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
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
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'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
Two new LNG vessels that will join the Qatargas fleet have been handed over to the owners’ consortium by Daewoo Shipbuilding & Marine Engineering Ltd (DSME) at its ship building yard in the Geoje Island in South Korea. The vessels Al Ruwais and Al Safliya will now proceed with bunkering and leave South Korea in the next few days. The first cargo will be delivered to Japan using one of these vessels before the year end.
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
South Korea is considering whether to set up state-sponsored guarantee funds for the faltering shipping industry as part of the government's efforts to help ship owners raise funds, reports Xinhua, citing a senior South Korean regulatory official An official at the Financial Services Commission (FSC), South Korea's financial regulator, is quoted by Xinhua as stating that the government plans to order a feasibility study by research institutes on the feasibility of setting up a shipping
New distribution center offers improved product lead times for customers in Japan, China, Korea, Hong Kong and Taiwan Overlooking Busan New Port in South Korea, Wilhelmsen Ships Service’s (WSS) newly opened 3,000+ square meter warehouse sits on a 6
Shipowner Navig8 is progressing the application of Interline9001, a advanced cargo tank coating from AkzoNobel’s International marine product range, on a series of 18 chemical tankers currently under construction at Hyundai Mipo Dockyard, South Korea
South Korea's Hyundai Heavy Industries has won the Gazprom Flot tender for the construction of the Kaliningrad floating LNG terminal, Gazprom said. It will build a floating liquefied natural gas terminal in the western Russian city of Kaliningrad for $295 million.
U.S. Navy sailors from the Arleigh Burke-class guided-missile destroyers USS Preble (DDG 88) and USS Fitzgerald (DDG 62) along with the Los Angeles-class fast-attack submarine USS Pasadena (SSN 752) arrived in Busan, South Korea, May 1, to strengthen partnerships with the Republic of Korea (ROK)
China on Thursday sketched out plans for the islands it is creating in the disputed South China Sea, saying they would be used for military defence as well as to provide civilian services that would benefit other countries. Chinese Foreign Ministry spokeswoman Hua Chunying told a news
India's state-owned Cochin Shipyard Ltd (CSL) has entered into a Memorandum of Understanding (MoU) with Korean firm Samsung Heavy Industries for technology partnership in constructing liquefied natural gas (LNG) carrying vessels, reports local media.
MacGregor, part of Cargotec, has secured contracts to supply Pusnes bow loading systems for three newbuild shuttle tankers intended for operations in Brazilian waters. The order was booked into first quarter 2015 order intake.
The Maritime and Port Authority of Singapore (MPA) and the Port of Rotterdam Authority have signed a Memorandum of Understanding (MOU) to exchange information on marine services and jointly collaborate on research and development in the areas of service efficiency and optimisation
South Korea has approved plans to salvage a sunken ferry that capsized last year in the Yellow Sea killing over 300 people, Public Safety and Security Minister Park In-yong said. Last April's disaster happened off the southern coast of Jindo, South Jeolla Province
NYSE-listed Scorpio Bulkers confirmed the sale of seven newbuildings for a total of $290mln to an unnamed buyer, said a company press release. The newbuildings comprise three capesizes and a kamsarmax bulk carriers, and three LR1 product tankers.
South Korea said on Wednesday it will raise the Sewol ferry that sank a year ago, killing more than 300 people, most of them children, yielding to pressure from mourning families who have called for a deeper investigation into the disaster.
China’s Wuhan Ship Development and Design Institute (WSDDI) extended its FORAN contract with SENER. At the end of December 2014, WSDDI signed a contract with SENER’s partner in Beijing, United Force Corporation (UFC), about additional licenses of FORAN system and relevant
The Goliat FPSO was successfully floated off the heavy-lift vessel, Dockwise Vanguard, in the fjord outside Hammerfest, says Eni Norge The Goliat platform has arrived in Hammerfest, Norway last week, after a 63-day journey from South Korea covering 15,608 nautical miles
Scorpio Bulkers Inc. announced that it has entered into agreements to sell three newbuild dry bulk vessels, including two Capesize ships and an Ultramax ship, for approximately $111 million in aggregate. The Capesize vessels are currently being constructed in China and South Korea
Scorpio Bulkers has agreed to sell two new capesize bulk carriers and an ultramax for a combined $111m to an unknown buyer. The two capes are currently under construction in China and in South Korea, and will be delivered between Q3 2015 and Q2 2016.