N Q Ahn News

GTT and Samsung Heavy Industries (SHI) have received an approval in principle (AIP) from Lloyd’s Register for the application of a new design of liquefied natural gas (LNG) carrier featuring GTT’s three-tank concept equipped with the Mark III Flex membrane containment system. This approval is the result of a joint development project (JDP) initiated in 2022, aiming at designing a new generation of LNG carrier.The JDP study has demonstrated several benefits of this new design for ship-owners and operators.

A new ammonia floating storage regasification unit (FSRU), the first of its kind in Korea, has been awarded approval in principle (AIP) from Lloyd’s Register (LR), the classification society announced Tuesday.Developed by HD Hyundai Heavy Industries (HHI) and Korea Shipbuilding & Offshore Engineering (KSOE), the ammonia-FSRU will store liquefied ammonia transported from production areas and can perform regasification to supply to shipowners and operators. FRSUs are an increasingly…

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.

DNV has awarded an approval in principle (AIP) to Samsung Heavy Industries (SHI) for its new liquefied CO2 (LCO2) carrier design.The innovation incorporates customized large cargo tanks (pressurized IMO Type-C) and a reliable cargo handling system with highly efficient reliquefication technology.The AIP, presented at the Gastech 2022 Exhibition in Milan, confirms that DNV has reviewed SHI's design against the requirements of the IGC code and DNV guidelines applicable to CO2 carriers.SHI’s…

International Maritime Industries (IMI), the largest shipyard in the MENA region, has expanded its partnership with Hyundai Heavy Industries (HHI) through a technical service agreement to further enhance its shipbuilding capabilities.Under the agreement, HHI will provide technical assistance and consulting services in Very Large Crude Oil Carrier (VLCC) engineering to IMI, reflecting its commitment to supporting the development of IMI’s shipbuilding capabilities and engineering services since its launch in 2017.The agreement was signed by Dr.

ABS granted approval in principle (AIP) to Samsung Heavy Industries’ (SHI) design for an ammonia-fueled Neo-Panamax container vessel.Presented in Athens, Greece, at the Posidonia International Shipping Exhibition, the AIP confirms the design has been reviewed by ABS against the requirements outlined in the ABS Guide for Ammonia Fueled Vessels. “This ammonia-fueled vessel represents a significant step forward in the industry’s desire to realize the emissions reduction potential of ammonia as fuel, and we are proud to use our experience to support it.

Hyundai Global Service (HGS), the aftercare division of shipbuilder and engine maker Hyundai Heavy Industries, has teamed up with ABB Turbocharging to offer an engine part-load optimization (EPLO) service for shipowners seeking to cut emissions in line with the International Maritime Organization’s (IMO) requirements.Ahead of the entry into force of the Energy Efficiency Existing Ship Index (EEXI) and Carbon Intensity Index (CII) regulations in 2023, many vessel owners are looking to engine power limitation as a solution.

Finnish technology group Wärtsilä and Korean shipbuilder Samsung Heavy Industries (SHI) have teamed up to develop ammonia-fueled vessels as the cleaner burning fuel gains traction amid the maritime industry’s drive toward decarbonization.Under the joint development program (JDP) agreement signed between the two firms in July 2021, the partners will aim to develop ammonia-fueled vessels with four-stroke auxiliary engines available for future newbuild projects.Ammonia, which continues to gain interest as a marine fuel worldwide…

Classification society ABS said it has completed a joint development project (JDP) with shipbuilder Hyundai Heavy Industries (HHI) and marine services firm Hyundai Global Service (HGS) exploring decarbonization and digitalization in the marine and offshore industries. The project covered simulation and modeling of carbon footprints of a vessel incorporating energy efficiency technologies, liquefied natural gas (LNG) bunkering analysis and smart technologies.The JDP included detailed simulation and modeling of the carbon footprint of a very large crude carrier (VLCC)…

Hyundai Global Services (HGS) has signed a contract to deliver its Smart Ship and Satellite Communications package for up to 15 vessels for South Korean shipping company KSS Line.The Smart Ship and Satellite Communications package is a combination of the Integrated Smart Ship (ISS) solution – an IoT platform for ships, developed by HHI Group to support vessel operation and device optimization – supported by Inmarsat’s Fleet Xpress and digital solution Fleet Connect. This achievement is a direct result of a collaboration between HGS…

South Korean shipbuilders Hyundai Heavy Industries (HHI) and Hyundai Mipo Dockyard (HMD) have gained Approval in Principal (AiP) for the application of the “solvent free 1 coating system” for ballast water tanks from both the Korean Register of Shipping (KR) and the Liberian Registry.The eco-friendly (solvent free) 1 coating system has been verified for excellent coating quality when compared to the traditional double coating system and has passed quality standards for alternative…

South Korean shipping company Pan Ocean announced that Joong Ho Ahn is newly appointed as a Chief Executive Officer with effect from the date of the Board of Directors Meeting on March 30, 2020.The new CEO takes over for Sung Yob Choo who has retired before his term expired due to personal reasons.

Classification society Lloyd's Register and Hyundai Global Service (HGS) have announced a new collaboration that will deliver added value to the shipping industry through digital solutions, starting with the appraisal of HGS’s Smart Ship System as ‘Digital Class Ready’.LR will assess HGS’s Smart Ship System by applying its latest Digital Ship’s ShipRight Procedure and Digital Compliance Framework so that ship managers and operators using the system onboard ships can get class items credited remotely for selected items.HGS and LR will engage in live trials of the system, installed and operational on a ship, and test its readiness to comply with data-driven classification requirements.

Oil traders from Texas to Louisiana braced on Tuesday for supply disruptions as Tropical Storm Cindy, formed in the U.S. Gulf of Mexico, threatened to hit refining and production centers with wind and rain later this week. Cindy was located about 265 miles (430 km) south of Morgan City, Louisiana with maximum sustained winds of 45 miles (75 km) per hour. It is expected to approach the coast of southwest Louisiana late Wednesday or Wednesday night, and move inland over western Louisiana and eastern Texas on Thursday, the NHC said. The Louisiana Offshore Oil Port, the largest privately owned crude storage terminal in the United States…

Shares of U.S. shipping companies shot higher again on Wednesday, causing volatility halts in a number of stocks and raising questions among investors and analysts over the extent of their sharp post-election rally. The jump in share prices and unusually heavy trading volume even surprised analysts who follow the stocks, although some said the gains appeared to result in part from optimism that commodity demand would increase under President-elect Donald Trump. At the center of the rally has been DryShips Inc…

The Organization of Oil Exporting Countries' decision to embrace production cuts will help move crude prices toward a target of $50 to $60 per barrel, Gary Ross, chairman of consultancy PIRA Energy Group, told reporters on Wednesday. OPEC's policy has shifted as Saudi Arabia is targeting that price range and Iran has become more willing to accept an agreement. Ross said at a news conference that U.S. shale producers were likely to hedge future output more selectively after OPEC decided to limit output. Shale producers and oil-consuming companies were under-hedged, he said, adding that industrial and airline buying would support prices. The surplus in oil supply has been eroding since the second quarter and will be "gone" by the second half of 2017, Ross said.

Missiles flew far enough to reach any part of S.Korea. North Korea fired three ballistic missiles on Tuesday which flew between 500 and 600 km (300-360 miles) into the sea off its east coast, South Korea's military said, the latest in a series of provocative moves by the isolated country. The U.S. military said it detected launches of what it believed were two Scud missiles and one Rodong, a home-grown missile based on Soviet-era Scud technology. North Korea has fired both types numerous times in recent years, an indication that unlike recent launches that were seen as efforts by the North to improve its missile capability, Tuesday's were meant as a show of force.

Venezuelan state oil company PDVSA is in talks with oil services companies to turn unpaid bills into financial instruments, a process known as securitization, its president, Eulogio del Pino, said in a statement on Saturday. Several oil services companies suspended or slowed operations this year due to difficulties in obtaining payment from PDVSA, which is struggling because of low oil prices and a decaying socialist economy. Del Pino last month said PDVSA signed financing agreements with Weatherford International Plc and Halliburton Co and was close to a deal that would allow Schlumberger to boost its presence in the OPEC nation. "We trade commercial debt for financial debt…

The captain of the U.S. cargo ship that sank off the Bahamas in a hurricane last fall, killing all 33 people on board, was responsible for decisions that put the vessel in the path of the storm, a shipping company executive testified on Tuesday. Captain Michael Davidson, a veteran mariner from Maine, was at the helm of the 790-foot (241-meter) El Faro for its doomed cargo run between Florida and Puerto Rico. The ship disappeared on Oct. 1 after he reported losing propulsion and taking on water. U.S.

The Obama administration on Thursday unveiled new oil well control rules to prevent the kind of blowout that happened six years ago on a BP Plc rig in the Gulf of Mexico. The Interior Department's Bureau of Safety and Environmental Enforcement announced the finalized regulations, which include more stringent design requirements and operational procedures for offshore U.S. oil and gas operations. The new standards come nearly six years after a deadly explosion and fire on the Deepwater Horizon oil rig off the cost of Louisiana, which led to the worst oil spill of all time.

Transas, one of the world's leading providers of integrated navigation solutions, received ECDIS type-approval from the Korean Registry (Korea Marine Equipment Research Institute), making Transas one of a few companies holding an ECDIS certificate from the South Korean maritime authority. The certificate issued by the Korea Marine Equipment Research Institute proves the system's compliance with all ECDIS-related regulations valid for the South Korean Flag state and covers not only Navi-Sailor ECDIS in Premium and Standard configurations, but also all Transas supplementary components for usability benefits and system integration. All tests were successfully passed within one week at the certified Transas R&D facilities.

Tropical Storm Erika lashed Puerto Rico and the Virgin Islands with heavy rain and fierce winds on Friday, moving across the Caribbean and apparently heading for the Dominican Republic, northern Haiti and eventually South Florida, the U.S. National Hurricane Center said. Due to some likely weakening over the Dominican Republic, Erika was no longer forecast to make U.S. landfall as a hurricane. It could still smack the Miami area with sustained winds of 60 miles per hour (97 kph) on Monday, however, before sweeping northward up the Florida peninsula, affecting Orlando's popular theme parks.

Nicaragua's planned $50 billion canal project is "fraught with risks and uncertainties," and could cause more harm than good unless the government and its Chinese builder fund a host of mitigation measures, an environmental consultancy said. The 172-mile (278 km), Chinese-backed project to rival the Panama Canal is one of the world's most ambitious infrastructure schemes, but it has been met with widespread incredulity, especially over its source of funding and planned 2020 completion deadline. The social and environmental impact study by the consultancy, Environmental Resources Management Ltd, echoed many of the same concerns. It urged Nicaragua's government to verify project builder and operator…