Marine Link
Friday, March 29, 2024
SUBSCRIBE

Joongang Daily News

21 Jul 2017

STX Bags Orders for Six Tankers

South Korea’s STX Offshore & Shipbuilding won contracts to build six tankers from Greece and local shippers, reports Korea JoongAng Daily. STX announced that Greek shipper OceanGold Tankers placed an order for four medium-range tankers of 50,000 DWT capacity. Two were order on an option contract, which gives the buyer a right to pay for the ship at a pre-determined price in case ship prices rise. The deal was worth $140 million in total. According to STX,  the ships will be constructed in its Jinhae shipyard in Changwon, South Gyeongsan, and delivered by the first quarter of 2019. Two days ago, STX announced orders for two 11,200 DWT tankers - one an option contract - that move oil and chemical products from a local company, Woolim Shipping.

30 Jul 2015

South Korea Okays Casinos on Cruise Ships

South Korea has given the go-ahead for cruise ships to operate onboard casinos for foreign guests, , reports the Korea Joongang Daily newspaper. South Korean cruise vessels voyaging overseas will be able to operate casinos on board – but casino admission will be only for foreign passengers from as early as next year. “The ministry is in no talks to push for admission of Koreans to [such] casinos,” said Han Dong-soo, an official at the Ministry of Oceans and Fisheries, as quoted in comments to the Korea Herald newspaper. The ministry has been taking the lead on the casino cruises initiative. "We are currently seeking to support cruise operators to go for onboard casinos.

09 May 2015

South Korean Okays Casinos in Cruise Ship

South Korea plans to enable its citizens and foreign tourists to wager on new cruise ship services that will serve ports around the country, reports the Korea Joongang Daily newspaper. Some major overseas cruise companies – such as Genting Hong Kong Ltd’s Star Cruises – operate shipboard casinos that only open once the vessel is in international waters. The plans also include allowing local residents to use casinos on cruise ships. The National Assembly passed the Cruise Act in January to open casinos on cruise ships carrying the Korean national flag for foreign passengers only, but now the government plans to submit a revision bill to allow local residents to use cruise ship casinos.

13 Dec 2010

Korea to Get First Int’l Cruise Ships

According to a Dec. 13 report from Korea JoongAng Daily, the Ministry of Land, Transport and Maritime Affairs said it has approved the country’s first operation of international cruise ships, in a bid to strengthen the country’s foothold in the Northeast Asian cruise market. (Source: Korea JoongAng Daily)

02 Aug 2010

Korean Shipbuilders Get Break from Accounting Rules

According to a July 30 report from the JoongAng Daily, with the scheduled adoption of the International Financial Reporting Standards (IFRS) shipbuilders were expected to see higher debt ratios. However, the Financial Services Commission and Financial Supervisory Service said that the International Accounting Standards Board (ISAB), the London-based group that supervises the IFRS, had accepted in principle a request by Korean financial authorities to allow a fair value hedge accounting system in the case of the shipbuilders. A fair value hedge system would allow shipbuilders to declare an intermediate payment in their financial accounts for contracts they received. (Source: JoongAng Daily)

19 Apr 2010

STX Wins Ship Bids to Total $250M

According to an April 19 report from JoongAng Daily, STX Offshore & Shipbuilding Co., Korea’s fourth-largest shipbuilder, said it has won deals this month to deliver a total of four ships for a combined $250m. (Source: JoongAng Daily)

04 Feb 2010

Hyundai Heavy Buys Stake in Brazilian Yard

According to a Feb. 4 report from JoonAng Daily, Hyundai Heavy Industries has signed a deal to acquire a 10 percent stake in the Brazilian shipbuilder OSX Estaleiros in order to secure more ship orders and insulate itself against the country’s rising buy-Brazilian agenda, Hyundai said. (Source: JoongAng Daily)

27 Mar 2009

Shipbuilders Ask for New Loan Terms

According to a March 26 report from JoongAng Daily, Korean shipyards are asking state-run lenders to increase loans and extend financing for orders as their cash holdings run out, industry sources said yesterday. According to the sources, shipbuilders called on the Korea Development Bank and the Export-Import Bank of Korea to increase their financing for shipbuilding orders and extend loans for their operations. (Source: JoongAng Daily)

29 Dec 2005

Hyundai Sets Output Record

Hyundai Heavy Industries reported that it set in December a new world record in the monthly output of large ship engines, according to a report on http://joongangdaily.joins.com. Hyundai Heavy produced 17 large ship engines capable of generating a total of 890,000 hp last month, above its previous record of 760,000 horsepower in June, the company said. (Source: http://joongangdaily.joins.com)