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
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
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)
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.
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
Hyundai Heavy Industries (HHI) has become the world's first shipbuilder to deliver its 2,000th ship. The world's largest shipbuilding company delivered a drillship, "Ocean BlackLion," to U.S. oil drilling firm Diamond Offshore at the Ulsan shipyard Friday.
Yesterday in Malmö, Sweden, the Korean Shipowners’ Association (KSA) made a donation of $50,000 to the World Maritime University. The donation was handed over by KSA chairman, Youn-jae Lee, at a ceremony attended by Cleopatra Doumibia-Henry (president designate of WMU) and Neil
Indian prime minister Narendra Modi visited Korean shipbuilder Hyundai Heavy Industries (HHI), seeking increased partnership between the India’s shipbuilding industry and HHI. HHI is reportedly the only Korean company the prime minister visits during his two-day stay in the country
South Korean shipbuilder STX Offshore & Shipbuilding (STX O&S) has won an order for up to eight LR1 tankers with a total value of $ 375 million. The contract provides for the construction of four oil tankers of 74,000 tons plus the ability to build four additional ships
As the construction of ultra large container ships gained momentum, Korean shipyards are sweeping up the market, according to a report appeared in Business Korea. Total orders of 21 container ships exceeding 20,000 TEU in capacity were placed globally from the end of last year to
Scorpio Tankers Inc. informs it has entered agreements to purchase four LR2 product tankers. The company has also recently taken delivery of three newbuilding vessels. Scorpio Tankers reached agreements with two unrelated third parties to purchase an aggregate of four LR2 product
Mitsui & Co. has signed a 25-year time charter deal with Trinity LNG Transport for the eight liquefied natural gas (LNG) carrier that will ship the liquefied natural gas from Cameron LNG project in the United States. “Mitsui has newly contracted yesterday the eighth ship
South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd (DSME) is in talks with a unit of A.P. Moller-Maersk for a potential order to build ultra-large container ships, a DSME spokesman said on Monday. DSME is close to winning an order for some 11 container ships of 20
South Korea plans to enable its citizens and foreign tourists to wager on new cruise ship services that will serve ports around the country, reports the Korea Joongang Daily newspaper. Some major overseas cruise companies – such as Genting Hong Kong Ltd’s Star Cruises
North Korea has successfully test-fired a newly developed ballistic missile from a submarine in what would be the latest display of the country’s advancing military capability. The official Korean Central News Agency (KCNA) said that North Korean leader Kim Jong Un personally
AP Moller-Maersk has returned to South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering for its latest series of ultra-large container ships (ULCS), reports The Korea Economic Daily. The total contract to build 11 ultra-large containerships is worth US$1.7 billion
North Korea's military warned on Friday of "unannounced targeted strikes" against South Korea's navy, accusing the South of violating its territorial waters off the peninsula's west coast, the scene of deadly naval clashes in the past.
North Korea recently conducted a third test of a new submarine-launched ballistic missile (SLBM) that is part of Pyongyang’s expanding nuclear arsenal, according to US defense officials cited by the Washington Free Beacon.
U.S. Navy sailors from the Arleigh Burke-class guided-missile destroyers USS Preble (DDG 88) and USS Fitzgerald (DDG 62) along with the Los Angeles-class fast-attack submarine USS Pasadena (SSN 752) arrived in Busan, South Korea, May 1, to strengthen partnerships with the Republic of Korea (ROK)
The Korean government announced plans to add a further 15 berths to its flagship Busan New Port in the south of the country to increase container capacity by 15.8 million TEU. The new facilities will be a mix of container terminals, feeder terminals and multipurpose terminals and work will begin