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Korean Yards News

10 Jan 2024

Record Container Ship Deliveries Expected in 2024

Source: BIMCO

In 2023, shipyards delivered 350 new container ships with a total capacity of 2.2 million TEU, beating the previous record from 2015 when 1.7 million TEU was delivered. “The 2023 record is now likely to be beaten already in 2024,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.As 2023 saw a relatively low level of container ship recycling, new ships entering the fleet caused an 8% rise in the capacity of the container fleet, the fastest growth registered since 2011. Ships larger than 15…

23 Feb 2023

Propulsion Decisions or Smoke on The Water?

© geoffkuchera / Adobe Stock

In no uncertain terms, the goal of “future capable” ship’s propulsion is confusing. We have been pressed into a regulatory environment that asks us to reduce emissions, and in the same breath deliver power sufficient to meet commercial schedules and allow the vessel to weather a storm and be safe at sea. To reach that end, owners are presented with a basket of new alternative fuels to achieve the latest January 1, 2023 Carbon Intensity Indicator (CII) regulations. Add that most operators have no previous historical experience or data with these alternative fuels…

12 Dec 2022

Chinese Shipyards Feast on Record LNG Tanker Orders as S.Korea Builders Fully Booked

©donvictori0/AdobeStock

China is making fast inroads in the market for newbuild liquefied natural gas (LNG) tankers as local and foreign shipowners turn to its shipbuilders for the specialty vessels because long dominant yards in South Korea are fully booked. Three Chinese shipyards - only one of them having experience building large LNG tankers - won nearly 30% of this year's record orders for 163 new gas carriers, claiming ground in a sector where South Korea usually captures most of the business.

15 Feb 2021

Market Report: FPSOs ... Charting the Path Ahead

© Simon Peter / Adobe Stock

COVID-19 will continue to skew the floating production systems market for the coming 24 months, while buying power for a large portion of FPSO contracts will be centered in Brazil and Guyana/Suriname. These two areas are expected to account for more than 60% of the FPSO contracts awarded between 2021 and 2025.These are the findings shared in a recent floating production outlook report produced by International Maritime Associates (IMA) and World Energy Reports (WER).The 100+ page…

18 Aug 2020

Shipping through the Pandemic: Perfect Storm or Wake up Call?

VanEnkevort Tug & Barge, Inc. (VTB) tug freshly painted at Don John Ship Repair in Erie, Pa. Photo courtesy: Amtech

The global pandemic news has been horrific and certainly an historic moment in domestic and worldwide shipping. For many businesses, the action was simple; hang the “closed” sign, furlough or layoff staff and wait for the approval to re-open. Or not, depending how long the virus will linger and continue to cause hundreds or thousands of deaths and rising numbers of cases. Make no mistake, there will be many businesses associated with our industry that will not return. The damages will be far beyond bars and restaurant businesses.

01 Jan 2020

South Korean Yards Close Year with No.1 Spot

South Korean shipbuilders are expected to maintain their status as the world’s top position in new orders this year, although they may fail to meet their annual order targets.South Korean shipbuilders have secured new orders totaling 7.12 million compensated gross tons to build a total of 168 ships through November, accounting for 36 percent of the total deals placed around the globe, said a report in Yonhap.According to the report, the Chinese rivals have bagged 7.08 million CGTs worth of orders for 304 ships in the first 11 months of the year, with their market share reaching 35 percent, according to the sources.Japan came in third with 2.57 million CGTs…

10 Jul 2019

Market in Focus: Containerships

© Image'in/Adobe Stock

Newbuilding UpdateThe highlight for newbuild orders in the last 12 months must certainly be HMM’s mammoth order back in September 2018. The South Korean company placed en bloc orders at three top South Korean yards for almost $3 billion in total.• eight 15,300 TEU ULCVs from Hyundai• seven 23,000 TEU ULCVs from Daewoo• five 23,000 TEU ULCVs from SamsungThese huge orders equate to 20 new ULCVs at nearly 400,000 TEU total. Once live, the 23,000 TEU vessels will take the crown for…

13 May 2019

"Big Three" Korean Yards Vie for Qatari LNG Ships

The state-run Qatar Petroleum (QP)  has revealed plans to order 60 new LNG carriers preferably from South Korean shipyards. Qatar's energy minister, Saad Sherida Al-Kaabi, who is also CEO of Qatar Petroleum, said the company plans to order 60 new LNG carriers.QP has sent invitations to tender reserve shipbuilding capacity for LNG carriers to major shipbuilders across the world, including HHI, DSME and SHI.Most LNG carriers owned by Qatar were built by Korea’s top three shipbuilders, known as "Big Three" – Hyundai Heavy Industries (HHI), Samsung Heavy Industries (SHI) and Daewoo Shipbuilding & Marine Engineering (DSME).According to Korea Times…

27 Nov 2018

Inside the LNG Shipbuilding Boom

BP Shipping took delivery of British Partner, the first of a half dozen new 173,400 cu. m. capacity liquefied natural gas (LNG) carriers to be delivered through 2018 and 2019 from the DSME shipyard in South Korea. (Photo: BP Shipping)

South Korean shipyards have seemingly boxed out rivals from the market for building large ships carrying liquefied natural gas (LNG), winning all of the orders for the next three years worth more than $9 billion.Three South Korean yards - Daewoo Shipbuilding & Marine Engineering (DSME), Hyundai Heavy Industries and Samsung Heavy Industries - have won the more than 50 orders placed for new large-scale LNG tankers for delivery in the next three years, according to data from the…

21 Nov 2018

South Korea Dominates LNG Shipbuilding

The liquefied natural gas (LNG) carrier orders received by South Korean shipbuilders have more than tripled from last year.According to Reuters, the three South Korean yards - Daewoo Shipbuilding & Marine Engineering (DSME), Hyundai Heavy Industries and Samsung Heavy Industries - have won the more than 50 orders for ships carrying LNG, with a total value of $9 billion.According to Clarkson, a shipbuilding research company in the U.K. on Nov. 20, LNG carrier orders from January to October this year totaled 43 units or 6.8 million cubic meters, a three-fold increase from a year earlier.Greek shipping companies triggered the sudden spike in orders, said Business Korea.

14 Aug 2018

South Korea Tops Global Shipbuilding Industry in July

South Korea maintained its number one ranking in the global shipbuilding market in July. The South Korean yards were responsible for almost half of all new orders placed in July 2018.According to Clarkson Research, Korea received orders in July totaling 970,000 compensated gross tonnage or CGT, a measure of work needed to build a vessel. That accounts for about fifty percent of the month's global shipbuilding orders.Yonhap reported that it is a sign of the industry's possible recovery after years of struggling with a global downturn.South Korea ranked first with new orders worth 4.96 million CGTs, or 115 vessels, in the first six months of this year, marking the first time in three years to be at the head of the pack in the first half.

10 May 2018

Interview: Robert Kunkel, Alternative Marine Technologies

Bob Kunkel needs no introduction to Marine News readers. Kunkel, President of Alternative Marine Technologies, previously served as the Federal Chairman of the Short Sea Shipping Cooperative Program under the Maritime Administration and Department of Transportation from 2003 until 2008. A past Vice President of the Connecticut Maritime Association, he is a contributing writer for Maritime Logistics Professional magazine and of course, Marine News. A graduate of the Massachusetts Maritime Academy…

18 Apr 2018

Shipbuilding: StealthGas Adds LPG Vessel

StealthGas announced the delivery of its last newbuilding LPG vessel and the completion of its newbuilding program. The vessel delivered yesterday (April 17, 2018) is a 22,000 cbm ice class semi refrigerated hybrid scrubber fitted eco LPG carrier, the Eco Freeze, the fourth and last 22,000 cbm semi refrigerated eco LPG newbuild. This acquisition concludes the Company’s expansion phase which commenced in 2011 and totaled the acquisition of 26 newbuilding LPG vessels. Twenty ships were delivered from Japanese yards and six from South Korean yards. StealthGas Inc. is a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry.

02 Nov 2017

Are South Korean Shipbuilders Back from the Abyss?

(Photo: Samsung Heavy Industries)

Sparks light up the night-shift at giant shipyards on Korea’s southeast coast, as welders and fitters at some of the world’s biggest marine engineers forge next-generation container ships, oil rigs and even ice-breaking tankers in a bid to clamber out of a global industry abyss. Sunk by drastic cuts in orders from customers hit by the 2008 financial crisis, South Korea’s shipping landscape has been littered with bankruptcies and billion-dollar losses. But some, like Busan’s DSME, are adding innovation to craftsmanship to tap new demand for nimbler ships and offshore energy platforms.

07 Jul 2017

Aqualis Lands Audit Work for LNG Carrier

Offshore marine and engineering consultancy Aqualis Offshore, part of Oslo-listed Aqualis ASA, said it has been contracted by Hyundai Samho Heavy Industries Co. Ltd to provide an engineering study of a new-build liquefied natural gas (LNG) carrier the yard is constructing for Teekay LNG. Aqualis Offshore’s work scope is to provide failure modes and effects analysis (FMEA), hazard dentification (HAZID) and hazard and operability (HAZOP) studies for the boil-off gas handling system and fuel gas system on board the vessel. Aqualis Offshore will also provide FMEA-studies of the vessel’s propulsion redundancy and steering system as well as…

02 Jul 2017

Korean Shipyards Look Bullish

South Korea's major shipyards are estimated to have racked up solid profit during the second quarter of the year, aided by the increased delivery of ships, cost-cutting measures and a rise in new orders, Yonhap reported citing industry sources. Another report said that Korean yards have clinched the most new shipbuilding orders in the first half of the year, with their combined tally more than doubling from a year earlier. The trend appears bullish for ship building in the country. The local shipyards have bagged orders worth a combined 2.56 million compensated gross tons in the January-June period, accounting for 34 percent of the total orders placed around the globe, according to the data compiled by industry tracker Clarkson Research.

11 May 2017

New Ship Building Orders for Korean Yards

South Korean shipyards emerged on top for new orders in April, Business Korea reported quoting industry data. The global total amount of new shipbuilding orders reached 750,000 CGT last month and 340,000 CGT and 260,000 CGT went to South Korean and Chinese shipbuilders, respectively. Japanese shipyard orders came to nil. In terms of numbers, Korean shipyards clinched new orders to build 12 ships. South Korea took the largest portion of very large crude oil carrier (VLCC) orders placed in quantity early last month, said the report. In the January-April period, South Korean shipyards secured 1.23 million CGTs worth of new orders to build 34 ships. China took the top slot with 1.43 million CGTs, or 78 ships, says HongKong Standard.

23 Mar 2017

Daewoo Shipbuilding to Get Fresh $2.6 Bln Bailout

File photo: Daewoo Shipbuilding & Marine Engineering Co Ltd

South Korean state banks are preparing a fresh $2.6 billion bailout for floundering Daewoo Shipbuilding & Marine Engineering Co Ltd, which has built up huge losses from offshore projects and risks missing debt repayments. Daewoo, Hyundai Heavy Industries and Samsung Heavy Industries are South Korea's top shipbuilders - a massive economic force and a source of national pride. But they slipped into the red in 2015 amid a commodities downturn and bleak trade volumes, prompting cost cuts and asset sales. Of the three, Daewoo's situation is the most difficult.

13 Mar 2017

Singapore’s Survivability

New business: Keppel has begun building dredgers like the Cristobal Colon, seen hear outside Rio de Janeiro. (Photo: copyright Jan de Nul Offshore)

Singapore’s shipyards are looking to recent investments in capacity, design and newly acquired technology to combat order declines after a decades-long offshore buildup. Sembcorp and peer Keppel are making the most of partnerships in FLNG and showing signs they’ll be okay through the downturn, helped by their gas-hungry Australasian backyard and renewed ties with old charterer parties and suppliers. With drilling contractors unable to pay for the offshore rigs they’ve ordered, Singapore’s heavyweight yards have had to defer deliveries and become defacto rig owners.

12 Oct 2016

South Korean Yards Eyed for $3.8 Bln LNG Shipbuilding Deal

A little-known investment company said it intends to order up to 20 liquefied natural gas (LNG) carriers, probably from South Korean shipbuilders. The contracts would be worth as much as $3.8 billion, two people with direct knowledge of the matter told Reuters. CBI Energy and Chemical, which is controlled by Australian and Canadian investors and has offices in Hong Kong, also said in a statement to Reuters that it would be seeking to buy floating LNG production and import facilities as part of an ambitious plan for Africa and Asia. The orders would be a major shot in the arm for South Korea's ailing shipbuilding industry, which has been hit by a collapse in new orders as global trade growth slows and after the slump in commodities prices in recent years.

22 Aug 2016

Will Vessel Prices Continue Relentless Slide?

Tanker Opinions, published Poten & Partners says that, for a shipowner, there are usually a few twists to the traditional capital budgeting process. A shipowner that is deciding whether to invest in new capacity has at least three other factors to consider: (1) his production facilities (i.e. the vessels) are not only used to transport commodities, the vessels are commodities themselves, i.e. there is a liquid secondhand market for vessels of all sizes and ages; (2) the location of a shipowners’ production facility is not fixed, it floats and (in theory) competes with vessels all over the world; (3) vessels, even though they can cost well over $100 million to build, have a limited lifespan.

30 Jul 2016

Picking Up Panamaxes Like Pokemon

Alibra Shipping Research Weekly Market Report takes a look on current market scene of bulk carriers. For a little while now, the story has been “Now’s a great time to buy bulk carriers, asset prices are low…” We’re cautious of following the herd mentality so we wondered: is that still the case or has the moment passed? On Monday, the Baltic Exchange assessed the price of a five-year-old, 74,000-dwt Panamax at $13.6m. This is quite a decline on 18 months ago, when the benchmark vessel was assessed at$20m in the first week of January 2015. But the value of the Baltic’s benchmark Panamax has been appreciating ever since hitting an all-time low of $11.14m on March 29 this year.

07 Jul 2016

DNV GL, South Korean Yards Kicks off Standardization

The first phase of a joint industry project (JIP) to promote a global standard for engineering and construction of offshore oil and gas installations has delivered four recommended practices (RPs). The outcome of the JIP, led by DNV GL, will be reduced complexity, less rework and delays and greater predictability. This will help reduce cost and increase quality further, enabling more projects to move forward. Phase 1 of the JIP has comprised DNV GL, Hyundai Heavy Industries (HHI), Daewoo Shipbuilding and Marine Engineering Company (DSME), Samsung Heavy Industries (SHI), the Korea Offshore and Shipbuilding Association and the Korea Marine Equipment Research Institute. The RPs provide guidance for meeting requirements in multiple recognized standards applied globally.

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