Ørsted Sees Huge Offshore Wind Potential in S Korea
Ørsted A/S, the world’s largest offshore wind power producer, said it sees high potential in the Korean offshore wind power market, intending to build long-term, sustainable relationships with the Korean government and companies.“South Korea is a peninsula surrounded by three seas,” said Park Jung-min, head of the Korean market development at Ørsted Asia Pacific. “We estimate that South Korea’s potential offshore wind power capacity can reach 30 GW.”According to Yonhap News Agency, the Danish state-run energy firm has recently completed the establishment of its Korean branch following South Korea’s announcement of a “Renewable Energy 3020 Plan…
Seoul Shares Touch 3-week Low as China Worries Persist
Seoul shares fell in early domestic trade Wednesday, touching a near-three week low as persisting worries about China's economic growth outlook cut appetites for riskier assets. The Korea Composite Stock Price Index (KOSPI) was down 1.2 percent at 1,939.86 points as of 0215 GMT. The index earlier traded as low as 1,938.60, its weakest level since Feb. 20. A sharper-than-expected slowdown in China would likely hurt earnings of major local manufacturers, as the world's second-largest economy is South Korea's biggest exports market. "Investors have yet to shake their concerns about corporate debt default and shadow banking" in China, said E-Trade Investment analyst Choi Kwang-hyeok.
Panamax Dry Bulker Delivered to STX Pan Ocean
STX Pan Ocean takes over the 83,000 dwt class Panamax, 'STX Horizon', its first new-build delivery of the year. Having concluded strategic contracts for long-term transportation with domestic and international shippers including POSCO, Hyundai-Steel, KEPCO subsidiaries, Vale and Fibria in Brazil, STX Horizon will be added to the the owner's list of vessels to service these various contracts. A company official said: “Although current dry bulk shipping market is depressed, about $100 million of profit is expected from operation of 23 private vessels…
Japan's Quake May Boost Korean Industry
According to a report from Bloomberg, with the prospect of less competition from Japan due to the earthquake and tsunami that hit the country, and increased demand when the Japanese start rebuilding, business looks better for the Koreans. Posco's share price jumped 10 percent in ten days of trading after the earthquake; Hyundai Steel, Korea's No. 2 producer after Posco, was up 11 percent. Source: Bloomberg
Hyundai Steel's Q1 Net Rises Nearly Five-Fold
According to an Apr 27 report from TradingMarkets.com, Hyundai Steel Co. (KSE;004020), South Korea's No. 2 steelmaker, said its net profit rose nearly five-fold in the first quarter from a year ago thanks to increased sales. The company earned $222.2m in the three months to March, compared with 51.5 billion won a year ago (Source: TradingMarkets.com)
S.Korea Dongkuk Cuts Rebar Prices
According to a Reuters report, South Korea's third-largest steelmaker, Dongkuk Steel Mill, said on Dec. 1 it would cut prices of rebar by 11 percent to bring prices of its construction steel in line with that made by a rival. Its local peer Hyundai Steel said on Nov. 28 it would cut prices of rebar by 11 percent, its second price cut in a month, due to weakening demand from the construction sector and falling prices of raw materials such as scrap metal. (Source: Reuters)
Seoul Shares Close at New High on Shipbuilding
South Korean stocks hit a fresh closing high Thursday as investors picked up shipbuilding and machinery shares, taking a cue from overnight gains in U.S. markets, analysts said. The South Korean won fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.98 points, or 0.94 percent, to 1,615.58. Volume was moderate at 445.7 million shares worth 4.67 trillion won (US$5.03 billion), with winners outpacing losers 544 to 226. Shipbuilders led the gain with top shipyard Hyundai Heavy Industries rising 6.53 percent to 285,500 won. Steel shares gained ground. No. 2 steelmaker Hyundai Steel advanced 2.45 percent to 48,150 won after a local brokerage raised its price estimate for the shares. Tech blue chips traded in negative territory.
Shipbuilders Struggle Over Steel
Shipbuilders and Japanese steelmakers are struggling to hammer out the differences on steel plate prices as the sellers insist on a 17 percent raise to $680 per metric ton. Korean shipbuilders including Hyundai Heavy Industries Co. are demanding a price cut from the current $580 to $480 per metric ton for the six months from October. "The talks (on price settlement) could go on until early October," said an official from the Korea Shipbuilders' Association. Steelmakers are pushing to lift prices in the face of rising material costs. Prices of iron ore, the key material for steel, continued to climb 17 percent this year, after jumping 71.5 percent in 2005 as a result of oligopoly trading by global iron ore miners and burgeoning demand from China.
