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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


Royal Caribbean Sets to Sail to Tianjin

Ovation of the Seas, the third Quantum-class ship (Royal Caribbean International)

 Royal Caribbean International will deploy yet another big ship in China, with the 4,180-passenger Ovation of the Seas joining Quantum of the Seas in the Far East.   The Miami-based cruise company takes delivery of Ovation in April 2016 and it will head straight to China rather than


CMA CGM to Add Ships, Pursue More Economies

Containership CMA CGM Marco Polo.JPG

CMA CGM, the world's third-largest container shipper, announced on Monday plans to order three giant vessels and said higher volumes and profit last year showed its focus on economies of scale was bearing fruit. Like market leader Maersk Line


ABG Ties Up with GTT for LNG Technology

Pic: ABG Shipyard

 ABG Shipyard Ltd has tied up with Gaztransport and Technigaz (GTT) of France for the maritime transportation and storage of liquefied natural gas (LNG), reports Livemint.   With this pact, ABG has become the third Indian company to secure technology collaboration to build LNG carriers


MSC Acquires Second Boxship

MSC Olivers christenning

MSC Oliver was inaugurated at the DSME shipyard in Busan, South Korea, just two months after the delivery of MSC OSCAR. This week, it was the turn of Oscar’s cousin, Oliver, to break the traditional bottle of champagne against the ship, in the presence of his father Pierfrancesco Vago


MOL Containership Detained in Seattle

Port State Control officers from U.S. Coast Guard Sector Puget Sound detained the container ship MOL Precision in Seattle, Thursday after discovering several significant violations during a port state control exam of the Panamanian-flagged ship


Keel of First Eco Tanker for APT laid

Mrs. Katherine Faulconer, wife of Mayor Kevin Faulconer and First Lady of San Diego, welds her initials onto a steel plate that will be permanently affixed to the APT-1’s keel. Click on the image for hi res version.

  On Saturday, March 7, General Dynamics NASSCO hosted a keel laying ceremony for the first ECO tanker for American Petroleum Tankers (APT) under construction at the company's shipyard in San Diego. San Diego's First Lady, Mrs. Katherine Faulconer, was the honoree for the ceremony.


World's Biggest Container Ship, the MSC Oscar, at Port of Felixstowe

MSC Oscar at Felixstowe (Photo credit: Port of Felixstowe)

 World's biggest container ship, the 19,224 TEU MSC Oscar, has made its maiden call at the Port of Felixstowe, the Port of Britain.   Clemence Cheng, chief executive of Port of Felixstowe, said it was a "very happy day" for the port.   


Sinking Cargo Ship Abandoned in Sea of Japan

The Japan Coast Guard Ship Hilda (Public domain image)

  A 5,000-dwt Cambodian-flagged cargo ship has been abandoned in the Sea of Japan, according to multiple reports.   The Tong Yuan Hai, operated by Liberty Shipping of Hong Kong, was transporting coal from the Russian port of Nahodka to Pohang, South Korea, World Maritime News reported


Southeast Asian Shipbuilders Turn Bullish

Picture by Korea Offshore & Shipbuilding Association (KOSHIPA)

  Despite the issues surrounding over-tonnaging in the ship-building industry as a result of the 2008 financial crisis, more than 587 vessels are expected to be built in Southeast Asia in 2015.    According to a report by Robert Willmington of IHS Maritime


New Korean Maritime Minister Urges for Safety

Yoo Ki-june (The ministry of oceans and fisheries)

 South Korea's new maritime minister Yoo Ki-june urged all-out efforts to enhance maritime safety.   Calling the tragic sinking of a passenger ferry last year the result of a failure by his ministry, Ki-june said that his ministry would work to be aggressive while pursuing its goals


Harim to Expand Pan Ocean with Grain

Firm aims to hike Pan Ocean sales to over 10 trln won in 5-6 years. South Korea's Harim Group aims to grow sales at the country's largest bulk shipper Pan Ocean Co Ltd, which it plans to acquire, seven times to more than 10 trillion won ($8.97 billion) annually within five to six years.


Multinational Maritime Security Exercise in In Langkawi

Image: Langkawi International Maritime and Aerospace

 Ten countries jointed together with its naval forces in Langkawi, Malaysia, to begin a two-day Multinational Maritime Security Exercise, says a report in Bernama.   A total of 19 naval vessels of various classes are being used by the forces of Brunei Darussalam, India, Indonesia


Rolls-Royce Extends Service Capability in S.Korea

Photo courtesy of Sunjin Entech

Rolls-Royce has extended its service capability in South Korea by partnering with Busan-based ship repairer Sunjin Entech.   The new service agreement means that Rolls-Royce can now provide customers with a bespoke one-stop service solution at the Gupyung and Youngdo yards


Thailand Eyes Submarine Fleet

Photo: Naval Secretariat Department, Royal Thai Navy

 Royal Thai Navy (RTN)'s plan to buy submarines is on again with strong backing from Defence Minister Prawit Wongsuwon who wants Thailand’s fleet to be on par with neighbouring countries.    Defence minister Prawit Wongsuwon was quoted as saying by Bangkok Post on Wednesday


HHI’s 2014 Results Fall Short

The world’s biggest shipbuilder, Hyundai Heavy Industries (HHI), held its 41st Annual General Meeting of Shareholders in Ulsan, South Korea.   The meeting agenda included approval for the financial statements, and the ceiling for the Board of Directors’ remuneration as well as






 
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