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
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'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 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
In a long running battle to level the theoretical playing field, European shipbuilders want the European Commission to stop delaying its response to what they see as unfair competition from shipyards in South Korea, according to a Reuters report. European shipbuilders, which have steadily seen the balance of its shipbuilding activities flow to the massive shipbuilding machines in Japan, South Korea and now China, have apparently reached their limit on seemingly endless negotiations
No very large crude carriers (VLCCs) will load from Britain's Hound Point oil terminal in May and June due to planned maintenance, a spokeswoman for operator BP said on Tuesday. Last week traders reported hearing that Hound Point's Jetty 1 would undergo fender and integrity work in May and June
Reuters - South Korea's STX Offshore & Shipbuilding Co Ltd said on Monday it won a 413.8-billion won ($387.63 million) order to build eight tankers from from Navig8 Product Tankers Inc. The South Korean shipbuilder said in a statement the contract includes an option for four more tankers
Sovcomflot, Russia’s largest shipping company, has taken delivery of its latest LNG carrier, the Velikiy Novgorod, from South Korea’s STX Offshore & Shipbuilding. The ship is equipped with a diesel-electric, dual-fuel propulsion system consisting of 2 × MAN 8L51/60DF and 2
Together with customers and business partners, Hamburg Süd yesterday celebrated the christening of its containership Cap San Lorenzo at the Exolgan Terminal in Buenos Aires. The Cap San Lorenzo is the fourth containership in a series of six newbuilds for the company in the new Cap San class
Maersk Drilling informs it has taken delivery of its first ultra deepwater drillship, 'Maersk Viking', from the Samsung Heavy Industries (SHI) shipyard in Geoje-Si, South Korea. The new vessel has started its voyage to the US Gulf of Mexico where it will commence a three year contract with
Hyundai Heavy Industries Co., Ltd. (HHI) held a naming ceremony for the world’s first newbuilding LNG floating storage regasification unit (LNG FSRU), ordered from Höegh LNG in June 2011. The 170,000 cbm LNG FSRU, measuring 294 meters in length
DHT Holdings, Inc. announced that it has entered into firm contracts to construct three VLCCs at Hyundai Heavy Industries Co., Ltd. (HHI) in South Korea with a contract price of $97.3 million each, including $2.3 million in additions and upgrades to the standard specification.
Wärtsilä said it signed a contract in late 2013 for a range of pumping solutions for a new Floating Storage Unit (FSU) which will operate on the Mariner oilfield in the North Sea. Wärtsilä's contract was signed with Samsung Heavy Industries (SHI) which will build the FSU in
Hyundai Heavy Industries (Hyundai) has awarded Kvaerner a sub-contract to provide services for inshore and offshore hook-up and commissioning assistance for the topsides for the Aasta Hansteen spar project. The inshore-work will be carried out at Stord and the offshore scope will be done at
A fire-damaged tankship, 'Maritime Maisie' loaded with hazardous chemicals has become a maritime football in the north Pacific, with Japan and South Korea unwilling to give it refuge even though they risk a wider environmental disaster if it sinks, reports Reuters.
Sweden, South Korea and Denmark have initiated a global partnership on the development of e-navigation solutions. Modern technology will lead to higher safety and more efficient transports at sea. The Swedish Maritime Administration is leading the largest European e-navigation project
The launching ceremony of the final ship in a series of four LNG carriers built at STX Offshore and Shipbuilding Co., Ltd. was held in South Korea on February 11, 2014. The LNG carrier SCF Mitre will be assigned the RS class notation: KM Ice2 AUT1 OMBO EPP ANTI-ICE LI CCO ECO-S
DHT Holdings, Inc. has entered into a letter of intent with Hyundai Heavy Industries Co., Ltd. (HHI) in South Korea for the construction of three additional very large crude carrier vessels (VLCCs) at a contract price of $97.3 million each, including $2
Scorpio Tankers Inc. inform they have taken delivery of another MR product tanker newbuilding in their ambitious newbuilding programme, 'STI Opera', from Hyundai Mipo Dockyard Co., Ltd. of South Korea. The owners add that the new vessel will be chartered-out for up to 120 days at approximately
Monaco-based Scorpio Tankers says it has entered into agreements to sell its two 2004 built, LR1 product tankers, 'Noemi' and 'Senatore' and has also taken delivery of a MR product tanker newbuilding, 'STI Duchessa', from Hyundai Mipo Dockyard Co., Ltd. of South Korea.