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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


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


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)


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.


COSCO Mulls Hanjin Port Asset Purchase

GwangyangTerminal.jpg

China's COSCO Shipping Co Ltd may consider buying the port assets of troubled South Korean firm Hanjin Shipping Co Ltd, Chinese online finance magazine Caixin reported on Wednesday. But COSCO Shipping has no plans to buy the world's seventh-largest container carrier's ships


Container Shippers Raided in S.Africa over Suspected Collusion

File photo: Maersk Line

Six of the world's biggest container shipping companies were raided by South African authorities on Wednesday on suspicion of colluding to inflate rates between Asia and South Africa, the country's Competition Commission said.   The development comes as global container lines struggle in


Three Chinese Fishermen Dead in S.Korea Coastguard Confrontation

China lodges protest with Seoul over the incident. Three Chinese fishermen were killed on Thursday in a fire that broke out on their boat when South Korean coastguard men trying to apprehend them for illegal fishing threw flash grenades into a room they were hiding in


6Sigma Named a HydroComp Representative

HydroComp, Inc. announced 6Sigma Naval Architects of Capetown, South Africa as its new representative.   6Sigma Naval Architects & Offshore Engineering Pty Ltd, Cape Town, South Africa was founded in 2012 based on the backing of exposure to the European market


South Korea: 'Tough Luck' to Hanjin

The South Korean government, long a bastion of support for the country's big conglomerates, is sticking to its hard-line stance on Hanjin Shipping Co Ltd , whose collapse is roiling global supply chains. Since the world's seventh-largest container carrier filed for court receivership in late


Newbuild Contracts at Lowest Level in 20 Years -BIMCO

(Photo: Robert Kunkel)

 Shipyards have become the next victim of the deteriorating conditions in the dry bulk, container and offshore markets as 2016 looks to set the record for the lowest newbuilding contracts in more than 20 years, according to international shipping association Baltic and International Maritime


Hanjin Says US-bound Ship is Being Held 'Hostage'

A lawyer for Hanjin Shipping Co Ltd , the failed South Korean container carrier, said on Thursday a U.S.-bound vessel was held "hostage" by disputes over payments, adding to the struggles in getting $14 billion of cargo off its ships stranded at sea.  


Hanjin Shipping plan would see sale of most of its ships

Hanjin File Photo

South Korea's Hanjin Shipping Co Ltd, whose collapse has disrupted global trade, is considering a restructuring plan to sell more than half its ships, the Wall Street Journal reported on Friday, citing people familiar with the matter. However


$100M Tug Contract: Fourth Boat Delivered in South Africa

TNPA’s new tug, OSPREY, was launched and named at the Southern African Shipyards premises in Durban, South Africa.  (Photo: TNPA)

Transnet National Ports Authority (TNPA) is on track with its $100m tug building contract and celebrated the ceremonial launch of the fourth of its nine new tugs being built in Durban.   The tug – named OSPREY in honor of the fish eagle – will serve at the Port of Saldanha


Busan: Business May Not be As Usual, Post Hanjin

Photo: Hanjin Shipping

Though Busan Port, the largest customer of Hanjin Shipping and hit hardest by the Liner's collapse,  asserts that everything is under control, doubts are being raised on Hanjin rehab plan as ships clog at the South Korean port, reports Reuters.  


S.Korea: Hanjin Cash, Parent Support Should Cover Offloading Fees

A Hanjin Boxship underway (File image: Hanjin)

Cash from top shareholder, executives should cover offload costs. South Korea's government said cash held by Hanjin Shipping Co Ltd and funds pledged by its parent group should meet the costs of unloading some $14 billion in cargo stranded on vessels operated by the troubled container line.


HMM Mulls Buying Hanjin's 37 Boxships?

Photo: Hanjin Shipping

Hyundai Merchant Marine (HHM), South Korean’s second largest shipping line, is believed to be looking into buying troubled carrier Hanjin Shipping's 37 container vessels, reports WSJ.   HHM will be the first to look at Hanjin’s vessels, with the focus on five 13


Drewry: What Next for THE Alliance?

Photo: Hanjin Shipping

 Hanjin’s bankruptcy leaves the proposed carrier grouping THE Alliance at a size disadvantage to both its future rivals. Might a replacement be called up?    Drewry says that the container shipping industry is in a state of flux at the moment and nobody can honestly say they


Sonagol Deepens DSME's Woes

Image: Daewoo Shipbuilding and Marine Engineering

 Concerns were growing again over liquidity woes of Soth Korea's largest shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME), as the Angolan oil major Sonangol EP is likely to delay the takeover of its drill ships once again.    


Gloomy Fate of Hanjin Rome

Photo: Hanjin Shipping

 The ill-fated Hanjin Rome, owned by the bankrupt Hanjin Shipping Company - has been sitting off the eastern coast of Singapore for more than a month.   The mid-sized cargo vessel was placed under court arrest here on Aug 29 after German shipowner Rickmers filed a civil claim for money






 
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