Kwon News

The Hanwha Group has completed its take over of Daewoo Shipbuilding & Marine Engineering (DSME), renaming it Hanwha Ocean.Hanwha Vice Chairman Kwon Hyuk-woong has been appointed as CEO of the shipyard.The Korea Times reports that DSME suffered a 1.6 trillion won operating loss last year and 1.7 trillion won the year before. During the first three months of this year, it suffered 62.8 billion won in operating losses.Hanwha has already established a network of businesses that address renewable energy.

Korean Register (KR) has signed a Memorandum of Understanding (MOU) with ship management company KLCSM and shipbuilder Samsung Heavy Industries (SHI) to jointly research and approve the application of autonomous navigation systems for mid- to large-sized vessels.The agreement, which was signed on June 23 at this year’s Korea Ocean Expo in Incheon, Korea, aims to accelerate the commercialization and international competitiveness of domestic autonomous ship equipment and technology…

Maritime and offshore classification society American Bureau of Shipping (ABS) has granted Approval in Principle (AiP) for the design of what it described as "a wide breadth, single row, near-shore LNG Floating Production Storage Offloading Vessel (FPSO) hull with a jetty-moored system." The hull design has been developed by South Korea's Daewoo Shipbuilding & Marine Engineering Co., Ltd. (DSME).The 64m wide barge-shaped hull features a GTT NO96 single row containment system with a storage capacity of 209,000 m3.

A design for an ammonia-fueled 23,000 TEU ultra-large containership has received approval in principle (AIP) from classification society Lloyd’s Register (LR), marking a key milestone in a joint development project (JDP) with South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) and engine manufacturer MAN Energy Solutions to develop ammonia propulsion ships.As part of the JDP launched earlier this year, DSME generated the basic design of the ammonia propulsion…

ABS, a global provider of classification and technical advisory services, and Daewoo Shipbuilding & Marine Engineering Co., Ltd. (DSME) have signed a joint development project (JDP) agreement to explore decarbonization and digitalization strategies for Very Large Crude Carriers (VLCC) and Ultra Large Container Ships (ULCS).A press release from ABS quoted Patrick Ryan, ABS Senior Vice President, Global Engineering and Technology as saying: "ABS is assisting leading shipping lines with evaluation of their decarbonization and digital strategies all over the world. This JDP will help us harness the potential of digitalization and drive forward decarbonization goals for the industry.”The JDP aims for DSME to develop ABS approved VLCC and ULCS vessel designs…

A group of world leading shipping companies including NYK, Sovcomflot, Knutsen OAS and Ardmore, ship builders, including DSME and the mining company Vale, have therefore teamed up with Denmark based Maritime Development Center to develop such an on-board carbon capture and storage solution in a project named decarbonICE.DecarbonICE is based on two new main ideas for the capture and storage part, respectively. The CO2 and other GHG's in the ship exhaust are captured on board in a cryogenic process and turned into dry ice.Proven offshore technology is then applied during normal ship operations to transport the dry ice into the seafloor sediments.

Classification society Lloyd's Register said it has awarded Approval in Principle (AiP) to South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) for its 98,000-cubic meter very large ethane carrier (VLEC) design with new cryogenic material High Manganese Austenitic steel (High MnA) and sloshing-free tank, the first VLEC design to use this type of material.DSME’s 98,000 m3 VLEC design is made of DSME-patented ‘Type B’ tank so it can operate with partial loading due to a sloshing-free tank design making vessel operations flexible and efficient…

At Gastech trade fair in Houston, DNV GL presented South Korea’s Daewoo Shipbuilding & Marine Engineering Co. Ltd. (DSME) with Approval in Principle (AIPs) certificates for two new 98,000 cubic meter (cbm) ethylene carrier cargo tank designs. In a hand-over ceremony at the DSME booth, Odin Kwon, Chief Technology Officer (CTO) of DSME, received the AIP certificates from Johan Petter Tutturen, DNV GL – Maritime’s Business Director Gas Carriers.“This is another great milestone in our longstanding relationship with DNV GL…

South Korean shipbuilders Daewoo Shipbuilding & Marine Engineering Co., Ltd (DSME) has received approval in principle (AiP) from Lloyd's Register (LR) for its Smart Ship Solution (DS4).The fleet monitoring smart ECDIS and surveillance system has been granted the descriptive note ‘Digital AL3 SAFE SECURITY’, confirming compliance with LR’s digital ships requirements.The Digital SAFE descriptive note confirms that systems which are essential for ship operation, and that have remote access to onboard operational data for analysis, decision-making and control, have been assessed in accordance with LR’s Digital Ships ShipRight Procedure.The…

DSME, Korea Maritime and Ocean University, NAPA and AVL announced a strategic cooperation agreement to develop digital ships and related strategic solutions. The agreement combines vast experience in naval architecture, shipbuilding, engines, big data and software development, and will cover all aspects of creating comprehensive digital twins: from the acquisition and processing of quality engine room data, ship performance and meteorological data to the training, simulation and…

Hyundai Heavy Industries (HHI) Group and Korea Development Bank (KDB) signed on Friday a definitive agreement to acquire Daewoo Shipbuilding & Marine Engineering (DSME), in the presence of Kwon Oh-gap, Vice Chairman & CEO of HHI Holdings; Ka Sam-hyun, President & CEO of HHI; and Lee Dong-gull, Chairman & CEO of KDB.Under this definitive agreement that builds on the heads of agreement signed between HHI and KDB on January 31, 2019, KDB will make a contribution-in-kind to Korea Shipbuilding & Offshore Engineering (KSOE…

The ill-fated Hanjin Rome, owned by the bankrupt Hanjin Shipping Company - has been sitting off the eastern coast of Singapore for more than a month. The mid-sized cargo vessel was placed under court arrest here on Aug 29 after German shipowner Rickmers filed a civil claim for money it says it is owed by Hanjin. When the Hanjin Rome arrived in Singapore on 29 August, no-one on board expected anything other than a regular port call. Little did they know that their trip was about to come to a grinding halt. According to the Straits Times, Hanjin will have to apply to the Singapore High Court for the ship to be released, but for now, it is unable to berth or leave. "There is no development on this matter, nobody tells me any good news,"  Captain Moon Kwon Do said.

Cash from top shareholder, executives should cover offload costs. South Korea's government said cash held by Hanjin Shipping Co Ltd and funds pledged by its parent group should meet the costs of unloading some $14 billion in cargo stranded on vessels operated by the troubled container line. The collapse of South Korea's biggest shipping operator late last month has plunged the shipping industry into chaos ahead of the crucial year-end holiday shopping season as dozens of vessels and their crews wait for money needed to pay for port and handling fees. The government said a 60 billion won ($54 million) loan pledged by Korean Air Lines Co…

Hyundai Heavy Industries (HHI), the world’s largest shipbuilder and a leading industrial plant EPC contractor,won $101.6 million worth of order to supply two vacuum vessel sectors (No.7, 8) for ITER (International Thermonuclear Experimental Reactor). This is an additional order to the one HHI received from the international body in 2010 to build two vacuum vessel sectors (No.1 and 6) and 35 ports out of 53. HHI is scheduled to deliver the two vacuum sectors measuring 400 tons in weight and 12 m in height respectively at the Cadarache facility in the south of France where the experimental tokamak nuclear fusion reactor is being built by the year of 2020.

Norway’s Prime Minister Erna Solberg, along with Jan Grevstad, Norwegian Ambassador to the Republic of Korea, and other Norwegian government officials, visited Hyundai Heavy Industries (HHI) to meet with Choi Kil-seon, chairman and CEO of HHI, and Kwon Oh-gap, president and CEO of HHI. During the meeting held at the HHI headquarters in Ulsan, South Korea, the prime minister showed particular interests in HHI that has been developing long-term business partnerships with the Norwegian companies and government in the areas of offshore exploration and production…

Hyundai Heavy Industries (HHI) has launched South Korea’s seventh KSS-II 1,800-ton submarine, Hong Beom-do, at its Special & Naval Shipbuilding Division in Ulsan, South Korea. The launching ceremony of the Class 214 diesel-electric air independent propulsion (AIP) submarine was attended by Admiral Jung Ho-sub, chief of naval operations of the ROK Navy; Kwon Oh-gap, president and CEO of HHI; and other guests. The Class 214 AIP submarine, measuring 65 meters in length and 7 meters in width, can sail at a maximum speed of 20 knots with a crew of 40. With a 1,800-ton displacement capacity, South Korea’s largest submarine made of high yield steel can dive up to 400 meters deep and last for two weeks under water with fuel cells.

Hyundai Heavy Industries (HHI) will stop dismissing employees through voluntary retirement plans and pay each of their workers a special bonus of 1 million won ($910), the company CEO said. The Korea Times quoted a statement addressed to employees by HHI CEO Kwon Oh-gap that HHI will stop dismissing employees through voluntary retirement plans and pay each of their workers a special bonus of 1 million won ($910). Kwon, who took over in September, said that Korea's largest shipbuilder will no longer introduce voluntary retirement programs. Kwon also said HHI’s campaign to overhaul its corporate structure and reduce costs is close to the end, Kwon said, inviting employees and the management to come together in dealing with current difficulties.

South Korean shipbuilder, Daewoo Shipbuilding & Marine Engineering (DSME) and NAPA, a maritime software, services and data analysis provider, now offer a tailored NAPA-DSME Power solution for LNG carriers built by DSME. According to the developers, the specialist solution aims to ensure transparent and accurate measurement of performance and efficiency aboard LNG carriers, including measurement of boil-off to provide a full 360° view of the operation of these vessels. As a leading shipyard for LNG carriers…

The Container Owners Association – the international organization representing container shipping lines and container leasing companies worldwide – has appointed Mr O I Kwon, Senior Vice President – Container Business Management Division, STX Panocean Co Ltd, to its Board of Directors. Mr Kwon joins six other Directors, who represent some of the world’s largest container owners, on the Board of the Container Owners Association. “It is a great honour – both for me personally, and for my company STX Panocean - to join the COA Board,” Mr Kwon says. “This position carries considerable responsibility and I will do my best to promote the COA in Asia and to support the wide range of initiatives that the COA is working on.

The Container Owners Association (COA) appoints O. I. Kwon, Senior V-P, Container Business Management Division, STX Panocean, to its Board. The Container Owners Association (COA) was established in November 2004 as an international organisation representing the common interests of all owners of freight containers, worldwide. It has over 165 Members, including container shipping lines, leasing companies, intermodal operators and suppliers of a wide range of container equipment and services. Mr Kwon joins six other Directors, who represent some of the world’s largest container owners, on the Board of the Container Owners Association. "“It is a great honour – both for me personally, and for my company STX Panocean - to join the COA Board,”" Mr Kwon said.

Shipbuilder Hyundai Heavy Industries (HHI) launched the second minelayer, MLS-II Nampo, for the Korean Navy. In attendance at the MLS-II launching ceremony were Baek Seung-joo, Vice Minister of National Defense of Republic of Korea; Kwon Oh-gap, President & CEO of HHI; and 100 other guests. The MLS-II Nampo is both HHI and Korea’s second minelayer following MLS-560 Wonsan that was delivered in 1997 and are currently in operation. The MLS-II Nampo which can carry 120 crew measures 114 meters in length, 17 meters in width and 28 meters in depth with a displacement of 3,000 tons.

Examining areas of change and growth in shipping is the focus of the 20th annual Hellenic-American and Norwegian-American Chambers of Commerce conference, often called the New York Shipping Conference. Entitled “Today’s Vision- Tomorrow’s Reality”, the conference will present a Macro Shipping and Economic Overview, a look at Shipping 2020, the challenges of balancing safety, regulatory compliance and costs, the current outlook and sources of dry bulk demand and supply, sourcing ship finance, and the commercial impacts of decisions regarding trade routes, chartering and futures.

Kwon Oh-gap, president and chief executive officer of Hyundai Heavy Industries (HHI), issued a New Year’s address, highlighting the company’s challenges and goals for 2015. “The picture does not seem very cheerful this year,” Oh-gap said, adding that the company strives to recover its competitiveness through internal improvements and innovations. Despite its difficulties, HHI has set its 2015 order target at 22.95 billion dollars, while its sales target is 24.3259 trillion won.