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South Korean Shipbuilding

Report: Containership Order Buoys S. Korea

According to a report on Reuters, shares in shipbuilders in South Korea were buoyed when news broke that Daewoo Shipbuilding & Marine Engineering had won a $2 billion order from A.P. Moeller-Maersk AS to build 10 container ships. It was reported that it was also in the running for another larger order, 10 ships at $4b. Daewoo and the entire South Korean shipbuilding industry has been fending off fierce competition from China, as Chinese yards have now staked the claim as the world's most prolific shipbuilding country. (Source: Rueters & Staff reports)  

Editor's Note

Buoyant is perhaps the best word to describe the overall status of the world marine market. As you flip through the pages of this year’s Annual World Yearbook, you will find a number of articles, from the status of the U.S. Shipbuilding market, to the pending boom in the offshore oil and gas markets, to the staggering climb in dayrates for the tanker and bulker markets, which clearly show the industry is on the the way up

South Korea is Number One

According to a report from the Kyodo news service, the combined tonnage for ship orders received by South Korean shipbuilders was higher than that of Japanese shipbuilders in 2002. The Shipbuilders' Association of Japan reported that Japanese shipbuilders received orders worth a combined 5.9 million tons in the year, down 25.9% from 2001. South Korean shipbuilders reportedly received orders for a combined 7.59 million tons, up 18

EU To Propose Subsidy Program To Battle South Korea

The European Union is proposing to subsidize its embattled shipyards in a long-standing dispute over what it views as unfair competition from South Korea. The EU will make the proposal to an EU industrial council meeting in Sweden on May 15, said EU Ambassador to Korea Frank Hesske. Sweden is the current president of the 15-member group. The EU, which has been holding talks with South Korea about the issue for the past two years, could take the case to the World Trade Organisation (WTO)

Hyundai Heavy to Import Chinese Steel Plates

According to reports, Hyundai Heavy Industries Co., Ltd., has signed a Memorandum of Understanding with Baoshan Iron & Steel Co., Ltd. to import wide and heavy plates for shipbuilding. Hyundai Heavy Industries plans to import 180,000 tons of steel plates from Baosteel yearly. Hyundai Heavy Industries said that the price was lower than that offered by Japanese steelmarkers and a South Korean report said that South Korea would gradually enlarge imports of China- made steel plates for

STX Targets $3b Sales in 2012 at Chinese Shipyard

South Korea's STX Shipbuilding Co., said that its shipyard to be built will post $3b in sales in 2012, similar to that of its shipyard in Jinhae, South Korea. During a ground-breaking ceremony for the shipyard, Kang Duck-soo, chairman of STX Group, said its $500 million project to build the first South Korean-owned shipyard in China by the end of 2008 will help the company emerge as a global shipbuilder. STX Shipbuilding and its affiliate, STX Corp

S. Korea Eyes Cruise Building Market

Han Jong-chan assembles the massive blocks used to build ships at one of South Korea's huge and successful shipbuilding yards and has never been happier. Han has worked Daewoo Shipbuilding & Marine Engineering's famed shipyard on remote Koje island here for 18 of his 38 years, recently on night shifts as hefty orders force workers to man giant cranes and welding shops around the clock. Despite a troubled past, a looming dispute with the European Union over subsidies and growing competition

Ship Subsidy Agreement Hammered Out In Brussels

The European Commission and South Korea have signed an agreement aimed at allaying European concerns that South Korean shipyards charge unfairly low prices, the European Union's executive body said. But the Commission said in a statement it has already asked for consultations with South Korea, as allowed for under the new agreement, "in order quickly to clarify several issues of concern and receive answers to key questions." These talks will take place in Seoul on July 18 and 19

Samsung Heavy Industries to Launch Deal with Japanese Shipbuilder

Photo Credit: SHI It has been reported that South Korea’s Samsung Heavy Industries (SHI) has signed a comprehensive cooperation agreement with the Japanese company, Tsuneishi Shipbuilding Co. The deal is said to be the first of its kind, initiating a strategic collaboration between Japanese and South Korean shipbuilders. The cooperation would entail the construction and repair of cargo vessels and special purpose ships.

Hyundai Heavy Leads Shipyard Decline on Prices

Hyundai Heavy Industries Co., led a decline in South Korean shipyard stocks in Seoul trading on concern prices for new vessels may drop. Hyundai Heavy fell 5.8 percent, the biggest decline in more than a week, to close at 319,500 won in Seoul. Hyundai Mipo Dockyard Co., a unit of Hyundai Heavy, fell 7.1 percent to 201,500 won. The shares also dropped after UBS AG said orders may slow this year from the record sales in 2007.

Korean Shipbuilders in Red

Photo: Samsung Heavy Industries

 South Korean shipbuilders are struggling with huge losses stemming from the delivery of low-priced ships and a delay in the construction of offshore facilities such as drill ships.   The shipbuilders' earnings are expected to remain in the doldrums until the first half of 2016

Urals Weakens Further in Baltic

Russian Urals crude differentials continued to slide in the Baltic on Thursday amid a flurry of activity with softer refining margins, pushed down by higher oil prices, still keeping buyers at bay.   In the Platts window, Statoil bought a 100,000-tonne cargo from Glencore for loadings on Oct

Friendship to Green Ships

Image: Danish Maritime Authority

 Korea and Denmark both have ambitious national plans for a transition to greener and more energy efficient economies.    The Danish-South Korean Green Growth Alliance met for roundtable talks. The Minister for Business and Growth’s meeting with the South Korean Minister of

Danish-South Korean Co-operation Strengthened

Headquarters in Sejong City

  The Danish-South Korean Green Growth Alliance met for roundtable talks yesterday. The Minister for Business and Growth's meeting with the South Korean Minister of Oceans and Fisheries is important for further developing the close co-operation.

Wärtsilä 34DF Becoming a Trendsetter

Picture of a 6-cylinder in-line Wärtsilä 34DF engine.

  The upgraded version of the Wärtsilä 34DF engine is rapidly becoming established as an industry standard. The three major South Korean shipyards are supporting the use of this engine for auxiliary applications in the LNG Carrier segment where dual-fuel engines are favoured

China’s Shipyards Face Tough Times

Image: Sinopacific ShipBuilding Group

 As the shipping market continues its prolonged downturn five shipyards have filed for bankruptcy this year, reports SCMP.   China's leading private shipyards are gasping while watching their smaller rivals collapse one after another in an industry where state firms are increasingly

Danelec DM100 VDR Earns KR Type Approval

Danelec Marine's DM100 series Voyage Data Recorders (VDRs) has received type approval from the Korean Register of Shipping, the manufacturer annouced today. The Korean approval certifies that the DM100 VDR complies with provisions of the new IMO VDR standard which came into force in

GTT Receives Order for Chandris LNG Carrier

GTT (Gaztransport & Technigaz), a designer of membrane containment systems for the maritime transportation and storage of liquefied natural gas (LNG), has received a new order for LNG carrier (LNGC) to be built by the Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME).

Newbuild Containerships Delivered to Rickmers

The Rickmers Group informs it has taken delivery of the first two in a series of three 9,300 TEU newbuilds acquired by the group in April while already under construction. The containerships were built at the South Korean STX shipyard and are on long-term charter to CMA CGM.

South Korea Takes Stab at Slaying Zombie Company Menace

Okpo Shipyard of Daewoo Shipbuilding & Marine Engineering (Photo: Visit Korea)

South Korea is getting serious about tackling its "zombie company" problem and will set up its first restructuring firm backed by the government and banks in November, spooked by some huge corporate losses and a darkening economic outlook.  

Samsung Companies Consider Merger Again

Image: Samsung Engineering

 South Korean shipbuilder Samsung Heavy Industries Co will try again to merge with sister company Samsung Engineering Co Ltd later this year, reports Korea Times.   Samsung Engineering CEO Park Jung-heum has said he will once again pursue a merger talk.  

Hamburg Süd Christens Cap San Vincent

Left to right: Sung-Geun Lee, DSME executive vice president, shipyard general manager; Fawad Neiro, sponsor Susanne Neiro, K+S Transport; and Dr. Arnt Vespermann, member of the Hamburg Süd executive board. (Photo: Hamburg Süd)

Hamburg Süd christened its new containership, Cap San Vincent, at a ceremony at Daewoo Shipbuilding & Marine Engineering Co., Ltd. (DSME) shipyard in Okpo, South Korea, Wednesday.   The final vessel in a series of three identical new builds

MacGregor Cargo Handling for HL Newbuilds

Image: MacGregor

 MacGregor has received an order worth USD 21 million for optimised cargo handling systems for five 10,500 TEU container ships currently under construction at South Korean shipyard Hyundai Samho Heavy Industries for German operator Hapag-Lloyd.  

Hapag-Lloyd Secures Financing for Five Newbuilds

The new ships are being built by the South Korean shipbuilder Hyundai Samho Heavy Industries (HSHI). (Photo Hapag-Lloyd)

Container shipper Hapag-Lloyd announced it has signed a 12-year $372 million facility agreement with a banking syndicate to finance the construction of five new vessels ordered from a South Korean shipbuilder Hyundai Samho Heavy Industries (HSHI) in April 2015.  

S. Korea Keeps Top Spot in Shipbuilding Beating China, Japan in Q3

Image: Hyundai Heavy

 South Korean shipbuilders have ranked first in the world outpacing Chinese and Japanese rivals in terms of new orders in the third quarter of the year, reports Yonhap quoting  Clarkson Research Services.   South Korean shipyards bagged new orders totaling 2

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