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

LNG

Russia's Yamal LNG Project May Tap Wealth Fund in 2014

Russia's Novatek may get funds from the National Wealth Fund for its Yamal LNG project before the year-end, a minister said, as part of government plans to support sanction-hit companies.

Chevron To Find Buyers for Hawaiian Refinery

Chevron Corp has hired an investment bank to identify potential buyers of its 54,000 barrel-a-day refinery in Kapolei on the Hawaiian island of Oahu, a company official said.

Rotterdam Integrates Safety Research with LNG Training Facility

The Dutch company Falck Risc is becoming the number one expert on LNG safety in Europe. Together with the Unified Fire Department, Falck Risc will draw up guidelines

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.0910 sec (11 req/sec)