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HALLA ENGINEERING & HEAVY INDUSTRIES

EU to S. Korea: Agreement on Subisdies Soon Or Else

The European Union's executive body proposed starting a World Trade Organisation (WTO) dispute against South Korea over alleged subsidies to its shipyards unless a deal could be reached by June 30. At the same time, the European Commission said it would propose allowing temporary government aid for European shipyards hit by South Korean competition for the duration of the WTO case. Both proposals will be discussed by EU industry ministers who meet on May 14 and 15. "Although we have not closed the door to an amicable solution with the Korean authorities, the clock is now ticking," EU Trade Commissioner Pascal Lamy said. The Commission said its own five-month probe of South Korean shipbuilding had established that substantial subsidies had been granted to South Korean shipyards which it alleged contravened the WTO's 1994 Subsidies Agreement. "On this basis, the Commission will recommend that the matter be taken before the WTO through the initiation of a dispute settlement procedure by 30 June unless an amicable solution can be reached in the interim period," it said. General European government aid to shipyards was banned at the end of last year. Under the "temporary support mechanism" proposed by the Commission, state aid of up to 14 percent would be allowed for building the types of ships where European shipyards had been hard hit by the alleged unfair practices by South Korea, the world's biggest shipbuilder. These are container ships and product and chemical tankers


Ship Values Rise

As the world has been beset by a wave of bad financial news -- from the looming financial crisis and credit crunch to the rapidly escalating cost of industrial materials, particularly steel -- Clarkson via its weekly Clarkson Index delivered some good news for a change, as the index, which is a measure of prices for all types of vessels, rose for the first time in more than three months. According to a Bloomberg report


Korean Shipbuilders Place in Top 10 for June Orders

Korean shipbuilders occupied seven out of the top 10 positions in the world last month in terms of orders. Hyundai Heavy Industries was the world’s largest shipyard in terms of order backlog as of late June with 11.74 million compensated gross tons (CGT), British shipbuilding market researcher Clarkson reported. Samsung Heavy Industries came second with an order backlog of 8.27 million CGTs, followed by Daewoo Shipbuilding & Marine Engineering (DSME) with 7


Samsung Companies Consider Merger Again

Image: Samsung Engineering

 South Korean shipbuilder Samsung Heavy Industries Co will try again to merge with sister company Samsung Engineering Co Ltd later this year, reports Korea Times.   Samsung Engineering CEO Park Jung-heum has said he will once again pursue a merger talk.   "Before pushing for the deal, we need understanding from the financial markets, which we believe is a key condition," he told local reporters.  


Massive Layoff Ahead for Hyundai Heavy

Photo: Hyundai Heavy Industries Co., Ltd. (HHI)

 Another massive reduction in the Korean shipbuilding workforce may come as most shipyards are still struggling with falling orders and mounting losses, reports Yonhap quoting industry sources.   Hyundai Heavy Industries plans for large layoffs amid a prolonged recession in the global shipbuilding sector and the government’s move to restructure the ailing industry.    Over the past few weeks, the troubled world’s No


Report: Korean Shipbuilders Dominate Global Orders

Reports indicate that South Korea's shipbuilders ranked No. 1 through No. 7 worldwide in terms of order backlogs for the first time ever as of the end of February, a London-based market researcher said Monday. Seven domestic shipyards' order backlogs accounted for 35 percent of the global industry's total of 107.34 million compensated gross tons (CGT), Clarkson Plc. said. Hyundai Heavy Industries ranked No. 1 worldwide with an order backlog of 10.82 million CGT, it said.


Bleeding Continues for Korean Shipbuilders

Photo: Hyundai Heavy Industries

 South Korea's big three shipbuilders are set to post over 8 trillion won (US$6.66 billion) in operating losses in 2015 because the industry has not found a way out of a prolonged slump, reports Yonhap.   According to the industry data, the top three shipyards - Hyundai Heavy Industries Co., Samsung Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co. - are stung by a combination of a prolonged industry slump


Daewoo Heavy Approves Split Plan

Daewoo Heavy Industries Co. shareholders approved a plan to split the firm into three companies, officials said. The plan will go into effect May 1. Under the plan, the company will split into shipbuilding firm Daewoo Shipbuilding and Marine Engineering Co., machinery maker Daewoo Heavy Industries and Machinery Ltd. and Daewoo Heavy Industries Co. for the remaining operations. Daewoo Heavy is among the 12 Daewoo Group firms put under a creditors-led debt restructuring program in late August


Korean Shipyards Rank 1-7th in Order Backlogs

South Korean shipyards ranked No. 1 through No. 7 in terms of order backlogs as of the end of April, the Korea Times recently reported. Hyundai Heavy Industries, retained its spot with an order backlog of 11.44 million compensated gross tons (CGT). Samsung Heavy Industries overtook its rival Daewoo Shipbuilding & Marine Engineering Co. with an order backlog of 8.34 million CGTs. Daewoo Shipbuilding was the third-largest shipyard with an order backlog of 7.63 million CGTs


Shipbuilders to Demand More Steel Plates

According to Korea Times, South Korean shipbuilders’ demand for steel plates is expected to continue to rise next year due to an increase in orders, an industry body said Monday. The Korea Shipbuilders’ Association forecast the industry’s demand for steel plates will reach 5.4 million tons next year, up 300,000 tons from this year. Industry sources predict the demand for steel plates is likely to amount to 6 million tons by 2008, a steady increase from 4.6 million tons in 2004


AIDAperla Delivered to AIDA Cruises

Felix Eichhorn, President AIDA Cruises, with Shunichi Miyanaga, President and CEO MHI (Photo: AIDA Cruises)

AIDA Cruises has taken delivery of the 12th vessel of its fleet, AIDAperla, from Japanese shipbuilder Mitshubishi Heavy Industries (MHI).   The vessel was commissioned April 27 at a ceremony in Nagasaki, Japan in the presence of Michael Thamm, CEO Costa Group; Felix Eichhorn


Hyundai Heavy's New Orders Tallied at USD 2.3 bln

Photo: Hyundai Heavy Industries

 Hyundai Heavy Industries (HHI) Group, the world’s largest shipbuilding group, announced today that it won 39 ships worth $2.3 billion for January – April period, which is the largest ship orders for the comparable period in three years. 


MPA Honors ABS

Singapore’s Senior Minister of State for Transport Josephine Teo presented the Offshore & Marine Engineering Award to ABS Regional Vice President Thomas Tan. Photo: ABS

 ABS has been awarded the Offshore & Marine Engineering Award by the Maritime and Port Authority of Singapore (MPA).    This award recognizes organizations that have made significant contributions toward the development of Singapore’s offshore and marine engineering


Private Equity Boost for Hyundai Samho

South Korea’s Hyundai Samho Heavy Industries (HSHI), a shipbuilding affiliate of Hyundai Heavy Industries (HHI), said it has attracted 300 billion ($264 million) won investment via pre-IPO.   Under the agreement signed with Korean private equity firm IMM Private Equity


ABS CTO Weighs in on Smart Shipping

Howard Fireman (Photo: ABS)

ABS Chief Technology Officer and University of Michigan alumnus Howard Fireman addressed students, professors and guests at the university’s 2017 Naval Architecture and Marine Engineering Department’s Captain Ralph R. and Florence Peachman Lecture to share his vision of the future of


Daewoo Shipbuilding unlocks $2.6 bln Bailout

File Image (CREDIT: AdobeStock / (c) Carabay)

Bondholders at final meetings agree to debt-to-equity swap; shipbuilder needs about $400 mln in operating funds by April-end.   South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd has won near unanimous agreement from bondholders to swap their debt for equity


Euronav VLCC Aground near Indonesia

 MT Alex, a very large crude carrier (VLCC) owned by Belgian tanker company Euronav Ship Management ran aground in Java Sea.   The DWT 299,446 vessel, in laden condition, was sailing between Borneo and Sumatra on its way to Ningbo, China under load of crude oil


Liebherr Offshore Cranes Accessing New Markets

Design layout of the new Liebherr HLC 295000 mounted on Deme’s next generation offshore installation vessel Orion. (Image: Liebherr)

Liebherr’s maritime manufacturing plant in Rostock has been awarded the contract to supply the heavy-lift crane for the Orion, a new wind farm installation and platform decommissioning vessel ordered by DEME from COSCO (QiDong) Offshore, a subsidiary of COSCO Shipping Heavy Industry


FPSO Newbuild Shipped to Rotterdam

Jan Willem Verweij and Gert Zwart welcoming the XIN GUANG HUA to the Caland Canal in Rotterdam. (Photo: Royal IHC)

 The team of Vuyk Engineering Rotterdam BV has welcomed the semi-submersible heavy transport vessel Xin Guang Hua owned by Cosco Shipping to the port of Rotterdam, where she will unload the Western Isle FPSO.   The vessel has been built by Guangzhou Shipyard International (GSI) in


Mitsui Innovation: noah-FPSO Hull Gets AIP from BV

(Image: Mitsui)

Mitsui Engineering & Shipbuilding Co., Ltd. (MES) obtained Bureau Veritas Approval in Principle (AIP) for the noah-FPSO Hull and associated design and construction methods following American Bureau of Shipping. This AIP provides assurance of the feasibility and reliability of the


Wärtsilä to Provide Solutions for Höegh FSRU, LNG Vessels

The new 170,000 m3 LNG carrier vessels being built for Höegh LNG will feature the latest Wärtsilä regasification technology, Wärtsilä dual-fuel engines and a technical management agreement. (Photo: Wärtsilä)

The technology group Wärtsilä has been contracted to provide both equipment and maintenance for FSRU and LNG carrier vessels of Norway based operator, Höegh LNG. The orders were booked in the first quarter of 2017.   Two new 170


ABS Concept Approval Advances LNG as Fuel

Photo: ABS

ABS has granted a Certificate of General Design Approval (GDA) for an IMO Type B LNG fuel tank design developed by Hyundai Heavy Industries (HHI) of South Korea.   HHI’s fuel tank design was conceptualized and developed to minimize the loss of cargo space and effectively use


MHI, Shipbuilders Form Alliances

Mitsubishi Heavy Industries, Ltd. (MHI) has reached basic agreements with Imabari Shipbuilding Co., Ltd. and Namura Shipbuilding Co., Ltd. in the wake of ongoing discussions focused on forming alliances in the commercial ship business. Discussions toward concluding a similar alliance with Oshima


MHI Pact for Domestic Shipbuilders on Forming Alliances

Pic: Mitsubishi Heavy Industries

 Mitsubishi Heavy Industries (MHI) has reached basic agreements with Imabari Shipbuilding Co., Ltd. and Namura Shipbuilding Co., Ltd. in the wake of ongoing discussions focused on forming alliances in the commercial ship business. Discussions toward concluding a similar alliance with Oshima


NAPA Group Names Kuutti President

Ilmo Kuutti (Photo: NAPA Group)

Software solution provider for ship design and operation NAPA Group (Napa Ltd.) has appointed Ilmo Kuutti as its new President.   Kuutti assumes the position from Juha Heikinheimo, who served as President of NAPA Group for five and a half years.  






 
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