Ørsted Secures Korean Offshore Wind License
Ørsted has secured approval for a 1.6 GW Electricity Business License from the Ministry of Trade, Industry and Energy of the Republic of Korea.The license grants Ørsted exclusive development rights for a gigawatt-scale offshore wind project 70 kilometers off the coast of Incheon City, Korea. The project has the potential to support Incheon City’s net-zero target with a capacity to provide renewable energy to over a million households whilst reducing carbon emissions by approximately 4 million tonnes annually.The country aims to be carbon neutral by 2050.Per Mejnert Kristensen…
Hyundai Mipo Dockyard to Design CSOV
HD Hyundai Mipo Dockyard has started joint development of a commissioning service operation vessel (CSOV) with Korea Register of Shipping (KR).The two companies agreed to develop their own design and cooperate with domestic companies to ensure a local offshore wind farm operation technology industry so that they can actively advance into overseas markets.Hyundai Mipo Dockyard plans to develop an optimised hybrid electric propulsion system with dynamic positioning performance suitable…
Japan Takes Shipbuilding Dispute to WTO
The Japanese government has filed a new petition with the World Trade Organization (WTO) against South Korea concerning alleged aid provided by the Korean government to the country’s shipbuilding industry.According to Yonhap, Japan has asked South Korea to discuss the issue which it says is affecting international competition, and if the talks fail, Japan will seek to establish a dispute settlement panel.In November 2018, Japan filed a complaint with the WTO, claiming that South Korea violated existing regulations by providing subsidies to its shipbuilders, resulting in damage to the Japanese industry.In December 2018, the two sides…
Seoul Orders 140 LNG Ships
The Korean government will order 140 liquefied natural gas ships, worth 1 trillion won ($880 million), from the nation’s small and midsized shipbuilders by 2025, said Korea’s press agency Yonhap.South Korea’s Ministry of Trade, Industry and Energy said the government will provide shipbuilders and suppliers 1.7 trillion won ($1.5 billion) in financial aid to prop up the country’s ailing shipbuilding industry.The report quoted Yoon Sung-hyuck, chief of the Ministry of Trade, Industry and Energy’s shipbuilding and offshore plant industry division as saying that, in order to set small and midsized shipbuilders apart from their rivals from China and Japan…
Buyers Seek US Waivers to Buy Iranian Oil amid New Sanctions
South Korea said on Wednesday it would seek U.S. exemptions to buy Iranian oil, a path many big oil consumers are likely to follow in the wake of new U.S. sanctions on Tehran, which will tighten world oil markets and push up prices.Iran is the third-largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC) and a key supplier, especially to refiners in Asia.The United States plans to impose new unilateral sanctions after abandoning an agreement reached in late 2015 which limited Iran's nuclear ambitions in exchange for removing joint U.S.-Europe sanctions…
Hanjin Shipping, Hyundai Merchant Merger Talks in Air
A report in WSJ says that Hanjin Shipping Co has applied for a creditor-led debt restructuring to avoid bankruptcy, reviving talk of a possible merger with rival Hyundai Merchant Marine Co. (HMM). It could be merged as a part of the government-led restructuring of ailing industries and companies, according to government sources. Both Hanjin Shipping Co. and Hyundai Merchant Marine Co. (HMM) are in hot water, but they are different from each other in a debt structure. Unlike HMM, Hanjin Shipping has a lot of non-bank debt, which makes it difficult for the main creditor Korea Development Bank (KDB) and other creditor banks to manage the company under a creditor-led restructuring program.
S.Korea's December Crude Imports up 21.1 % y/y
South Korea's crude oil imports in December rose 21.1 percent from a year earlier to 97.9 million barrels, preliminary data from the Ministry of Trade, Industry and Energy showed on Friday. The final data will be released later in the month by state-run Korea National Oil Corp (KNOC). * Note: The ministry did not break down imports by country of origin. South Korea's total crude imports in November fell 1.5 percent year-on-year, according to KNOC data last month.
Korea to Build World's Largest Marine Engineering Aquarium
The Korean Government is to develop the largest maritime engineering aquarium in the world for deep-sea research purposes, such as simulation experiments for the construction of maritime plants. The joint investment of public and private sector plans to build the marine engineering aquarium by 2016, which will create the perfect deep-sea environment for core designing technology research. The Ministry of Oceans and Fisheries (MOF), the Ministry of Trade, Industry and Energy (MOTIE) and the city of Busan hosted a groundbreaking ceremony for the project on February 13. The Busan city government in collaboration with Korea Research Institute of Ships and Ocean Engineering (KRISO) and heavy industry giants such as Hyundai…
FPSO Wins Korea Government Award for HHI
Hyundai Heavy Industries (HHI) which claims to be the world’s largest shipbuilder, says it has gained an additional ‘World Class Product’ certificate from the Ministry of Trade, Industry and Energy for its cylindrical FPSO. The newly certified ‘World Class Product’ is a cylindrical FPSO: the Goliat FPSO ordered by Eni Norge will be installed in the Goliat field, 85 km northwest of Hammerfest, in the Barents Sea. This cylindrical floater is designed to store 1 million barrels of crude oil, and 4 million standard cubic meters of gas per day.
Shipbuilders DSME Not For Sale to Foreign Companies
Seoul will not sell Daewoo Shipbuilding & Marine Engineering (DSME) to a foreign company to avoid any possible leakage of technologies reports 'Korea Times'. The response comes after a Russian consortium led by the state oil company OAO Rosneft recently expressed an interest in acquiring a stake in the world’s third-biggest shipbuilder by sales. The consortium also includes Gazprom, Russia’s state-run gas provider and Sovkomflot, Russia’s state-owned shipping company. The state-run Korea Development Bank owns a 31.46 percent stake in the Daewoo shipyard…
S. Korea Invests to Increase Share in Offshore Plant Market
South Korea plans to develop the offshore plant industry into a new engine for growth that will create over 10,000 new jobs by 2017, reports Yonhap News citing a government source. The government plans to effectively implement its policy initiatives by jointly investing some 900 billion won ($848 million) with the private sector by 2017. The move comes as the global market for offshore plants is expected to grow by an average 6.4 percent per year from US$145.2 billion in 2010 to $230.3 billion in 2015 and to $503.9 billion in 2030…
