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Daewoo Shipbuilding News

28 Feb 2024

DHT Orders Four VLCCs

© Antony / Adobe Stock

DHT Holdings announced it has entered into agreements to build four very large crude carriers (VLCC) in South Korea for delivery between April and December 2026.Two of the large tankers will be constructed at Hyundai Samho Heavy Industries and the other two at Hanwha Ocean (formerly known as Daewoo Shipbuilding & Marine Engineering), for an average price of $128.5 million. The contracts include options for an additional four vessels that can be delivered during the first half of 2027.The vessels have been ordered to Super Eco-designs and have carrying capacity of about 320,000 metric tons.

22 Dec 2023

Lack of Arctic Tankers Puts Russia's LNG Development Dreams on Ice

© KKF / Adobe Stock

Russia is hoping its shipments of liquefied natural gas (LNG) will offset a sharp fall in pipeline gas exports to Europe, but a shortage of gas tankers and sanctions hold back its plans, analysts and industry sources said.Russia wants to boost its share of the LNG market to 20% by 2030 from 8% now, but a force majeure declaration by top producer Novatek over LNG supplies from its future Arctic LNG 2 project due to sanctions shows the hurdles it faces.Novatek's announcement comes after the United States last month imposed sanctions on Arctic LNG 2…

05 Dec 2023

Naftomar Shipping Orders Four Ammonia-powered VLGCs

(Image: Hanwha Ocean)

Shipowner Naftomar Shipping announced an order for four very large ammonia carriers, to be built by South Korean shipbuilder Hanwha Ocean (formerly known as Daewoo Shipbuilding & Marine Engineering) for scheduled delivery from 2026. With a capacity of 93,000 m3, the ships are among the world’s largest ammonia carriers ordered to date.The Bureau Veritas (BV) classed ships will be fitted with a ME-LGIP LPG dual-fuel engine, ready to be converted to use ammonia as fuel when the MAN ES ammonia engine retrofit kit is made available.

20 Nov 2023

ABS and Hanwha Ocean Partner on Digital Shipbuilding Technologies

Patrick Ryan, ABS Senior Vice President and Chief Technology Officer, shakes hands with Joong Kyoo Kang, Executive Vice President and Head of Hanwha Ocean R&D Institute. (Photo: ABS)

Classification society ABS and shipbuilder Hanwha Ocean signed a strategic framework agreement to advance the digital transformation of shipbuilding.Under the agreement, ABS and Hanwha Ocean formerly known as Daewoo Shipbuilding & Marine Engineering Co., Ltd., will work together conducting joint development projects aimed at examining digital technologies related to smart yards and smart ships with a focus on safety, cyber resilience, autonomous, remote-control and smart functions developed by Hanwha Ocean.

24 Oct 2023

Eneti CEO Bullish on Offshore Wind Market as Subsidiary Inks Contract for Newbuild WTIV

Credit: Seajacks (file image)

Eneti, a company providing offshore wind installation vessel services, said Tuesday its subsidiary Seajacks had signed a contract with an undisclosed client to transport and install wind turbines.With mobilization starting in the second quarter of 2027, the contract will be performed by one of the company’s two NG16000X Wind Turbine Installation Vessels currently under construction at Hanwha Ocean (ex-Daewoo Shipbuilding & Marine Engineering) in South Korea. Including mobilization and demobilization…

18 Oct 2023

Hanwha Ocean Eyes Submarine Exports to Canada, Philippines, Poland - official

Credit: show999/AdobeStock

South Korea's Hanwha Ocean has pitched offers to build submarines to Canada, the Philippines, and Poland, a company official said on Wednesday, as the country pushes to become one of the world's top four defense exporters.Canada is studying potential builders for new submarines and has expressed interest in Hanwha Ocean among other foreign rivals, Kim Seung-min, leader of Hanwha Ocean's naval and special ship overseas marketing team, told Reuters in an interview, without naming the competitors."We are now checking on our shoelaces at the start line before the race kicks off…

23 Oct 2023

Arbitration Tribunal Delivers Verdict: Hanwha Triumphs in Deepwater Drillship Dispute

Credit: Northern Drilling

An arbitration tribunal has delivered a verdict in a drillship order cancellation case involving offshore drilling contractor Northern Drilling and Daweoo Shipbuilding Marine and Engineering (now known as Hanwha Ocean), ruling in favor of Hanwha.Billionaire John Fredriksen-owned offshore drilling company Northern Drilling canceled the West Aquila and West Libra drillship orders with South Korea's Daewoo Shipbuilding & Marine Engineering in 2021, citing delay of deliveries as well as a repudiatory breach of contract, and said it would seek a refund for installments paid.

18 Sep 2023

Eneti's Seajacks Secures Major Offshore Wind Turbine Installation Deal

Credit: Seajacks (File image)

Eneti's offshore installation services subsidiary Seajacks UK has signed a vessel reservation agreement with an undisclosed client to transport and install turbines.With mobilization starting in the first quarter of 2027, the contract will be performed by one of the company’s two NG16000X Wind Turbine Installation Vessels currently under construction at Hanwha Ocean (ex-Daewoo Shipbuilding & Marine Engineering) in South Korea. Including mobilization and demobilization, the engagement…

28 Aug 2023

AET Delivers LNG Dual-Fuel VLCC to Shell

EAGLE VELLORE: AET's newest LNG dual-fuel VLCC Eagle Vellore was named today in Malaysia. Image courtesy AET

AET delivered its newest vessel, the first of three Very Large Crude Carrier (VLCC) powered by dual-fuel liquefied natural gas (LNG) engines, on long-term charter to Shell Tankers (Singapore) Private Limited.The Malaysian-flagged Eagle Vellore was named at a ceremony at the MMHE Pasir Gudang yard, attended by the Deputy Minister of Transport, Malaysia and other Malaysian government officials. The naming of the 300,000 dwt tanker in Malaysia marks an important milestone for AET…

24 May 2023

Hanwha Completes Purchase of DSME

Hanwha Group Chairman Seung Youn Kim

The Hanwha Group has completed its take over of Daewoo Shipbuilding & Marine Engineering (DSME), renaming it Hanwha Ocean.Hanwha Vice Chairman Kwon Hyuk-woong has been appointed as CEO of the shipyard.The Korea Times reports that DSME suffered a 1.6 trillion won operating loss last year and 1.7 trillion won the year before. During the first three months of this year, it suffered 62.8 billion won in operating losses.Hanwha has already established a network of businesses that address renewable energy.

12 Apr 2023

DSME Honors John Angelicoussis

Daewoo Shipbuilding & Marine Engineering CEO Park Doo-seon (front right) and Marangas site manager Panos Nikolaidis (front left) are attending a ceremony to commemorate the late John Angelicoussis.

Daewoo Shipbuilding & Marine Engineering (DSME) has held a tree planting ceremony in honor of the late John Angelicoussis who passed away in 2021.The ceremony included the unveiling ceremony of a plaque engraved with the picture of the former of Angelicoussis Group who is held in high regard by the shipyard particularly because he offered support whenever DSME was in need. This included support through the dissolution of Daewoo Group in 1998, the Lehman Brothers financial crisis in 2008, and the liquidity crisis that continued from 2015.Angelicoussis was born in Piraeus in 1948.

31 Mar 2023

Newbuild VLGC to Be Equipped with Norsepower's Rotor Sails

(Image: Norsepower)

Auxiliary wind propulsion systems provider Norsepower announced a contract for the delivery and installation of two Norsepower Rotor Sails on a newbuild Very Large Gas Carrier (VLGC) for global shipping company IINO Lines.The new LPG dual fuel ship – delivered today from Daewoo Shipbuilding & Marine Engineering Co., Ltd in Korea is ready to be equipped with two bespoke 20m tall Norsepower Rotor Sails side by side. The new, specially designed, 20m x 4m units have been developed to accommodate the vessel’s specific air draught limits.

21 Dec 2022

Japan's MOL, India's GAIL Sign Charter Deal for Newbuild LNG Carrier

The signing ceremony in MOL head office in Tokyo - ©MOL

Japan's Mitsui OSK Lines (MOL) and India's state-run GAIL have signed a time charter contract for a newbuild liquefied natural gas (LNG) carrier, and for joint ownership of an existing LNG carrier. The newbuild vessel will be built by South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering with a charter period from 2023, according to a joint statement by MOL and GAIL on Wednesday. This is the second charter agreement for an LNG carrier signed between MOL and GAIL, which is India's largest gas distributor, it added.

19 Dec 2022

Seajacks Lines Up Transport & Install Work for WTIV Nessie

Nessie and Siren, two new NG16000X WTIVs being built by South Korea's DSME, are slated to join the Seajacks fleet in 2024 and 2024. (Image: Seajacks)

Eneti announced on Monday that its subsidiary Seajacks UK has signed a contract with an undisclosed client to transport and install offshore wind turbines for a project commencing in the first half of 2025.The contract will be performed by the company’s first of two NG16000X wind turbine installation vessels (WTIV) currently under construction at Daewoo Shipbuilding and Marine Engineering (DSME) in South Korea. The vessel, to be named Nessie, will be delivered by the shipyard during the fourth quarter of 2024.

16 Dec 2022

South Korea: Hanwha Group Inks Deal to Take Over Daewoo Shipbuilding

DSME yard - Credit: IikaJzuchiN/Wikimedia Commons/CC BY-SA 4.0

South Korea's Hanwha Group has signed an agreement to take over Daewoo Shipbuilding & Marine Engineering, Daewoo Shipbuilding said in a regulatory filing on Friday. The deal comes after the two parties signed a tentative agreement in September in which affiliates of Hanwha Group, including Hanwha Aerospace Co Ltd., said they would invest 2 trillion won ($1.53 billion) in return for a 49.3% stake and management rights in Daewoo shipbuilding. Hanwha Group, South Korea's seventh-largest conglomerate with 80 trillion won in assets, spans energy, defense, and financial industries.

12 Dec 2022

Chinese Shipyards Feast on Record LNG Tanker Orders as S.Korea Builders Fully Booked

©donvictori0/AdobeStock

China is making fast inroads in the market for newbuild liquefied natural gas (LNG) tankers as local and foreign shipowners turn to its shipbuilders for the specialty vessels because long dominant yards in South Korea are fully booked. Three Chinese shipyards - only one of them having experience building large LNG tankers - won nearly 30% of this year's record orders for 163 new gas carriers, claiming ground in a sector where South Korea usually captures most of the business.

26 Oct 2022

WinGD's X-DF Engines to Power 25 QatarEnergy Newbuilds

WinGD’s latest generation of X72DF-2.1 engines with the new on-engine iCER. Image courtesy WinGD

WinGD’s X72DF-2.1 engines will power 25 vessels as part of the QatarEnergy’s North Field East (NFE) project. The 50 dual-fuel engines feature the new on-engine configuration of WinGD’s intelligent control by exhaust recycling (iCER) was released in May 2022, designed to provide improved fuel efficiency in both gas and diesel modes and a 50% reduction in methane slip compared to the first-generation X-DF.One order as part of the Qatar NFE programme is for two 174,000-cbm LNG carriers to be built for TMS Cardiff Gas at Korean shipyard Daewoo Shipbuilding & Marine Engineering (DSME).

20 Oct 2022

TotalEnergies Charters LNG Carrier from Japan's Mitsui O.S.K. Lines

©alexyz3d

Japan's Mitsui O.S.K. Lines (MOL) said Thursday it had signed a multi-year contract to charter a newbuild LNG Carrier with TotalEnergies Gas & Power Limited, a subsidiary of the French oil major TotalEnergies.According to MOL, the vessel currently being built by Daewoo Shipbuilding & Marine Engineering is fitted with the most modern ME-GA engine, which provides lower emissions compared to previous-generation vessels.ME-GA engine is equipped with an Exhaust Gas Recirculation (EGR) system that reduces methane slip while improving overall fuel consumption…

26 Sep 2022

S.Korea's Hanwha Group to Invest $1.4B for Daewoo Shipbuilding

Credit: IikaJzuchiN/Wikimedia Commons - CC BY-SA 4.0

South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd signed a tentative agreement on Monday for Hanwha Group to invest 2 trillion won ($1.4 billion) in return for a 49.3% stake and management rights in the shipbuilder, the companies and Daewoo's major stakeholder said. The agreement, signed with affiliates of Hanwha Group including Hanwha Aerospace, will only be valid if Hanwha is chosen after a period of being open to other bids, Daewoo said in a regulatory filing. State-run Korea Development Bank (KDB) owns a 55.7% stake in the shipbuilder.

07 Oct 2022

Molten Salt Reactors: Maritime’s Nuclear Option

Multipurpose: an illustration of Ulstein International’s nuclear-powered Thor showing its ship-to-ship resupply boom and passenger transfer, and below a close-up of a replenishment operation. Image courtesy Ulstein International

A race is being run by nuclear scientists and ship designers. The prize? “Decarbonization’s” holy grail — believed to be a “small” thorium-fueled, molten-salt rector’s unlimited power to propel sea trade. At the same time, a recently revived discussion among leading marine-nuclear thinkers revolves now around how to put an ultra-modern, as-yet non-existent marine reactor aboard a modern commercial vessel. As with nuclear power generally, shipborne reactors produce national discussion first, then discovery.

21 Sep 2022

MacGregor to Supply Container Lashing Systems for 12 Hapag-Lloyd Mega Ships

(Photo: Hapag-Lloyd)

MacGregor, part of Cargotec, said it has received an order for delivering container lashing systems for twelve 23,500+ TEU container vessels for Hapag-Lloyd. The vessels will be built at Daewoo Shipbuilding & Marine Engineering (DSME) in South Korea.The order was booked into Cargotec’s 2022 third quarter orders received. The vessels are scheduled to be delivered to the owner between the second quarter of 2023 and the fourth quarter of 2024.“Cargo system plays a very important role in the efficient operation of the container ship.

20 Sep 2022

Techcross and DSME Ink Tech Transfer Deal

(Photo: Techcross)

Ballast water management systems manufacturer Techcross on Monday, signed a technology transfer agreement with South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) for a patent of the LNG Carrier's VRCS (Valve Remote Control System). It is the full-fledged implementation of what was discussed at the technology transfer conference held at the KICOX (Korea Industrial Complex Corporation) in June.The patent guarantees technology and safety enough to perform even…

05 Sep 2022

DSME, DNV in Wind-assisted Propulsion Collab

DSME WAPS prototype under construction, Courtesy: DSME

South Korea's Daewoo Shipbuilding & Marine Engineering (DSME) and classification society DNV have signed a memorandum of understanding (MOU) to establish energy-saving wind assistance propulsion technology.Wind-assisted propulsion will be the focus of a major innovation drive between DSME and DNV as part of shipping’s global decarbonization efforts.Dong-Kyu Choi, Executive Vice President, Head of DSME’s R&D Institute, and Vidar Dolonen, Regional Manager Korea & Japan at DNV Maritime signed the agreement…

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