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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


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


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.


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


Qatargas Gains Two New LNG Vessels

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 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


Ultra-deepwater Drillship 'Maersk Valiant' Delivered

Maersk Valiant: Photo Maersk Drilling

Maersk Drilling advises that its second new drillship, 'Maersk Valiant', has been delivered from the Samsung Heavy Industries (SHI) shipyard in Geoje-Si, South-Korea. Maersk Valiant has begun its voyage towards the US Gulf of Mexico via Singapore to commence a two year contract with


North Sea Crude-Forties eases, VLCC options narrow

Forties trades at parity with dated Brent; Competing Libyan barrels returning to market. Refining margins under pressure as capacity ramps up. North Sea Forties crude differentials eased on Thursday as the market remained sluggish ahead of the long Easter weekend and the window of opportunity


Obama Offers US Aid to S.Korea Following Ferry Accident

Photo courtesy South Korea Coast Guard

U.S. President Barack Obama on Thursday expressed condolences to the families of the victims of the South Korean ferry sinking and said the U.S. military will provide the country with any help it needs to perform rescue operations. Rescuers are battling strong waves and murky waters as they


Divers struggle in search for ferry survivors

Rescuers struggled with strong waves and murky waters on Thursday as they searched for hundreds of people, most of them teenagers from the same school, still missing after a South Korean ferry capsized on Wednesday. Coastguard, navy and private divers scoured the site of the accident


Foss Meets Growing Modular Business with New Barge

Image: Foss

Foss Maritime is building a new ocean-going barge that will give the company an additional asset to transport large modules both domestically and internationally. The new vessel will be Jones Act qualified. Its anticipated maiden voyage from South Korea to Alaska's rugged North Slope will take


Rescue underway to assist sinking S. Korean ferry

South Korean ferry listing

A passenger ferry carrying about 470 people was listing badly off South Korea's southwest coast and had sent a distress signal, a Korean coast guard official said on Wednesday, and a rescue mission was underway. Korean television news reports said the ferry was sinking and that many of the


Scorpio Tankers' Latest Sale & Purchase Deals

Scorpio tanker: Photo courtesy of the owners

Scorpio Tankers says it recorded a gain of US$51-million from the sale of the 7 VLCC newbuilding contracts announced earlier. In March 2014, the Company received the proceeds from the sale of the seven VLCC newbuilding contracts and recorded a gain of $51 million in the first quarter of 2014


Samsung Heavy Takes Up 7 Container Ship Order

Container ship file photo

 South Korea's Samsung Heavy Industries said on Wednesday that it is proceeding with a project worth 642.9 billion won ($617.67 million) to build seven container ships as planned. The shipbuilder won the order from Chilean shipping firm Compania Sudamericana de Vapores (CSAV) a year ago


300 Missing After Korean Ferry Capsizes

Wreck symbol: file image CCL

Almost 300 people were missing after a ferry capsized off South Korea on Wednesday, despite frantic rescue efforts involving coastguard vessels, fishing boats and helicopters, in what could be the country's biggest maritime disaster in over 20 years.


South Korean Ferry Incident Update

AFP/South Korea Coast Guard

Almost 100 ships, 18 helicopters involved in rescue; as many as 340 people from one school thought to be on board. Accident may be South Korea's biggest in 20 years. Almost 300 people were missing after a ferry capsized off South Korea on Wednesday


Q-Max Floating Dock Launched

Photo courtesy N-KOM

On March 21, 2014, senior management from N-KOM and Nakilat attended the launching and naming ceremony of N-KOM’s Q-Max sized floating dock at Hyundai Samho Heavy Industries in South Korea. 42,000T of fabrication work has been completed for the floating dock named Laffan


North Sea: Potential VLCC Moves to South Korea

North Sea Forties crude differentials were unchanged on Wednesday in very quiet pre-Easter trade, with dealers still watching two potential VLCC shipments to Asia and the stuttering return of Libyan oil supplies. A strong early rally in flat-price Brent futures also kept traders on the sidelines


Search Resumes in S. Korean Ferry Disaster

USS Bonhomme Richard LHD 6 has entered search operations (U.S. Navy photo)

Poor weather conditions may hamper effort; Mystery surrounds capsize of ship; Nearly 280 people still missing, many of them teenagers South Korean coastguards and navy divers resumed their search on Thursday for nearly 280 people still missing after a ferry capsized in what could be the


UPDATE -Survivors still alive on South Korean ferry

Several people appear to have survived in an air pocket of a capsized South Korean ferry, the father of one of the school children aboard the boat told a Reuters reporter accompanying families out to the scene of the disaster on Thursday. About 290 people are still missing out of 450 passengers


Search resumes for missing in S. Korean ferry disaster

South Korean coastguards and navy divers resumed their search on Thursday for nearly 280 people still missing after a ferry capsized in what could be the country's worst maritime disaster in over 20 years. They will also be seeking answers to many unanswered questions surrounding


 
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