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.
Hyundai Heavy Industries (HHI) has constructed the first 4000-ton class Korean destroyer ordered by the Republic of Korea Navy. The launching ceremony for the warship was held on April 11, 2004 at HHI’s Special and Naval Shipbuilding Yard in Ulsan. . During the launching ceremony, First Lady Kwon Yang-sook named the warship Munmudaewang-ham. The warship takes its name after "Munmudaewang (The Great King Munmu)", the king of the Silla Dynasty who unified the Korean peninsular and strived to
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 $36.6 million relating to the write-down of the older two of the Company's tanker vessels to their fair market values
The shipbuilding industry shows signs of bottoming out with the global market index pointing to an upturn, & Korean players receiving more orders from abroad. Citing Clarkson Research Services, the Korea Times reports that a total of 277 vessels were ordered in the first quarter of the
Through chilling winds and choppy seas, five-man crews aboard small, gray security boats worked tirelessly for 10 days patrolling the waters around a massive 348-foot petroleum vessel near the coast of Pohang, South Korea. Boat crews from Port Security Unit (PSU) 313 worked night and day to
18 South Korean tourists were injured, two critically, when two speedboats ferrying them to Pattaya's Koh Larn collided. The crash took place about 800 metres offshore from Koh Larn's Tawaen beach and 10 injured tourists were sent to Bangkok Pattaya Hospital and 8 to Pattaya Memorial Hospital
Hyundai Heavy Industries (HHI) to build a US$ 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
Korean shipbuilders outperformed by their Chinese competitors in 2012 exports, 11 years after Korea in turn overtook Japan in 2001. The Korean Chamber of Commerce and Industry analysis of data from the Korea International Trade Association puts exports by Korean shipbuilders at US$37
The 82,000 dwt Kamsarmax bulk carrier was recently named in Vietnam's Hyundai Vinashin Shipyard (HVS). Nissaki is built for St Michael Shipping of Greece, marking a significant milestone in the development of the shipbuilding capability of Vietnam
A statement by Admiral Mohab Mamish, Chairman of the Suez Canal Authority, explains reactions to the grounding of a Korean tankship. Suez Canal Authority Chairman, Amiral Mohab Mamish, stated that Suez Canal pilots and salvage teams supported by tugboats succeeded in refloating the Korean tanker
The National Shipping Company of Saudi Arabia (Bahri) receives the 'Bahri Abha' from South Korea's Hyundai Mipo shipyard. The new ship, of 26,000 dwt, was built especially for the general cargo trade and is the first to be delivered of six vessels that were contracted by the Company with Hyundai
The Korean government to honor Singaporean shipping company owner for his efforts to successfully rescue Korean sailors from Somali pirates. Four South Korean crew members were kidnapped by Somali pirates on April 30, 2011 aboard the MT Gemini
A law revision requires South Korean ships to build safe areas (citadels) against pirate attacks. The recently passed revision, passed in the National Assembly on Nov. 22, 2012, obliges the construction of a so-called "citadel" inside ships that have to sail through international
Somali authorities have seized a North Korean vessel for allegedly dumping cement off the country's coast, & will prosecute. A North Korean-flagged ship and its crew were captured by the quasi-government of Puntland near the coast of the Puntland port city of Bossaso while discharging some 5
QGOG Constellation S.A. exercise a Samsung Heavy Indurstries contract option for an advanced capability DP3 drillship. This will be the third drillship ordered from SHI in South Korea and is scheduled to be delivered in December 2014. The unit will have advanced capabilities to meet the
UK's Martek Marine wins large orders for its MariNOx Evolution™ on-board emissions monitoring and engine efficiency system. The orders, amounting to more than US$1-million, are from Daewoo Shipbuilding & Marine Engineering and Hyundai Heavy Industries.