South Korea News

23 May 2019

IZMIR Shipyard Eyes S. Korean Market

Logo: Izmir Shipyard

Izmir Shipyard and ONO Group, a company in thermoplastics processing in South Korea, sign a sales and distribution agreement in Seoul. Effectively ONO Group is the new distributor of Izmir Shipyard boats in South Korea, Japan and China markets.As a part of this agreement, ONO Group obtains the license for building Izmir Shipyard’s IZ and Sea ViZion series boats, which are to be manufactured in Korea through a know-how and technology transfer procedure. According to the agreement…

20 May 2019

New Arc7 Class Arctic vessel Heads for Yamal LNG Facility

© kenny mcpike / MarineTraffic.com

A new ice-breaking liquefied natural gas (LNG) tanker of the Arc7 class, the Nikolay Yevgenov, is due to arrive this week in Sabetta, the Arctic Russian port of Novatek's Yamal plant, Refinitiv shipping data showed on Monday.The tanker is off the west coast of Ireland at the moment, having left the Daewoo Shipbuilding and Marine Engineering (DSME) Okpo shipyard in South Korea at the end of April, Refinitiv Eikon shipping data showed.It is due to arrive on May 26, according to the data…

20 May 2019

Griffon Hoverwork Wins New Orders

Photo: Griffon Hoverwork

Southampton, UK-based hovercraft builder Griffon Hoverwork has won two new orders for its latest model the 995ED.The 995ED was launched at the Exponaval maritime exhibition in Chile in December 2018 following delivery of the first production craft to the Malaysian Government’s Marine Department which is being used for the maintenance of navigation marks and light houses. And now Griffon’s production line is busy building another 995ED for a private client for use in icy conditions.

15 May 2019

DSME Wins LNG carrier Order

Image: DSME

South Korea’s shipbuilding giant Daewoo Shipbuilding & Marine Engineering (DSME) has received an order liquefied natural gas (LNG) carrier.The vessel capable of transporting 174,000 cubic meters of LNG will be built at Geoje Okpo shipyard for an undisclosed shipowner from Oceania, said the shipbuilder.DSME didn't provide the value of the contract. This is DSME’s fifth LNG carrier order this year.The shipyard is scheduled to deliver the LNG carrier  in the second half of 2021.The…

14 May 2019

N.Korea Protests U.S. Ship Seizure

The bulk carrier WISE HONEST (CREDIT: MarineTraffic.com / © Sergei Skriabin

North Korea said on Tuesday the seizure of one of its cargo ships by the United States was an illegal act that violated the spirit of a summit between the two countries' leaders, and demanded the return of the vessel without delay.The North's foreign ministry said in a statement that it rejected U.N. Security Council resolutions against it which the United States cited in impounding the vessel, as a violation of its sovereignty."The United States committed an unlawful and outrageous act of dispossessing our cargo ship…

10 May 2019

LNG Shipping Demand Flat in Q1 209

Pic: Awilco LNG Group

Global liquefied natural gas (LNG)  shipping demand in Q1 209 was essentially flat compared to Q1 2018 and coupled with a 10 % growth in the fleet since Q1 2018 rates suffered, said Awilco LNG Group.A relatively warm winter in the Far East and high storage levels in China and South Korea resulted in muted gas buying interest in the quarter and the downward gas price pressure seen in Q4 2018 continued throughout Q1 2019, said the Norwegian owner of LNG carriers.Due to weak demand and ample cargo availability Asian LNG futures prices for Q2 2019 delivery continued falling until early April…

07 May 2019

Teekay Gets Norway's 'Green' Funding for Tankers

Pic: Teekay

The marine energy transportation company Teekay Offshore has secured long-term financing from the Norwegian Government for four new shuttle tankers being built at Samsung Heavy Industries (SHI) in South Korea.The shuttle tankers are all equipped with a new innovative technology developed by the maritime supplier Wärtsilä in cooperation with Teekay, resulting in zero volatile organic compounds (VOC) emissions from the tankers.On behalf of the Norwegian Government, Export Credit Norway and GIEK have provided loan and guarantee of USD 165.5 million.

03 May 2019

Ocean Yield Takes Delivery of New Ship

Pic by Ocean Yield

Norway-based ship owning company Ocean Yield ASA announced that it has taken delivery of the very large crude carrier (VLCC)  "Nissos Rhenia".The tanker was delivered from the yard Hyundai Heavy Industries in South Korea and is the first in a series of four VLCCs that will be delivered to the company in 2019.Upon delivery, the vessel commenced a 15 years' bareboat charter to Okeanis Eco Tankers Corp with a 5 years' sub-charter to Koch Shipping Pte. Ltd.Okeanis Eco Tankers was…

03 May 2019

Global LNG Imports Up in Q1 by 11%

Pic: GasLog Ltd

Despite the liquefied natural gas (LNG) demand in the first quarter of 2019 being negatively impacted by warmer than usual weather in the Northern Hemisphere winter, global LNG imports during the period totalled 88 million tonnes (mt), compared to 79 mt in the first quarter of 2018, or an increase of 11%, GasLog said quoting Poten.In particular, China’s LNG imports totalled 15.3 mt, 24% higher than the first quarter of 2018.Europe’s LNG imports in the first quarter more than doubled to 22 mt…

02 May 2019

Hyundai Heavy Swings to Black in Q1

Pic: Hyundai Heavy Industries

South Korea's shipbuilding major Hyundai Heavy Industries (HHI) has made an unexpected turnaround by posting 28.1 billion won (US$24.1 million) in operating profit on a consolidated basis in the first quarter of 2019.Net profit reached 17.3 billion won ($14.8 million) in the January-March period on a consolidated basis, compared with a loss of 132 billion won a year earlier, the company said in a stock exchange annoucement.HHI attributed the operating profit due to decrease in provisions for new orders, improvement in profitability of Special & Naval Shipbuilding.

01 May 2019

LR Okays Hyundai LNG-Fuelled Tanker Design

Photo: Lloyd's Register

South Korea's Hyundai Mipo Dockyard (HMD) has received approval in principle (AiP) from Lloyd's Register (LR) for an LNG-fuelled 50,000 dwt class MR tanker design. This development is the result of close collaboration between HMD and LR.To aid compliance with the global sulphur in fuel oil limit of 0.50% m/m, which comes into effect on 1 January 2020, HMD has been focusing its efforts on LNG-fuelled ships as part of its plans to meet the market's needs with environmentally friendly…

30 Apr 2019

SHI Built LNG-Fuelled Ship with In-house Tech

Image: Samsung Heavy Industries

South Korea shipbuilding major Samsung Heavy Industries (SHI) announced that it has successfully built its first LNG-fuelled vessels with its own technology, proving itself to the eco-friendly shipping industry for its construction competencies and technological prowess.SHI announced on April 29, 2019 that the two LNG-fuelled 113,000 dwt oil tankers delivered to an Asian shipowner early this year just completed the first bunkering at the port of Rotterdam in Netherlands and now begin its operation as ecofriendly vessels.

29 Apr 2019

RNZN Tanker Aotearoa Hits the Water

Pic: Royal New Zealand Navy

The Royal New Zealand Navy’s (RNZN) first purpose-built ship in 10 years, the HMNZS Aotearoa,  was launched at Hyundai Heavy Industries’s Ulsan shipyard in South Korea.The HMNZS Aotearoa auxiliary ship was constructed at the Hyundai Heavy Industries dry dock under a USD327 million contract. In 2020, it will replace the Navy’s latest replenishment oiler, the HMNZS Endeavour, which was decommissioned in 2017.“Seeing a ship of this size and capability on the water nearing full completion is a really exciting time for our Navy…

26 Apr 2019

Philippines Shipyard Sale Open to All

All offers from potential buyers of a strategically located but debt-laden Philippine shipyard will be welcome, the trade minister said on Thursday, ruling out barring Chinese firms over national security fears.Trade Secretary Ramon Lopez said the government would not, and could not, block interested buyers of distressed shipbuilder Hanjin Philippines, which defaulted on $1.3 billion in loans, of which $900 million is owed to South Korean banks and the rest to five Philippine lenders.Hanjin, a unit of South Korea's Hanjin Heavy Industries & Construction Co Ltd, until recently employed 20,000 workers at its yard in Subic Bay, which until 1992 was home to a U.S.

16 Apr 2019

Bahri Expands Footprint in Asia-Pac

Photo: Bahri

The National Shipping Company of Saudi Arabia (Bahri) has announced the expansion of its market presence in the Asia-Pacific (APAC) region’s maritime industry.The stronger presence will help the company gain deeper insights into market trends as well as customer needs in chemicals and logistics sectors in Singapore and the wider APAC region, said a press release from the logistics and transportation company.The expansion will also enable Bahri Logistics and Bahri Chemicals, two of five business units of the company…

15 Apr 2019

Hyundai Heavy Sells Oil Stake to Saudi Aramco

Group photo of Saudi Aramco and HHIH executives and team members after the signing ceremony. Photo:  Saudi Arabian Oil Co.

South Korean shipyard Hyundai Heavy Industries sells its share of oil refinery Hyundai Oilbank to Saudi Arabian oil giant Saudi Aramco.According to a press release, Saudi Aramco’s subsidiary,  Aramco Overseas Company B.V (AOC) will purchase a 17% stake in South Korea's Hyundai Oilbank, a subsidiary of Hyundai Heavy Industries Holdings.The investment is valued at approximately $ 1.25 billion, it said.AOC’s’s investment in South Korea’s Hyundai Oilbank will support Saudi Aramco’s…

18 Apr 2019

Tristar Orders Six Tankers at Hyundai Mipo

Photo: Tristar Group

The Dubai-based Tristar Group announced that it has signed firm contracts for six new build 25,000 MT DWT, IMO Type 2 Oil and Chemical Tankers with South Korea shipbuilder, Hyundai Mipo Dockyard.The vessels will be delivered between the middle of May 2020 till the first week of January 2021, said a press release from the fully integrated liquid logistics solutions provider.The vessels have been ordered on the back of long-term charter contracts with oil major Shell.“Our business…

18 Apr 2019

WinGD: Strong 1Q 2019

WinGD's X92DF engine. Image: WinGD

As the clock ticks toward January 1, 2020 and the implementation of strict new emission regulations from the International Maritime Organization, WinGD is reporting a solid order intake for the first quarter of 2020 for their low-pressure, dual-fuel two-stroke engines, powered by a newbuild order spree of LNG carriers specifying WinGD’s XDF engines. In addition, WinGD reports a broadening range of vessel types are selecting dual fuel solutions, including Chemical & Crude Oil Tankers, Asphalt Carriers and Container Feeders.

19 Apr 2019

Eastland Port Posts Strong 2018

Pic: Eastland Group

The commercial shipping port in New Zealand, Eastland Port achieved an annual tonnage throughput of just under 2.9 million tonnes of cargo in the year to March 2019, slightly down on last year’s record-breaking result.“The 12-month period was another very strong year for throughput at Eastland Port with vessels taking this district’s export product to South Korea, Japan, China, and Singapore,” says general manager Andrew Gaddum.In the year to 31 March 2019, 140 ships handled 2,956,071 tonnes of cargo at Eastland Port.

22 Apr 2019

KR, Oldendorff, GSR Pact for IHM Certification

Pic: Oldendorff Carriers

The Korean Register (KR) of Shipping has entered into an agreement with the  dry bulk shipping company Oldendorff Carriers and GSR Services for the development and certification of Inventory of Hazardous Materials (IHM) for Oldendorff's fleet for meeting tight EU - deadlines.The classification society reminded in a press release that 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…

23 Apr 2019

Singapore Mega Port on Track for 2021

Singapore on Tuesday said its plans to build the world's biggest container terminal in a single location were on track, as it held a ceremony to mark a milestone in the initial construction phase of the mega-project.Tuas Terminal is set to open progressively from 2021, six years after work began, and it is expected to be capable of handling 65 million twenty-foot long shipping containers per annum when fully completed in 2040.Once completed, the terminal is slated to become the world's largest container terminal in a single location, said Quah Ley Hoon, chief executive of the Maritime and Port Authority of Singapore."This will strengthen our Global Hub Port status…

12 Apr 2019

S.Korea's LPG Imports to Grow: Drewry

Image: BP Shipping

South Korea’s liquid petroleum gas (LPG) imports are expected to increase 9.5% in 2019 on account of the growth is due to stronger demand from the petrochemical sector.The recent policy change that will allow LPG-fueled vehicles in the private sector is another booster, said Drewry.South Korea’s LPG market was starting to look saturated with low demand, but as the government is reconsidering cleaner fuels, its demand is likely to shoot up.Drewry said that severe air pollution…

26 Apr 2019

GasLog Predicts LNG Spot Rate Recovery

Pic: GasLog LNG carrier

GasLog Partners, which owns, operates, and acquires liquefied natural gas (LNG) carriers under multi-year charters, said that the longer-term outlook for natural gas demand continued to strengthen in the first quarter of 2019.Despite LNG demand in the first quarter of 2019 being negatively impacted by warmer than usual weather in the Northern Hemisphere winter, global LNG imports during the period totalled 88 million tonnes (mt), compared to 79 mt in the first quarter of 2018, or 11% growth, according to Poten.In particular, China’s LNG imports totalled 15.3 mt, 24% growth over Q1 2018.

Maritime Reporter Magazine Cover May 2019 - Propulsion Annual - Green Marine Tech

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