Hyundai Heavy to Build First Korean-Designed LNG Ship

Monday, April 21, 2008

A Korean shipbuilder has succeeded in independently designing a liquefied natural gas carrier. Building LNG ships is a high value-added business, as it requires the highest level of shipbuilding technology. The latest achievement should significantly lower the royalties that Korean companies have had to pay to countries that developed such technology. Hyundai Heavy Industries said that plans to purchase an LNG ship built with Korean design technology in May. Although dominates global LNG carrier orders, it has been dependent on foreign companies that own the core technology needed to design the ships. Korean shipbuilders have paid Gaz Transport & Technigaz (GTT) of more than W1 trillion (US$1=W1,000) in royalties over the last five years for the technology. In order to stop paying such high royalties, 's shipbuilding industry began developing its own design technology for LNG vessels in 2004. It succeeded in doing so last year and received an actual order from this year. The industry anticipates that the success will generate more than W6 trillion in benefits.

Source:  Chosun

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

LNG

Petrobras, Mitsui Study South Brazil LNG Import Terminal

Brazil's state-run oil company Petroleo Brasileiro SA and Japanese trading house Mitsui Corp will study building a liquefied natural gas (LNG) terminal in the country's southernmost state,

Ukraine launches restricted operation

Ukrainian forces launched a "special operation" on Tuesday against separatist militia in the Russian-speaking East, authorities said, although aside from a landing

OSC Plans Fleet Expansion through 2018

State-owned Oman Shipping Company SAOC (OSC) is projecting to expand its current fleet of 43 ships to 50 by 2018, the Oman Daily Observer reported. According to the report,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Pipelines Port Authority Salvage Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.4365 sec (2 req/sec)