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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


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


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


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)


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


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


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.  


Korea Rolls Out Indigenous Combat Operation System for Subs

File Photo: Daewoo Shipbuilding and Marine Engineering

 Daewoo Shipbuilding and Marine Engineering (DSME) has succeeded in producing the nation’s first integrated combat system, which serves as the brain of attack submarines.   The integrated combat system detects, tracks and identify targets and help accurately evaluate tactical and


Samsung Heavy Cancels $776.8 mln LNG FPSO Order

Image: Samsung Heavy Industries

 South Korean shipbuilder Samsung Heavy Industries (SHI) has terminated a contract worth a 907.6 billion won ($776.8 million) for the construction of a liquefied natural gas (LNG) floating production and storage (FPSO) unit the shipbuilder signed with an unnamed European buyer back in January


Three Hanjin Ships Auctioned in Rotterdam

Photo: Hanjin Shipping

 Three containerships of the bankrupt Korean shipping firm Hanjin Shipping were sold at an auction in Rotterdam for a total of USD 392 million, according to Dutch media fd.nl and Nieuwsblad Transport.   The 13,000 TEU ships were auctioned on behalf of creditor HSH Nordbank. 


Japan to Overtake Korea in Global Shipbuilding

Photo: DSME

 Japanese shipyards are on the verge of overtaking Korean shipyards in remaining order backlogs and market share, reports Business Korea.   South Korean and Japanese shipbuilders recorded a backlog of 20.46 million CGT and 20.06 million CGT early this month, respectively


Korea to Inject $2.64 bln into DSME

Photo: Daewoo Shipbuilding & Marine Engineering

 South Korea's state-run banks are expected to raise more than 3 trillion won (US$2.64 billion) to prevent Daewoo Shipbuilding and Marine Engineering (DSME) from being delisted, reports Korea Herald.   Korea Development Bank and the Export-Import Bank of Korea are planning to raise


DSME Taps GTT to Equip Maran’s New LNG Carriers

GTT said it has received an order from Daewoo Shipbuilding & Marine Engineering (DSME) to equip two new LNG carriers scheduled for delivery in 2019.   The vessels will be built at DSME's shipyard in Geoje, Korea, on behalf of Maran Gas Maritime, a Greek management company


Global Shipbuilders Discuss Market Downturn

From 19 till 20 October 2016, top executives from major shipbuilders from Japan, Europe, China, South-Korea and the United States met in Gyeongju (South-Korea) in the context of the 25th JECKU, to discuss the industry’s challenges in supply and demand and in addressing regulatory matters.


Hyundai Heavy Turns to Black in Q3

Pic: Hyundai Heavy Industries

 South Korean shipyard Hyundai Heavy Industries emerged from the third quarter with a black bottom line, although with a smaller profit than in the previous quarter, thanks in part to reduced costs and improvement in its non-shipbuilding business.  


KONGSBERG Integrated Automation for LNG Fuelled Bulker

Kongsberg Maritime systems chosen for LNG Fuelled bulk carrier vessel under construction at Hyundai Mipo in South Korea (existing Ilshin bulk carrier pictured). Image courtesy Ilshin Shipping Company

Kongsberg Maritime has been chosen to supply a full integrated automation solution including the first delivery of its advanced new Fuel Gas Supply System (FGSS) for a newbuild 50,000 DWT LNG Fuelled bulk carrier, ordered by South Korean ship owner, Ilshin Shipping Company


China Condemns South Korea's Warning Shots at Fishing Vessels

China on Wednesday said it was "very dissatisfied" with South Korea after the latter's coast guard fired warning shots at Chinese fishermen in South Korean waters. South Korea's coast guard vessels regularly chase Chinese boats for fishing illegally off the country's coast


Four Bids for STX Offshore, STX France Emerge

Four parties have expressed interest in buying one or both of South Korea's STX Offshore & Shipbuilding Co Ltd and a controlling stake in STX France SA, a spokesman for the Seoul court overseeing STX Offshore's receivership said on Friday.


World’s Largest Ethane Carrier Delivered

Ethane Crystal is the world’s first very large ethane carrier (VLEC) (Photo: SHI)

The world's first very large ethane carrier (VLEC), Ethane Crystal, has been delivered to India’s Reliance Industries Ltd. by South Korean shipbuilder Samsung Heavy Industries (SHI), representing a significant milestone for the gas shipping industry.


Hanjin Fleet Shrinks

Photo: Hanjin Shipping Co

 Following its bankruptcy filing, Hanjin Shipping Co.’s fleet has shrunk to about a tenth of its size after the South Korean container line returned most of its chartered vessels to owners, reports Bloomberg.   All but three of the remaining 14 ships are either stranded or have


Hyundai Heavy to be Split into 4 Firms

Shipbuilder to be split into four companies; spinoff is part of restructuring plan submitted to creditors. South Korea's Hyundai Heavy Industries is being split into four companies, with its non-shipbuilding businesses being spun off to improve management efficiency and competitiveness


Korea Line Buys $31.4m Biz from Hanjin Shipping

Photo: Hanjin Shipping Co Ltd

 South Korea's Hanjin Shipping Co Ltd  will sell part of its container ship business to Korea Line Corp for 37 billion Korean won ($31.38 million), reports Reuters.   Korea Line will buy Hanjin's Pacific routes shipping business, relevant client management information






 
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