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Posco News

06 Jun 2023

LR and LISCR Award Design Approval for World’s First 22,000cbm Multi-gas Carrier

Andy McKeran, Sung-Gu Park and Panos Mitrou from LR present the Design Approval certificate at Nor Shipping 2023 (Photo: LR)

Lloyd’s Register (LR) and the Liberian International Ship & Corporate Registry (LISCR) have awarded design approval to HD Korea Shipbuilding & Offshore Engineering (HD KSOE) and Hyundai Mipo Dockyard (HMD) for the development of the world’s first 22,000cbm multi-gas carrier as part of a joint development project for LCO2 carrier design and development. The vessel will be capable of carrying liquified carbon dioxide (LCO2), liquid petroleum gas (LPG), ammonia (NH3) and vinyl chloride…

30 Dec 2021

KR Awards AIP for Two Green Ammonia-fueled Vessels

(Photo: KR)

The Korean Register (KR) awarded approval in principal (AIP) to two green ammonia-fueled ships at KR’s Seoul branch office on December 15, 2021. One of the ships is a 60,000m3 ammonia-fueled ammonia carrier and the other is a 38,000m3 ammonia carrier/bunkering ship, developed by Korea Shipbuilding & Offshore Engineering (KSOE), Hyundai Heavy Industries (HHI) and Hyundai Mipo Dockyard (HMD).The AIP is the first result from the ‘Green Ammonia Marine Transport and Bunkering Consortium’ which was launched in May 2021.

31 Aug 2021

Partners to Develop Large Scale LCO2 Carriers

The MOU was signed at POSCO Center in Seoul by delegations from HMD (Young-Jun Nam, Executive VP), LR (Young-Doo Kim, North East Asia TSO Manager), KSOE (Sang-Beom Shin, Senior VP), the Liberian Registry (Jung Sik Kim, Managing Director of Korea office) and POSCO (Sang-Chul Kim, Head of Energy and Shipbuilding Materials Marketing office). (Photo: Liberian International Ship & Corporate Registry)

POSCO, Hyundai Mipo Dockyard, Korea Shipbuilding & Offshore Engineering, Lloyd’s Register and the Liberian International Ship & Corporate Registry have set out to jointly develop liquid carbon dioxide (LCO2) carriers to meet the demands of increased global carbon storage and utilization technology.Through their recently signed memorandum of understanding (MOU), POSCO will develop new steel material and relevant technology for storage tank, which are core technologies for the large size of LCO2 carrier…

23 Oct 2023

Transocean Sees Multiple Offshore Rig Deals Awarded, One Terminated in Q2

Offshore drilling contractor Transocean on Wednesday released its quarterly offshore drilling rig fleet status report, which shows one contract terminated in Norway, and several new deals secured Norway, U.S. Gulf, Brazil, Angola, Brunei, and, possibly, Myanmar. The rig owner's total backlog is now around $7.3 billion.While some of the contracts were already announced as they were coming in during the quarter, Transocean shared some new information, too.It said Thursday that the Hungarian oil firm MOL had in July terminated the Transocean Barents semi-sub drilling contract for convenience. The drilling rig was supposed to stay with MOL between May and December 2021…

25 May 2021

Korean Partners Exploring Green Ammonia Supply Chain

From left to right: Jong-chul Choi, executive vice president, HMM; Hyung-chul Lee, chairman & CEO, Korean Register; Sung-joon Kim, senior executive vice president, KSOE; Kyung-Moon Jung, CEO, LOTTE Fine Chemical; Byeong-Og Yoo, senior executive vice president, POSCO; and Chan-bok Park, CEO, Lotte Global Logistics (Photo: HMM)

South Korean shipping company HMM announced it has signed a memorandum of understanding (MoU) with LOTTE Fine Chemical, Lotte Global Logistics, POSCO, Korean Register (KR) and Korea Shipbuilding & Offshore Engineering (KSOE) to seek feasible solutions on the green ammonia supply chain from production to bunkering.Each member will pitch in to form the end-to-end supply chain for ammonia bunkering, including production, storage and transportation of green ammonia.Specifically, KSOE plans to develop an ammonia-powered ship, which will be certified by KR.

23 Jun 2020

DSME Delivers Excelerate's 10th FSRU

Excelerate Sequoia - Credit: Excelerate Energy

South Korean shipbuilding firm Daewoo Shipbuilding and Marine Engineering (DSME) has earlier this month delivered a floating storage regasification unit (FSRU) to Excelerate Energy.The FSRU, named the Excelerate Sequoia, is Excelerate Energy's tenth FSRU vessel. All ten FSRUs were built by DSME.The vessel has a storage capacity of 173,400 cubic meters and is capable of operating as both an FSRU and a fully tradable LNG carrier, Excelerate Energy said. In September of last year, Excelerate and Maran Gas Maritime Inc. (MGM) signed a five-year bareboat charter agreement (BBC) for the FSRU.

23 Dec 2019

HHI Receives AIP for Bulk Carrier Design

(From left to right) Sung-ho Shin, Head of Pre-Contract Maritime at DNV GL in Korea; Thomas Klenum, Senior Vice President at Liberian Registry; Jae-eul Kim, Senior Vice President at HHI; Seung-ho Jeon, Senior Vice President at HHI; Jong-Kyo Choi, High Manganese Steel Solutions TF Team Leader at POSCO (Photo: HHI)

Hyundai Heavy Industries (HHI) has announced that it recently received the Approval in Principle (AiP) for the design of a capesize bulk carrier with type C LNG fuel tank made of POSCO’s high manganese steel and fuel gas supply system from DNV GL and Liberian International Ship & Corporate Registry (Liberian Registry).The hand-over ceremony was held at HHI’s Seoul office and attended by senior officials from HHI, POSCO, DNV GL and Liberian Registry, including Jae-eul Kim, Chief Technology Officer(CTO) at HHI…

30 Jul 2019

Klaipedos Nafta Bids for Cyprus LNG

Lithuanian liquefied natural gas (LNG) terminal operator Klaipedos Nafta (KN) is partnering with the market leaders in the tender procedure for the design, construction and operation of the Cyprus LNG import terminal.The operator of the Klaipėda Oil Terminal submitted the bid alongside consortium partners Samsung C&T, Posco E&C, Mitsui O.S.K. Lines (MOL) and Osaka Gas.If successful, KN will provide long-term operation and maintenance services for this terminal for a period of up to 20 years.DEFA, the Natural Gas Public Company of Cyprus, announced an international public call for tenders in October 2018.According to the published specifications…

16 Dec 2018

SENER to Design 1,200-Pax Ferry for Tanzania

Spanish engineering and technology group SENER has contracted the basic design of a 1,200-passenger ferry for Tanzanian shipping line Kampuni ya Huduma za Meli (Marine Services Co., Ltd.) to the Korean company GAS Entec."With this new engineering contract, SENER has the experience from having built over 1,200 ships and offshore artifacts worldwide under its own designs. With more than 60 years working in the Marine sector, nowadays SENER provides professional services to shipyards, technical offices, shipping lines, ship owners and official organizations all over the world," claimed a press release from the company.The scope of the project to be developed by SENER includes conceptual and classification engineering…

10 Apr 2018

MAN Powers World’s First LNG-fueled Bulk Carrier

(Photo: Lloyd's Register)

The world’s first liquefied natural gas (LNG) fueled bulk carrier, the 50,000 dwt newbuild Ilshin Green Iris, is powered by state-of-the-art technology from MAN Diesel & Turbo. The groundbreaking vessel, delivered in February 2018 for owner Ilshin Logistics, was constructed by South Korean shipbuilder Hyundai Mipo Dockyard (HMD) as part of a project announced in July 2016 to develop the first in a new generation of environmentally-friendly LNG-fueled bulk carriers. A single MAN B&W 6G50ME-GI two-stroke engine powers the 191-meter bulk carrier…

01 Mar 2018

Trump to Set Hefty Tariffs on Steel, Aluminum Imports

© Amarinj / Adobe Stock

U.S. President Donald Trump announced on Thursday he would impose tariffs of 25 percent on imported steel and 10 percent on aluminum, in a move the administration said would protect U.S. industry, but which critics said would fail to boost jobs and risked stoking a trade war with China. Trump, speaking after a meeting with U.S. steel and aluminum makers said the duties would be formally announced next week. “We’re going to build our steel industry back and our aluminum industry back," he said. News of the tariffs drove the stocks of U.S.

01 Mar 2018

Trump: U.S. Hits Steel, Aluminum Imports with Hefty Tariffs

© furuoda/Adobe Stock

U.S. President Donald Trump announced on Thursday he would impose tariffs of 25 percent on imported steel and 10 percent on aluminum, in a move the administration said would protect U.S. industry, but which critics said would fail to boost jobs and risked stoking a trade war with China. Trump, speaking after a meeting with U.S. steel and aluminum makers said the duties would be formally announced next week. “We’re going to build our steel industry back and our aluminum industry back," he said. News of the tariffs drove the stocks of U.S.

21 Feb 2018

World’s First LNG-fueled Bulk Carrier Delivered

Photo: Lloyd's Register

Hyundai Mipo Dockyard (HMD) and ILSHIN LOGISTICS delivered the world’s first LNG-fueled bulk carrier under the dual-class of Lloyd’s Register (LR) and Korean Register. The 50,000 dwt bulk carrier has also been verified to be in compliance with the International Gas Fuel (IGF) Code. The vessel is the result of a collaboration project, announced in July 2016, to develop the first in a new generation of environmentally-friendly LNG-fueled bulk carriers. The ship has a Type ‘C’ LNG fuel tank with a capacity of 500m³, made of austenitic high manganese steel and located on the aft mooring deck.

20 Feb 2018

Ports of Indiana: Building on Success

(Photo: Ports of Indiana)

The Ports of Indiana is a statewide port authority, established in 1963, which operates three ports: two on the Ohio River, one on Lake Michigan. Port officials refer to the three as “America’s Premier Inland Port System.” They cite location, location, location, providing access via two critical freight arteries – the Great Lakes and the Inland Waterway System and proximity to the world’s most productive industrial and agricultural regions. The Ports is the only statewide port authority in the Midwest.

14 Dec 2017

Hyundai Heavy, LR Eye LNG-fueled Future

Photo: HHI

Hyundai Heavy Industry (HHI) Group, with the support of Lloyd's Register (LR), is responding to the increasing  interest in the development of the global supply of liquefied natural gas (LNG), following the introduction of the International Maritime Organization’s (IMO) NOx and SOx emission limitations, by being at the forefront of developing innovative ship designs. This month Hyundai Mipo Dockyard (HMD), part of the HHI Group, will deliver of the world’s largest LNG-fuelled ship, a 50,000 dwt bulk carrier with a high manganese LNG fuel tank.

07 Jun 2017

Polaris Orders 3 Iron Ore Carriers at Hyundai

South Korean shipping firm Polaris Shipping Co has placed an order with Hyundai Heavy Industries (HHI) to build three very large iron ore carriers, Yonhap reported.   Polaris said the 325,000-ton iron ore carriers will replace some of its aged ships. The financial details of the shipbuilding contract and delivery schedule for the newbuildings were not disclosed.   With the latest order from Polaris HHI's orderbook that was valued at $3.8bn in the first five months of 2017 will enlarge further.   Polaris has long-term contracts with the first-class charterers such as Vale, POSCO and subsidiaries of KEPCO.   A cargo ship operated by Polaris Shipping sank in the Atlantic Ocean in April this year with its crew still missing.

19 May 2017

POSCO Seeks June LNG Cargo via Tender

South Korea's POSCO is seeking a liquefied natural gas (LNG) cargo for delivery on June 26 to 30 via tender, trade sources with knowledge of the tender said on Friday.   The tender will close on May 22, the sources added. (Reporting by Mark Tay; Editing by Christian Schmollinger)

22 Feb 2017

Indiana Ports set Quarterly Tonnage Record

The Ports of Indiana handled nearly 3.9 million tons of cargo during the fourth quarter of 2016, the highest quarterly shipment total in the organization's 55-year history. The total surpassed the ports' previous quarterly record set in the second quarter of 2015 by 300,000 tons. The state's three ports' shipped nearly 11.3 million tons in 2016, the second highest volume in history and the third consecutive year the ports exceeded 10 million tons annually. Since 2014, the Ports of Indiana has handled 34 million tons of cargo, the highest three-year total since Indiana's ports opened. Major cargoes included coal, steel, grain, fertilizer and limestone.

07 Aug 2016

POSCO Daewoo to Supply Marine Equipment to Indonesian Shipbuilder

POSCO Daewoo has signed a memorandum of agreement (MOA) to supply shipbuilding materials worth US$150 million to Penataran Angkatan Laut (PT PAL), Indonesia’s largest state-run shipbuilder, according to a report in Business Korea. Under the contract, the Korean trading company will supply engines and other parts necessary for shipbuilding, and its partner PT PAL is going to build 10 patrol boats and one combat support ship with the provided materials before delivering them to Indonesian ministries including the Indonesian Navy and the Ministry of Communication and Information Technology. The 11 ships will be taken over by the Indonesian government once they are built.

26 Jul 2016

LNG-fueled Bulker Ordered from Korea

Hyundai Mipo Dockyard (HMD) has signed a contract to build a 50,000 dwt bulk carrier with ILSHIN LOGISTICS. The project is a collaboration between POSCO and ILSHIN LOGISTICS to develop the first in a new generation of ships for greener shipping. The ship represents a significant step-up for the industry as it is the largest bulk carrier ever ordered to use LNG as fuel. When delivered in the fourth quarter of 2017, the ship will transport limestone cargoes in the Korean coastal trade for steelmaker POSCO. Lloyd’s Register (LR) and the Korean Register (KR) will provide dual classification and certification, verifying compliance with the International Gas Fuel (IGF) Code.

18 Jul 2016

South Korea Mulls LNG Bunkering Hub

A group of South Korean companies including shipbuilders have come together to establish an association dedicated to developing liquefied natural gas (LNG) bunkering facilities and infrastructures including LNG-fueled vessels, says a report in the Pulse. Last week, officials representing 21 private and state-run entities in Korea gathered to attend the inaugural meeting of the LNG Bunkering Industrial Association. They were from major shipbuilding and energy companies including Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co., Samsung Heavy Industries Co., Korea Gas Corporation, Posco Co., Samchully Corp., GS Energy Corp. and SK Energy Co.

13 Jul 2016

MAN's ME-GI Engine for LNG-powered Bulker

Korean shipowner ILSHIN and HMD (Hyundai Mipo Dockyard Co., Ltd.) have signed a shipbuilding contract for a 50,000 dwt bulk carrier. Notably, the vessel will be powered by an MAN B&W 6G50ME-C9.5-GI engine, to be built by HHI-EMD who will also supply the ME-GI and fuel gas supply system. POSCO, the multinational steel-making company headquartered in Pohang, South Korea, has already agreed to charter the newbuilding upon delivery, and will use the vessel to transport limestone for its operations. POSCO will deliver the LNG fuel tank, which will be made of high-Mn steel as an alternative material to the currently widely used nickel alloy. The ME-GI dual fuel low speed diesel engine represents the culmination of many years of development work.

11 Jul 2016

Port Hedland June Iron Ore Exports to China Rise to Record

Port Hedland (Photo: Pilbara Ports Authority)

Record iron ore shipments to China moved through Australia's Port Hedland terminal in June, as major producers BHP Billiton and Fortescue Metals operated close to full capacity and inventories at Chinese ports swelled. Most of the ore both companies mine is sent to China, where higher-grade imports are displacing lower quality domestic ore in Chinese steel mills. Shipments to China from the Indian Ocean port increased to 34.5 million tonnes in June from 31.7 million tonnes in May, topping the previous record of 33.9 million tonnes in March, according to the Pilbara Ports Authority.