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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


STX Targets $3b Sales from New Yard

STX Shipbuilding Co., the world's seventh-largest shipbuilder, said its shipyard to be built here will post $3 billion 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 the STX Group, said its $500 million project to build the first South Korean-owned shipyard in China by the end of 2008 would help the company emerge as a global shipbuilder. Source: Business in Asia Today


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


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.


Dumpers 2015 - Examples of Particularly Bad Practices

Photo:  NGO Shipbreaking Platform

 The worst dumper prize goes to IDAN OFER, son of shipping magnate Sammy Ofer. Idan Ofer owns QUANTUM PACIFIC GROUP and has a controlling stake in Israel’s largest publicly traded company, ISRAEL CORPORATION.    Combined


N.Korean Navy Incursion Draws Warning Shots

A North Korean patrol boat crossed into South Korean waters early on Monday and retreated after the South Korean navy fired warning shots, a South Korean military official said. The incursion came amid heightened tensions on the Korean peninsula


GTT, DSME Ink Cooperation Deal

GTT Chairman & CEO Philippe Berterottiѐre Photo World LNG Summit

GTT, the world leader in the design of membrane containment systems for the maritime transportation and storage of LNG (Liquefied Natural Gas) announces the signature of a cooperation agreement with the South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) for the


GTT, DSME Partner for NO96 Max Development

GTT signs a cooperation agreement with Daewoo Shipbuilding & Marine Engineering aiming at the industrialization of its NO96 Max technology   GTT, a designer of membrane containment systems for the maritime transportation and storage of liquefied natural gas (LNG)


China, South Korea Talk on Sea Boundary

Chinese Vice Foreign Minister Liu Zhenmin (L) shakes hands with Cho Tae-yul, Republic of Koreas 2nd vice minister of foreign affairs. Photo: Xinhua

 China and South Korea held a key meeting seeking to resolve boundary issues in the Yellow Sea.    The Chinese delegation was led by Vice Foreign Minister Liu Zhenmin while South Korea was represented by 2nd Vice Foreign Minister Cho Tae-yul, according to statement


China Shipping Ports Acquires 20% Stake at Busan Terminal

Image: Busan New Container Terminal

 China Shipping Ports Development, the port unit of China Shipping Group, has agreed to acquire a 20% stake in the loss-making Korea Express Busan Container Terminal (KBCT) from parent CJ Korea Express (CJ Korex).   KBCT manages the container terminal in the port of Busan Shinsundae


Chinese Shipyard in Fifth Place for First Time

Image: Shanghai Waigaoqiao Shipbuilding

 According to UK-based Clarkson Research Services, Shanghai Waigaoqiao Shipbuilding (SWS) had an order backlog in November of just over three million compensated gross tons  (CGTs), an indicator of the level of shipbuilding ouput.  


Korea to Create $1.2bln Shipping Fund

Photo: Hyundai Heavy Industries

 The South Korean government will create a US$1.2 billion ship investment fund to aid the shipping industry which has been struggling due to decreasing global trade.    A report by South Korea's Yonhap News Agency said the fund will help shippers buy and sell vessels with less


VIKING, Daemyung Marine Invest in Korea

Courtesy VIKING

Marine safety equipment manufacturer and servicing provider VIKING Life-Saving Equipment A/S is to establish a local presence in Korea through a joint venture agreement with leading Korean marine safety equipment and servicing company Daemyung Marine Co. Ltd


Oil Off to a Turbulent Start in 2016 -DW

Oil prices have been extremely volatile since the first trading day of 2016 and hit 12-year lows last week with Brent dropping below $33 a barrel for the first time since 2005. The fall in the Chinese manufacturing index, the Saudi-Iran standoff and North Korean nuclear test have all had a


North Korea Faked Submarine Missile Launch Photos, Say Experts

Photo:  North Koreas Korean Central News Agency (KCNA)

 Photos and footages showing a North Korean missile launched from a submarine were manipulated by state propagandists, according to an analysis by a California-based think tank, says a report in Reuters.    North Korea, heavily sanctioned by the United States and United Nations


Teekay Building Six LNG Vessels

Courtesy Teekay

  Teekay Corporation's Gas team celebrated the keel laying ceremony of six LNG newbuildings at the Daewoo Shipbuilding & Marine Engineering (DSME) shipyard in South Korea. Five of these carriers are 173,400 cubic meter MEGI (M-type, Electronically Controlled


Hyundai Heavy Closes Onsan offshore

Photo: Hyundai Heavy Industries

 Hyundai Heavy Industries  has temporarily shut one of its two factories making offshore oil rigs -  Onsan plant in South Korea - due to downturn in the global oil and gas industry.   The closure Onsan underscores the dire state of the country’s big shipbuilders as


Chinese Boat Capsizes off South Korea

Image: Global Energy Network Institute

 South Korean maritime police on Wednesday withdrew divers after they failed to find at least five people believed to be trapped inside a Chinese fishing boat that capsized near a small southwestern island off South Korea on Wednesday, reports AP.   


LSC Shipmanagement Receives 3 New Ships

Photo: A/S Latvijas kuģniecība

 In the first half of this year, JSC “Latvijas kugnieciba” subsidiary “LSC Shipmanagement” Ltd (LSCSM) will add three newly built oil and chemical tankers under technical management.    The first of the three ships was delivered on January 11 – the






 
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