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
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 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.
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
Norway's Offshore drilling firm Sevan Marine ASA has appointed law firm Selmer to investigate claims by Brazilian media that a former manager and agent of Sevan Marine are connected to the Brazilian authorities' investigation into corrupt activities involving Petrobras.
Dry bulk marine transport provider Scorpio Bulkers Inc. announced today that it has agreed to time charter-out the SBI Montesino, a Capesize vessel that is currently under construction in South Korea with delivery expected in July, 2015. Upon delivery from the shipyard
Drydocks World the leading provider of maritime and offshore services to the shipping, oil, gas and energy sectors marked a major milestone in successfully completing the world’s largest turret mooring system with His Highness Sheikh Ahmed bin Saeed Al Maktoum, President
South Korean shipbuilders, led by industry leader Hyundai Heavy Industries Co., have secured the largest amount of new orders in the first six months of the year to retain the top slot, while the global shipbuilding industry saw new orders halve
Creole Spirit launched to sea 87 days after keel laying Teekay’s first M-type, Electronically Controlled, Gas Injection (MEGI)-powered LNG vessel, Creole Spirit, was floated out at the Daewoo Shipbuilding & Marine Engineering (DSME) shipyard in South Korea on May 29
GS Caltex to buy 920,000 barrels of West African crude; first West African shipment in almost a year. South Korea's GS Caltex Corp is set to receive its first shipment of West African crude in almost a year as the country looks to diversify supply away from the Middle East.
South Korea's Hyundai Merchant Marine Co Ltd (HMM) will sell a major stake in stock brokerage Hyundai Securities Co Ltd for 647 billion won ($579.84 million) to a special purpose company set up by Japan's Orix Corp, an HMM spokesman said on Friday.
Teekay LNG signs charter contracts with BP for up to two LNG carrier newbuilds Teekay LNG Partners L.P. announced that it has entered into a 13-year time-charter contract with BP Shipping Limited (BP) for one liquefied natural gas (LNG) carrier newbuilding
As many as four VLCC tankers could take North Sea crude oil to Asia this month, shipping fixtures show, after an Atlantic Basin supply glut forced prices to multi-year lows. The Samco Europe, Bunga Kasturi Empat, Britanis and Starlight Venture VLCCs - very large crude carriers - have been lined
MacGregor, part of Cargotec, has signed a major contract with Daewoo Shipbuilding & Marine Engineering Co Ltd in South Korea to supply a range of Hatlapa deck machinery for ten 172,600m3 liquefied natural gas (LNG) carriers. MacGregor will deliver electrically-driven deck machinery
Bestobell Marine, part of the President Engineering Group (PEGL), has received an new order to supply its globe and check valves for Japan’s first high pressure fuel gas system that will be installed within a marine vessel. The order will see Bestobell Marine supply a number of its
PETRONAS achieved another milestone with the official steel cutting of its second floating liquefied natural gas facility, the PETRONAS Floating LNG2 (PFLNG2) in a ceremony held on 11 June 2015 at the Samsung Heavy Industries (SHI) Shipyard in Geoje Island, South Korea.
Ceremony signals the start of construction for the second SEA-Vista ECO Tanker to be constructed at the General Dynamics NASSCO shipyard in San Diego. General Dynamics NASSCO, a wholly owned subsidiary of General Dynamics, signaled the start of construction for the second of three 50
Thailand plans to buy three Chinese-made submarines for the Royal Thai Navy at a cost of 355 million dollars each. Three Chinese-made submarines worth 355 million dollars each may be purchased by Thailand for its Royal Navy, the newspaper Bangkok Post reported today (Friday)
Cheniere concluded its maiden LNG spot trade earlier this week at for late-July delivery to an Asian buyer, reports Platts quoting a source with direct knowledge of the deal. Sources told Platts that the maiden trade was completed at $7