In the photo above,the blue machine,it is known as a vertical borer,or vertical boring mill, or in some countries a vertical lathe. the big advantage is the job can be loaded onto the rotating table far more easily than securing it to the faceplate of a large lathe,also it can be set central without struggling with clamps at the same time ,set it central first then clamp it down, also the borers can be built far larger than a lathe, modern vertical borers as per photo are set into the ground so the table is level with the ground ,easier to work on and set up,a lot of that machine is below ground on a very expensive concrete pit.