Korea News

20 Feb 2019

Update: Maersk Honam Heads for Rebuild

The sound part of the vessel Maersk Honam, which was hit by a serious fire last year, is being transported to Hyundai Heavy Industries Shipyard in South Korea, where it will be rebuilt.  Photo: Maersk

The sound part of the vessel Maersk Honam, which was hit by a serious fire last year, is being transported to Hyundai Heavy Industries Shipyard in South Korea, where it will be rebuilt. The sound section of Maersk Honam was successfully loaded aboard the heavy-lift vessel Xin Guan Hua on open waters outside Dubai (UAE) on Saturday, 2 February. It was expected to pass Singapore Strait on Monday, 18 February 2019. The heavy-lift vessel will deliver the 228.5-metres-long section from midship to stern at Hyundai Heavy Industries Shipyard in South Korea in March…

20 Feb 2019

Valles Orders New Tanker from SHI

Photo: Valles Steamship

The Hong Kong and Vancouver-based shipowner Valles Steamship has ordered a new 112,000 dwt crude oil tanker from South Korea’s Sumitomo Heavy Industries Marine & Engineering (SHIME).Ship set to be fitted with a scrubber and will enter the market before the end of 2020, said a release from Valles, which was founded by C.S. Koo in Shanghai as a family business in 1917."We take great pleasure in concluding a newbuilding contract with the esteemed yard and the we look forward to further strengthening their relationship with SHIME…

20 Feb 2019

DSME Workers to Strike Against HHI Takeover

Image: Hyundai Heavy Industries

Workers at South Korea's Daewoo Shipbuilding & Marine Engineering (DSME) voted on February 19 to strike to oppose Hyundai Heavy Industries (HHI)’ proposed takeover.According to labour union, the approval for the proposed strike heralds a bumpy road for a mega deal between HHI and the state-run Korea Development Bank (KDB).The decision to go on strike was supported by a majority of DSME workers in a meeting on February 19, Yonhap reported citing the workers’ 5,600-member union.

19 Feb 2019

Qatar to Buy Up to 60 New LNG Vessels

Saad Sherida Al-Kaabi, Minister of State for Energy Affairs, President & CEO. Photo: Qatar Petroleum

Qatar Petroleum (QP) is expected to order 60 new liquefied natural gas (LNG) carriers to serve new customers once it ramps up its annual capacity from the current 77 million tonnes (mt) to 110 mt after building four liquefaction trains by 2024.A report in Gulf Times quoted the Minister of State for Energy Affairs Saad bin Sherida al-Kaabi, who is also president and CEO of QP saying that the state-run oil company has a team, which is in talks with different ship builders worldwide.“It should be between 50 and 60 vessels that we will require to transport the expanded output of LNG.

19 Feb 2019

Oldendorff Readies for Ship Recycling Regs

Image: Oldendorff Carriers

The dry bulk operator Oldendorff Carriers has entered into an agreement with GSR Services and Korean Register (KR) for the development and certification of Inventory of Hazardous Materials (IHM) for their fleet for meeting tight EU - deadlines.From the end of 2020 onwards, the EU-Ship Recycling Regulation requires that all EU-visiting or EU-flagged ships have a certified IHM on board. With 30,000 to 40,000 ships being affected, IHM-Expert resources are expected to become scarce in the near future.Nils-Ole Vollmer…

17 Feb 2019

Sunken Stellar Daisy Located

Image: Ocean Infinity

The Stellar Daisy, a massive South Korean tanker that sank in March 2017, was spotted on the floor of the South Atlantic Ocean nearly two years later.Exploration company Ocean Infinity said that it has located the wreck of the lost South Korean tanker, Stellar Daisy, at a depth of 3,461 meters in the South Atlantic Ocean, approximately 1,800 nautical miles due west of Cape Town.Stellar Daisy sank on 31 March 2017, transporting iron ore from Brazil to China. Tragically, 22 of the 24 crew were lost.Working from Seabed Constructor…

17 Feb 2019

Philippine Lenders Saves South Korea's Hanjin

Image: HHIC PHIL

The troubled South Korean shipbuilder Hanjin Heavy Industries & Construction Co said that it has reached an agreement with Philippine banks on debt-rescheduling for its Philippine affiliate HHIC-Phil, Southeast Asia’s largest shipyard by area size.Philippine creditors agreed to acquire shares of Hanjin Heavy, HHIC-Phil Inc., which operates the yard in Subic Bay, in return for solving surely obligations. This means the scheme includes a debt-for-equity swap with Philippine lenders, it added.Hanjin said the deal would be submitted to a Philippine court by the end of this month.

17 Feb 2019

DSME Bags LNG Carrier Order from Maran Gas

File Pic: Daewoo Shipbuilding & Marine Engineering

South Korea’s shipbuilding giant  Daewoo Shipbuilding & Marine Engineering (DSME) has secured an order for a liquefied natural gas (LNG) carrier from Greece-based shipowner.According to Yonhap News Agency the South Korean shipbuilder received an order to build an LNG carrier for Maran Gas Maritime, a unit of the Angelicoussis Shipping Group.The newbuilding - 174,000 cbm ship - is expected to be delivered to its owner by the first half of 2021. The value of the contract has not been disclosed.Daewoo Shipbuilding has obtained US$740 million worth of orders so far this year to build seven ships…

15 Feb 2019

GasLog: LNG Demand Grew 9% in 2018

Image: GasLog

Liquefied natural gas (LNG) is expected to have increased by 9%, from 288 million tonnes per annum (mtpa) in 2017 to 313 mtpa in 2018, said GasLog.The Monaco-based owner, operator and manager of LNG carriers said in a stock exchange announcement that China’s LNG imports increased by approximately 16 mtpa, or 41%, to 54 mtpa in 2018, driven mainly by continued coal-to-gas switching in the industrial, commercial and residential sectors.South Korea, Pakistan, Thailand and Mexico also experienced strong growth in LNG imports during 2018.

14 Feb 2019

Chevron in LNG Supply Deal with GS Caltex

Image: Chevron Corporation

American multinational energy corporation Chevron signed a new sales and purchase agreement with South Korean oil refiner GS Caltex Corporation for the delivery of liquefied natural gas (LNG) to South Korea.As a joint venture between Chevron and GS Energy, GS Caltex has signed a long-term agreement and will begin receiving LNG in October 2019, said a press release from the U.S. oil and gas major.Chevron’s President of Global Gas, Hugh Connett stated the agreement is another indication…

12 Feb 2019

SHI Turned Down Offer to Buy DSME

© Roland Bentin / Adobe Stock

Samsung Heavy Industries turned down an offer to take over rival shipbuilder Daewoo Shipbuilding & Marine Engineering, the top shareholder of Daewoo said on Tuesday.State-funded Korea Development Bank (KDB), which holds a 56 percent stake in Daewoo, said it aims to sign a deal to sell the shipbuilder to sole bidder Hyundai Heavy Industries once its board approves it in early March.Hyundai Heavy, the world's biggest shipbuilding group, announced a share swap deal worth 2.1 trillion…

12 Feb 2019

New Maritime Connectivity Platform Launched

Image: Maritime Connectivity Platform

The Maritime Connectivity Platform Consortium has been established and a Platform launched last Friday during the conference e-Navigation Underway 2019.The Maritime Connectivity Platform (MCP) is an open source technology a digital maritime domain. It brings common internet standards to maritime navigation and transportation systems.MCP enables infrastructures for efficient, secure, reliable and seamless electronic information exchange among maritime stakeholders using available communication systems.

13 Feb 2019

LNG Bunker Supply Vessel Christened

Kairos at the pier (Photo: Nauticor)

On February 8, 2019, what is touted as the world’s largest LNG bunker supply vessel Kairos was christened in the port of Hamburg. With a tank capacity of 7,500 m³, Kairos is the world’s largest LNG bunker supply vessel. The ice class vessel has several other unique features, including the ballast-free design and installation of a CNG tank to store vapor return gas from customer vessels. The construction of the vessel started in 2016 and in February 2018, steel cutting took place at Hyundai Mipo Dockyard (HMD) in Ulsan, South Korea, from where the vessel was delivered in October 2018.

11 Feb 2019

Grimaldi: 18 Engines Ordered for 9 Ships

MAN Energy Solutions has won the order to supply 18 × MAN B&W 9S50ME-C9.6 TIER II-compliant main engines for 9 × 7,800 lane-meter RoRo vessels intended for operation in the Mediterranean Sea. The customer is the Grimaldi Group, the Naples, Italy-based shipping company and leading operator within the RoRo segment. MAN Energy Solutions’ two-stroke licensee – Hyundai Heavy Industries Co., Ltd. (Engine & Machinery Business Unit) – will build the engines in Korea, while Jiangsu Jinling Shipyard Co. Ltd. will construct the vessels in Nanjing, China. Delivery of the first vessels is expected from 2020. MAN will also supply 1 × MAN TCA66 turbocharger for each engine.The new RoRos are the first examples of a new series of hybrid vessels…

11 Feb 2019

Marine Lube Market: $5.9B by 2024

Image: Mobil

Marine lubricants market, which was above $4 billion in 2016, is expected to surpass consumption of 3.5 million tons, to exceed $5.9 billion by 2024.Asia Pacific marine lubricants market will record an annual growth rate of 4% over the 2016-2023, according to a new research report by Global Market Insights.Surging development in marine infrastructure across this region will augment the product demand. China, Japan, and South Korea are the prominent revenue contributors of the APAC region.

11 Feb 2019

Ocean Infinity Searches for Lost S.Korean Ship

Pic: Ocean Infinity

The seabed survey and ocean exploration company Ocean Infinity announced that its vessel, Seabed Constructor, sets sail from Cape Town to begin the search for the lost South Korean ship, Stellar Daisy.Stellar Daisy sank on 31 March 2017, with the tragic loss of 22 of its 24 crew. The ship, which was transporting iron ore from Brazil to China, is believed to have gone down in the South Atlantic Ocean approximately 1800 nautical miles due west of Cape Town.The Ocean Infinity team is expected to be on site and commencing search operations by mid-February 2019.

07 Feb 2019

Ocean Yield Adds Fifth Crude Tanker

Image: Ocean Yield

Norwegean shipping company Ocean Yield  has taken delivery of the modern suezmax crude tanker “Milos” yesterday (February 07).The vessel was built in 2016 by Sungdong Shipbuilding in Korea and is a sister vessel to “Poliegos”, another Suezmax vessel owned by Ocean Yield, the ship owning company with investments in vessels on long-term charters.The vessel commenced a 13 years’ bareboat charter to Okeanis Eco Tankers Corp (“Okeanis Eco Tankers”) upon delivery.Okeanis Eco Tankers…

07 Feb 2019

Troubled Uljanik Shipyard Stays Afloat by Restructuring

File Image: CREDIT Uljanik Shipyard

Croatia's troubled shipbuilder Uljanik said on Thursday it had chosen local rival Brodosplit as a strategic partner to restructure its operations.Uljanik, 25 percent owned by the state and with 3,500 employees, has been working to stave off bankruptcy due to liquidity problems that began in 2017. Workers staged strikes twice last year over unpaid wages."Uljanik has chosen Brodosplit as its strategic partner which will have an obligation to devise, in cooperation with Uljanik, a feasible restructuring plan…

06 Feb 2019

Green Light to Stena, Hyundai Glovis JV

Pic: Stena Line

The European Commission has approved the creation of a joint venture by Swedish Stena Rederi, part of Stena AB, and German Glovis Europe, which is controlled by South Korean Hyundai Glovis.Earlier, the companies have filed a merger application with the European Commission’s competition authorities for the unnamed joint venture.Created through the purchase of shares, the new unit would mainly operate short-sea transport services on pure car and truck carrier (PCTC) vessels in Europe."The European Commission has approved…

31 Jan 2019

World's Largest Shipbuilders in $2 Bln Mega-merger

(Photo: Hyundai Heavy Industries)

Resulting entity would control about 20 pct of global market; Daewoo shares rally 22 pct; Hyundai Heavy shares fall.Hyundai Heavy Industries, the world's biggest shipbuilding group, has announced a share swap deal worth 2.1 trillion won ($1.98 billion) to take over second-ranked Daewoo and create a global heavyweight controlling over 20 percent of the market.The move comes as the worldwide shipbuilding sector recovers from a global economic downturn that led to massive losses…

31 Jan 2019

Hyundai Heavy Seeks to Acquire DSME

 Image: Hyundai Heavy Industries

South Korea's "Big Three" shipbuilders may soon become the "Big Two". South Korea’s Hyundai Heavy Industries (HHI) has expressed interest to buy its rival Daewoo Shipbuilding & Marine Engineering (DSME), the local media has reported.The world’s biggest shipbuilder plans to buy a majority stake in in second-ranked rival from the state-run Korea Development Bank (KDB), WSJ reported quoting people directly involved in the matter.The move would consolidate HHI's position as the top South Korean shipbuilder and create a new industry giant.According to the report…

30 Jan 2019

HMM Becomes Co-owner of Pusan New Port

The signing ceremony: (From left to right) Ho Seon Hwang (President of KOBC), Roger Tan Keh Chai (PSA Regional CEO Northeast Asia), Young-Choon Kim (Minister of Oceans & Fisheries of Korea), C.K. Yoo (President & CEO of HMM), and Myungsuk Suh (CEO of Yuanta Securities). Photo: HMM

South Korean carrier  Hyundai Merchant Marine (HMM) announced that it has acquired joint ownership of PSA Hyundai Pusan New-port Terminal (PHPNT) in Busan.Yuanta HPNT, a company jointly established by the shipping liner and Singaporean shipping company PSA, signed a contract to purchase Waska, which holds a 50-percent stake in the terminal at a a ceremony attended by Young-Choon Kim (Minister of Oceans and Fisheries). With the acquisition, HMM regains operational control over the terminal."This sales contract includes that the private equity fund, Yuanta-HPNT will acquire stakes of Waska Inc.

30 Jan 2019

Survitec Opens Singapore Hub

Photo: Survitec

Survitec opened a new service and distribution hub in Singapore.The complex in Singapore’s Sembawang district covers a 7,153 cu. m. area, of which 1308 cu. m. is outdoors. With more than 200 personnel, it is Survitec’s largest service and distribution center globally, housing three distinct business units: WH Brennan & Co Pte Ltd, Survitec Safety Solutions Pte Ltd and Survitec Fire Solutions Pte Ltd.The Survitec products and services supplied by the Singapore facility include…

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