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Joyce News

01 Feb 2024

Kim Jong Un Inspects Shipyard

© Peter Hermes Furian / Adobe Stock

North Korean leader Kim Jong Un inspected a shipyard and underscored the importance of a strong naval force in "war preparations", state media KCNA said on Friday.Kim's visit is being made public after North Korea tested its new submarine-launched cruise missiles (SLCM) on Sunday, firing an upgraded missile for the second time in a week and accelerating its navy's nuclear armament, according to state media."Strengthening naval force is the most important issue in pushing ahead with war preparations", KCNA cited Kim as saying during his visit to Nampho dockyard, a military shipbuilding base als

10 Jan 2024

Surging VLCC Rates Impact US Crude Oil Shipments to Asia

© Andriy Sharpilo / Adobe Stock

The economic incentive to import oil from the U.S. Gulf Coast to Asia has closed as the cost of booking supertankers on the route has surged amid a jump in bookings for the vessels, traders said this week.With the arbitrage for U.S. shipments closed, Asian refiners may make up some of the difference with similar Middle Eastern crude oil after top regional producer Saudi Arabia cut their sales prices for February, which is expected to carry over to other regional crudes. The spur…

25 Dec 2023

SHI Stops Making Blocks for Russian Shipyard's LNG Carriers

© ymgerman / Adobe Stock

Samsung Heavy Industries (SHI) said on Tuesday it has stopped making blocks and equipment for 10 out of 15 Arctic LNG carriers contracted with Zvezda.Samsung has been delivering blocks and equipment for five of them to Zvezda, the Russian shipyard that is assembling the carriers, after receiving South Korean government approval.Samsung is nearing the end of making the blocks and equipment for the five ships, a Samsung spokesperson said on Tuesday.For the remaining 10 ships, Samsung has stopped making the blocks and equipment, but there has been no cancellation of the contract yet, the spokespe

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…

18 Dec 2023

Harim Preferred Buyer of HMM

Source: HMM

Harim Holdings on Tuesday said it has been chosen as the preferred bidder to buy control of South Korea's biggest container shipping company HMM in what people with knowledge of the matter said was a 6.4 trillion won ($4.92 billion) deal.Harim and HMM creditors Korea Development Bank and Korea Ocean Business will negotiate a final deal by the first half of 2024 for 58% of the shipper, said the people, declining to be identified as they were not authorised to discuss terms.Harim entered bidding via a consortium led by its bulk shipping unit Pan Ocean.

13 Jul 2023

New Lifeboat Enters Service for the Canadian Coast Guard

CCGS Chedabucto Bay (Photo: Canadian Coast Guard)

The Canadian Coast Guard on Wednesday welcomed the CCGS Chedabucto Bay into its fleet at the Lifeboat Station in Clarks Harbour, Nova Scotia.The Bay Class vessel, built by Chantier Naval Forillon in Gaspé, Quebec and delivered earlier this year, is the 14th of 20 new search and rescue lifeboats that will be dedicated into service by the Canadian Coast Guard across the country.The shore-stationed self-righting lifeboats are specifically designed, equipped and crewed to respond to search and rescue incidents at sea.

26 May 2023

Canadian Coast Guard Plans to Order Up to 61 Small Vessels

© Joseph Roland / Adobe Stock

The Canadian Coast Guard has revealed big plans to invest in its fleet of small vessels.Joyce Murray, Minister of Fisheries and Oceans and the Canadian Coast Guard, on Thursday announced $2.5 billion CAD (roughly $1.8 billion USD) for the construction of up to 61 new small vessels and the ongoing replacement of small craft, barges and workboats within the Canadian Coast guard fleet.“This is a critical investment that will help modernize the Canadian Coast Guard’s small vessel fleet,” Murray said.

10 Jan 2023

Canadian Coast Guard Takes Delivery of Two SAR Lifeboats

Canadian Coast Guard vessel CCGS Chedabucto Bay (Photo: Chantier Naval Forillon)

The Canadian Coast Guard on Monday marked the delivery of the 13th and 14th search and rescue lifeboats: the CCGS Gabarus Bay and the CCGS Chedabucto Bay. The vessels were built by Hike Metal Products Ltd from Wheatley, Ontario and Chantier Naval Forillon from Gaspé, Quebec, respectively.The CCGS Chedabucto Bay will be stationed in Clark’s Harbour, Nova Scotia while the CCGS Gabarus Bay will be stationed in Burgeo, Newfoundland and Labrador.In 2018, Gaspé, Quebec’s Chantier Naval Forillon and Wheatley…

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.

06 Oct 2022

Canadian Coast Guard to Test Biodiesel, Build Hybrid-electric Vessel

CCGS Caribou Isle (Photo: Canadian Coast Guard)

The Canadian Coast Guard (CCG) announced a pair of initiatives aimed at reducing its greenhouse gas emissions, including the start of a biodiesel testing project and the launch of the next phase in the construction of the Government of Canada’s first hybrid electric vessel.Earlier this month, following the award of a contract to procure biodiesel from Windsor, Ontario based Sterling Fuels, CCG became Canada's first government agency to trial a 20% biodiesel blend in one of its vessels, the navigation aids tender CCGS Caribou Isle.

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.

06 Sep 2022

Bunkering Halted at at Key South Korean Ports as Typhoon Hits

Typhoon Hinnamnor (Photo: NASA)

Ship refuelling operations were temporarily halted at South Korea's Busan and Ulsan ports on Tuesday after typhoon Hinnamnor hit the country's southern region, trade sources said.The halt in operations also paused spot premiums for low-sulphur bunker fuel offered at these ports this week at about $60 per tonne over Singapore fuel oil quotes, bunker fuel traders at South Korean companies said.Operations are likely to resume gradually later in the week, though fresh slots for bunkering are likely to start only from next week onwards…

23 Aug 2022

Shipbuilder DSME Preps Lawsuit Against Striking Contract Workers

(Photo: DSME)

South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd on Wednesday said it is preparing to file a lawsuit for damages against the contract worker union that prevented production in June and July with a 51-day strike.The move could renew friction between the firm and contract workers, who occupied the shipbuilder's main dock to protest, they said, against wages falling behind those of regular workers. Read full storyDetails of the lawsuit have yet to be decided, a Daewoo…

02 Aug 2022

Heddle Shipyards Awarded Canadian Coast Guard Repair Work

CCGS George R. Pearkes (File photo: Travis Magee / U.S. Coast Guard)

The Canadian Coast Guard has awarded Heddle Shipyards a $36.14 million vessel life extension contract for the Canadian Coast Guard Ship (CCGS) George R. Pearkes. The vessel will be dry-docked and enter an extended maintenance period designed to increase its operational life.The Hamilton, Ont. yard secured the contract following an open and competitive bid process. The project was awarded by Public Services and Procurement Canada on behalf of the Canadian Coast Guard.Life extension work includes steel hull reinforcement…

22 Jul 2022

Contract Workers at Daewoo Shipyard Reach Deal to End Strike

(File photo: DSME)

South Korean contract workers at the country's No.3 shipbuilder agreed on Friday to end their strike after accepting a much smaller wage hike than demanded as well as job guarantees, union officials and subcontractors said.Since late last month, about 100 sub-contractors pressing for an increase of 30% have occupied the main dock at the shipyard run by Daewoo Shipbuilding & Marine Engineering (DSME) in the southern city of Geoje.The shipyard is one of the world's biggest and the strike has led to delivery delays of eight vessels by as much as five weeks…

02 Jun 2022

Korean Shipbuilder Can't Accept New FSRU Orders as Capacity Full

Credit: Karel/AdobeStock

Korea Shipbuilding & Offshore Engineering (KSOE) has mostly filled its order book for the next 2-1/2 years as the pandemic drove demand for container ships, leaving little room to meet the needs of the liquefied natural gas (LNG) sector, a senior company executive said.With U.S. LNG exports rising, more LNG carriers are traveling longer distances to customers in North Asia and Europe while European countries have snapped up floating storage and regasification units (FSRUs) as they ramp up LNG imports to replace Russian gas supplies in the wake of the Ukraine crisis.However…

30 Mar 2022

Hyundai Heavy Files Suit in EU Court After Daewoo Takeover Veto

(Photo: SarahTz - CC BY 2.0)

Hyundai Heavy Industries Holdings said on Monday it had appealed to an EU court to fight the European Commission's January decision to block its takeover bid for rival shipbuilder Daewoo Shipbuilding & Marine Engineering.The suit, made to the European Union's General Court, was filed on March 23, a Hyundai spokesperson said.Hyundai argued that regulators in other regions had accepted the shipbuilding industry was a market controlled by shipowners' orders and preferences, not market share, and so the proposed takeover did not hurt competition, the spokesperson said.(Reuters - Reporting by Joyce

17 Sep 2021

Hyundai Heavy Industries Shares Jump Above IPO Price on Debut

(Photo: Hyundai Heavy Industries)

Hyundai Heavy Industries' shares closed 86% above their initial public offering (IPO) price on their trading debut in South Korea on Friday.The shipbuilder, one of the largest in the world, raised $935 million from its IPO, with much of the proceeds set to fund investments in new technology.A total of 1,633 domestic and foreign institutional investors placed bids to acquire shares earlier this month, valuing total bids at 1,130 trillion won ($962.3 billion), according to Hyundai Heavy.The institutional book for the IPO had been 1,836 times covered - the second-largest for an IPO in South Korea

06 Sep 2021

Hyundai Heavy Industries Raises $935M. Eyes New Tech Investments

Credit: Jasmine Halki - CC BY 2.0

South Korean shipbuilder Hyundai Heavy Industries has raised $935 million after pricing its IPO at the top of its indicative range, with much of the proceeds set to fund investments in new technology.It offered 18 million new shares or 20% of shares outstanding in a range of 52,000-60,000 won per share.It is expected to list on the KOSPI on Sept. 16.Hyundai Heavy plans to use about 760 billion won ($660 million) of the proceeds to invest in future technologies, including eco-friendly ships and digital ship technology…

11 May 2021

The Race is On to Pioneer Hydrogen Shipping

Hydrogen is touted as an inevitable green fuel of the future. Tell that to the people who'll have to ship it across the globe at hyper-cold temperatures close to those in outer space.Yet that is exactly what designers are attempting to do.In the biggest technological challenge for merchant shipping in decades, companies are beginning to develop a new generation of vessels that can deliver hydrogen to heavy industry, betting plants worldwide will convert to the fuel and propel the transition to a lower-carbon economy.There are at least three projects developing pilot ships that will be ready to test transporting the fuel in Europe and Asia within the next three years…

06 May 2021

Hyundai Heavy Industries Applies for IPO Approval

Credit: Jasmine Halki/Flickr - CC BY 2.0

South Korean shipbuilder Hyundai Heavy Industries Co Ltd applied for preliminary approval for an initial public offering, Korea Exchange said on Thursday.The company, currently wholly owned by Korea Shipbuilding & Offshore Engineering, was separated from Korea Shipbuilding in 2019.Hyundai Heavy reported a 2020 operating profit of 32.5 billion won on revenue of 8.3 trillion, Korea Exchange said in a statement.(Reporting by Joyce Lee; editing by Jason Neely)

28 Apr 2021

China's Fuel Clampdown Curbs Its LCO Imports

© Igor Groshev / Adobe Stock

China’s imports of light cycle oil (LCO) are set to fall in coming months as authorities crack down on its illicit trading and sales in South China, dealing a blow to the $10 billion market and to refiners in top supplier South Korea.China’s imports of the cheaper but more pollutive diesel blending fuel nearly doubled to record levels in 2020, but a clampdown in top oil consuming Guangdong province has curbed demand.The amount of South Korean LCO, a refinery by-product, to be loaded for shipment to China in May is down 60% from March while spot premiums have halved…

26 Jan 2021

Hyundai Heavy Industries Plans IPO for Green Tech Investment

(Photo: Hyundai Heavy Industries)

South Korean shipbuilder Hyundai Heavy Industries Co Ltd said on Tuesday that it plans an initial public offering (IPO) to raise funds toward a 1 trillion won ($905 million) investment over five years into green technology.Hyundai Heavy will issue a stake of about 20% in new shares within the year, the shipbuilder said in a statement.The money will go toward the development and construction of green ships and facilities, advancement of technologies such as dual-fuel propulsion and autonomous sailing ships, as well as toward investments in companies with fuel cell technologies, it said.The ship