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HALLA ENGINEERING & HEAVY INDUSTRIES

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


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


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


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


Hyundai to Make a Bid for Daewoo

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


Shipbuilders to Demand More Steel Plates

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


Huntington Ingalls Subsidiary Partners With HHIC Holdings

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


Hyundai Heavy $600M Order for LNG Carriers

* Photo: Abdelkader, LNG Carrier Hyundai Heavy built and selected as one of the world’s best ships in 2010.

Hyundai Heavy Industries, the world’s largest shipbuilder, won a $600 million order to build two 155,000 m3 LNG carriers, including an option for another same class vessel, from Greece-based Dynagas Ltd. These membrane-type LNG carriers are due for delivery in the second half of 2013. They will feature the Dual Fuel Diesel Engine System which allows the ship to run on oil fuel or natural gas. Due to tightening global regulations on carbon emissions


Maritime Reporter @ 75: The Daily Cartoon

© New Wave Media

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry, with a circulation of more than 35,000 worldwide, including ship and boat owners


Maritime Reporter @ 75: The Daily Cartoon

© New Wave Media

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry, with a circulation of more than 35,000 worldwide, including ship and boat owners


Maritime Reporter @ 75: The Daily Cartoon

© New Wave Media

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry, with a circulation of more than 35,000 worldwide, including ship and boat owners


Mitsubishi: First-Ever Licensing Deal to Chinese for Marine Propellers

The signing ceremony.

Mitsubishi Heavy Industries Marine Machinery & Engine Co., Ltd. (MHI-MME), a group company of Mitsubishi Heavy Industries, Ltd. (MHI),  concluded a licensing agreement with Changzhou Zhonghai Marine Propeller Co., Ltd. (CZZH) under which MHI-MME provides CZZH the manufacturing and


Maritime Reporter @ 75: The Daily Cartoon

© New Wave Media

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry, with a circulation of more than 35,000 worldwide, including ship and boat owners


Corvus Gains Support from WINN Initiative

Corvus Energy announced today the award of $1.3 million in repayable assistance from the Western Innovation (WINN) Initiative for its project to further develop the Corvus Energy Storage System. The Corvus Energy system provides industrial scale energy storage to enable customers to power or


GeoSea acquires HOCHTIEF Offshore Assets

HOCHTIEF is selling offshore assets to marine contractor and long-term partner GeoSea

DEME’s marine engineering specialist GeoSea acquires offshore assets of HOCHTIEF, one of Germany’s leading international construction groups. HOCHTIEF is selling offshore assets to marine contractor and long-term partner GeoSea


Maritime Reporter @ 75: The Daily Cartoon

© New Wave Media

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry, with a circulation of more than 35,000 worldwide, including ship and boat owners


GTT Receives Order from HHI for Two LNGCs

Gaztransport & Technigaz (GTT), a designer of membrane containment systems for the maritime transportation and storage of liquefied natural gas (LNG) confirmed an order for two large LNGCs Liquefied Natural Gas Carriers (LNGCs), which are in the third quarter 2014 order book


AVEVA, Capgemini Bolster Global Alliance

Complementary expertise enables asset-intensive industries to reduce risk and increase profitability AVEVA and Capgemini today announced the signing of a global alliance agreement, which the companies expect will benefit asset-intensive industries such as oil and gas, process, power


Maritime Reporter @ 75: The Daily Cartoon

© New Wave Media

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry, with a circulation of more than 35,000 worldwide, including ship and boat owners


Maritime Reporter @ 75: The Daily Cartoon

© New Wave Media

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry, with a circulation of more than 35,000 worldwide, including ship and boat owners


SC Ports Authority Container Volume Up 13%

Photo: SC Ports Authority

Today SC Ports Authority announced 13 percent year-over-year increases in container volume through the first quarter of the 2015 fiscal year. SCPA handled 150,790 twenty-foot equivalent units (TEUs) in September, up 13.4 percent over the same month in 2013. Container volumes are 10


Faststream Awards Inaugural Leadership Scholarship

Chad Fuhrmann (Photo: Faststream)

Faststream today named Chad Fuhrmann the recipient of its inaugural Scholarship for Leadership Excellence. The scholarship, valued at $9,500, will afford Fuhrmann the opportunity to attend a continuing education program hosted by Louisiana State University’s E.J


Maritime Reporter @ 75: The Daily Cartoon

© New Wave Media

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry, with a circulation of more than 35,000 worldwide, including ship and boat owners






 
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