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EU to S. Korea: Agreement on Subisdies Soon Or Else

The European Union's executive body proposed starting a World Trade Organisation (WTO) dispute against South Korea over alleged subsidies to its shipyards unless a deal could be reached by June 30. At the same time, the European Commission said it would propose allowing temporary government aid for European shipyards hit by South Korean competition for the duration of the WTO case. Both proposals will be discussed by EU industry ministers who meet on May 14 and 15. "Although we have not closed the door to an amicable solution with the Korean authorities, the clock is now ticking," EU Trade Commissioner Pascal Lamy said. The Commission said its own five-month probe of South Korean shipbuilding had established that substantial subsidies had been granted to South Korean shipyards which it alleged contravened the WTO's 1994 Subsidies Agreement. "On this basis, the Commission will recommend that the matter be taken before the WTO through the initiation of a dispute settlement procedure by 30 June unless an amicable solution can be reached in the interim period," it said. General European government aid to shipyards was banned at the end of last year. Under the "temporary support mechanism" proposed by the Commission, state aid of up to 14 percent would be allowed for building the types of ships where European shipyards had been hard hit by the alleged unfair practices by South Korea, the world's biggest shipbuilder. These are container ships and product and chemical tankers


Korean Shipbuilders Place in Top 10 for June Orders

Korean shipbuilders occupied seven out of the top 10 positions in the world last month in terms of orders. Hyundai Heavy Industries was the world’s largest shipyard in terms of order backlog as of late June with 11.74 million compensated gross tons (CGT), British shipbuilding market researcher Clarkson reported. Samsung Heavy Industries came second with an order backlog of 8.27 million CGTs, followed by Daewoo Shipbuilding & Marine Engineering (DSME) with 7


Ship Values Rise

As the world has been beset by a wave of bad financial news -- from the looming financial crisis and credit crunch to the rapidly escalating cost of industrial materials, particularly steel -- Clarkson via its weekly Clarkson Index delivered some good news for a change, as the index, which is a measure of prices for all types of vessels, rose for the first time in more than three months. According to a Bloomberg report


Samsung Companies Consider Merger Again

Image: Samsung Engineering

 South Korean shipbuilder Samsung Heavy Industries Co will try again to merge with sister company Samsung Engineering Co Ltd later this year, reports Korea Times.   Samsung Engineering CEO Park Jung-heum has said he will once again pursue a merger talk.   "Before pushing for the deal, we need understanding from the financial markets, which we believe is a key condition," he told local reporters.  


Massive Layoff Ahead for Hyundai Heavy

Photo: Hyundai Heavy Industries Co., Ltd. (HHI)

 Another massive reduction in the Korean shipbuilding workforce may come as most shipyards are still struggling with falling orders and mounting losses, reports Yonhap quoting industry sources.   Hyundai Heavy Industries plans for large layoffs amid a prolonged recession in the global shipbuilding sector and the government’s move to restructure the ailing industry.    Over the past few weeks, the troubled world’s No


Run aground, S. Korea's Shipbuilders Awaits Miracles

Photo: Daewoo Shipbuilding & Marine Engineering

 The 'Big Three'—Daewoo Shipbuilding & Marine Engineering, Hyundai Heavy Industries and Samsung Heavy Industries—hold $42.1 billion in loans between them. The firms closed out 2015 with combined losses of more than $6 billion, their earnings reports revealed.   According to a report in BusinessKorea, the top three failed to clinch any contract whereas Hyundai Mipo Dockyard signed those for two chemical product carriers of 40


Bleeding Continues for Korean Shipbuilders

Photo: Hyundai Heavy Industries

 South Korea's big three shipbuilders are set to post over 8 trillion won (US$6.66 billion) in operating losses in 2015 because the industry has not found a way out of a prolonged slump, reports Yonhap.   According to the industry data, the top three shipyards - Hyundai Heavy Industries Co., Samsung Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co. - are stung by a combination of a prolonged industry slump


Report: Korean Shipbuilders Dominate Global Orders

Reports indicate that South Korea's shipbuilders ranked No. 1 through No. 7 worldwide in terms of order backlogs for the first time ever as of the end of February, a London-based market researcher said Monday. Seven domestic shipyards' order backlogs accounted for 35 percent of the global industry's total of 107.34 million compensated gross tons (CGT), Clarkson Plc. said. Hyundai Heavy Industries ranked No. 1 worldwide with an order backlog of 10.82 million CGT, it said.


Daewoo Heavy Approves Split Plan

Daewoo Heavy Industries Co. shareholders approved a plan to split the firm into three companies, officials said. The plan will go into effect May 1. Under the plan, the company will split into shipbuilding firm Daewoo Shipbuilding and Marine Engineering Co., machinery maker Daewoo Heavy Industries and Machinery Ltd. and Daewoo Heavy Industries Co. for the remaining operations. Daewoo Heavy is among the 12 Daewoo Group firms put under a creditors-led debt restructuring program in late August


Korean Shipyards Rank 1-7th in Order Backlogs

South Korean shipyards ranked No. 1 through No. 7 in terms of order backlogs as of the end of April, the Korea Times recently reported. Hyundai Heavy Industries, retained its spot with an order backlog of 11.44 million compensated gross tons (CGT). Samsung Heavy Industries overtook its rival Daewoo Shipbuilding & Marine Engineering Co. with an order backlog of 8.34 million CGTs. Daewoo Shipbuilding was the third-largest shipyard with an order backlog of 7.63 million CGTs


ABB’s OCTOPUS for four semi-submersible vessels

Juha Koskela, Managing Director. Photo ABB Marine and Ports

ABB’s OCTOPUS marine software will improve the safety and efficiency of four new semi-submersible heavy lift vessels, using weather and loading data to plot the optimal route. The ships, owned by Greenland Heavylift Holdings, will transport gigantic cargoes such as oil rigs and jack-up rigs


VT Halter Marine Names Socha Senior VP

Robert A. Socha (Photo: VT Halter Marine)

U.S. shipbuilder VT Halter Marine, Inc., a subsidiary of Vision Technologies Systems, Inc. (VT Systems), has appointed Robert A. Socha as Senior Vice President of Business Development and Estimating, effective January 30, 2017.   In his role


USCG Awards Polar Icebreaker Contracts

U.S. Coast Guard Cutter Polar Star, a heavy icebreaker homeported in Seattle, Washington, rests in the ice as the motor vessel Ocean Giant departs from the National Science Foundation’s McMurdo Station, Feb. 1, 2017. One of the primary responsibilities of the Polar Star’s crew is to provide an escort for the Ocean Giant through the frozen Ross Sea off of Antarctica. (U.S. Coast Guard photo by Chief Petty Officer David Mosley)

The U.S. Coast Guard awarded five firm fixed-price contracts for heavy polar icebreaker design studies and analysis Wednesday. The contracts were awarded to the following recipients: Bollinger Shipyards, LLC, Lockport, Louisiana; Fincantieri Marine Group, LLC, Washington


Marine Jet Power Awarded Repeat Order for Korean Navy

Photo: MJP

Marine Jet Power has been awarded a repeat order to supply waterjets to another 3 units Patrol Killer Experimental (PKX-B) fast attack craft for the Korean Navy. Last year, South Korean shipbuilder Hanjin Heavy Industries and Construction (HHIC) launched the first unit which is currently


Marine Jet Power Wins Korean Coast Guard Contracts

Photo: Maritne Jet Power

Marine Jet Power has been awarded two new contracts to supply waterjets for another eight units 500T Patrol Vessels for the Korean Coast Guard: five vessels to be built by Hanjin Heavy Industries & Construction and three vessels to be built by Kangnam Corporation.


Hyundai Global Services Enters into Eco-friendly Ship Services Business with KSS Line

Gas Star, 84,000cbm LPG carrier of KSS Line. The ship is going to be the first among KSS Line’s fleet to be retrofitted with Exhaust Gas Cleaning System. Photo: Hyundai Global Services

 Hyundai Global Services (HGS), Hyundai Heavy Industries’ (HHI) newly spun-off company specializing in providing total marine services announced today it signed an MOU with KSS Line, a Korean shipping company, for entering into eco-friendly ship business.  


FUSION Wins NMMA Innovation Award

NMMA Innovation Award in the Watersport Equipment category at the 2017 Miami International Boat Show for its STEREOACTIVE purpose-built portable marine stereo. Photo FUSION Entertainment

FUSION announced today that its STEREOACTIVE purpose-builtportable marine stereo has won the National Marine Manufacturers Association (NMMA) Innovation Award in the Watersport Equipmentcategory at the 2017 Miami International Boat Show. The Innovation Awards program


Hanjin Heavy Delivers Purpose-Built LNG Bunkering Vessel

Photo: ENGIE

ENGIE, Fluxys, Mitsubishi Corporation, and NYK have taken delivery of the world’s first purpose built liquefied natural gas bunkering vessel (LBV) from Hanjin Heavy Industries & Construction Co. Ltd., at the Yeongdo shipyard in Busan, Korea.   


First Purpose-built LNG Bunkering Vessel Delivered

Photo NYK Line

ENGIE, Fluxys, Mitsubishi Corporation, and NYK have taken delivery of the world’s first purpose built liquefied natural gas bunkering vessel (LBV) from Hanjin Heavy Industries & Construction Co. Ltd., at the Yeongdo shipyard in Busan, Korea


HHI Implements NAPA 3D Design Tool

Logo

Software and services provider NAPA has announced that Hyundai Heavy Industries (HHI) has implemented NAPA Steel’s 3D model-based ship structural design tool across its business. NAPA Steel provides an interactive 3D structural modelling interface


Higher Profits for MISC

Photo:  MISC Berhad

 Liquefied natural gas (LNG) shipping company has released its financial results for the year ended 31st December 2016 which show Group revenue for the quarter and the year were low than the corresponding periods for 2015.   Group profit before tax for the quarter ended 31st December


Bahri Acquires VLCC Amjad

Amjad Photo Bahri

Amjad, a 300,000 DWT Very Large Crude Carrier (VLCC) built by Hyundai Heavy Industries (HHI) in South Korea, has become the latest addition to Bahri's growing fleet of 84 vessels of various types.   Bahri took delivery of the VLCC, its 37th


Two New Builds Delivered to Subsea 7

Seven Arctic (Photo: Subsea 7)

Offshore engineering, construction and services company Subsea 7 said it has taken delivery two new builds: a heavy construction flex-lay vessel Seven Arctic and dive support vessel Seven Kestrel, completing its substantial fleet investment program that has added six newly constructed vessels to


New Heavy Lift Jack-up Vessel Design

Image: Ulstein

 SeaOwls and Ulstein launched a new heavy lift jack-up vessel design, the SOUL, at the Offshore Wind Journal Conference on February 7.   According to the designers, the cruciform structural lay-out makes the patent-pending solution more than 10 percent lighter than conventional jack-up


GTT Receives Order to Equip FSRU

GTT said it has received an order from Samsung Heavy Industries (SHI) to equip a floating storage and regasification unit (FSRU) with its Mark III cryogenic membrane containment system. The new order also includes three optional FSRUs.  






 
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