Korea Line Corp News

ABB’s A200-L turbochargers will be used on MAN Energy Solutions’ 5G70ME-C10.5-GA engines destined for six 174,000m3 liquefied natural gas (LNG) carriers ordered by four shipowners – Korea Line Corp, PAN Ocean, Knutsen OAS and JP Morgan – under a long-term charter agreement with Shell.The ME-GA is MAN’s first low-pressure dual-fuel two-stroke engine. It sits alongside MAN’s well-established high-pressure ME-GI engines, offering LNG carriers and other vessels an alternative way to cut greenhouse gas emissions and minimize air pollution at lower capital cost.

South Korea’s Samra Midas Group (SM Group) said that it is looking to acquire some overseas shippers, among other businesses in an effort to expand its foothold in the maritime sector, Yonhap News Agency cited one of the company’s officials. SM Group, which was picked as the preferred bidder for STX Corp., a general trading company, last week, also purchased the now-defunct Hanjin Shipping Co.'s U.S.-Asia route and other assets for 37 billion won (US$32 million) late last year. SM Group plans to pour 130 billion won ($115 million) into STX. In 2013, SM Group also acquired Korea Line Corp., the country's No. 2 bulk carrier. Korea Line currently operates some 30 vessels…

South Korea's new container carrier, SM Line, which is built mainly on the remains of collapsed Hanjin Shipping, plans to kick off operations with as many as nine routes this year. According to Yonhap,  it will begin its services to Thailand, Vietnam, Japan and other regions with a fleet of 12 container ships. The carrier then wants to grow to 41 ships on 25 routes over the next five years. Late last year, SM Group, which owns South Korea's No. 2 bulk carrier Korea Line Corp., acquired now-defunct Hanjin Shipping Co.'s U.S.-Asia route and other assets for 37 billion won (US$32 million). Of the 12 ships, the company runs six chartered ships. Its fleet includes eight 6,500 TEU-ships and one 4,300 TEU-vessel, SM Line said.

South Korea's Hanjin Shipping Co Ltd  will sell part of its container ship business to Korea Line Corp for 37 billion Korean won ($31.38 million), reports Reuters.   Korea Line will buy Hanjin's Pacific routes shipping business, relevant client management information, units in seven countries including the United States, China and Vietnam, as well as assets and manpower related to logistics systems, Hanjin said in a regulatory filing.   Hanjin said the sale, which will be completed on Jan. 5, 2017, is to secure funds to pay off creditors.    Hanjin applied for court receivership in late August after banks denied further financial support for the troubled shipper.

Bidders for Hanjin Shipping Co.'s Asia-U.S. route up for sale will start a due diligence process this week, with the asset sale by the country's ailing shipper expected to be completed by next month, Yonhap reports quoting industry sources. According to various reports, Hyundai Merchant Marine Co., Korea Shipping Association, Korea Line Corp. and private equity firm Hahn & Co. were among those that have expressed interest,, as Hanjin is broken up as part of a restructuring plan. The asset sale includes vessels that operate on its Asia-U.S. route. The due diligence on the asset is being conducted from October 31 to November 4. Final bids are due by Nov.

While South Korean shipbuilders continue to enjoy another good year, representatives from three of the world’s largest yards reportedly are angling to focus on securing more ‘strategic’ orders to keep momentum, according to a report in the Korea Times. Korean yards are facing increasing pressure from Chinese shipbuilders, and to maintain its world lead the strategy includes a focus on these strategic orders. Hyundai Heavy Industries, for example, has come up with a strategy to win more very large crude carriers (VLCCs) to meet the growing demand for such ships, according the the report in the Korea Times. Hyundai received orders worth $5.7 billion in February, including 318,000 ton VLCCs. The company is also said to have won two VLCC buildings from Korea line Corp.

Sixty-Nine prominent shipping industry executives have been elected as new members of ABS. In addition, Rear Admiral David L. Brewer III, Commander, Military Sealift Command, U.S. Navy, was appointed as a member. This brings the ABS worldwide membership to 803. The members, each eminent in their maritime field of endeavor, provide broad governance and oversight of ABS. Members are drawn from various sectors of the marine, offshore and related industries worldwide. M.A. Marcelo P. S.A. Ghazi A. Al-Ibrahim, President, Mideast Shipmanagement Ltd. Giovanni Barbaro, Owner, Pietro Barbaro S.p.A. S.p.A. Giuseppe Bottiglieri, Managing Director, Bottiglieri Di Navigazione, S.p.A. Jae Cheol Byun, President, JSM International Ltd. Dr. Mauro Fernando Orofino Campos, President, Petroleo Brasileiro S.A.

Paragon Shipping Inc. it has completed the acquisition of two of the three drybulk carriers that it contracted to acquire using the net proceeds of its recent public offering together with bank borrowings. The third vessel remains scheduled for delivery before September 15, 2007. With the addition of these two vessels, the Company's fleet consists of four Panamax drybulk carriers, three Handymax drybulk carriers and one Supramax drybulk carrier, with an aggregate capacity of approximately 482,922 deadweight tons. The company took delivery on August 13, 2007 of the Sapphire Seas, a 53,702 dwt 2005-built Supramax vessel. The Sapphire Seas has been chartered to Korea Line Corp.