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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.


Hyundai Heavy Industries Back in Black

Photo: Hyundai Heavy Industries

According to a regulatory filing, Hyundai Heavy Industries (HHI) racked up 10.2728 trillion Korean won in sales for Q1 2016, a 7.8 percent decline from the previous quarter while operating income swung to a profit of 325.2 billion won, putting an end to a nine-quarter losing streak.  


Hanjin to Divest Assets

Image: Hanjin Shipping

 The South Korean carrier Hanjin Shipping plans to generate USD 357 million from asset sales.    South Korea’s largest container operator by capacity plans to sell items such as dry bulk activities while the debt-stricken shipping group negotiates with shipowners for a


239 End-of-life Ships Sold for Breaking in 1Q

Horizon Trader towed out of Brownsville port - Copyright BAN 2015

According to the NGO Shipbreaking Platform 239 end-of-life ships were sold for breaking in the first quarter of 2016. Seventy-nine per cent of end-of-life ships ended up on South Asian beaches, making this quarter one of the worst ones in the last years for non-beaching yards around the world.


Samsung Heavy Loses $4.6-bln FLNG Order

Photo: Samsung Heavy Industries Shipyard

 South Korea’s shipbuilder Samsung Heavy Industries (SHI), the world’s third-largest shipbuilder,  has received a contract termination for three floating liquefied natural gas (FLNG) units from oil and gas giant Royal Dutch Shell Plc.  


S. Korean Shipyards Order Books Empty?

Image: Hyundai Heavy Industries

 The global slump in the shipbuilding industry means that South Korea's ship yards have to look far and wide for new orders.    Combined, the three major yards have only received one order in the first quarter of the year.  


ROK Navy’s Seventh Class 214 Submarine Launched

 Hyundai Heavy Industries (HHI) has launched South Korea’s seventh KSS-II 1,800-ton submarine, Hong Beom-do, at its Special & Naval Shipbuilding Division in Ulsan, South Korea.   The launching ceremony of the Class 214 diesel-electric air independent propulsion (AIP)


KB Fin Buys Hyundai Securities Stake for $1.1 Bln

Photo: Hyundai Merchant Marine

South Korean banking group KB Financial Group Inc is acquiring a controlling stake in brokerage Hyundai Securities Co Ltd for 1.25 trillion won ($1.09 billion) in a high-priced bet on diversification.   About two-thirds of KB Financial's 2015 net profit came from its banking unit


China's Q1 Trade with N.Korea up Despite Sanctions

China's trade with North Korea rose in the first quarter in spite of tough new international sanctions this year targeting Pyongyang's banned nuclear program, including curbs on coal imports.   Imports from the isolated country, consisting mainly of coal and clothes, rose 10


Total, KOGAS Extend Cooperation on LNG

Image: Korea Gas Corp

 Korea Gas Corp, the world’s biggest importer of LNG, has struck deals with French giant Total to extend its reach into the liquefaction sector, reports Reuters.   Total has pledged to press forward with investment in LNG despite the downturn in oil and gas prices and has signed


Car Carrier Ocean Tango Runs Aground off Busan

Image: Busan Port

 A South Korean Car carrier Ocean Tango was grounded by a storm which battered Busan, Korea, on Apr 17.    The 2,736 dwt Vessel was docked at Yeong-gu area, reportedly fuel tanks were damaged with ensuing fuel leak.   


Samsung, Daewoo Merger on the Way?

Photo: Samsung Heavy Industries

 As the Korea government is pushing for restructuring of the faltering shipbuilding industry, speculation grows over a possible merger between the country’s two major shipbuilders — Samsung Heavy Industries and Daewoo Shipbuilding and Marine Engineering, reports Korea Herald.


Cochin Shipyard, Samsung Heavy Pact for LNG Ship Project

Image: Cochin Shipyard Limited (CSL)

 Cochin Shipyard Limited (CSL) has signed a memorandum of understanding (MoU) with South Koreas second-largest shipbuilder, Samsung Heavy Industries (SHI) to team up to bid for the GAIL (India) Ltd tender to build liquefied natural gas (LNG) ships.   


China, South Korea to Hold Maritime Talks

Map: Xinhua

China and South Korea held talks on delimiting their overlapping exclusive economic zones (EEZs) in the Yellow Sea – the first such discussions in seven years.    Chinese Vice Foreign Minister Liu Zhenmin talked to his South Korean counterpart, Cho Tae-yul on maritime demarcation


South Korea Eyes Iran's Shipping Industry

Irans Ambassador to South Korea Hassan Teherian asks South Korean companies to expand investments into his country. Photo credit: Yonhap

 South Korean companies are briskly moving to tap into Iran's fast-growing shipping industry, regarding the Iranian boom as a breakthrough to their prolonged business slump amid the global economic slowdown.   According to  IRNA


Hanjin Shipping Opts for Debt Restructuring

Photo: Hanjin Shipping Co. Ltd

 South Korea’s Hanjin Shipping Co. Ltd will work with lenders to restructure debt after years of weak demand resulted in losses and cash erosion, reports Bloomberg.   The board of Hanjin Shipping decided to file for receivership and give creditors authority to manage the company






 
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