Han Jong-chan assembles the massive blocks used to build ships at one of South Korea's huge and successful shipbuilding yards and has never been happier. Han has worked Daewoo Shipbuilding & Marine Engineering's famed shipyard on remote Koje island here for 18 of his 38 years, recently on night shifts as hefty orders force workers to man giant cranes and welding shops around the clock. Despite a troubled past, a looming dispute with the European Union over subsidies and growing competition from China, the future is looking rosy -- particularly with Korean yards eyeing the potentially lucrative market for cruise ships. The port of Okpo is synonymous with the Daewoo Group and the efforts of its now disgraced founder, Kim Woo-choong, in rescuing a state-run shipyard devastated by the global oil shocks of the 1970s. Despite setbacks in the 1980s as the sector fell into a slump, the shipyard, helped by government subsidies, sailed smoothly through much of the 1990s, until exposure to weak Daewoo sister firms again spelled trouble. But unlike siblings such as bankrupt Daewoo Motor, which was rocked by the collapse of the group in 1999, the shipbuilder has struggled back, and workers such as Han are logging the overtime to prove it. "Yes, I feel tired physically," said Han. "But I am happy because the company is not going to lay us off as long as there is lots of work to do."
According to Ariang News, several major Korean shipyards dominate the world shipbuilding market, but it looks like the industry could use more smaller players. Only 14 Korean shipyards made it to the world's top 100 shipbuilders. The list was compiled by the London-based market researcher Clarkson based on orders. The figure compares with 28 Japanese and 27 Chinese shipyards that made the cut. Analysts say this is because Korean shipbuilders have focused mainly on building large-scale
According to a Bloomberg report, Nippon Yusen K.K. and Mitsui O.S.K. Lines Ltd., Japan's two largest shipping lines, will join Qatar in ordering $1.8 billion of liquefied natural gas (LNG) tankers to carry the fuel to North America. The ships will be built in as yet-unnamed South Korean yards. Kawasaki Kisen Kaisha Ltd., Japan's third-biggest shipping company, Iino Kaiun Kaisha Ltd. and trading house Mitsui & Co. are also among the investors, according to the report.
Wärtsilä has been contracted by the Korean yard STX Offshore & Shipbuilding, to supply exhaust gas cleaning systems for four new Container Ro/Ro (ConRo) vessels being built for Ignazio Messina & Co, the Italy based ship owner and operator. This latest order will enable the new vessels to comply with both current and pending environmental legislation relating to exhaust emissions. For ships sailing in European waters, the maximum sulphur content will be limited to 0
Yonhap reported that South Korean shipyards have unparalleled competitiveness despite recent challenges posed by Chinese shipyards, industry and government sources said. The optimistic predictions come as alarm bells have been sounded over Chinese yards outpacing domestic companies in shipbuilding orders received in the first two months of this year. Such developments have caused some in China to boast that it can become the world's number one shipbuilding country by 2015.
The world LPG carrier fleet is forecast to expand from 14.5 million cu. m. at the beginning of 2005 to 24.6 million cu. m. by 2015. World seaborne LPG trade (including ammonia and petchems) is forecast to increase from 73 mt to 132 mt over the same period. These are some of the findings in the new detailed report – entitled ‘LPG Carriers: Market Prospects to 2015’ – which analyses the current and historical developments within the LPG carrier sector and examines the prospects for trade
Through a longstanding blend of organizational discipline and an unerring drive for the highest levels of automation attainable in shipbuilding processes, the industry in Japan demonstrates resilience founded on continuing productivity advances. Untiring efforts to seek new ways of reducing man-hours and lead times is wholly characteristic of Japanese companies, as they rise to the intensified challenge posed by equally resolute South Korean yards.
Drewry believes that the industry has emerged from the global recession with both carrier profitability and demand figures bearing this out, but still ask whether or not the industry has learnt anything? The fact that no major companies went to the wall still seems to have insulated the industry from the despair of 2009 and there is now the feeling that perhaps the dark days did not happen. In essence, Drewry observes that it is back to normal operating conditions.
TOP Ships Inc. (NASDAQ: TOPS) announced its financial results for the fourth quarter and the fiscal year ended December 31, 2009. For the fourth quarter of 2009, the company reported: -- A net loss of $35.9 million or $1.20 per share. The results of the fourth quarter of 2009 include an impairment charge of $36.6 million relating to the write-down of the older two of the Company's tanker vessels to their fair market values
Aker Yards, builder of cruise and offshore vessels, changed its name to STX Europe. The name change reflects the entry of the South Korean-based STX Business Group as principal shareholder in the company during summer 2008. Effective Nov. 3, the international shipbuilding group Aker Yards, with head office in Oslo, Norway, and all its subsidiaries, will share the common brand STX Europe.STX Europe specializes in designing and building advanced cruise ships and purpose-built vessels for
Light Structures, a global technology company for fiber optic monitoring and analysis systems, has won the contract to provide the critically important Load & Fatigue Monitoring Solution for the $2.7 billion Ichthys LNG Central Processing Facility (CPF)
Daewoo Marine Shipbuilding and Engineering (DMSE) yard in South Korea continues to produce the new Triple-E ships for Maersk Line at a very high rate; the fifth ship of the series 'Maribo Mærsk', is to be officially named later. Despite the ships' record dimensions
Russian Maritime Register of Shipping (RS) will participate in Kormarine 2013 in Busan, Republic of Korea, one of the largest international exhibitions of maritime industry. On 22-25 October the foremost exhibition of the maritime industry in Asia will gather leaders of shipbuilding industry
IoM cooperation with the Korean Register (KR) could yield more Asia based tonnage for the Isle of Man ship registry; more than a third of Isle of Man Ship flagged tonnage now operated by ship owners from the Asia Pacific region. The Isle of Man Ship Registry (IoM) recently completed a pilot
The 3,700-ton frigate will be built in South Korea by Daewoo Shipbuilding & Marine Engineering Co. as a modernized version of the Kwanggaeto-class destroyer of the Korean Navy, reports Xinhua. Thailand has ordered the South Korean-built frigate which will cost some US$ 486-million
Hyundai Heavy Industries Co., the world’s biggest shipbuilder, plans to raise prices as demand for fuel-efficient vessels increases, reports the Japan News, citing Bloomberg, Singapore. Hyundai Heavy’s optimism helped drive up shares of South Korean shipbuilders Monday and contrasts
Today in U.S. Naval History - July 3 1898 - At Battle of Santiago, Cuba, RADM Sampson's squadron destroys Spanish fleet 1950 - USS Valley Forge and HMS Triumph participate in first carrier action of Korean Conflict. VF-51 aircraft (Valley Forge) shoot down two North Korean aircraft
An Atwood Oceanics subsidiary has entered into a turnkey construction contract with Daewoo Shipbuilding & Marine Engineering to construct a fourth ultra-deepwater drillship, to be named 'Atwood Archer'. The Atwood Archer is expected to be delivered by December31, 2015 at a total cost
The Korean Register – an IACS member class society - signed an MoU with global steel producer Dongkuk Steel. The agreement paves the way for the two organizations to cooperate on the exchange of strategic technology relevant to the construction of seagoing vessels and platforms.
Reported ordering has been focussed primarily on smaller sizes with Handysize and Supramax seeing the majority of orders. According to the recently released Clarkson Hellas S&P Weekly Bulletin, Japanese yards appear to have had their fair share of the orders with JMU Yokohama
On Thursday, 23 May 2013, Hamburg Süd celebrated the double christening of its container ships Cap San Nicolas and Cap San Marco at the Hyundai Heavy Industries yard in Ulsan (South Korea). With a nominal slot capacity of 9,600 TEU
Through chilling winds and choppy seas, five-man crews aboard small, gray security boats worked tirelessly for 10 days patrolling the waters around a massive 348-foot petroleum vessel near the coast of Pohang, South Korea. Boat crews from Port Security Unit (PSU) 313 worked night and day to
Hyundai Heavy Industries (HHI) to build a US$ 1.9-billion order Floating Production Storage and Offloading unit (FPSO) for Chevron North Sea Ltd. Hyundai Heavy is to carry out engineering, procurement, and construction for the floating offshore facility to be deployed in the Rosebank oil &
Teekay Tankers orders 4 LR2 product tankships from STX Offshore & Shipbuilding with options for 12 more. The agreement is for STX of South Korea to construct four fuel-efficient 113,000 dwt Long Range 2 (LR2) product tanker newbuildings for a fully built-up cost of approximately
In a market where shipbuilders are forced to accept new contracts below cost levels, a significant share of the building capacity has been withdrawn or removed. Jørn Bakkelund of RS Platou, ship brokers and investment bankers, sum up the state of the global shipbuilding market as