HALLA ENGINEERING & HEAVY INDUSTRIES
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
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
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
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.
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
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.
According to Korea Times, South Korean shipbuilders’ demand for steel plates is expected to continue to rise next year due to an increase in orders, an industry body said Monday. The Korea Shipbuilders’ Association forecast the industry’s demand for steel plates will reach 5.4 million tons next year, up 300,000 tons from this year. Industry sources predict the demand for steel plates is likely to amount to 6 million tons by 2008, a steady increase from 4.6 million tons in 2004
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
Hyundai Heavy Industries Co. plans to bid for a $3.1b controlling stake in Daewoo Shipbuilding & Marine Engineering Co. reports said. A preliminary offer will be submitted Wednesday. The preferred bidder will be announced in September and the sale will be completed by the end of October, according to the policy lender. Hyundai Heavy will compete with Posco, GS Group and Hanwha Group for the 50.4 percent holding being sold by state-run Korea Development Bank and Korea Asset Management Corp
Virginia Beach, Va. - Huntington Ingalls Industries announced that its subsidiary, AMSEC, has signed an agreement with Hanjin Heavy Industries and Construction Philippines Inc., a subsidiary of HHIC Holdings Co. Ltd., to work together in providing maintenance, repair and logistics services to the U.S. Navy and other customers in the western Pacific region. The agreement with HHIC-PHIL allows AMSEC to benefit from Hanjin's state-of-the art shipyard at Subic Bay, Philippines
A heavy equipment operator, port construction manager, shoe company executive and maritime university student encouraged Long Beach young women to explore careers in shipping industry at this week’s fifth annual Celebrating Women in Trade luncheon.
Make no mistake, the commercial maritime industry will always revolve around heavy duty machinery and mega-machines designed to weather some of the toughest operating conditions on earth. But in recent years a proliferation of Software Solutions has evolved to help the machines operate more
MacGregor, part of Cargotec, has been contracted by South Korean shipbuilder Hyundai Heavy Industries to deliver RoRo access equipment packages for a series of two post-Panamax RoRo carriers. The vessels are under construction at Hyundai Mipo Dockyard (HMD) for the Luxembourg-based operator CLdN
H Henriksen of Norway has received SOLAS certification for a new off-load single-point boat lifting hook capable of holding up to 22.5-tonnes. The quick release hook has been developed principally for use with heavy workboats while a smaller hook has received SOLAS certification for
To convert its vessel Coral Anthelia to dual fuel operation, Anthony Veder worked with Cat dealer Bolier to complete the industry’s first in-hull retrofit – saving considerable time and money in the process. The project saw the retrofit of a marine diesel engine to dual
Dorian LPG Ltd. a leading owner and operator of modern Very Large Gas Carriers ("VLGCs"), reported today that it has taken delivery of the ECO VLGC Commander from Hyundai Heavy Industries. The Commander is Dorian LPG's 15th newbuilding delivery
Crowley formalizes new GlobalShip Management and Government Services groups; Golonka and MacDonald assume new vice presidential roles Crowley Maritime Corp. has formalized two new groups, Government Services and Global Ship Management
Petronas has laid keel for its second floating liquefaction plant, Petronas Floating LNG2 (PFLNG2), in Geoje Island, South Korea. Petronas, together with JGC Group and Samsung Heavy Industries (SHI), the consortium leading the engineering, procurement, construction
Mitsui O.S.K. Lines, Ltd. today took part in a naming ceremony for the newbuilding liquefied natural gas carrier LNG JUROJIN, which is co-owned by MOL and Kansai Electric Power Co., Inc. at the Nagasaki Shipyard & Machinery Works of Mitsubishi Heavy Industries, Ltd.
Dry bulk shipper Seanergy Maritime Holdings Corp. has taken delivery of two secondhand Capesize dry bulk vessels, renamed M/V Gloriuship and M/V Squireship, to be employed in the spot market. The 171,314 dwt Gloriuship was built in 2004 by Hyundai Heavy Industries, and the 170
Mammoet awarded heavy lift and transport engineering contract for ethane cracker and derivatives complex Westlake, Louisiana - Mammoet, the world’s largest service provider specializing in engineered heavy lifting and transport
Bestobell Marine has secured two orders to supply its new range of high pressure globe and check valves to be used in high pressure fuel gas systems on board ships. The valves will be used within the pump and vapouriser skids for six LNG carriers that are being built at DSME shipyard and
Saudi Aramco, the world’s leading integrated energy and chemicals company, and Hyundai Heavy Industries (HHI) Group signed a general memorandum of understanding (MoU) to jointly collaborate on business development opportunities in the Kingdom of Saudi Arabia.
The South Korean shipyard STX Offshore & Shipbuilding is apparently close to a bankruptcy if not yard soon find new vendors who are willing to pump huge sums into the yard. Otherwise, there is the prospect of a collapse in the first half of the 2016th.
Up to now, the port of Rotterdam, the largest seaport in Europe, has played a negligible role in the construction of offshore wind farms in Europe. But that is about to change. On Maasvlakte 2, Sif Group and Verbrugge International are building a dedicated offshore terminal and a production