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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.  


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


DSME CEO Questioned over Accounting Fraud

Photo by DSME Co.,Ltd

 The chief executive of struggling Korean shipbuilder Daewoo was questioned by state prosecutors on Tuesday over allegations that the yard tried to cover a major deficit in 2015 by underreporting losses.   According to a report in Yonhap, Jung Sung-leep, 66


Hanjin Shipping's Sale of Total Terminals Okayed

File Image: a Hanjin Boxship underway (CREDIT: Hanjin)

Bankrupt South Korean shipping line Hanjin Shipping Co Ltd won U.S. court approval at a hearing on Wednesday for the $78 million sale of its stake in U.S. terminal operator Total Terminals International LLC, overcoming objections of container companies.  


Höegh LNG Orders 4 FSRU from Samsung Heavy

Höegh Gallant. Photo: Höegh LNG

 South Korea's Samsung Heavy Industries Co has won one firm Shipbuilding Contract (SBC) and an agreement for three optional  floating storage and regasification units (FSRUs) from Hoegh LNG Holdings.   Under the deal with Norway-based Hoegh LNG Holdings Ltd


Ex-Daewoo Shipyard Head Gets 10 Years in Prison

Ko Jae-ho: Photo cropped from a file photo provided by PR of Maersk Line taken during Triple-E naming ceremony

Ko Jae-ho, the former head of the ailing South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME), has been sentenced to 10 years in prison by a lower court in Seoul over accounting fraud, Yonhap News Agency reports.  


2016 Contracting: Hard To Find Our Bearings

Graph: Clarksons Research

 Contracting activity in 2016 fell to its lowest level in over 30 years in numerical and tonnage terms, says Clarksons Research.   Low levels of newbuild demand have continued to limit ordering across the majority of vessel sectors


Korean Government to Fund HMM Vessels

Photo: Hyundai Merchant Marine

 South Korean shipping unit will purchase Hyundai Merchant Marine (HMM) vessels for USD 515 million and lease them back to the container carrier at favorable charter rates as part of a state aid program.  Korea Shipping Co., a new entity servicing troubled shippers will act as a


Swiss Group MSC Acquires Hanjin's Stake in U.S. Ports Operator

A unit of Swiss shipping group MSC has bought a stake in U.S. ports operator Total Terminals International (TTI) from Hanjin, MSC said on Wednesday, having overcome objections from the South Korean line's U.S. creditors. Privately owned MSC, the world's no


S.Korea Court to Declare Hanjin Bankrupt on Feb. 17

A South Korean court said on Thursday it decided to end Hanjin Shipping Co Ltd's court receivership process and expects to declare bankruptcy on February 17 after a two-week period for appeals.   The Seoul Central District Court said in a statement that it made the decision as the firm's


Korea Bank Puts 10 Hanjin Vessels Up for Sale

File Image: a Hanjin Boxship underway (CREDIT: Hanjin)

 Korea Development Bank, the main creditor of the dissolved Hanjin Shipping Co. and state-owned entity, has put 10 Hanjin vessels up for sale in order to source back elements of its extended loans, reports Yonhap.   According to the sources


Hyundai Heavy Back in the Black

Photo: Hyundai Heavy Industries

 The South Korean shipbuilder Hyundai Heavy Industries (HHI) has reported a net profit of KRW 682.3 billion (USD 596.6 million) for the full year of 2016, returning from a loss of KRW 1.36 trillion (USD 1.18 billion) seen in the full year 2015.  


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






 
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