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.
A South Korean Navy admiral toured a Chinese warship in a rare opening by Beijing to its People's Liberation Army vessel last week during U.S.-led Pacific RIMPAC maritime drills, according to Yonhap News Agency, citing China's defense ministry.
Chinese President Xi Jinping with South Korean President Park Geun-hye Thursday reiterated firmly opposed to the development of nuclear weapons on the Korean Peninsula, while undertaking efforts to complete FTA negotiations before the end.
Today in U.S. Naval History - June 25 1917 - Navy convoy of troopships carrying American Expeditionary Forces arrives in France 1950 - North Korea invades South Korea beginning Korean Conflict For more information about naval history
The major shareholder of the South Korean operator of the ferry on which hundreds of high school students drowned in April has applied for receivership, a court said on Monday. Chonhaiji Co Ltd, a ship block maker and the major shareholder of ferry operator Chonghaejin Marine Company
The Korean Maritime University (KMU) and the Korean Marine Electronics Industry Promotion Association (MEIPA) received a one day technical seminar about Shipdex and the process of importing Shipdex data into SpecTec’s Computerized Maintenance Management System (CMMS), AMOS
A victim from the South Korean ferry disaster was found in waters roughly 25 miles from the site of the capsized vessel, the Associated Press reported. The body is the first recovered since May 21, bringing the death toll to 289. Government officials said fingerprint scans identified the body
A South Korean businessman and Christian sect leader, wanted on charges tied to a ferry disaster in which more than 300 passengers drowned, sought asylum at a Seoul embassy but was rejected, prosecutors said on Tuesday. Yoo Byung-un, 73, is wanted on charges of embezzlement
Leading South Korean shipbuilder Hyundai Mipo Dockyard Co., has won a US$102-million order from a Singaporean company to build two LPG carriers, according to Yonhap News Agency. Hyundai Mipo, a subsidiary of Hyundai Heavy Industries Co., said it will start building the vessels from March 2016
Since 1990, steel has been used in the construction of some of the world’s biggest thrill rides but in recent years it is the steel market itself that has seen all the dips and climbs of a high speed rollercoaster. As the global shipping industry went through a major build cycle
South Korean President Park Geun-hye formally apologized on Monday for a ferry disaster last month that killed about 300 passengers, mostly school children, and said she would break up the coast guard because it had failed in its rescue mission.
Samsung Heavy Industries Co said on Friday it won a 419.5 billion won ($410 million) order to build two liquefied natural gas carriers for an unidentified European client. The South Korean firm plans to deliver the vessels by end-August 2017, it said in a filing to the stock exchange
South Korea said on Friday it would spend more of this year's fiscal budget during the first half and use the central bank's lending facility for smaller firms to support businesses affected by the ferry disaster. The Ministry of Finance and Strategy said in a statement it
A diver lost consciousness and died on Tuesday during the search operation for victims still missing after last month's South Korean ferry disaster. The diver had lost radio contact five minutes after diving to fix guideline ropes on the fifth deck of the sunken ferry, according to Ko Myung-seok
The Korean Register (KR) released SeaTrust-HullScan, a software solution to analyze and appraise a vessel’s hull structure in accordance with the new harmonized common structural rules (CSR-H). SeaTrust–HullScan is a new ship design support program that enables ship designers and ship
A culture of cosy personal ties that can blur the lines between businesses and those regulating them, of profit over safety, and soft courts is in focus as South Korea demands answers over the sinking of a ferry with the loss of more than 300 lives, mainly high school students.