the well tested, in the West, techniques of the rapacious asset strippers that push the Law to the limit but are accepted as legal so are difficult to counter.

    Purchasing out of bankruptcy or liquidation is a classic example, leading to the well known phrase where such a company rises from the ashes, a Phoenix company, after the mythical phoenix, a bird that in many stories bursts into flames upon its death, being born again among the ashes. Often with all the staff, production and customers miraculously still in place.

    That the Russians are using this technique back ended by nationalisation is interesting and logical. Such an event occurred in the UK in 1971 when, due to runaway costs of the RB-211, Rolls Royce crashed, only to be rescued and nationalised by the UK Government.

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    Post  GarryB Wed Jun 21, 2023 3:25 am

    I heard these stories before so many times but one thing is for certain, if it was the case, then Russia would have nearly collapsed with these sanctions and cut off from swift. Yet that didn't happen, but growth did.

    Makes you think what their real growth would have been without these leeches stealing blood and not helping in any other way...

    Makes you wonder about what is happening in the west... similar people doing the same thing to enjoy a life of luxury because their daddy or grandpa made a deal with some idiot and they haven't had to work since...

    There were British propaganda drawings early last century showing Russia or the Soviet Union as a giant octopus with its tentacles reaching out around the world trying to grab territories... which I thought was hilarious at the time I saw it because as is usual with such things it probably better described the British Empire than the Russians or Soviets.

    Because of which I was going to call the west an octopus with arms reaching into Russia stealing wealth and assets and limiting access of the locals to that money and those resources too, but instead of 8 arms it has billions... and it is not just Russia... it is in every country... even friendly ones... which is where this money and power comes from... but as we have seen the west believes its own bullshit... the west is rich and powerful because it is good and just, so in trying to isolate Russia and China and Iran etc, they are actually cutting themselves out of those markets and from those money flows... and it is hurting them more than the patient... much like removing ticks and leeches from a host... when the wounds heal up the patient is normally fine, it is the parasite that dies if it can't find another host too big to notice its drag on their health levels.

    That the Russians are using this technique back ended by nationalisation is interesting and logical. Such an event occurred in the UK in 1971 when, due to runaway costs of the RB-211, Rolls Royce crashed, only to be rescued and nationalised by the UK Government.

    Yes, the beauty of this is it it all legal, but the ones suffering are the oligarchs... but not oligarchs in Russia... western oligarchs... which most western countries don't seem to acknowledge the existence of at all...

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    Post  owais.usmani Sun Jul 30, 2023 2:44 pm

    https://sskzvezda.ru/index.php/ru/news/8-news/1042-spetsialisty-sudostroitelnogo-kompleksa-zvezda-proveli-unikalnuyu-operatsiyu-po-vyvodu-iz-sukhogo-doka-odnovremenno-dvukh-sudov

    THE ZVEZDA SHIPYARD CARRIED OUT A UNIQUE OPERATION TO REMOVE TWO SHIPS FROM THE DRY DOCK AT THE SAME TIME.


    Specialists of Zvezda Shipbuilding Complex carried out a unique operation to simultaneously de-dock two vessels: the first ARC6 ice class shuttle tanker and the ARC 7 class LNG carrier.

    The solemn ceremony of launching the vessels took place in the presence of representatives of SSC Zvezda, customers and the Russian Maritime Register of Shipping. The whole operation lasted about a day: after filling the dock bowl with water and diverting the batoport (floating dock gate), the vessels were towed to the place of outfitting work. After their completion, the vessels will undergo mooring trials.

    A reinforced ice-class ARC6 shuttle tanker with a deadweight of 69,000 tons is being built by order of JSC Rosnefteflot. The ship was given the name "Valentin Pikul" - in honor of the Soviet writer, author of numerous works of art on historical and naval topics.

    The tanker is designed to transport oil and is capable of independently navigating without icebreaking support in the waters of the northern seas, in rarefied first-year ice with a thickness of up to 1.1 m in winter-spring navigation, and up to 1.7 m in summer-autumn navigation. The maximum length of the tanker will be 257 meters (7 meters more than the Aframax tanker), width - 34 meters, draft - 14 meters, depth - 21 meters, speed - 15.5 knots. The propulsion system includes controlled full-revolving rudder propellers. In addition, the new vessel will be equipped with a bow loading device for receiving oil directly from a stationary ice-resistant offshore berth.

    The ARC 7 icebreaking LNG carrier Sergei Witte is named after the Russian statesman, financier and founder of Russian industrialization. This is the third tanker in a series of vessels being built at SSC Zvezda in the interests of PAO NOVATEK for the Arctic LNG-2 project. The gas carriers will be operated under long-term time charter agreements between PAO Sovcomflot and OOO SMART LNG (a subsidiary of the Sovcomflot Group and NOVATEK) with OOO Arctic LNG 2 (a subsidiary of PAO NOVATEK), financed construction of VEB.RF ships. Fitting work is underway on the first two ships of the series, which have already been launched.

    SSK Zvezda is the first Russian shipyard to implement a project for the construction of such vessels. Icebreaking LNG carriers of the ARC 7 class are one of the most technologically sophisticated innovative vessels to build, each of which has a capacity of more than 172,000 cubic meters and is equipped with three unique rudder propellers. The length of the vessel is 300 m, the width is 48.8 m, the draft is 11.7 m, the deadweight is 81,000 tons. The power plant of the gas carrier is 45 MW. These vessels are designed to transport liquefied natural gas and are capable of operating in harsh climatic conditions, independently breaking ice more than 2 m thick. Their distinguishing feature is the presence of a membrane-type LNG storage system.

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    Post  Scorpius Tue Aug 01, 2023 4:46 pm

    [quote="owais.usmani"]https://sskzvezda.ru/index.php/ru/news/8-news/1042-spetsialisty-sudostroitelnogo-kompleksa-zvezda-proveli-unikalnuyu-operatsiyu-po-vyvodu-iz-sukhogo-doka-odnovremenno-dvukh-sudov

    THE ZVEZDA SHIPYARD CARRIED OUT A UNIQUE OPERATION TO REMOVE TWO SHIPS FROM THE DRY DOCK AT THE SAME TIME.



    Russian Civil Shipbuilding Sector - Page 18 DJI_0928
    Russian Civil Shipbuilding Sector - Page 18 F_c2RlbGFub3VuYXMucnUvdXBsb2Fkcy81LzgvNTgwMTY5MDg4OTM1OV9vcmlnLmpwZWc_X19pZD0xNTMwODA=
    A good photo for understanding the scale

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    Post  Hole Tue Aug 01, 2023 5:16 pm

    It´s a nice little yard.  Very Happy

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    Post  GarryB Wed Aug 02, 2023 6:38 am

    When they talk about rudder propellers are they talking about azipod type external propeller pods that can be rotated 360 degrees to manouver the ship?

    If so that is quite important because it would have to be all Russian made...
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    Post  Krepost Tue Aug 08, 2023 5:16 am

    Another crab fishing vessel completed in the Far East.

    KEDON is on sea trials.

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    Post  Scorpius Sun Aug 27, 2023 7:41 pm

    Russian Civil Shipbuilding Sector - Page 18 23680_3
    SCIENTIFIC EXPEDITION VESSEL OF PROJECT 23680 "IVAN FROLOV"
    technical specifications
    The longest length, m — 164.8
    The width is the largest, m — 26
    Side height, m — 13.5
    Draft, m — 8.5
    Displacement, t — approx. 25,000
    Crew + special staff, people — 240
    Deadweight, t — approx. 9200

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    Post  Scorpius Sun Aug 27, 2023 7:46 pm

    GarryB wrote:When they talk about rudder propellers are they talking about azipod type external propeller pods that can be rotated 360 degrees to manouver the ship?

    If so that is quite important because it would have to be all Russian made...

    https://paluba.media/company/msc-propulsion

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    Post  GarryB Mon Aug 28, 2023 2:14 am

    That is excellent because having a few of these on a ship means it wont need assistance in port, but also that they can be located anywhere and still be used to propel the ship and manouver the ship safely and efficiently.

    Normally on a very big ship the propeller has to be at the end of an enormous and very very heavy drive shaft that comes directly from the power plant.

    That means the power plant is located somewhere near the centre of the ship and the huge drive shaft reaches all the way back to the rear of the boat and it is heavy and takes up a lot of space.

    With these new Azipod thrusters you could have two at the back and one or two in the middle and have the propulsion spread around the centre of the boat... two slightly behind and two slightly in front of the cg of the ship so a hit on the ship does not take out both power stations at once and the ship is less likely to lose all power with one hit.

    Power can be routed through the vessel by multiple channels so damage in one area does not stop electricity reaching large parts of the ship so things like fire systems and pumps can continue working as well as lights and communications.

    A decent drive shaft can be thousands of tons on a big ship and connected to a complex gearbox transmission it can be terribly complex and expensive and heavy and fragile.

    Electric drives means you can run forward and backward at any speed you like just by changing the polarity and power levels... very simple.

    Of course size matters so big ships need really big props... just like a huge arena wont be cooled by opening a small window... or a lake wont be drained by pulling out a bathtub sized plug in the bottom, but having multiple azipods located in different positions on the ship means you can manouver and even maintain position in the water with real precision even in currents.

    Just an example of the west thinking they don't make their own stuff they will be lost without our technology.

    Well when they could buy it they bought it but when they can't buy it of course they will make what they need on their own.

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    Post  caveat emptor Mon Aug 28, 2023 7:32 pm

    Interview with the head of USC, Rakhmanov (soon to be ex?) in which he points out that last year corporation had a -6% profit margin ( loss is 6% of revenues). It explains why Putin transferred USC control to VTB bank. They've already divested Baltzavod to Rosatom. Other than financial consolidation, Rakhmanov talks about other plans and shipbuilding program.

    https://www-militarynews-ru.translate.goog/story.asp?rid=2&nid=596255&lang=RU&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-US&_x_tr_pto=wapp

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    Post  owais.usmani Wed Aug 30, 2023 8:55 pm

    https://koreajoongangdaily.joins.com/news/2023-08-29/business/industry/Samsung-Heavy-Industries-faces-contract-cancellation-due-to-Russian-sanctions/1857830

    Samsung Heavy Industries faces contract cancellation due to Russian sanctions


    Samsung Heavy Industries is facing a potential contract cancellation regarding the construction of icebreaking LNG carriers for Russia, due to sanctions imposed on Russia in response to the Ukraine conflict.

    Samsung Heavy's construction of 15 icebreaking LNG carriers as part of Russia's Arctic LNG2 initiative has been impeded, with the progress of 10 vessels being frozen as of August, according to the company Tuesday.

    While the first three ships — Aleksey Kosygin, Pyotr Stolypin and Sergei Witt — have already been delivered, and the construction of two more is still in progress, construction of the remaining 10 ship blocks has come to a halt.

    The escalation of tensions between Russia and Ukraine has led the international community to impose substantial economic sanctions. Consequently, Russia has been expelled from the Society for Worldwide Interbank Financial Telecommunication (Swift), a move that has disrupted financial transactions and payment processing.

    This has, in turn, created complications in the payment process between Samsung Heavy Industries and its Russian counterpart. The recipient of the order is believed to be Sovcomflot, the state-owned Russian shipping company.

    Arctic LNG2, led by Russia’s state-run gas producer Novatek, is Russia's major natural gas project. Collaborative efforts involving Novatek, Sovcomflot and the Russian state development corporation VEB.RF led to shipbuilding contracts with Zvezda Shipyard in 2020.

    Samsung Heavy Industries is working in partnership with Zvezda to build 15 icebreaking LNG carriers, capitalizing on Samsung's technical prowess.

    "The concurrent timing of Russia's sanctions has cast doubt on the progress of the 10 pending vessels," a Samsung Heavy official said.

    "Negotiations are ongoing to chart a way forward. Discussions around contract termination are not being considered, taking into account the relationship with the Russian shipowner."

    This situation echoes a previous incident involving Hanwha Ocean, which terminated contracts for three icebreaking LNG carriers previously ordered from Sovcomflot during the era of Daewoo Shipbuilding & Marine Engineering due to payment delays totaling $850 million.

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