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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)  


Shipbuilding Giants Bid for STX France

Photo: STX Offshore & Shipbuilding

 Italian shipbuilding giant Fincantieri SpA and Dutch counterpart Damen Shipyards Group are in the running to buy STX France, which has been put on the block by Korean debt-ridden parent STX Offshore & Shipbuilding Co, reports WSJ.   Meanwhile,  STX Offshore - once the Korea's number four shipbuilder - has submitted a proposal to a court on how to revive its business, according to a report in AFP. STX filed for the restructuring in May after struggling for years with


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


France to Defend Interests in STX Shipyards

Photo: STX France

The French government has told South Korea it will oppose any solution for shipbuilder STX France that is against national industrial interests, Industry Minister Christophe Sirugue told Reuters on Thursday on the eve of a deadline for bids. STX France is 66.7 percent owned by failed South Korean shipbuilding group STX. An insolvency court in South Korea ruled last month that the French arm could be sold either separately from the parent, or as part of a bigger sale. Bids are due by Nov


Daewoo to Develop Iranian Shipyard

Image: Industrial Development and Renovation Organization of Iran

 South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering Co., Ltd. (DSME) and the Industrial Development and Renovation Organization of Iran (IDRO) have signed an outline agreement to cooperate on developing the shipbuilding Industry in Iran.   Under the deal with the Industrial Development and Renovation Organisation of Iran, Daewoo Shipbuilding will work on constructing a shipyard and related facilities in Iran, according to Yonhap News Agency.  


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


Korea Mulls New Ship Financing Company

Photo: Hanjin Shipping Co Ltd

 Reuters report quoting South Korea government sources that the country is planning  to establish a state-backed ship financing company with an initial capital of 1 trillion won ($871.73 million) to help improve the financial health of Korean shipping companies.    The government would provide financing of 6.5 trillion won ($5.67 billion) in total so that local shipping firms could acquire new vessels.  


North Korean Bulkers Stranded as China Enforces Sanctions

At least ten North Korean ships have arrived at a Chinese port after being stranded for the past three weeks following the top global coal consumer's ban on imports of the fuel from its isolated neighbour, a report said on Friday.   Six North Korean merchant vessels


Daewoo Shipbuilding to Get Fresh $2.6 Bln Bailout

File photo: Daewoo Shipbuilding & Marine Engineering Co Ltd

South Korean state banks are preparing a fresh $2.6 billion bailout for floundering Daewoo Shipbuilding & Marine Engineering Co Ltd, which has built up huge losses from offshore projects and risks missing debt repayments.   Daewoo


Korean Shipyards Cut Costs to Boost Profit

Photo: Hyundai Heavy Industries

 South Korea's Hyundai Heavy Industries (HHI) and Samsung Heavy Industries (SHI) said that they will strive to boost their profitability via increased orders and continued cost-cutting measures, reports Yonhap.   According to Park Dae-young, president of SHI


ABB to Power and Remotely Monitor LNG FSRU Vessel

Photo courtesy of ABB

ABB will supply the power and electric propulsion system to a new Floating Storage and Regasification Unit (FSRU) for BW Group, which will also be remotely connected to ABB’s Collaborative Operations Centers.    The equipment onboard will provide data to the shore-side Centers


Moody's Upgrades HMM Credit Rating

Photo: Hyundai Merchant Marine

 South Korean Container carrier Hyundai Merchant Marine (HMM), which collaborates with the 2M alliance, has had its rating improved from the default rating D to instead BB, informs the carrier.   "Korea Investor Service (a Moody’s Affiliate)  has upgraded Hyundai


France: STX France talks with Fincantieri to Continue

File Image (CREDIT: AdobeStock)

French industry minister Christophe Sirugue said he would meet Italy's Fincantieri in a week's time to discuss its bid for STX France, but added France was still against Fincantieri gaining dominance in the governance of STX France.  


S.Korea Court Declares Hanjin Bankrupt

File Image: credit Hanjin

A South Korean court declared Hanjin Shipping Co Ltd bankrupt on Friday, after ruling earlier this month that the firm's liquidation value would be worth more than its value as a going concern.   Hanjin Shipping, which had been the world's seventh-largest container shipper


SM Line's Maiden Voyage Next Month

Photo: S M Ship Management

 The new container carrier SM Line, owned by South Korean Samra Midas (SM) Group, will launch its first service in the second week of March.    The shipper which took over Hanjin's service network between Asia and the US, will also take over several of Hanjin's terminals in South


Marine Jet Power Awarded Repeat Order for Korean Navy

Photo: MJP

Marine Jet Power has been awarded a repeat order to supply waterjets to another 3 units Patrol Killer Experimental (PKX-B) fast attack craft for the Korean Navy. Last year, South Korean shipbuilder Hanjin Heavy Industries and Construction (HHIC) launched the first unit which is currently


Mech-Tool Delivers Fire System to DSIC Offshore

Photo: Mech-Tool Engineering

Darlington based product manufacturer and global supplier of fire, blast and heat protection systems Mech-Tool Engineering Ltd (MTE) said it has delivered a fully certified ABS fire rated wall system for a Chinese turnkey EPC contractor in offshore construction.   


Newbuild Suezmax Tanker Delivered to NAT

Nordic American Tankers Limited (NAT) said it has taken delivery of Nordic Space, its second Suezmax newbuilding tanker of 158,000 deadweight tons, built at Sungdong Shipbuilding & Marine Engineering Co., Ltd., South Korea. The Nordic Space has started on her maiden voyage.


Oman Shipping to Acquire 10 Tankers

Photo: Oman Shipping Company

 Omani government-owned Oman Shipping Company (OSC) has secured USD 227 million in debt to finance the acquisition of ten tankers, Reuters said citing France-based Societe Generale.   The new medium range tankers are chartered to Shell Tankers Singapore for seven years.  


Korean Register Opens ICT Center

Korean Register (KR) has opened a new ICT (information communications technology) Center to enhance the application of advanced information and ICT across the maritime and ship classification industries. According to KR, the new high-tech facility has been launched in response to demand from


Royal Caribbean cuts South Korean Ports from China Cruises

Royal Caribbean Cruises Ltd will remove visits to South Korean ports from its China cruises, the firm said in a statement, amid rising tension between the two countries over Seoul's deployment of a U.S. missile defence system.   In a post on its Chinese website, the U.S


Japanese Orderbook: Down But Showing Staying Power

Graph: Clarksons Research.

 The Japanese orderbook has shown its endurance in the current muted shipbuilding market and recently surpassed its South Korean counterpart in size for the first time since 1999, says a report by Clarksons Research.   While the orderbook is shrinking for all of the ‘big 3’






 
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