South Korea News

16 Oct 2019

COSCO VLCC Wins Temporary Sanction Relief

File Image / AdobeStock / © Jose Gill

A supertanker owned by COSCO Shipping Tankers (Dalian) has received a temporary waiver from U.S. sanctions that has allowed the ship to discharge crude oil cargoes, a source with direct knowledge of the matter said on Wednesday.The Very large crude carrier (VLCC) Coswisdom Lake, which discharged some crude in Singapore last week, offloaded its remaining oil at Brunei on Wednesday, shipping data on Refinitiv Eikon showed.The sanctions will resume after the cargoes are discharged, the source said.Sanction waivers were also being sought for a very large crude carrier carrying U.S.

16 Oct 2019

Turner Designs Introduces New Turbidity Sensor

AET's Eagle Blane and Eagle Balder were unveiled at a naming ceremony held at the Samsung Heavy Industries (SHI) Geoje Shipyard, South Korea, today
(Photo: AET)

AET, a petroleum tanker owner and operator, has named its newest vessels, two of the world's first LNG Dual-Fuel Dynamic Positioning Shuttle Tankers (DPSTs). The vessels, the cleanest DPSTs ever built, will emit 40-48% less carbon than equivalent vessels built in 2008, meeting the International Maritime Organization's (IMO) target of reducing carbon (CO2) emissions by 40% against 2008 baselines by 2030, and halving CO2 emissions by 2050.These LNG Dual-Fuel DPSTs also emit 85% less SOx…

15 Oct 2019

Small Scale FSRU: Think Smarter Not Bigger

© dmplot/Shutterstock

The global search for lower carbon forms of energy and demand for cost-effective ways to serve power demand in emerging markets and remote locations is driving interest in floating storage and regasification units (FSRU).FSRUs are a faster and more flexible way to import natural gas to power-constrained places, so demand for the units is increasing and the business case for owning them is growing stronger.Their model for supplying energy and transport fuel is historically well proven: they offer faster development timelines and lower initial capital costs compared to onshore regasification…

15 Oct 2019

Korean Shippers Jointly Pitch for Qatari LNG Newbuilds

Image: Qatar Petroleum

Five South Korean shipping companies - Korea Line, Pan Ocean, SK Shipping, Hyundai LNG Shipping and H-Line Shipping -  could partner up to secure liquefied natural gas transportation services for Qatar’s LNG production capacity expansion project.Qatar Petroleum is expected to put up shipping contracts for at least 40 LNG carriers by the end of the year for its North Field Expansion project, which aims to increase the nation’s LNG production capacity from 77 million tons to 110 million tons per annum starting in 2024.According to Yonhap, the Qatari state-run company will need an additional 60 L

10 Oct 2019

Chinese LNG Sector Growth to Continue

Graph: VesselsValue

China is at the forefront of the large LNG sector growth and is emerging as the largest source of new LNG demand growth and second largest importer of LNG, VesselsValue revealed.China’s natural gas consumption has surged amid a gasification program and plan that is shifting millions of households and a large number of factories to natural gas from coal, said the report.Greece and Japan dominate in terms of USD value. Greece has recently overtaken Japan as the top owning country…

09 Oct 2019

Austal, Cerberus Mull JV on Hanjin's Philippine Yard

AdobeStock / © Bernell11

Australian shipbuilder Austal Ltd and U.S. private equity firm are considering a joint bid for a strategically located but debt-laden Philippine shipyard, the facility's trustee said on Wednesday.Hanjin Philippines, a unit of South Korea's Hanjin Heavy Industries & Construction Co Ltd, in January defaulted on $1.3 billion in loans, of which $900 million is owed to South Korean banks and the rest to five Philippine lenders.Austal and Cerberus are interested in the distressed shipyard…

08 Oct 2019

Novatek in Talks on LNG Transhipment

Photo: Novatek

Russia's liquefied natural gas (LNG) producer Novatek is in talks to tranship its Yamal cargoes in Norway or Russia's Murmansk because it is unsure of the impact of U.S. sanctions on the Chinese COSCO tankers it uses, a Novatek official said.The United States imposed sanctions on Sept. 25 on state-owned COSCO's subsidiaries, COSCO Shipping Tanker (Dalian) Co and COSCO Shipping Tanker (Dalian) Seaman & Ship Management, for allegedly ferrying Iranian crude.U.S.-listed ship owner Teekay LNG said last week its shipping joint venture in Russia, Yamal LNG, had been "blocked" by the U.S.

08 Oct 2019

Oxy Books Supertanker for a Record $13.25 Mln

© Ken Scott / MarineTraffic.com

Occidental Petroleum Corp provisionally chartered a supertanker to ship U.S. crude to South Korea for a new record of $13.25 million in November, three shipping sources familiar with the matter said on Monday.The Very Large Crude Carrier (VLCC) Maran Andromeda was chartered by Occidental on Friday for an estimated November 20 departure, according to one shipbroker and Refinitiv Eikon shipping data.Global shipping rates, and in particular U.S. Gulf Coast to Asia, have skyrocketed after the United States in late September imposed sanctions on two units of China's COSCO…

07 Oct 2019

Occidental Tentatively Fixes VLCC for Record $13.25 mln to Asia

File Image: the M/V Maran Andromeda (Credit: MarineTraffic.com / © Ken Scott)

Occidental Petroleum Corp provisionally chartered a supertanker to ship U.S. crude to South Korea for a new record of $13.25 million in November, three shipping sources familiar with the matter said on Monday.The Very Large Crude Carrier (VLCC) Maran Andromeda was chartered by Occidental on Friday for an estimated Nov. 20 departure, according to one shipbroker and Refinitiv Eikon shipping data.Global shipping rates, and in particular U.S. Gulf Coast to Asia <TD-LPP-SIN>, have skyrocketed after the United States in late September imposed sanctions on two units of China's COSCO…

06 Oct 2019

SGRE Wins 200-MW Turbine Order in China

Image: Siemens Gamesa Renewable Energy

Siemens Gamesa Renewable Energy SA (SGRE) has secured a deal to supply 4.X turbines for a 200MW wind farm in China, its first contract for the platform in the market.The Spanish-German group will deliver 42 machines rated at 4.8MW to the project developed by Xinjiang TBEA Group in Xinjiang, northwest China. The company will also provide operation and maintenance services for five years.This is the second order that SGRE has received from TBEA, strengthening the partnership between both companies.

05 Oct 2019

Methanol-Fueled Chem Tanker Delivered to NYK

Built in South Korea at Hyundai Mipo, Nippon Yusen Kaisha (NYK Group) has taken delivery of Takaroa Sun. Photo: NYK

Nippon Yusen Kaisha (NYK Group) has taken delivery of Takaroa Sun, a methanol carrier equipped with two-stroke dual-fuel engine tech that allows the vessel to be powered by methanol. Built in South Korea at Hyundai MIPO Dockyard, the new ship was funded through NYK’s green financing initiative established to support environment-friendly projects.Takaroa Sun was built with the MAN Energy Solutions second-generation B&W ME-LGIM two-stroke dual-fuel engine that runs on both methanol and conventional marine fuel.

04 Oct 2019

VLCC Rates Surge as U.S. Sanctions COSCO

File Image: AdobeStock / © Carabay

Freight rates to ship U.S. crude to Asia continued to surge, with costs to charter a supertanker rising to a record $12 million on Thursday, shipping sources familiar with the matter said.South Korea's top refiner, SK Energy, tentatively chartered the supertanker Maxim to ship U.S. crude to South Korea in November for a record $10 million earlier in the week but that fixture has since failed, the sources said.The company now has conditionally booked the Pacific M at a new record of $12.35 million…

02 Oct 2019

HMD Delivers Newbuild Pair to OSG

Image: Overseas Shipholding Group

Florida-based tanker shipping company Overseas Shipholding Group (OSG) has taken delivery of two 50,000 dwt class product and chemical tankers at Hyundai Mipo Dockyard in Ulsan, South Korea.The tankers, named the Overseas Gulf Coast and Overseas Sun Coast, were built to comply with MARPOL Annex VI Regulation 13 Tier III standards regarding nitrogen oxide emissions within emission control areas.In addition, each vessel is fitted with an exhaust gas cleaning system, often referred to as a “scrubber”…

27 Sep 2019

EOLOS Gets Capital Injection

Image:  EOLOS

EOLOS Floating Lidar Solutions, a start-up supported by EIT InnoEnergy, has completed a significant capital injection by the entity of the Swiss investment company Prorsum AG.Rajai Aghabi, CEO and founder of EOLOS, describes the capital increase as “a significant closing for EOLOS, allowing the present team the flexibility and capability to both grow and expand globally in the market of turn-key offshore wind data measurement campaigns, not only by strengthening our financial position…

27 Sep 2019

HMM, DSME Join Forces for Smart-ship Tech

Image: HMM

South Korea’s container shipping giant Hyundai Merchant Marine (HMM) and compatriot shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) have joined forces on the research, development and innovation in the field of smart ship technologies.Under a Memorandum of Understanding, the parties would conduct research on real-time service system based on IoT (Internet of Things), design on-shore platforms for optimized fleet operation, develop automated warehousing systems for ship materials and development economic navigation solutions.HMM plans to promote the innovation of smart ship techno

27 Sep 2019

CPLP Fixes Agamemnon with MSC

Pic: Capital Product Partners L.P. (CPLP)

Greek shipping company Capital Product Partners L.P. (CPLP) announced that its vessel, M/V ‘Agamemnon’ commenced new long-term time charter with Mediterranean Shipping Company Co. S.A.The 108,892 dwt / 8,266 TEU container carrier Agamemnon was built in built 2007 in Daewoo Shipbuilding & Marine Engineering Co., Ltd., South Korea, said a press note from the shipping company engaged in the seaborne transportation of a wide range of cargoes, including dry cargo and containerized…

26 Sep 2019

HHI Bags Order for 2 Crude Carriers

Image: Hyundai Heavy Industries

South Korea shipbuilding giant Hyundai Heavy Industries (HHI) group said that its unit Hyundai Samho Heavy Industries has won a deal to build two crude carriers.The shipbuilding deal worth KRW 158.7 billion (about USD 132.8 million) was signed with an undisclosed company from Oceania on September 23, 2019, HSHI said in a stock exchange filing.According to Yonhap, Hyundai Samho will build two 158,000-deadweight-ton (DWT) crude carriers by May 2021 for the unidentified Oceanian customer.Hyundai Samho…

19 Sep 2019

South Korea to Slash Passenger Vessel Emissions with ABB

Port of Incheon. Image credit Incheon Port Authority

ABB will install Port of Incheon’s first shore-to-ship power solution, enabling passenger vessels to cut emissions, noise and vibrations at berthABB has secured the contract covering South Korea’s commitment to sustainable shore-to-ship power, after a pilot scheme for passenger ships to plug into the local grid received the go ahead from Incheon Port Authority (IPA).In addition to a new $160 million ferry terminal opened in April 2019, Port of Incheon inaugurated South Korea’s largest cruise terminal in June this year.

20 Sep 2019

Korean H-Line Sign LNG Carrier TC with Vitol

Image: Vitol

Dutch energy and commodities group Vitol and South Korea's H-Line Shipping have executed a 10-year time-charter agreement for a newbuild, latest generation LNG carrier.The commodity trader said that the 174,000m3 vessel with XDF propulsion is to be built at Korea’s Hyundai Samho Heavy Industries (HSHI) and is due for delivery in late 2021.Vitol also holds extension options and the ability to exercise additional LNG carriers to support its further growth in the LNG industry through this partnership with H-line.Pablo Galante Escobar…

20 Sep 2019

DNV GL Grants AIP for DSME Ethylene Carrier Cargo Tank

The certificates were presented at DSME’s booth at Gastech in Houston (left to right): Odin Kwon, Chief Technology Officer (CTO) of DSME, receives the AIP certificates from Johan Petter Tutturen, DNV GL – Maritime Business Director Gas Carriers (image courtesy of DNV GL)

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…

17 Sep 2019

Evergreen Orders Ten Ships

Image: Evergreen

Taiwanese shipping line Evergreen has confirmed its plans to build a total of ten 23,000 TEU containerships.According to a stock exchange filing, the new vessels would be built at three shipyards  in South Korea and China.According to the reports from the South China Morning Post, the enormous order will cost Evergreen anywhere between US$1.4 billion and US$1.6 billion. It is estimated that each vessel will cost between $140 million and $160 million.The new vessels could see Evergreen become the sixth biggest carrier line in the world…

20 Sep 2019

US Fines HHI $47Mln Over Dirty Engines

Pic: Hyundai Heavy Industries

US authorities announced that South Korea's top shipbuilding conglomerate Hyundai Heavy Industries (HHI) will pay a US$47 million fine for illegally importing and selling dirty diesel engines in violation of American environmental rules.US Justice Department and and the U.S. Environmental Protection Agency (EPA) said that between 2012 and 2015, the company imported nearly 2,300 diesel-powered heavy construction vehicles with engines that did not meet US emissions standards.“Hyundai put profits above the public’s health and the requirements of the law…

23 Sep 2019

Shipping Sector Sets Course for Zero Carbon

© Yaniv / Adobe Stock

Leading ports, banks, oil and shipping companies on Monday launched an initiative which aims to have ships and marine fuels with zero carbon emissions on the high seas by 2030, in another step by the maritime sector to reduce CO2.International shipping accounts for 2.2% of global carbon dioxide (CO2) emissions and the U.N.'s International Maritime Organization (IMO), has a long-term goal to cut greenhouse gas emissions by 50% from 2008 levels by 2050.Achieving this target will…

Maritime Reporter Magazine Cover Oct 2019 - Marine Design Annual

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the maritime industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News