Sk Shipping News

South Korean private equity firm Hahn & Co is reviewing strategic options for its majority stake in SK Shipping Co, including a sale that could value the company at about $10 billion including debt, Bloomberg News reported on Thursday.Hahn & Co is working with financial advisers as it weighs a partial or full sale of its stake, the report said, citing people familiar with the matter, adding that it was considering other options like selling individual divisions of the Seoul-based shipping company.SK Shipping did not immediately respond to a Reuters request for comment, while Hahn & Co could no

A 180,000-square-meter-capacity liquefied natural gas (LNG) carrier is said to be the world's first large cargo ship to cross the Pacific using autonomous navigation.Built by Hyundai Heavy Industries in 2021 and delivered to SK Shipping in South Korea, the vessel Prism Courage is equipped with HiNAS 2.0, Level 2 autonomous navigation solution developed by Avikus, a subsidiary of HD Hyundai (former Hyundai Heavy Industries Group).According to Avikus, HiNAS 2.0 creates optimal routes and speeds based on Hyundai Global Service's Integrated Smartship Solution.

The Port of New Orleans (Port NOLA) discharged 300 steel coils on June 10, 2021, to barge at Coastal Cargo breakbulk and heavy-lift terminal at the Louisiana Ave. Complex that were transported to the barge from the SK Shipping Star Challenger and made their way upriver to be off-loaded at the Port of Caddo-Bossier in Shreveport.“This is a great example of two Louisiana ports coming together to facilitate commerce in the State and moving cargo on the Mississippi River,” said Brandy D. Christian President and CEO of the Port of New Orleans and CEO of the New Orleans Public Belt Railroad.

Classification society DNV GL said it has granted Approval in Principle (AIP) to Korea Shipbuilding and Offshore Engineering (KSOE) for a new wing-sail auxiliary propulsion system for ships designed to help reduce shipping emissions and fuel burn.The wind-powered auxiliary propulsion system, designed for installation aboard many vessel types, is the result of a joint research project from KSOE, the shipbuilding holding company of Hyundai Heavy Industries Group, and SK Shipping…

China State Shipbuilding Corp (CSSC) equipment service subsidiary CSSC Marine Service Co (CMS) said it has completed the first ever major overhaul on two WinGD X-DF engines—in only nine days.The twin 6X62DF engines overhauled belong to the first ever X-DF powered vessel in operation, 2017-built 180,000-cbm liquefied natural gas (LNG) carrier SK Audace, owned and operated by SK Shipping Co. LTD. The work was performed while the ship was at the Sabine Pass anchorage in Texas.In the three years since vessel delivery…

French multinational naval engineering company Gaztransport & Technigaz (GTT) has received two orders from the Korean shipyards, one from Hyundai Samho Heavy Industries (HSHI) and the other one from Hyundai Heavy Industries (HHI) for the tank design of two Liquefied Natural Gas Carrier (LNGC).Each vessel will offer a capacity of 174,000 m3. GTT will design the tanks of the vessels, which will be fitted with the Mark III Flex membrane containment system, a technology developed by GTT.The first LNGC will be built in HSHI shipyard on behalf of an Asian ship-owner whose name remains confidential at this stage. The vessel delivery is scheduled for the second quarter of 2022.The second LNGC will be built in HHI shipyard on behalf of the Korean ship-owner SK Shipping Co.

Five South Korean shipping companies - Korea Line, Pan Ocean, SK Shipping, Hyundai LNG Shipping and H-Line Shipping -  could partner up to secure liquefied natural gas transportation services for Qatar’s LNG production capacity expansion project.Qatar Petroleum is expected to put up shipping contracts for at least 40 LNG carriers by the end of the year for its North Field Expansion project, which aims to increase the nation’s LNG production capacity from 77 million tons to 110 million tons per annum starting in 2024.According to Yonhap, the Qatari state-run company will need an additional 60 LNG carriers for the project.While South Korea’s major shipbuilders are considered the favorites to take the LNG carrier construction orders from Qatar due to their dominant presence in the LNG ship ma

The NGO Shipbreaking Platform said that there were a total of 193 ships broken in the second quarter of 2019 and the 146 of these were sold to South Asian scrapping beaches. South Asian working conditions are known to be dire and breaking practices cause irreparable damage to the coastal environment, it added.Between April and June, Platform sources recorded three accidents that killed at least five workers on the beach of Chittagong, Bangladesh, bringing the total death-toll of the shipbreaking industry this year to at least eight workers.In the early morning of 15 May, a loud blast shook the Chittagong shipbreaking area. A fire broke out on board the vessel BUNGA KELANA 4 (IMO 9178343)…

Launching this week in partnership with Airbus, Wilhelmsen’s shore-to-ship Singapore pilot project, marks the first deployment of drone technology in real-time port conditions, delivering a variety of small, time-critical items to working vessels at anchorage.Lifting off from Marina South Pier in Singapore with 3D printed consumables from Wilhelmsen’s onshore 3D printing micro-factory, the Airbus Skyways drone navigated autonomously along pre-determined ‘aerial-corridors’ in its 1.5km flight to Eastern Working Anchorage.

South Korea's large family-owned business conglomerate SK Group is planning to get out of shipping by offloading shipping subsidiary SK Shipping Co., on account of the debt burden amid an industry slowdown.According to a report in the Pulse, SK Holdings Co., the holding entity of SK Group, is reportedly seeking to sell a majority of its stake in SK Shipping to local private equity firm Hahn & Co. for an estimated 1.5 trillion won ($1.3 billion).Hahn & Company is said to be reviewing a method of buying up new shares issued by SK Shipping.An official at SK Group confirmed that they are talking to Hahn & Company regarding the issue, but nothing has been finalized yet.

Securing the position of its low-speed low-pressure X‑DF engines as market leaders, Winterthur Gas & Diesel (WinGD) has been selected to supply two 5-cylinder X72DF (5X72DF) engines for each of a pair of 180,000 m3 LNG carriers ordered by South Korean shipowner SK Shipping Co., Ltd (SK). The shipbuilding contract was signed in May 2016. The twin-skeg LNG carriers will be built by Hyundai Heavy Industries (HHI) and the engines by Hyundai Heavy Industries Co., Ltd / Engine & Machinery Division (HHI-EMD). They will be fitted with a GTT Mark III Flex membrane cargo containment system. In addition, the ships will feature HHI’s Hi-SGAS system combining fuel system supply for the two 5X72DF engines with the Hi‑SGAS system that can re-liquefy 100 % of the boil off gas (BOG) from the cargo.

In December 2013, Alibra’s market report front page read: “When in shipping, do as the Greeks do.” At that time, Alibra was referring to the fact that 31% of the LNG carrier orderbook had been ordered by Greek owners. Billions of dollars in CAPEX were being pumped into natural gas exploration, as well as building infrastructure such as liquefaction and export terminals, especially in the US. Some 180 LNG carriers were ordered between January 2011 to December 2014 – many of them speculatively. Of these vessels, 52 were ordered by Greek companies (29%). But the Greeks didn’t get the LNG play wrong as such – no one could ever have anticipated the shock drop in oil prices seen in mid-2014…

The world’s largest shipbuilder has launched an initiative with several industry partners that aims to help small and medium-sized ICT companies develop software for smart shipping, a so-called Eco System for Smart Ships. Under the Memorandum of Understanding, South Korea’s Hyundai Heavy Industries (HHI) and its partners SK Shipping, Intel, Microsoft, the Ulsan Center for Creative Economy & Innovation (UCCEI) and the Daejeon Center for Creative Economy & Innovation (DCCEI) will together help domestic companies develop “17 Ship Service Software,” that meet the needs of shipowners for safe ship operation and improved crew wellbeing. The Ship Service Software that is planned to be developed and applied to smart ships by 2019 will enable ballast tank inspection…

Hyundai Heavy Industries Co. (HHI) struck a $400 million worth deal to build two liquefied natural gas (LNG) carriers for SK Shipping Co., a Korean shipowner. According to the sources, the vessel can carry 180,000 cubic meters of LNG. The vessels will be delivered starting in the first half of 2019, the sources said. Meanwhile, a press release from the French LNG containment specialist GTT said that it has received an order for two new LNGCs (Liquefied Natural Gas Carriers) for HHI. The vessels will be built at Hyundai's shipyard in Ulsan for SK Shipping. Delivery is scheduled in 2019. The vessels, designed according to the new IGC standards published in 2016, will be equipped with GTT's Mark III Flex membrane technology.

GTT has received an order from Hyundai Heavy Industries (HHI) for two new liquefied natural gas carriers (LNGCs) to be built at HHI’s shipyard in Ulsan for SK Shipping, a Korean shipowner. Delivery is scheduled in 2019. The vessels, designed according to the new IGC standards published in 2016, will be equipped with GTT's Mark III Flex membrane technology. Mark III Flex is particularly well-suited for the highly efficient XDF propulsion system installed on SK Shipping's LNG carriers, as the technology offers a high level of insulation performance. “GTT is very pleased to continue our collaboration with HHI. This new contract demonstrates HHI's confidence in GTT technologies which already equip some fifty LNG carriers in service built by the shipyard…

On April 5, 2016 Winterthur Gas & Diesel (WinGD), together with Doosan Engine Co., Ltd demonstrated the first low-speed low-pressure Wärtsilä six-cylinder X62DF (W6X62DF) engine for a commercial application. The event took place at Doosan’s works in Changwon, Korea and the W6X62DF engine is also the first sold X-DF engine for the new generation of very large LNG carriers. It is currently under test by Doosan before delivery and is one of a pair that will power the first of two 180…

ABS has been selected to class two Liquefied Natural Gas Carriers (LNGCs) for SK Shipping, featuring the KC-1 cargo containment system (CCS). The agreement brings to five the number of LNGCs to be built to joint ABS/KR class for Korea Gas Corporation (KOGAS), the world's largest LNG importer. "ABS has a long association with South Korea's shipowners and shipbuilders and has supported them as they push the development of ships and systems to new levels of innovation and efficiency," says ABS Chairman, President and CEO Christopher J. Wiernicki. Two 174,000 cu m LNGCs will be built with the KOGAS-developed KC-1 CCS for SK Shipping at the Samsung Heavy Industries yard in South Korea.

At the 151st Annual Meeting of the Members of ABS, and the subsequent meeting of the ABS Council, industry leaders were elected to serve on a number of bodies that contribute to the operation of the classification society as it fulfills its mission of promoting the security of life and property and preserving the natural environment. "ABS' strength as a global classification society is drawn from its membership and the many regional, national and technical committees that contribute to the process of developing practical, impartial and authoritative standards," said ABS Chairman Robert D. Somerville. •    Robert G. •    James G. •    Maria F. •    Chow Yew Yuen, Keppel Offshore & Marine USA Inc. •    Dr. Jen-Hwa Chen, Chevron Shipping Co. •    Dr.

Focus on the Bulk Sectors – Facing a Crisis or Ample Opportunities? The Sea Asia conference focused on the bulk markets this afternoon with a lively debate among panelists on where the tanker and dry bulk shipping markets are heading. The session was the highlight of the afternoon’s proceedings which followed on from the opening session on container market trades this morning. The show, which articulates the Voice of the Asian maritime communities, has captured the imagination of the global shipping community.

ATHENS, GREECE, April 7, 2011- Star Bulk Carriers Corp. The Company entered into a time charter agreement with SK Shipping for the vessel Star Cosmo for a period of 11-13 months, at a gross daily rate of $16,500. The new contract will contribute minimum $5.5 million to maximum $6.8 million in gross revenue. The Star Cosmo is a Supramax vessel of 52,247 dwt built in 2005. The Company entered into a time charter agreement with STX Pan Ocean for the vessel Star Ypsilon for a period of 7-9 months, at a gross daily rate of $13,000.

Korean shipbuilders have achieved a market-leading role in the construction of LNG tankers. Following commitment to serve this market with products, Kongsberg Maritime Ship Systems (KMSS) has received a breakthrough success by receiving firm orders for its Bridgeline, Integrated Navigation System, to be fitted to seven of the new LNG tankers, with options for further deliveries in the future. KMSS will provide Radar/ARPA, ECDIS- electronic chart display system, MBB- voyage data recorder, UAIS- universal automatic identification system with full integration of the navigation instruments. The Bridgeline assembly will be carried out in Korea.

There has been a marked increase in period contracts since January 2000. Not only has period chartering activity increased, but the length of the periods has also increased and there have again been several contracts above one-year. It is also interesting to see that it is the trader VITOL that has been one of the most active time charterers with 11 contracts, of six months and above, recorded since the beginning of 2000. We have recorded 8 contracts for another trader, Alpine. We have recorded some 200 contracts over the period, Hanjin and Petrobras being the most active charterers with 11 contracts each of at least 6 months. We have recorded 11 charterers taking 5 tankers or more for 6 months and longer. These charterers have altogether made 87 contracts.

Christopher J. Wiernicki was elected to the ABS Board of Directors by the ABS Council following the Annual Meeting of the members of the international classification society. Wiernicki was appointed President and Chief Operating Officer of ABS on January 1. He is also an elected Corporate Officer of the society. Prior to his current appointment, Wiernicki served as President and COO of ABS Europe Ltd, the Division of the society responsible for activities throughout Europe, the Middle East and Africa. Wiernicki has also served as Executive Vice President and Chief Technology Officer for ABS and as President and Chief Operating Officer of ABSG Consulting Inc., an affiliate of ABS and the principal operating subsidiary of ABS Group of Companies, Inc.