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Korea Line Corporation News

20 Oct 2020

WE Tech to Equip Six Shell LNG Carriers

(Photo: Shell)

WE Tech Solutions said Tuesday it has been awarded a contract to equip six additional newbuild liquefied natural gas (LNG) carriers that will be chartered to Shell.The Finnish firm said it will deliver six shipsets of its Solution One for the 174,000m³ capacity LNG carriers, which are chartered to energy major Shell LNG via the owners Knutsen OAS Shipping, J.P.Morgan Asset Management and Korea Line Corporation. The order is an option to the earlier eight contracted in March, now also added with a second option for another six more.The vessels are being built by Hyundai Heavy Industries Co.…

04 Aug 2020

Shell to Charter Six Newbuild LNG Carriers

Image Credit: Shell

Oil and gas giant Shell has signed long-term charters for six newbuild liquefied natural gas (LNG) carriers.Shell has signed separate agreements for two LNG ships each with affiliates of Knutsen LNG, Korea Line Corporation, and ICBC Financial Leasing and institutional investors advised by J.P. Morgan Asset Management.The 174,000 cbm LNG ships will be built by Hyundai Heavy Industries and Hyundai Samho Heavy Industries. They will all be equipped with dual-fuel X-DF engines, boil-off management plants, air lubrication systems and shaft generators for auxiliary power.

27 Jul 2020

Silverstream Air-lubrication Chosen for 8 Newbuilds

(Image: Silverstream )

U.K.-based Silverstream said it has secured orders for air lubrication technology on eight Hyundai Heavy Industries newbuild liquefied natural gas (LNG) carriersSignificant order on Shell-chartered LNG vessels sees proven Silverstream System specified on major newbuild program in South Korea.U.K.-based clean technology company Silverstream Technologies announced it has secured another new deal to install its air lubrication technology onboard eight newbuild liquefied natural gas…

09 Feb 2020

Hyundai to Build 2 LNG carriers for Knutsen

Norwegian shipping company Knutsen said that  Shell signed separate agreements for four LNG carriers with affiliates of Knutsen liquefied natural gas (LNG), two LNG carriers with Korea Line Corporation and two LNG Carriers with Global Meridian Holdings Limited.The LNG carrier owner and ship management  company informed that the 174,000 cbm LNG carriers will be built by Hyundai Heavy Industries and Hyundai Samho Heavy Industries.The new vessels will all be equipped with efficient dual-fuel X-DF engines, boil-off management plants, air lubrication systems and shaft generators for auxiliary power. They will be integrated into Shell’s time-chartered trading fleet.Dr Grahaeme Henderson…

16 Mar 2018

Korea Lines orders two VLCCs at Hyundai Heavy

South Korean shipping firm Korea Line Corporation (KLC) has placed an order for two new very large crude carriers(VLCC) at country's biggest yard, Hyundai Heavy Industries (HHI), and the company will explore further collaborations with the country's shipbuilders. According to Yonhap news agency, the new VLCCs are expected to have been delivered by the  2020. The total amount of the agreement will amount at 185.6 billion won (US$173 million). The carriers, which can hold 300,000 tons of crude oil each, will be used in transporting petroleum for GS-Caltex Corp., the second-largest refiner in South Korea, the report said, quoting Korea Line. The company recently signed a long-term deal with GS-Caltex to ship crude oil.

16 Jan 2018

Norway SWF Dumps 3 Shipping Firms

The Norwegian Central Bank  has decided to exclude ship owners Evergreen Marine Corporation, Precious Shipping, Korea Line Corporation and Thorensen Thai Agencies from the Government Pension Fund Global (GPFG). The exclusion is based on the companies’ poor management of their end-of-life ships and the sale of these for dirty and dangerous shipbreaking on the beaches of Gadani, Pakistan and Chittagong, Bangladesh. The Norwegian Council on Ethics directs the Norwegian Central Bank, which manages the Government Pension Fund Global, on which companies should be excluded from investments in the fund, based on human rights and humanitarian violations, corruption and environmental degradation records.

23 Jun 2017

Korea Line Signs USD 1.15 bln LNG Shipping Deal from KOGAS

Korea Line Corporation (KLC) has secured a KRW 1.27 trillion (USD 1.1 billion) contract to transport liquefied natural gas (LNG) for its compatriot Korea Gas Corporation (KOGAS).   Yonhap reported that under the deal with Korea Gas Corp. (KOGAS), Korea Line will transport LNG through May 30, 2037, the company said in a regulatory filing.   Other details of the contract were not revealed. In 2013, Korea Line was taken over by SM Group, a midsized shipping group.   Korea Line currently operates some 30 vessels, hauling goods, such as iron, ore, crude oil and cars, and its financial status drastically improved after being taken over by SM Group.

29 Oct 2016

HMM Among 5 Bidders to Take Over Hanjin’s Transpacific Routes

South Korea’s Hyundai Merchant Marine (HMM) is one of five bidders for the trans-Pacific and intra-Asia networks of  Hanjin Shipping Co, reports WSJ. HMM submitted letters of intent to bid on Friday, the last day for such submissions. The five bidders now have until Nov. 4 to review the assets, which include the vessels that operate on the trans-Pacific route. The final bids due Nov. According to various reports, the Korea Line Corporation, and the Korea Shipowners’ Association (KSA) are among five bidders for Hanjin Shipping’s transpacific operations. However, a judge at the Seoul Central District Court, which is handling Hanjin’s insolvency proceedings, confirmed the five bids, but declined to identify the bidders.

28 Oct 2015

ABS to Class Two More Kogas LNG Carriers

ABS has been selected to class two Liquefied Natural Gas Carriers (LNGCs) for SK Shipping, featuring the KC-1 cargo containment system (CCS). The agreement brings to five the number of LNGCs to be built to joint ABS/KR class for Korea Gas Corporation (KOGAS), the world's largest LNG importer. "ABS has a long association with South Korea's shipowners and shipbuilders and has supported them as they push the development of ships and systems to new levels of innovation and efficiency," says ABS Chairman, President and CEO Christopher J. Wiernicki. Two 174,000 cu m LNGCs will be built with the KOGAS-developed KC-1 CCS for SK Shipping at the Samsung Heavy Industries yard in South Korea.

21 Apr 2015

Rejig at Pan Ocean

South Korean bulker operator Pan Ocean re-sumitted its rehabilitation plan to the South Korean court that will see discount rate of cash repayment and decision of reduction of capital. The shipowner will see it reduce payments to creditors as it raises KRW 850bn ($785m) through a new share sale. Pan Ocean went into receivership after incurring over $ 5 billion in debts in 2013, after being battered by tonnage overhang following the global financial crisis. A series of debt-to-equity swaps saw Korea Development Bank become Pan Ocean's biggest shareholder. The restructured company plans to issue 757,844 shares on April 29. The move comes as Pan Ocean settles claims arising from its recent bankruptcy. The main creditor listed is Merrill Lynch, which is awarded 595,924 shares.

24 Dec 2013

China Shipbuilders to Forefront in Active Dry Bulk Sector

Image in public domain

Another week of ordering across the sizes in the dry bulk market, say Clarkson Hellas in their latest S+P Weekly Bulletin, with orders to report from Ultramax up to Capesizes vessels. Beihai are understood to have taken an order for one firm plus one option 250,000 DWT VLOC from Sincere Navigation Corporation Enterprises with delivery of the firm vessel in 2016. Beihai have also signed one firm plus one option 180,000 DWT Capesize from Bao-Island Enterprises for 2016 delivery for the firm unit.

25 Mar 2011

Eagle Bulk Shipping Inc. Reaches Agreement With Korea Lines Corporation

NEW YORK, March 25, 2011 (GLOBE NEWSWIRE) -- Eagle Bulk Shipping Inc. (Nasdaq:EGLE) ("Eagle Bulk") announced today that it has reached a comprehensive agreement with the Receivers of Korea Line Corporation ("KLC") regarding twelve time-chartered vessels impacted by KLC's decision to file for protective receivership earlier this year. The agreement follows extensive and highly constructive dialogue between the two parties. --  Charter rates on ten vessels have been adjusted to $17,000 per vessel per day.

11 Mar 2011

Star Bulk Enters Into a New Time Charter for the Star Gamma

Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (NASDAQ: SBLK), today announced that the Company received a letter from Korea Line Corporation ("KLC"), the charterers of the Star Gamma ("the vessel'), announcing the termination of the charterparty, effective immediately. No hire has been received since the Company's public announcement on February 22, 2011 informing shareholders that KLC had commenced rehabilitation proceedings in Korea. The Company will do its utmost to secure the value of the terminated charterparty.

25 May 2007

Golar LNG Announces Q1 Results

Golar LNG reports its highest ever quarterly net income at $53.3 million for the three months ended March 31, 2007, as compared to $36.6 million for the three months ended December 31, 2006. These results include the gain on the sale of newbuilding DSME Hull 2244 of $41.1 million. Operating income was also increased at $58.6 million for the first quarter as compared to $40.4 million for the fourth quarter. Revenues have been negatively impacted by a generally weaker spot market for trading LNG ships during the first quarter. Two of Golar's six vessels exposed to the spot market were fixed throughout the period at good rates, but this was offset by two of the other vessels suffering extended periods of idle time.

26 Feb 2007

HHI Tests First Thruster

HHI’s Engine & Machinery Division successfully completed a function test for a side thruster with a capacity of 2,000kW on February 12. The side thruster will be installed in a 145,000 LNG carrier for Korea Line Corporation currently being constructed at Daewoo Shipbuilding & Marine Engineering. Performance in the test was significant since it was the first side thruster built by HHI. The test was performed under the attendance of the ship owner and classification association. The Engine & Machinery Division accomplished the development of a side thruster using its own technology in 2005. After production of a prototype, it successfully passed various test such as propeller pitch capability and rotation. Currently, HHI has a backlog for about 30 side thrusters.

18 Sep 2006

Genco Shipping to Extend Time Charter

Genco Shipping & Trading Limited announced it has reached an agreement in principle to extend the time charter for the Genco Success, a 1997-built Handymax vessel currently on charter with Korea Line Corporation. The extended time charter would be for an additional eleven to thirteen months at a rate of $24,000 per day, less a 5 percent third party brokerage commission. The time charter would commence February 1, 2007 following the expiration of the vessel's current time charter in January 2007. The extension is subject to completion of definitive agreements acceptable to both Genco and Korea Line Corporation.