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South Korea

Shipbuilders Complain About S. Korean Shipbuilding Aid

European shipbuilders recently complained to the European Union over South Korean state aid to its shipbuilders, opening the way for a possible EU case against Seoul at the World Trade Organization (WTO), Reuters reported. The Committee of EU Shipbuilders' Associations (CESA) said it had filed a complaint with the European Commission under the EU's Trade Barriers Regulation over alleged trade distortions in global shipbuilding caused by South Korean aid to its industry. "We are complaining about the state aid that Korean companies are receiving," Reinhard Lueken, the head of CESA's Brussels office. He said there were a number of bankrupt shipyards in Korea still offering prices which did not cover their costs. "By doing so they have a very harmful effect for the European industry," he said. The EU has repeatedly accused South Korea of setting unfairly low prices for shipbuilding, undercutting European yards. The EU and South Korea hammered out an agreement in April aimed at stabilizing the world shipbuilding market, which the EU says suffers from overcapacity and steadily falling prices. But the EU has accused South Korea of not fully implementing the agreement. When further talks broke down in September, the EU said it could launch a WTO dispute against South Korean shipbuilding practices. But, it said it would first have to receive a complaint from European shipbuilders before it could do so.


Digitalisation to Boost Future Shipping

Photo: Danish Maritime Authority

 As a prelude to the 'e-Navigation Underway’ conference, which will take place during the next two days, South Korea's Director General for Maritime Affairs, Mr. Kwang-Youl Park, visited the DMA to talk about cooperation on digitalisation and e-Navigation.   Director General Andreas Nordseth from the Danish Maritime Authority said: "We are pleased about our cooperation with South Korea. As two major and technologically advanced maritime nations


Hyundai Founder Dies

Chung Ju-yung, the rags-to-riches founder of South Korea's mighty Hyundai industrial empire, died on Wednesday aged 85. Born into a poverty-stricken farming family in 1915 in what is now North Korea, Chung helped propel South Korea from the ashes of civil war into an industrial powerhouse. Chung died in hospital from complications from pneumonia, hospital officials said. Chung left home at 18 to seek his fortune against the will of his father who wanted his first son to feed his family


NMEA Agreement with South Korea's MEIPA

The National Marine Electronics Association (NMEA) and the Marine Electronics Industry Promotion Association (MEIPA) of South Korea have signed a Memorandum of Understanding (MOU) that will insure the adoption of NMEA standards, training and product certification throughout South Korea, the number one shipbuilding nation in the world. The MOU sets a framework for NMEA and MEIPA to work together to develop courses and materials for the South Korean market


Bestobell Exhibits LNG Technology

Photo courtesy of Bestobell Valves

Bestobell Valves, part of the President Engineering Group (PEGL), attended the Gastech 2014 exhibition in South Korea recently and said it had a great response from visitors across the globe, including a significant number from South Korea and Japan.  The company showcased its cryogenic valves, which are already widely used for industrial gas, LNG marine and land-based LNG (liquefied natural gas) applications across the world.


N.Korea Fires Missiles Again, S.Korea Delays THAAD

Missiles flew about 200 km into sea off east coast - S.Korea; launch is fourth by Pyongyang in four weeks.   North Korea fired what appeared to be several land-to-ship missiles off its east coast on Thursday, South Korea's military said, a day after the South postponed full deployment of a controversial U.S. anti-missile system designed to deter a North Korean attack.   The launches, the latest in a fast-paced series of missile tests defying world pressure to rein in its weapons


South Korea to Ban Single-Hulled Tankers after Spill

Reuters reported that South Korea will ban single-hulled tankers from traveling in its waters by 2011, earlier than the international regulation that calls for a ban from 2015, Seoul's maritime ministry said. A single-hulled tanker was involved in South Korea's worst oil spill last month, leaking around 10,500 tons of crude oil after a sea-bound crane mounted on a barge punched holes in the tanker's hull. As of January


China Keeps Top Position in Ship Building

In advance of SMM 2012, the leading trade fair for the maritime industries, to be held at the Hamburg Fair site from September 4-7, the duel in international shipbuilding is going into the next round – the Chinese shipyards were just ahead again in 2011. According to the latest survey by Clarkson Research, China delivered a total of 1,177 ships with 67.2 million DWT. The closest competitor was South Korea, which had 531 ships and 53


South Korean Okays Casinos in Cruise Ship

Image: Sapphire Princess

 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


What to Expect From Hanjin Fallout?

Photo: Hanjin Shipping Co Ltd

 South Korea’s biggest shipping company, Hanjin Shipping Co Ltd filed for court receivership in South Korea on Wednesday 31 August 2016 after losing the support of its banks, setting the stage for what has now become a motley situation.  Ince & Co's Knowledge Bank takes a look.   Some jurisdictions are refusing to allow Hanjin’s vessels to berth at their ports (on concerns that Hanjin cannot pay the port fees) while some of Hanjin’s vessels have


STX Bags Orders for Six Tankers

Photo: STX Offshore & Shipbuilding

 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


Six Countries Vie for US$2 Bln Philippines LNG Hub

Image: PNOC

 State-run Philippine National Oil Company (PNOC) has shortlisted six countries and will choose one from them as a partner for its planned US$2 billion receiving and distribution facility for imported LNG, Reuters reported.  The company has received six proposals from China, Indonesia


DP World Reports Q2 10.7% Gross Volume Growth

Photo: DP World Limited

DP World Limited handled 34.0 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in the first half of 2017, with gross container volumes growing by 8.2% year-on-year on a reported basis and 7.7% on a like- for-like basis


Moss-Type LNG Carrier Joins MISC Berhad's Fleet

(L)The Naming and Delivery Ceremony of Seri Cempaka at the HHI Shipyard in Ulsan, South Korea. (R) The Lady Sponsor, Y. Bhg. Datin Teo Yin Hui Officiating the Naming Ceremony of Seri Cempaka. Photos: MISC Berhad

 Malaysia’s MISC Berhad (MISC), a world leading energy related maritime solutions and services provider has taken delivery of Seri Cempaka, the third in a series of five Moss-Type Seri-C Class Liquefied Natural Gas (LNG) carriers.  


Korean Shipyards Look Bullish

Photo: Hyundai Shipbuilding Division

 South Korea's major shipyards are estimated to have racked up solid profit during the second quarter of the year, aided by the increased delivery of ships, cost-cutting measures and a rise in new orders, Yonhap reported citing industry sources.


High-speed Ferry Delivered in the Philippines

Saint Camael and Saint Sariel were designed by Incat Crowther and constructed by Austal Philippines (Image: Saint Camael)

A second 30-meter high-speed passenger ferry for the 2Go Group, MV Saint Sariel, has been delivered in the Philippines, shipbuilder Austal Limited announced.   Austal was awarded a A$13 million contract for two Incat Crowther designed catamarans in June 2016 and construction of both vessels


New Catamaran Ferry for South Korea Launched

Photo: Incat Crowther

A newly built 50-meter high-speed catamaran passenger ferry for Seaspovill of South Korea, SeaStar 11, has been launched at Austal Limited’s shipyard in the Philippines.   Austal said it was awarded the A$16 million (US$12.1 million) contract to build the Incat Crowther designed


Seanergy Maritime Reports Q1 Results, Acquires Vessel

Photo: Seanergy Maritime

 For the quarter ended March 31, 2017, Seanergy Maritime Holdings Corp generated net revenues of $13.3 million, a 90% increase versus the same period 2016.    As of March 31, 2017, stockholders’ equity was $26.7 million and cash and cash equivalents


Nakilat Transitions LNG Carrier to In-house Management

Photo: Nakilat

Nakilat has assumed full ship management and operations of Q-Flex liquefied natural gas (LNG) carrier Al Sheehaniya from STASCo (Shell Trading and Shipping Company Ltd.) with effect from July 6, 2017, as part of the planned and phased transition announced on October 19, 2016. 


Aqualis Lands Audit Work for LNG Carrier

Offshore marine and engineering consultancy Aqualis Offshore, part of Oslo-listed Aqualis ASA, said it has been contracted by Hyundai Samho Heavy Industries Co. Ltd to provide an engineering study of a new-build liquefied natural gas (LNG) carrier the yard is constructing for Teekay LNG.  


Nakilat Takes LNG Carrier In-House

Photo: Qatar Gas Transport Company (Nakilat)

 Qatar Gas Transport Company (Nakilat)  has assumed full ship management and operations of Q-Flex LNG carrier Al Sheehaniya from STASCo (Shell Trading and Shipping Company) with effect from 6 July 2017, as part of the planned and phased transition announced on 19th October 2016. 


Qatar LNG Flows Unaffected by Crisis -Shell

Qatari exports of liquefied natural gas (LNG) remain stable amid ongoing tension between the world's biggest LNG exporter and its neighbours, an executive for Royal Dutch Shell said on Monday. "LNG flows remain stable, cargoes are going into the market," said Steve Hill


DSME Bags 4 VLCCs Order from Angelicoussis

Photo: Daewoo Shipbuilding & Marine Engineering

 South Korea’s Daewoo Shipbuilding & Marine Engineering (DSME) won its second order from Maran Tankers Management (MTM), a subsidiary of  Greek shipping giant Angelicoussis Shipping Group,  to build four very large crude carriers (VLCCs).  


Samsung Heavy to Cut Its Workforce

File Photo: Samsung Heavy Industries

 South Korea’s shipbuilder Samsung Heavy Industries (SHI) is looking to further cut its workforce,  and have employees return part of their salaries in order to cut costs, according to Yonhap News Agency.   SHI unveiled a self-restructuring program that centers on cutting


Mega Ship MOL Tribute Under BSM Management

MOL Tribute (Photo: MOL)

Bernhard Schulte Shipmanagement (BSM) has announced that the 20,146 TEU containership, MOL Tribute, came into full management of the Hong Kong Ship Management Center on July 10, 2017. Built by Samsung Heavy Industries in South Korea, MOL Tribute is 400 meters in length having a deadweight of 196






 
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