Korea News

Classification society ABS announced it is partnering with South Korean shipbuilders HD Korea Shipbuilding & Offshore Engineering Co., Ltd. (HD KSOE) and HD Hyundai Heavy Industries, Co., Ltd. (HHI) to explore the technical feasibility for medium-voltage direct current (MVDC) power systems on ships.Under a newly signed memorandum of understanding (MOU), the partners will collaborate on design assessment, new technology qualification as well as the development of rule guidance to provide clear directives on technical requirements…

Cyan Renewables, a portfolio company of Seraya Partners, has entered into a strategic collaboration with Hyundai Asset Management to establish a robust vessel supply with strong local content for South Korea's offshore wind market.Cyan Renewables, an international maritime operator specializing in offshore wind support vessels, has signed a memorandum of understanding (MoU) with Hyundai Asset Management to facilitate the strategic investment in South Korea’s offshore wind supply chain.Under the MoU…

Esgian reports another busy week filled with a variety of updates, including new offshore acreage offered in the UK, Norway and Nigeria, in its Week 19 Rig Analytics Market Roundup.Report SummaryContractsADES Holding Company has received a direct award of a contract from Suez Oil Company (SUCO) in Egypt. The SUCO award in Egypt’s Gulf of Suez is for a firm 21-month term expected to start in the coming weeks.Noble 492-ft jackup Noble Innovator has been awarded a one-well extension with bp in UK waters at a dayrate of $145…

Pertamina International Shipping (PIS), a unit of Indonesian state energy company Pertamina, has welcomed two new very large gas carriers (VLGCs) to its fleet, named Pertamina Gas Caspia and Pertamina Gas Dahlia.The new vessels are specifically optimized for transporting vital commodities like liquefied petroleum gas (LPG), as well as other petrochemicals such as propylene and ammonia, intended for international trade routes.Both tankers measure 300 meters in length, with a capacity of 91,000m3.

HD Hyundai Marine shares closed up 97% versus their initial public offering (IPO) price in the company's trading debut on Wednesday, after a 742 billion won ($538 million) IPO, South Korea's largest in two years.The successful listing of the ship maintenance and repair firm, backed by U.S. private equity giant KKR, paves the way for other potential offerings to come to market. Sizeable South Korean IPOs had dried up during much of 2023 on uncertain market conditions.HD Hyundai Marine Solution shares opened at 119…

The role women play in ensuring maritime safety will be celebrated worldwide by the IMO on this year's International Day for Women in Maritime. Observed globally each year on May 18, International Day for Women in Maritime aims to promote the recruitment, retention and empowerment of women in the sector, as well as a barrier-free work environment.Ahead of the day, the IMO will host an international symposium on Friday, May 17 at IMO headquarters in London, under the theme ‘Safe…

Russia has been quietly shipping refined petroleum to North Korea at levels that appear to violate the mandates of the United Nations Security Council, a U.S. official said on Thursday, adding the U.S. is planning new sanctions in response.The disclosure came on the first day after a U.N. panel of experts monitoring enforcement of longstanding U.N. sanctions against North Korea for its nuclear weapons and missile programs was disbanded after a Russian veto."At the same time that Moscow vetoed the panel’s mandate renewal…

Commodities trader Trafigura has placed an order to HD Hyundai Mipo Dockyard for the construction of four Medium Gas Carriers (MGC) that will be capable of using low-carbon ammonia as a propulsion fuel.The vessels will carry LPG or ammonia will be built at HD Hyundai Mipo Dockyard in Ulsan, South Korea.The first ship will be delivered in 2027. Each vessel, when delivered, will be equipped with a dual-fuel low-carbon ammonia engine, supporting Trafigura’s commitment to reduce the…

Tanker ordering has surged in the first few months of 2024 as shipowners owners seek to renew ageing fleets and add new vessels that meet latest environmental regulations.So far this year, 104 tankers have been added to the global orderbook, up from 79 for the same period last year, representing a year-on-year increase of c.32%, according to latest figures from Veson Nautical.Values for tanker newbuildings have also increased across all subsectors. LR2s of 115,000 DWT show the biggest leap…

Dutch offshore contractor Allseas informs it has secured the contract to perform transport and installation (T&I) of two major substations (so called OSS) for the Gennaker offshore wind farm in the German Baltic Sea, developed by transmission operator 50Hertz.Located 15 kilometers off the German coast near the Darß peninsula, and with a production capacity of 900 MW, Gennaker will be the largest and most powerful offshore wind farm in the Baltic Sea to date.Awarded by the Dutch-Belgian HSI consortium – HSM Offshore Energy…

At a high-level, there are three solutions to transferring technicians from shore bases to offshore wind farms for construction and O&M activities: crew transfer vessel (CTV), helicopter, and SOVs/CSOVs.SOVs and CSOVs generally house 60-120 technicians offshore for a few weeks at a time, allowing them to transfer to structures on integrated heave compensated gangways, by daughter craft or on CTVs. The vessels are also equipped with cranes, storage, and small workshop areas.SOV: Service operations vessels…

U.S. shipbuilder Philly Shipyard announced it has signed a memorandum of understanding (MOU) with the world's largest shipbuilding group, South Korea's HD Hyundai Heavy Industries (HHI), to explore a potential business relationship relating to future U.S. government shipbuilding projects as well as maintenance, repair and overhaul (MRO) projects.The MOU was signed during a visit from HHI to Philly Shipyard on April 12, 2024 and was attended by officials from both companies, including Dr. Won ho Joo, Chief Executive of Naval and Special Ship Business Unit of HHI, and Mr.

China is providing moorage for a U.S.-sanctioned Russian cargo ship implicated in North Korean arms transfers to Russia, according to satellite images obtained by Reuters, as U.S. concerns grow over Beijing's support for Moscow's war in Ukraine.Britain's Royal United Services Institute (RUSI) think tank said the Russian vessel Angara, which since August 2023 has moved to Russian ports thousands of containers believed to contain North Korean munitions, has been anchored at a Chinese…

Esgian reports on the many rig movements that occurred last week in its Week 16 Rig Analytics Market Roundup.Report SummaryContractsADES Holding Company has received a letter of award from an international oil company for a one-year firm drilling contract for a jackup offshore Qatar.TotalEnergies has exercised a three-well option for Transocean 12,000-ft drillship Deepwater Skyros offshore Angola at a rate of $400,000, keeping the rig working into December 2025.After initially beginning a short-term job in the US GOM in January 2024…

Tanker shipping company Stena Bulk on Thursday announced the sale of the liquefied natural gas (LNG) carrier vessel Stena Blue Sky to an undisclosed Asian buyer.The sale of Stena Blue Sky follows the recent announcement that Stena Bulk had sold two LNG carriers to BW LNG.The successful transfer of Stena Blue Sky has already taken place. The vessel was delivered on April 18 in Singapore.Originally built in 2006 by Daewoo Shipbuilding & Marine Engineering (DSME) in South Korea, Stena Blue Sky has a carrying capacity 145…

Wärtsilä Gas Solutions, part of technology group Wärtsilä, will supply cargo handling and fuel supply systems for three new large sized ethane gas carrier (VLEC) vessels being built for Purus.The ships are under construction at the HD Hyundai Heavy Industries (HHI) yard in South Korea.In line with the Purus’ emphasis on achieving net zero carbon emissions for its fleet by 2030, the new vessels are designed to be as efficient as possible in all respects.The Wärtsilä cargo handling…

The SMM 2024 trade show will run from September 3-6 this year, and organizers are expecting more visitors and exhibitors than last time; the exhibition halls are nearly fully booked.“We are expecting more than 2,000 international exhibitors from 70 nations,” says Claus Ulrich Selbach, Business Unit Director Maritime and Technology Fairs & Exhibitions at Hamburg Messe und Congress. “We are overwhelmed by the response. We are actually setting-up an additional hall to accommodate all requests.

South Korea remembered the 304 people, most of them school children, who died on the Sewol ferry on the 10th anniversary of its sinking on Tuesday, with families calling for a proper apology for the unnecessary deaths of their loved ones.Many parents attended a memorial service in the city of Ansan, home of the 250 children who died on the ferry during a school excursion, while another 37 family members boarded a Coast Guard ship that sailed to the scene of the disaster, marked by a lone buoy…

Chinese shipyard Guangzhou Shipbuilding International (GSI) has received an order for four MAN B&W 8S60ME-GI engines in connection with the building of four 10,800 CEU pure car and truck carriers (PCTC) for South Korean shipping owner, HMM Co. Ltd.CSIC Diesel Engine Co. Ltd (CSE) will build the Mk10.5 dual-fuel -GI (-gas injection) engines in China, which will feature exhaust gas recirculation (EGR) emissions-reduction technology for Tier III NOx compliance.Upon delivery, the PCTCs will go out on charter to Hyundai Glovis Co.…

Esgian reports on new contracts for Borr Drilling and Shelf Drilling (North Sea) jackups in its Week 15 Rig Analytics Market Roundup. Additionally, Energean has selected a drillship for its upcoming drilling campaign offshore Morocco. South America remains vital to the floating rig market, with ExxonMobil moving ahead on a sixth development on the prolific Stabroek block offshore Guyana and Petrobras reporting a new discovery in Brazil's Potiguar Basin.Report Outline:ContractsBorr Drilling has announced new contract commitments for three of its premium jackup rigs…

Flex LNG on Friday announce that the charterer of its liquefied natural gas (LNG) carrier Flex Endeavour has exercised an option to extend the firm period of the time charter by 500 days, from the third quarter 2030 to the first quarter of 2032. As announced on November 23, 2022, in connection with the extension of three ships, the charterer has one further option to extend the time charter period by one additional year to 2033.Øystein Kalleklev, CEO of Flex LNG Management AS…

For Lee Mi-kyung, whose son was one of the 250 children who died in South Korea's Sewol ferry disaster 10 years ago, coping with the grief and anger has been incredibly hard. She works through her pain on stage."I will no longer hide in darkness, nor be defeated by sorrow, nor cry in despair," Lee, 58, declares in a play in which seven mothers of children who died in the tragedy portray their journey of mourning.The play is one of five that Lee and other mothers have performed over the past eight years…

Chinese automakers and shippers are ordering a record number of car-carrying vessels to support a boom in EV exports, data showed, putting China on course to amass the world's fourth-largest fleet by 2028.China currently has the world's eighth-largest fleet with 33 car-carrying ships, showed data from shipping consultancy Veson Nautical. Japan has the world's largest with 283 ships, followed by Norway's 102, South Korea's 72 and Isle of Man's 61.But Chinese companies have 47 ships on order, accounting for a quarter of all orders globally.