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South Korea

Shipbuilders Complain About S. Korean Shipbuilding Aid

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.


NMEA Agreement with South Korea's MEIPA

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


Hyundai Founder Dies

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


South Korea to Ban Single-Hulled Tankers after Spill

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


Bestobell Exhibits LNG Technology

Photo courtesy of Bestobell Valves

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 Korean Okays Casinos in Cruise Ship

Image: Sapphire Princess

 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


Daewoo Shipbuilding Shares Surge on M&A Talk

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


China Keeps Top Position in Ship Building

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 Shipbuilders' Order Book Shrinks

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


Korea Mulls Shipbuilding Finance Back-up Plan

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


Aqualis Offshore Lands Study Job for LNG Barge

Offshore marine and engineering consultancy Aqualis Offshore, part of Oslo-listed Aqualis ASA, has been contracted by Gas Entec Co. Ltd to provide an engineering study of a new-build LNG barge that will operate offshore the U.S. The contract value is undisclosed.   


HHI to Localise Main Equipment for Offshore Plants

Logo

Hyundai Heavy Industries and Doosan Heavy Industries Collaborate in Localizing Main Equipment for Offshore Plants   Seoul, South Korea – February 4 – Hyundai Heavy Industries (HHI), the world’s largest shipbuilder, announced that it has signed a memorandum of understanding


Indian Navy Shows Off Strength

President Pranab Mukherjee and Prime Minister Narendra Modi on board the INS Sumitra. Photo: PIB

 India’s naval might was on full display off the coast of Visakhapatnam today (Saturday) as President Pranab Mukherjee reviewed the naval fleet.   Mukherjee, the Supreme Commander of the Armed Forces, was accompanied by Prime Minister Narendra Modi and Defence Minister Manohar


N.Korean Navy Incursion Draws Warning Shots

A North Korean patrol boat crossed into South Korean waters early on Monday and retreated after the South Korean navy fired warning shots, a South Korean military official said. The incursion came amid heightened tensions on the Korean peninsula


Teekay Building Six LNG Vessels

Courtesy Teekay

  Teekay Corporation's Gas team celebrated the keel laying ceremony of six LNG newbuildings at the Daewoo Shipbuilding & Marine Engineering (DSME) shipyard in South Korea. Five of these carriers are 173,400 cubic meter MEGI (M-type, Electronically Controlled


Parker Bestobell to Supply Valves for Canadian Tankers

Photo courtesy of Parker Bestobell Marine

Parker Bestobell Marine has received its first order to supply its cryogenic fuel gas valves for new build tankers. The two 15,000-dwt ice-class 1A asphalt and bitumen tankers have been ordered by Groupe Desgagnés of Canada and will be built at Besiktas shipyard in Turkey.


Lifted Iran Sanction Frees Up $2.8 Bln in Tanker Tonnage

Image: VesselsValue.com

 With recent news that sanctions against Iran are to be lifted, the world tanker fleet is due to see an additional 14.1 million DWT of Iranian tankers freed to trade globally. This tonnage is valued today at nearly $2.8 billion, according to VesselsValue.com.  


Hyundai Heavy Closes Onsan offshore

Photo: Hyundai Heavy Industries

 Hyundai Heavy Industries  has temporarily shut one of its two factories making offshore oil rigs -  Onsan plant in South Korea - due to downturn in the global oil and gas industry.   The closure Onsan underscores the dire state of the country’s big shipbuilders as


Yamal Project’s First Ice-going LNG Carrier Launched

Image: ABB

The first of 15 ice-going LNG carriers for the Yamal project has been launched and is set to sail the arctic waters from Siberia to Europe and Asia. Built by Daewoo Shipbuilding and Marine Engineering (DSME) in its Okpo South Korea yard, the new vessel, SCF Yamal


VLCC's Used for Asia-Europe Diesel Liftings

File Image: a so-called Suezmax tanker transits the Suez Canal (image: Suez Canal)

Total charters VLCC to move diesel from Asia to Europe; Vitol ships diesel from Asia to Europe in Suezmax. At least two companies are planning to ship diesel in bigger-than-usual tankers from Asia to Europe in what traders said is a rare move as cheap oil drives up diesel supply and slowing


Chinese Boat Capsizes off South Korea

Image: Global Energy Network Institute

 South Korean maritime police on Wednesday withdrew divers after they failed to find at least five people believed to be trapped inside a Chinese fishing boat that capsized near a small southwestern island off South Korea on Wednesday, reports AP.   


Yangtze to Ship Direct Containers

Photo: Taicang Container Lines Co. Ltd

 Taicang Container Lines Co. Ltd has rolled out the  first direct container shipping line linking China's Yangtze River basin and Southeast Asia, reports Xinhua.   The container ship departs once a week from and arrives at Taicang Port in east China's Jiangsu Province


HMM Seeks New Buyer for Broker Stake

South Korea's Hyundai Merchant Marine Co Ltd (HMM) plans to seek another buyer for its majority stake in stock brokerage Hyundai Securities Co Ltd , an HMM spokesman said on Monday. HMM's talks to sell its entire 22.4 percent stake in the brokerage to Japan's Orix Corp for about 647 billion won


MSC Confirms 4 Ship Order From STX France

Cruise ship company MSC Cruises confirmed orders for four ships in a 3-billion-euro ($3.26 billion) deal that will secure thousands of jobs at the STX shipyard in St-Nazaire in the west of France.   "These are the biggest cruise ships yet built by a European operator - each using


MSC Ships Get Bigger

MSC Divina. Photo courtesy of MSC Cruises

MSC Cruises, the 4th largest cruise line, confirmed the existing STX France options to build an additional two ships in the Meraviglia class.    The ships, valued by MSC at $1.7 billion, will be longer and bigger versions of the Meraviglia-class ship






 
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