Korean Won News

U.S. Supreme Court Justice Sonia Sotomayor on Thursday rejected a bid by a businessman to block his extradition to South Korea to face embezzlement charges that stemmed from a 2014 ferry sinking that killed 304 people.Sotomayor rejected Yoo Hyuk-Kee’s request to prevent his extradition from going forward while he appeals lower-court rulings rejecting his effort to avoid being sent to South Korea to face trial on the seven embezzlement charges against him.Sotomayor is the justice assigned to review emergency appeals from a group of states that include New York…

Iran denied on Tuesday it was using a South Korean ship and its crew as hostages, a day after it seized the tanker in the Gulf while pressing a demand for Seoul to release $7 billion in funds frozen under U.S. sanctions.The seizure of the MT Hankuk Chemi and its 20-member crew near the strategic Strait of Hormuz has been seen as an attempt by Tehran to assert its demands, just two weeks before President-elect Joe Biden takes office in the United States.Iran wants Biden to lift sanctions imposed by outgoing President Donald Trump. Tehran's critics have long accused it of capturing ships and foreign prisoners as a method of gaining leverage in negotiations."We've become used to such allegations," Iranian government spokesman Ali Rabiei told a news conference.

South Korea's Daewoo Shipbuilding & Marine Engineering has won an order to build three LNG carriers.DSME said the order was worth more than 1 trillion Korean Won, or around $872 million.The South Korean shipbuilder did not say who the client was, apart from saying it was a European shipowner.DSME said the contract included conditions that the shipowner must fulfill, "and if those conditions are not met, the contract can be canceled." It did not say what the conditions were.The three LNG carriers are expected to be delivered by the end of July 2023.

South Korean shipbuilder Daewoo Shipbuilding Marine and Engineering (DSME) has received an order for a large liquefied natural gas (LNG) floating storage regasification unit (FSRU).In a statement on the Korea Exchange, DSME said the contract was worth around 411 billion South Korean Won, or around $330 million.DSME did not say who the client was, except that it was a shipowner based in Central America. The vessel is expected to be delivered in late-June 2023.According to South Korea's Yonhap News Agency, the deal will become effective after the client makes a final investment decision on the project.Further, citing DSME, Yonhap said that the client would provide compensation for the costs related to the construction of the FSRU, if the final investment decision is not made.

South Korea's shipbuilding giant Hyundai Heavy Industries has secured an order to build two very large crude carriers for unnamed European shipowners.The value of the orders for two 300,000-ton VLCCs, which will be equipped with scrubbers to meet IMO emission regulations, is 200 billion South Korean Won ($162.5 million).The VLCCs will be 330 meters long, 60 meters wide, and 29.7 meters high. Hyundai Heavy, who says it has built one in four VLCCs worldwide, will build the two VLCCs…

South Korean shipbuilder Hyundai Heavy Industries has shared more details on its newly secured contract to build two crude oil carriers.The company had on Thursday issued a brief statement on the Korea Exchange sharing it had won contracts to build two tankers for a European client. The order value is 149,8 billion South Korean Won, or $122,2 million.In a subsequent release issued on Friday on its website, Hyundai Heavy said the orders were secured for two 158,000-ton crude carriers."This contract includes two option contracts…

South Korean shipbuilder Hyundai Heavy Industries has said it has won an order to build two crude oil carriers.In a brief statement on the Korea Exchange, Hyundai said the order was worth 149,8 billion South Korean Won, or $122,2 million.Hyundai Heavy Industries said it would build the two crude oil carriers for a European client. It did not provide further details on the client.The deliveries are to be made by mid-February 2022.

South Korean shipbuilding giant Hyundai Heavy Industries (HHI) said  it received an order to build two liquefied natural gas (LNG) carriers for an unidentified European shipping company.Yonhap news agency quoted the shipbuilder saying that the order is valued at 463 billion South Korean won ($390 million), bringing its total number of orders to five so far this year.The 180,000 cbm vessels, ordered by an undisclosed European owner, are scheduled for delivery by the end of June 2022.According to the report, the vessels will be equipped with Mark III Flex Plus technology that has a vaporization rate of 0.07 percent, reducing the daily evaporation of fuels.

South Korean shipbuilder Samsung Heavy Industries (SHI) has received an order to build two new liquefied natural gas (LNG) carriers worth a total of about 426 billion Korean won (USD 378 mln).The South Korean shipbuilding giant  did not reveal the company behind the newest order but said it is a North American shipper.SHI said in a stock exchange annoucement that it would deliver the vessel in Augsut 2021.It was four days ago that the shipbuilder won contract for LNG carrier newbuilding  from an undisclosed owner from Oceania is worth KRW 209 bn (USD 186 million). With this new order, SHI has won orders for six LNG carriers in December.SHI's new order total for 2018 now stands at 48 vessels and 6.1 billion USD.

South Korean shipbuilding giant Samsung Heavy Industries (SHI) said Thursday that it has clinched a new deal to build a liquefied natural gas (LNG) carrier.According to a press release from the shipbuilder, the price tag for the LNG carrier is 211 billion Korean won (USD188 million).Under the contract with an unidentified customer, Samsung Heavy will deliver the vessel by March 2021, the company said.Few days ago, SHI also secured a 400 billion won ($356 million) deal to build two 174,000-cbm LNG carriers for Japanese shipping giant NYK.The release revealed that SHI's new order total for 2018 now stands at 45 vessels and 5.5 billion USD. which include 14 LNG carriers, 13 Containerships, 15 tankers, and 3 special purpose ships.

South Korea’s largest ocean carrier Hyundai Merchant Marine (HMM) will invest USD 417.61 million in five new very large crude oil carriers (VLCCs), Reuters reported quoting company sources. "HMM will invest 470 billion South Korean won (U.S. $418 million) in new facilities for the construction of five, 300,000 deadweight ton (DWT) VLCCs with Daewoo Shipbuilding & Marine Engineering (DSME), with an option for five more," said company sources. HMM will acquire two 11,000-TEU containerships from Hanjin Heavy Industries & Construction’s Subic Shipyard. The contract price is approximately $162 million for the two vessels. HMM also confirmed expansion of its container fleet with two ships of 11,000 teu each to be built at a Hanjin yard in the Philippines.

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.

According to a regulatory filing, Hyundai Heavy Industries (HHI) racked up 10.2728 trillion Korean won in sales for Q1 2016, a 7.8 percent decline from the previous quarter while operating income swung to a profit of 325.2 billion won, putting an end to a nine-quarter losing streak. The officer added, “We see the 1Q 2016 consolidated earnings have not deviated much from the annual performance goal we set up early this year. HHI also attributes the turnaround to a series of drastic…

Hyundai Heavy Industries announced today that the company has jointly developed world’s first gas turbine-powered 174,000 m3 LNG carrier with GE Aviation and Marine (GE), a leading industrial gas turbine maker, and has secured Approval in Principle (AIP) on the vessel from the UK-based Lloyd’s Register. The IMO Tier III-compliant 174,000 m3 LNG carrier is equipped with GE’s gas turbine-based Combined Gas turbine Electric and Steam system (COGES 2.0). The vessel is expected to save shipowners or operators an estimated 20 billion Korean won ($17.83 million) on the assumption that the LNG carrier operates for 20 years with an annual operating cost of $720,000, since it does not need additional equipment to handle exhaust emissions.

Hyundai Heavy Industries (HHI) announced it has jointly developed world’s first gas turbine-powered 174,000 m3 LNG carrier with GE Aviation and Marine and has secured Approval in Principle (AIP) on the vessel from the U.K.-based Lloyd’s Register. The IMO Tier III-compliant 174,000 m3 LNG carrier is equipped with GE’s gas turbine-based Combined Gas turbine Electric and Steam system (COGES 2.0). The vessel is expected to save shipowners or operators an estimated 20 billion Korean…

On April 21, Hyundai-10000, Hyundai Heavy Industries (HHI)’s newest floating crane, succeeded to the throne of “symbol of HHI” from the two 1,600-ton gantry cranes at its offshore yard by lifting a topside module of Moho Nord tension leg platform (TLP) at once. What makes Hyundai-10000 a successor to the 1,600-ton Goliath cranes is not just because it is new but because it has an unparalleled lifting capacity at one of the world’s biggest offshore yards. Hyundai-10000 can lift subjects about six times heavier than the Goliath crane, hence its name.

Shipbuilder and offshore facilities contractor Hyundai Heavy Industries Co., Ltd. (HHI) informs that its shipbuilding affiliate, Hyundai Samho Heavy Industries, completed a 10,000-ton heavy lift vessel (HLV), Hyundai-10000, at its shipyard in Yeongam, South Korea. The HLV is equipped with eight double truss jib cranes measures 182 meters in length, 70 meters in width and 11 meters in depth. The vessel will join HHI’s existing offshore facility-building infrastructure in Ulsan in March after a series of final tests, commencing operation from April this year.

Samsung Heavy Industries said on Wednesday it has decided to scrap a $2.5 billion stock deal to take over Samsung Engineering, potentially complicating restructuring plans by parent Samsung Group ahead of a looming succession. Shareholders doubting the synergies of the merger had asked the two companies to buy back their stock for a higher-than-budgeted $1.5 billion. This led the deal to unravel, both companies said in regulatory filings. Analysts said this shareholder dissent…

Hyundai Mipo Dockyard Co Ltd said on Tuesday it had decided to sell a stake worth 286 billion Korean won ($260.46 million) in steelmaker POSCO , in a bid to improve its balance sheet. Hyundai Mipo, a shipbuilding affiliate of world's largest shipbuilder, Hyundai Heavy Industries, specializing in smaller vessels, said in a regulatory filing the sale would take place before the market opens on November 19. Reporting by Joyce Lee

South Korea's Hyundai Heavy Industries Co Ltd, the world's biggest shipbuilder, slid to a record quarterly loss of $1.8 billion and warned it's heading for its worst-ever year as cost overruns mount up in new business lines it developed to counter a global glut of low-margin ship orders. Hyundai Heavy said on Thursday it slumped to an operating loss of 1.93 trillion won ($1.83 billion) in the third quarter, from a 222.4 billion won profit a year earlier, as it soaked up rising costs caused by delays in building new types of ship in which it had little previous expertise.

South Korean shipbuilder Samsung Heavy Industries plans to build three Arctic tankers for Russian oil company Gazprom Neft, which has been targeted by Western sanctions, sources familiar with the deal said. The sanctions imposed on Moscow over its role in the crisis in Ukraine have complicated Russian companies' oil exploration and production in deep water, Arctic offshore or shale projects, as they use Western technology. Samsung Heavy said on Tuesday it had won a 472 billion Korean won ($444 million) order to build three tankers for an unnamed firm based in Europe and that it expected to complete the contract by April 2017. The tankers will be bought by Gazprom Neft's Austria-based subsidiary Gazprom Neft Trading, one of the sources told Reuters.

South Korea said on Friday it would spend more of this year's fiscal budget during the first half and use the central bank's lending facility for smaller firms to support businesses affected by the ferry disaster. The Ministry of Finance and Strategy said in a statement it would allocate 57 percent of this year's planned budget spending to the first half of the year, up from 55 percent originally planned. The ministry said domestic tourism, some retail and lodging businesses have been hit especially hard by reduced spending after the April 16 capsizing of the Sewol ferry, in which nearly 300 passengers were killed. The ministry said…

Rescuers struggled with strong waves and murky waters on Thursday as they searched for hundreds of people, most of them teenagers from the same school, still missing after a South Korean ferry capsized on Wednesday. Coastguard, navy and private divers scoured the site of the accident, about 20 km (12 miles) off the country's southwestern coast. Earlier, rescue teams hammered on the hull of the upturned, mostly submerged vessel, hoping for a response from anyone trapped inside, but they heard nothing, local media reported. The vessel, carrying 475 passengers and crew, capsized during a journey from the port of Incheon to the holiday island of Jeju. Coastguards recovered five more bodies late on Thursday, raising the death toll to 14 people.