Marine Link
Thursday, March 28, 2024
SUBSCRIBE

South Korea News

26 Mar 2024

Stena Bulk Completes Sale of LNG Tankers

Erik Hånell, President & CEO of Stena Bulk. Image courtesy Stena Bulk

Stena Bulk completed the sale of two of its LNG carriers – Stena Crystal Sky and Stena Clear Sky – to BW LNG.As part of the sale, BW LNG will assume the existing charters for both vessels.Both vessels were originally delivered in 2011 from Daewoo Shipbuilding & Marine Engineering in South Korea. Stena Crystal Sky and Stena Clear Sky each have an LNG carrying capacity of 174,000 cbm.“As part of our strategy to continuously look for new opportunities, Stena Bulk took the decision some time ago to sell Stena Crystal Sky and Stena Clear Sky," said Erik Hånell, President & CEO of Stena Bulk.

25 Mar 2024

QatarEnergy Inks Nakilat Deal for Operation of 25 LNG Ships

Image courtesy QatarEnergy

QatarEnergy signed time-charter party (TCP) agreements with Qatar Gas Transport Company Limited (Nakilat) for the operation of 25, 174,000 cubic meter LNG vessels as part of the second ship-owner tender under QatarEnergy’s historic LNG Fleet Expansion Program.The agreements were signed by His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy and Mr. Abdullah Al Sulaiti, the CEO of Nakilat, in a special ceremony held at QatarEnergy’s headquarters in Doha…

24 Mar 2024

QatarEnergy Charters 25 Nakilat LNG Carriers

Source: Nakilat

QatarEnergy signed time-charter party (TCP) agreements with Qatar Gas Transport Company (Nakilat) for the operation of 25 conventional-size LNG vessels as part of the second shipowner tender under QatarEnergy’s LNG fleet expansion program.Seventeen of the 25 LNG vessels are being built at the Hyundai Heavy Industries (HHI) shipyards in South Korea, while the remaining eight are being built at Hanwha Ocean, also in South Korea.These agreements firm up last month’s selection of…

22 Mar 2024

Itochu, U-Ming Mull Ammonia-Fueled Ships

© vchalup / Adobe Stock

Japanese trading house Itochu Corp will study joint ownership and operation of ammonia-fueled ships with Taiwan's U-Ming Marine Transport Corp, Itochu said in a statement, as Japan is bets on ammonia to cut emissions.The shipping industry transports about 90% of world trade, and accounts for nearly 3% of the world's carbon dioxide emissions; and installing ship engines that burn cleaner fuels could help slow global warming trends.The IMO has set a target of net-zero greenhouse gas emissions by around 2050…

21 Mar 2024

Nine Dead After South Korean-Flagged Vessel Capsized Off Japan

© maykal / Adobe Stock

At least nine people were killed when a South Korean-flagged vessel capsized off Japan, South Korea's foreign ministry said on Thursday.Two South Korean nationals were among the dead, it said, adding that the Japanese coastguard had rescued an Indonesian crew member and that another member of the crew of 11 was missing.The ministry did not provide the name of the vessel.Public broadcaster NHK, citing the coastguard, reported on Wednesday that a South Korean-flagged chemical tanker had capsized off the coast of Yamaguchi prefecture in western Japan…

18 Mar 2024

Pressure Builds for Charge on Shipping Sector's CO2 Emissions

© Yellow Boat / Adobe Stock

The European Union, Canada, Japan and climate-vulnerable Pacific Island states are among 47 countries rallying support for a charge on the international shipping sector's greenhouse gas emissions, documents reviewed by Reuters showed.The documents, being discussed at an International Maritime Organization (IMO) meeting now entering a second week, outline four proposals with a combined 47 backers for imposing a fee on each tonne of greenhouse gas the industry produces.Support for…

17 Mar 2024

Venture Global LNG to Buy Fleet of LNG Vessels

© Andriy Sharpilo / Adobe Stock

Venture Global LNG said on Sunday it would acquire a fleet of nine liquefied natural gas (LNG) transport vessels, expanding its ability to sell and ship its own cargoes.Venture Global LNG has exported hundreds of cargoes since it started liquefying gas for export in 2022 from the first of its three planned facilities in Louisiana. The vessels it used were owned by other companies and leased.The nine vessels in Venture Global's future fleet will be built in South Korea with the first to be delivered later this year…

10 Mar 2024

Esgian Week 10 Report: Additional Backlog Secured

© freddytb Foto / Adobe Stock

Esgian reports that offshore drilling contractors secured additional backlog in the U.S. Gulf of Mexico, Egypt, Nigeria, and Brazil and operators confirmed new discoveries in Indonesia, Côte d’Ivoire, and China in its Week 10 Rig Analytics Market Roundup.ContractsDiamond Offshore has executed a two-year contract extension with a subsidiary of bp in the U.S. Gulf of Mexico for the 12,000-ft drillship Ocean BlackHornet.Shelf Drilling’s 250-ft jackup Rig 141 has secured a two-year…

06 Mar 2024

Hanwha Launches New Affiliate Rounding Off Its Total Shipbuilding Solutions Capabilities

Hanwha Engine Launch Ceremony (Credit: Hanwha)

With the launch of Hanwha Engine, South Korea’s shipbuilder Hanwha has become fully equipped to provide total shipbuilding solutions, including engine production with in-house manufacturing and technology capabilities.Hanwha has officially launched its new affiliate, Hanwha Engine, after successfully acquiring HSD Engine, the world’s second-largest marine engine company in terms of market share.According to the company, it will leverage Hanwha Engine’s abundant experience in marine engine production and the synergy among Hanwha affiliates to develop and commercialize eco-friendly fuel engines…

05 Mar 2024

MOL Signs Long-Term Charter with Tokyo Gas for LNG Carrier Newbuilding

Illustration (Credit: MOL)

Mitsui O.S.K. Lines (MOL) has signed a long-term charter contract for a newbuilding LNG carrier with Tokyo LNG Tanker (TLT), a wholly-owned subsidiary of Tokyo Gas.This is the eighth contract, following a time charter contract for seven LNG carriers that were signed for TLT.The 174,000-cbm ship will be 294.9 meters long, with the bread of 46.4 meters.The vessel will be built at the Geoje Shipyard of Hanwha Ocean in South Korea, and is scheduled for delivery in 2026.It will be…

28 Feb 2024

DHT Orders Four VLCCs

© Antony / Adobe Stock

DHT Holdings announced it has entered into agreements to build four very large crude carriers (VLCC) in South Korea for delivery between April and December 2026.Two of the large tankers will be constructed at Hyundai Samho Heavy Industries and the other two at Hanwha Ocean (formerly known as Daewoo Shipbuilding & Marine Engineering), for an average price of $128.5 million. The contracts include options for an additional four vessels that can be delivered during the first half of 2027.The vessels have been ordered to Super Eco-designs and have carrying capacity of about 320,000 metric tons.

28 Feb 2024

Esvagt Enters South Korea’s Offshore Wind Market

(Credit: Esvagt)

Danish vessel owner Esvagt and South Korea-based shipping company KMC Line have formed strategic partnership to cooperate on offshore wind opportunities in the East Asian country.A new collaboration between Esvagt and KMC Line, formalized through the signing of the letter of intent, is aiming to unlock the considerable potential in South Korean offshore wind industry.Combining the two shipping companies' respective strengths is the new partnership's strongest card to secure a significant market position in the developing offshore value chain in the country…

27 Feb 2024

Japan Continues to Lead Shipowner Rankings

© Carabay / Adobe Stock

VesselsValue has unveils this year’s top 10 shipowning nations, reviewing the total asset values for vessels by beneficial owner country. From Japan's resolute leadership in the top position with a USD 206.3 billion fleet to the emergence of Hong Kong at USD 44.7 billion, asset values and ownership strategies have changed considerably over the last 12 months, says Rebecca Galanopoulos-Jones, Senior Content Analyst, Veson Nautical.The data provided by VesselsValue and analysed by Veson is valid as of February 2024.

26 Feb 2024

Ignazio Messina & C Adds Secondhand Containership to Its Fleet

(Photo: Ignazio Messina & C)

Ignazio Messina & C announced it has taken delivery of a secondhand 4,400 TEU containership, now renamed Jolly Clivia.Built in 2010 at the South Korea's Hyundai Samho Heavy Industries, the vessel measures 262 meters in length by 32 meters in width, and was previously owned by a German company.The ship will now set sail from Singapore toward Europe with scheduled calls at Mundra (India), Jebel Ali Dubai (United Arab Emirates), Karachi (Pakistan), and is expected to arrive in Genoa at the end of March.

22 Feb 2024

Floating Production – A Growing Segment in Transition

The FPSO offshore floating platform for oil production off the coast of Newfoundland, Canada. The structure is designed for ice conditions and deep wells. See Less
Copyright Dolores Harvey/AdobeStock

The specialized deepwater oil & gas and floating offshore wind segments will share many of the same stakeholders and supply chains, competing for increasingly scarce resources.To receive a full version of Inteletus analysis, click hereThe established floating production segment is forecast to experience continued growth through this decade, driving demand for, among other things, moorings, subsea systems, umbilicals, risers, flowlines and the large anchor handlers and subsea support vessels that will install and maintain the elements.At the same time…

21 Feb 2024

KR Verifies HMM’s GHG Reduction Calculation Methodology

Song Kanghyun (left), Head & Senior Vice President of KR’s DecarbonizationㆍShip R&D Center, and Kim Shin (right), Chief Container Business Officer of HMM.

KR has awarded a third-party verification certificate for a “Greenhouse Gas Reduction Calculation Methodology” developed by HMM, South Korea’s largest shipping company.The methodology is based on the Renewable Energy Directive II, a regulatory framework adopted by the EU to promote the use of renewable energy to all member states.The greenhouse gas reduction methodology verified by KR involves calculating the amount of reduced greenhouse gases (GHG) based on the fuel's life cycle emissions (WtW…

15 Feb 2024

CMA CGM Takes Delivery of LNG-Powered Mermaid Containership

CMA CGM Mermaid containership (Credit: CMA CGM)

French container shipping group CMA CGM has taken delivery of the CMA CGM Mermaid, the first ship in a series of 10 new 2,000 TEU containerships powered by liquefied natural gas (LNG), which will be progressively deployed in the Mediterranean and Northern Europe.CMA CGM Mermaid containership is the result of collaboration between CMA CGM, Chantiers de l'Atlantique, and Hyundai Heavy Industries.The delivery is part of CMA CGM's fleet renewal program, in which the group invested more than $15 billion…

12 Feb 2024

Survitec Saftey System Earns Type Approval

Image courtesy Survitec

Dry chemical powder solutions have long safeguarded LNG and LPG cargo vessels, but as the industry embraces liquefied gases as a propulsion fuel, the unique requirements for protecting bunkering stations on a wider range of vessels, such as large cruise ships, containerships, and tankers, is becoming increasingly important. In response to the growing demand for advanced fire safety solutions to support the maritime's energy transition, Survitec has reconfigured and enhanced its Dry Chemical Powder (DCP) fire extinguishing system.

04 Feb 2024

Ulsan Hosts First Ship-To-Ship Methanol Bunkering Operation

Ane Maersk receiving green methanol from bunkership Golden Sunny Hana (owned by Hana Marine) at the Ulsan Port anchorage. (Source: Ulsan Port Authority)

The Korean Ministry of Oceans and Fisheries and Ulsan Port Authority have announced a world first with the completion of a ship-to-ship (STS) bunkering of green methanol to the 16,000 TEU container ship Ane Maersk at Ulsan Port, South Korea.The Ministry of Oceans and Fisheries established the relevant institutional foundation, including the ‘Guidelines for Approval of Self-Safety Management Plan for Methanol Supply’ and accumulated know-how through two methanol supply demonstrations…

09 Feb 2024

Gladys Goh takes the Helm at Nippon Paint Marine

Nippon Paint Marine appointed Gladys Goh as its President, effective immediately, making her the first female and foreign national to lead a principal operating company in Japan. Image courtesy Nippon Paint Marine

Nippon Paint Marine appointed Gladys Goh as its President, effective immediately, making her the first female and foreign national to lead a principal operating company in Japan. The marine division is the founding business for the 140-year-old Nippon Paint Holdings Group, a leader and pioneer in marine paint and Goh Gladys joined Nippon Paint Malaysia in 2006, driving the brand to become Malaysia's top coatings provider and subsequently led expansion into new markets. She concurrently serves as Senior Vice-President…

07 Feb 2024

NYK and JERA Agree Long-Term Charter for New LNG Carrier

Illustration (Credit: NYK)

NYK and JERA have signed a long-term charter contract for a new liquefied natural gas (LNG) carrier to be built in South Korea by Hyundai Samho Heavy Industries.The vessel will be delivered in 2027 and will be used to transport LNG for JERA. The contract is expected to contribute to the stable supply of LNG in partnership with JERA and strengthen and promote NYK’s LNG business as a core business of the company.The vessel will be equipped with a next-generation X-DF2.2 iCER dual-fuel…

31 Jan 2024

CMA CGM Lines Up Methanol Retrofits

© sheilaf2002 / Adobe Stock

CMA CGM has lined up several of its existing containerships for conversion to dual-fuel methanol propulsion.The French ocean carrier has signed contracts with China State Shipbuilding Corporation’s (CSC) Qingdao Beihai Shipbuilding to carry out the conversions starting from mid-2025. The program will reportedly include one or two 9,300 TEU vessels but could grow to up to 10 ships if successful.CMA CGM joins a growing list of container shipping companies that have moved to convert ships to run on methanol…

01 Feb 2024

Westwood Shipping Lines Rebrands as Swire Shipping

(Photo; Swire Shipping)

Swire Shipping announced that Westwood Shipping Lines, a niche vessel operator it acquired in June 2022, has changed its name to Swire Shipping.According to Sire, the rebrand—which took effect February 1—will help Westwood to leverage synergies and capabilities in containers, networks, and projects across the global Swire Shipping network to better serve customers throughout North America, Japan, South Korea and China.“The integration of Westwood Shipping Lines reflects our continued investment and expansion in the North Pacific.