South Korean Shipbuilding
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)
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
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
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)
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
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
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
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
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.
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.
Navios Maritime Acquisition Corporation (Navios Acquisition), an owner and operator of tanker vessels, announced that the Nave Luminosity, a newbuilding MR2 product tanker of 49,999 dwt, was delivered on September 19, 2014 from a South Korean shipyard.
South Korean operator Seaspovill signed its second contract for a Fast Ferry with the Netherlands-based shipbuilder Damen Shipyards Group. The Fast Ferry 4212 - to be named SEA STAR 5 - will operate between Mookho and Ulleung-Do at the East-coast of South Korea.
MacGregor has won an order from Daewoo Shipbuilding and Marine Engineering (DSME) in South Korea for the design and delivery of MacGregor RoRo cargo access equipment. It is destined for a 180-meter logistics and support vessel (LSV) under construction at the yard for the Royal Norwegian Navy's
A joint operation by Maritime New Zealand (MNZ) and the New Zealand Defence Force – Operation Moana – has seen 16 fishing vessels operating off the west coast of the South Island boarded and inspected to ensure they are meeting environmental and safety standards.
The state audit agency has interrogated the chief of the Navy over a faulty Navy salvage ship that failed to participate in the national rescue operation for the ferry Sewol that sank off the southwest coast in April according to an unnamed source cited by Yonhap News Agency.
Alfonso Cebollero has been appointed as SENER's Regional Director for Asia and Pacific, while Guangwu Liu has become SENER's new Country Manager in China. Both will coordinate the Engineering and Technology Group’s projects in the above-mentioned geographical areas where SENER’s
The development of a successful shipbuilding sector has been pivotal to the rapid and robust economic development in most countries in the world with long coastal boundaries. Shipbuilding industry has the potential to significantly contribute to national GDP
Belgian dry bulk shipping group CMB said on Tuesday it had cancelled an order for four vessels with South Korean shipbuilder Samjin set to be delivered in 2014. CMB, which added that the shipbuilder was not able to deliver the four handysize vessels on time
On August 25, 2014, the naming ceremony for the Pskov high-tech liquefied natural gas (LNG) carrier was held at the South Korean shipyard STX Offshore & Shipbuilding. The ceremony was attended by Aleksander Medvedev, Deputy Chairman of the Gazprom Management Committee, Evgeniy Ambrosov
The United States has approved anti-dumping duties against South Korea and other producers of steel pipes for the energy sector, a victory for domestic producers hoping to benefit from a boom in the U.S. shale oil and gas industry. U.S. steel companies lodged a complaint in 2013 as foreign
A U.S. Coast Guard Air Station Kodiak MH-60 Jayhawk helicopter medevaced a crewmember suffering from a head injury from the South Korean research icebreaker Araon 250 miles north of Barrow, Wednesday. Watch a video of the rescue here. The helicopter crew
Scorpio Tankers Inc. (NYSE: STNG) (the "Company") announced today that it has reached an agreement with an unrelated third party to purchase an MR product tanker that is currently under construction at SPP Shipbuilding Co., Ltd. of South Korea ("SPP")
Yoon Sang-Jick, Minister of Trade, Industry, and Energy (MOTIE) of Korea, held a meeting to check pending issues faced by Korean shipbuilding and offshore plant industry at Seoul Palace Hotel recently. The meeting was intended to examine current status of overseas and home industry and
Japan on Friday froze the assets of the operator of a North Korean ship seized for smuggling arms, the Foreign Ministry said, just as Tokyo is engaged in talks with Pyongyang to return Japanese citizens kidnapped by North Korean agents decades ago.
South Korean shipbuilders have shown signs of picking up after overtaking their Chinese rivals to regain the top spot last month, according to Yonhap News Agency. However, the sum of new orders in the January-July period lags well behind China rivals.