European shipbuilders recently complained to the European Union over South Korean state aid to its shipbuilders, opening the way for a possible EU case against Seoul at the World Trade Organization (WTO), Reuters reported. The Committee of EU Shipbuilders' Associations (CESA) said it had filed a complaint with the European Commission under the EU's Trade Barriers Regulation over alleged trade distortions in global shipbuilding caused by South Korean aid to its industry. "We are complaining about the state aid that Korean companies are receiving," Reinhard Lueken, the head of CESA's Brussels office. He said there were a number of bankrupt shipyards in Korea still offering prices which did not cover their costs. "By doing so they have a very harmful effect for the European industry," he said. The EU has repeatedly accused South Korea of setting unfairly low prices for shipbuilding, undercutting European yards. The EU and South Korea hammered out an agreement in April aimed at stabilizing the world shipbuilding market, which the EU says suffers from overcapacity and steadily falling prices. But the EU has accused South Korea of not fully implementing the agreement. When further talks broke down in September, the EU said it could launch a WTO dispute against South Korean shipbuilding practices. But, it said it would first have to receive a complaint from European shipbuilders before it could do so.
The National Marine Electronics Association (NMEA) and the Marine Electronics Industry Promotion Association (MEIPA) of South Korea have signed a Memorandum of Understanding (MOU) that will insure the adoption of NMEA standards, training and product certification throughout South Korea, the number one shipbuilding nation in the world. The MOU sets a framework for NMEA and MEIPA to work together to develop courses and materials for the South Korean market
Chung Ju-yung, the rags-to-riches founder of South Korea's mighty Hyundai industrial empire, died on Wednesday aged 85. Born into a poverty-stricken farming family in 1915 in what is now North Korea, Chung helped propel South Korea from the ashes of civil war into an industrial powerhouse. Chung died in hospital from complications from pneumonia, hospital officials said. Chung left home at 18 to seek his fortune against the will of his father who wanted his first son to feed his family
Bestobell Valves, part of the President Engineering Group (PEGL), attended the Gastech 2014 exhibition in South Korea recently and said it had a great response from visitors across the globe, including a significant number from South Korea and Japan. The company showcased its cryogenic valves, which are already widely used for industrial gas, LNG marine and land-based LNG (liquefied natural gas) applications across the world.
South Korea plans to enable its citizens and foreign tourists to wager on new cruise ship services that will serve ports around the country, reports the Korea Joongang Daily newspaper. Some major overseas cruise companies – such as Genting Hong Kong Ltd’s Star Cruises – operate shipboard casinos that only open once the vessel is in international waters. The plans also include allowing local residents to use casinos on cruise ships
South Korea’s biggest shipping company, Hanjin Shipping Co Ltd filed for court receivership in South Korea on Wednesday 31 August 2016 after losing the support of its banks, setting the stage for what has now become a motley situation. Ince & Co's Knowledge Bank takes a look. Some jurisdictions are refusing to allow Hanjin’s vessels to berth at their ports (on concerns that Hanjin cannot pay the port fees) while some of Hanjin’s vessels have
South Korea's Daewoo Shipbuilding and Marine Engineering Co. shares rose as much as 6.7 percent on August 3 after a local newspaper said steel maker POSCO Co. Ltd. was interested in buying the shipbuilder. South Korea aims to sell a controlling stake in Daewoo, the world's second-biggest shipbuilder, in the second half of 2006. State-run Korea Development Bank and government restructuring agency KAMCO own a combined 50.6 percent stake, valued at more than $3b according to current market prices
Reuters reported that South Korea will ban single-hulled tankers from traveling in its waters by 2011, earlier than the international regulation that calls for a ban from 2015, Seoul's maritime ministry said. A single-hulled tanker was involved in South Korea's worst oil spill last month, leaking around 10,500 tons of crude oil after a sea-bound crane mounted on a barge punched holes in the tanker's hull. As of January
In advance of SMM 2012, the leading trade fair for the maritime industries, to be held at the Hamburg Fair site from September 4-7, the duel in international shipbuilding is going into the next round – the Chinese shipyards were just ahead again in 2011. According to the latest survey by Clarkson Research, China delivered a total of 1,177 ships with 67.2 million DWT. The closest competitor was South Korea, which had 531 ships and 53
South Korean shipbuilding orders drop 58.6 percent through September 2012. South Korean shipbuilding orders dropped 58.6 percent for the first nine months of this year due to the persistent recession in the global shipbuilding industry, a government report reveals. The drop was attributed to the recession in the global shipbuilding industry. Global shipbuilding orders declined 48 percent to 14.34 CGT over the cited period due to an oversupply of ships and the prolonged global eaconomic
National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, said on Wednesday it had signed a $350 million Islamic 10-year financing deal to pay for the building of five oil tankers. The 10-year murahaba financing was arranged by Standard Chartered
Miraejet Co. Ltd. named its Damen Fast Ferry 4010 JET MV Nina at an official launching ceremony held at the Busan International Ferry Terminal in the Republic of Korea on October 6th. Nina was named after one of the ships deployed on Christopher Columbus’ first voyage to the West Indies.
Athens, Greece - Seanergy Maritime Holdings Corp. announced today that it has taken delivery of a 178,838 dwt Capesize dry bulk vessel, renamed to M/V Lordship and built in 2010 by Hyundai Heavy Industries in South Korea. The M/V Lordship is the first of two Capesize vessels that the Company
Hyundai Heavy Industries Co. (HHI), a major shipyard in South Korea, looks set to clinch a deal with Iran to supply 10 ships, says a report in Yonhap. The contract, valued at USD650 million, will see Hyundai supply the Islamic Republic of Iran Shipping Lines, (IRISL) with four 14
South Korea’s Korea Line has been picked as the preferred bidder to buy the troubled shipper Hanjin Shipping’s Asia-US operations, beating Hyundai Merchant Marine, reports Reuters. The judge at the Seoul Central District Court
Shipbuilder to be split into four companies; spinoff is part of restructuring plan submitted to creditors. South Korea's Hyundai Heavy Industries is being split into four companies, with its non-shipbuilding businesses being spun off to improve management efficiency and competitiveness
Parker Bestobell Marine, a supplier of cryogenic valves and part of Parker, a global leader in motion and control technologies, has secured a nine vessel order, worth $5m, making it the single biggest order that the company to date.
Taiwan's government said on Wednesday it will offer to lend struggling local shippers NT$60 billion ($1.9 billion) at below-market interest rates, to help them cope with the industry's worst downturn. "The global shipping industry is going through a tough time
Japan's Fair Trade Commission (JFTC) has ordered the country's liquefied natural gas (LNG) buyers to provide details on contract requirements that prevent them from reselling the fuel to third parties, according to a source with direct knowledge of the inquiry.
CMA CGM, the world's third-largest container shipping company, posted on Friday another net loss in the third quarter as freight rates remained weak and it integrated Singapore-based NOL, its biggest-ever acquisition. The sector was showing the "first signs of stabilisation" as
The following memorandum of understanding (MOU) and Agreements have been signed by India with foreign countries during the last two years for the development of ports and manufacture of ships in the country:- (i) Memorandum of Understanding between the Government of the Republic of
South Korea's Hanjin Shipping Co Ltd will sell part of its container ship business to Korea Line Corp for 37 billion Korean won ($31.38 million), reports Reuters. Korea Line will buy Hanjin's Pacific routes shipping business, relevant client management information
cut Umm Slal_edited (greg d:) Nakilat has assumed full ship management and operations of Q-Max LNG carrier Umm Slal from STASCo (Shell Trading and Shipping Company Ltd.) effective November 23, 2016, as part of the planned transition announced last month.
A Reuters report quoting Saudi Arabia's energy minister Khalid al-Falih said that the country expects a huge ship repair and shipbuilding complex that its national oil company Saudi Aramco is developing at Ras al-Khair on the kingdom's east coast to cost over 20 billion riyals ($5
SVEZA Ust-Izhora plywood mill recently obtained the GTT (Gaztransport & Technigaz) Approval confirming compliance with specification of containment system for liquefied natural gas carriers. SVEZA Group is a leader in birch plywood production