South Korea News

15 Dec 2019

MHI Sells Flagship Shipyard in Nagasaki

Image: Mitsubishi Heavy Industries

Japanese multinational engineering giant Mitsubishi Heavy Industries  is considering selling one of its largest shipbuilding plants in Japan to reduce costs as it faces tough competition from Chinese and South Korean rivals.According to a report in JIJI Press, the Japanese conglomerate is weighing the sale of the Koyagi plant in the southwestern city of Nagasaki to Oshima Shipbuilding Co., the third biggest shipbuilder in the country.With the sale, Mitsubishi Heavy will in effect withdraw from construction of large vessels carrying resources such as liquefied natural gas.

09 Dec 2019

WiseTech Global Acquires Ready Korea

Image: WiseTech Global

Global logistics software group, WiseTech Global has announced the acquisition of Ready Korea, a customs, bonded warehouse and trade compliance solutions provider in South Korea.Headquartered in Seoul, Ready Korea offers a cross-border compliance solution, which facilitates the lodgement of electronic transactions to the Korean Customs Service, including customs brokerage and refunds and Free Trade Agreement verification, along with bonded warehouse management.Ready Korea also…

02 Dec 2019

Japanese Shipbuilding Giants to Merge

Image:  Japan Marine United Corporation

Japan's biggest shipbuilders Imabari Shipbuilding and Japan Marine United (JMU) have formalized their business alliance by agreeing to enter into a capital tie-up amid blockbuster mergers in South Korea and China.According to Jiji Press, with the alliance, the shipbuilders aim to strengthen their international competitiveness at a time when South Korean and Chinese rivals are going through major realignment to grow stronger.Under the basic deal Imabari Shipbuilding plans to buy a nearly 30 pct stake in JMU via a shares purchase.

02 Dec 2019

Asian Refiners Strive to Finish IMO Preparations

© vladsv / Adobe Stock

At SK Energy's largest refinery in South Korea, engineers are rushing to complete a new processing unit ahead of schedule as the firm looks to boost sales of low-emission fuels before new marine fuel standards take effect in just one month.In Japan, the country's second-biggest refiner Idemitsu Kosan Co is taking a more cautious stance, increasing capacity for low sulphur fuel oil (LSFO), but also relying on blending to produce IMO 2020 compliant bunker fuel.The different approaches…

28 Nov 2019

Retrofit Solution for LSF Engines

Image: CMS service engineers on board

Chinese shipbuilding conglomerate China State Shipbuilding Corporation (CSSC) said that its worldwide equipment service subsidiary CSSC Marine Service Co (CMS) is using its expanded network of service stations to deliver a retrofit solution to engine starting problems that may occur with less viscous low-sulfur fuels (LSF).Some two-stroke engines using common-rail injection report problems reaching and maintaining high enough fuel rail pressure due to wear of fuel pumps, starting…

28 Nov 2019

Petronas Names Second FLNG in S. Korea

Image: Petronas

Malaysian oil and gas company Petronas named its second floating liquefied natural gas (LNG) facility, the PFLNG Dua, in a ceremony in Geoje, South Korea.The floating LNG facility is designed to extract gas from deepwater gas reservoirs in depths up to 1,500 meters.With PFLNG Dua, the national oil and gas company of Malaysia owns and operates two floating LNG facilities, following the success of PFLNG Satu which has been in operation since 2017. This achievement demonstrates Petronas’…

27 Nov 2019

Huge Potential for Asian Offshore Wind

Photo: Danish Shipping

Offshore wind industry is set to gain a foothold in new markets in the next five years, with the Asian markets playing a significant role.China has significant ambition for the build-out of offshore wind – and added more capacity in 2018 than any other country. However, what is less known, is that markets such as Korea, Japan, Vietnam and India – have made plans to incorporate offshore wind into their energy mix.While much of the capacity being installed today is coming from mature…

27 Nov 2019

TEN Orders LNG Carrier at HHI

Pic: TEN

Greece-based crude, product and LNG tanker operator Tsakos Energy Navigation (TEN) ordered has one-option-one 174,000cbm LNG carrier from Hyundai Heavy Industries (HHI) in South Korea with expected delivery, the first, in the second half of 2021 and the second, in the first half of 2022.The provider of international seaborne crude oil and petroleum product transportation services said that with this order, if the option is exercised, its LNG proforma fleet increases to four vessels…

26 Nov 2019

China Establishes World's Largest Shipbuilding Group

© Angelika Bentin / Adobe Stock

China on Tuesday formally established China Shipbuilding Group, which the country's government-run broadcaster described as the world's largest shipbuilder.The group's establishment, reported by China Central Television (CCTV), comes after Beijing last month approved the merger of the country's two largest shipbuilders, China State Shipbuilding Corp and China Shipbuilding Industry Co.The group has 147 research institutes, business units and listed firms, as well as total assets of 790 billion yuan ($112 billion) and 310,000 workers, CCTV said.

25 Nov 2019

Euroseas Acquires More Vessels

Pic courtesy: Euroseas Ltd.

Euroseas, a Greece shipping company that was founded about a century ago, said that it has took delivery of four container carrier vessels of intermediate size of 4,253 teu from Synergy Holdings Limited for approximately $40 million.All vessels are built in South Korea, three in 2009 and the other in 2008, the company said.The acquisition of the four vessels was financed by bank debt of $32 million, existing funds of Euroseas and a private placement of $6 million at a share price…

20 Nov 2019

Houthis Release South Korean, Saudi vessels

Yemen's Iran-aligned Houthi movement released three vessels and 16 people it had seized, South Korea's Foreign Ministry and a Houthi military source in Yemen said on Wednesday.The seizure on Sunday was the latest incident at sea around Yemen, where Saudi Arabia is leading a Western-backed coalition of Arab states against the Houthis, who control the capital and most population centres and have been accused of attacking shipping.Of the vessels freed on Tuesday, two were South Korean and one was Saudi Arabia-flagged, the South Korean ministry said in a statement, adding that the families of two South Koreans among the crew had been notified."The three ships were released after the necessary legal measures…

18 Nov 2019

Euroseas Acquires Four Containerships

Image: Euroseas

Greece-based provider of seaborne transportation for containerized cargoes Euroseas  announced that it has entered into agreements to acquire four 4,253 teu containerships built in South Korea, three in 2009 and one in 2008.The owner and operator of container carrier vessels said in a press release that the vessels are being acquired from companies controlled by Synergy Holdings Limited for a total consideration of approximately $40 million.The acquisition will be financed by bank debt…

18 Nov 2019

Yemen's Houthis Seize Vessel in Red Sea

Yemeni Houthi forces seized a "suspect vessel" in the Red Sea but will release it if it proves to belong to South Korea after legal procedures are completed, a senior Houthi official said on Monday.The official spoke after the Saudi-led military coalition fighting the Iran-aligned Houthis in Yemen since 2015 accused the group of "hijacking" a vessel that had been towing a South Korean drilling rig.The senior Houthi official, Mohammed Ali al-Houthi told Reuters: "Yemeni coast guards...are checking to see whether (the vessel) belongs to the countries of aggression or to South Korea, in which case it will be released after completing legal procedures. The crews are being well treated."(Reporting by Aziz El Yaakoubi Editing by Mark Heinrich)

17 Nov 2019

Exceptional Growth in LNG Trade, Says Awilco

 Pic: Awilco LNG

The exceptional growth in LNG trade recorded in the first half of the 2019 continued in Q3, says Awilco LNG Group, the Norwegian based fully integrated pure play LNG transportation provider.According to Fearnleys LNG total LNG trade is up about 13 % in the first nine months of the year vs last year. In line with normal seasonal patterns gas prices inched upwards in Q3 but remained historically low due to increased production and muted demand in the Far East.Due to a relatively mild winter reducing gas demand for power generation and higher nuclear power generation in Japan and South Korea…

14 Nov 2019

Hyundai Seeks EU's Ok to Acquire Daewoo

Image: Hyundai Heavy Industries

South Korea’s leading shipbuilding conglomerate Hyundai Heavy Industries (HHI) Group has submitted an application to the European Union for approval for its takeover of the compatriot shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME).According a Yonhap report,  HHI informed that the submission will be reviewed by anti-trust authorities at the European Commission, expecting the results of their call in 2020.Hyundai Heavy has been taking prerequisite steps since April to apply for the EU’s mergers and acquisitions approval.In March…

12 Nov 2019

BP, Total Pact for Adnoc LNG Supply

Photo: ADNOC

The state oil giant Abu Dhabi National Oil Company (ADNOC) signed agreements with BP and Total to book the majority of its liquefied natural gas (LNG) production up to the first quarter of 2022.With the transactions, ADNOC LNG has continued to expand its footprint into new regions and markets, said a press release.“With these new supply agreements, ADNOC LNG has shown that it can react quickly and decisively to changing market conditions while ensuring the security and quality of delivery,’’ said ADNOC LNG CEO, Fatema Al Nuaimi.

12 Nov 2019

Babcock Wins Multiple Orders

Image: Babcock

UK-based engineering services company Babcock said that its liquefied gas equipment (LGE) arm has netted 26 orders in the LNG and liquefied petroleum gas (LPG) carrier markets so far this year.Having won 16 contracts in the LPG carrier market, plus a further 10 ecoSMRT contracts for LNG carriers so far in 2019, the company continues to thrive in challenging market conditions.Now contracted to deliver LPG Fuel Gas Supply System (ecoFGSS) on six LPG carriers in a range of sizes, including the world’s first new-build system, Babcock’s LGE business dominates the sector whilst maintaining LPG and L

06 Nov 2019

GasLog Sees Tighter LNG Shipping Market

Pic: GasLog

GasLog, an international owner, operator and manager of liquefied natural gas (LNG) carriers, is predicting a tighter LNG shipping market, as increasing United States LNG output combines with a seasonal uptick in demand for gas, resulting in rising demand for shipping and higher utilization of the global fleet.These underlying trends in the LNG commodity and shipping markets point towards a structurally tighter market through 2020 and into 2021.As of October 28, 2019, the LNG fleet and orderbook (excluding floating storage and regasification units (FSRUs) and vessels with capacity below 100…

05 Nov 2019

Maritime History & the Panama Canal

Grace Lines COLOMBIA transit of Panama Canal. Source: U.S.Merchant Marine Academy Maritime Museum.

The Panama Canal is a strategic crossroads for maritime traffic, and is arguably one of the most important maritime developments in the past century. Here we take a deeper dive into the history behind that famous strip of waterway.The present canal, which saw its first vessel transits in 1914, along with possible alternatives through Nicaragua and Mexico, had actually been on the minds of merchants, explorers and military/political strategists since the Age of Exploration in early 1500’s.

04 Nov 2019

HHI Adds $1.2Bln to Coffer Selling Stake in Refining Unit

Pic: Hyundai Heavy Industries

South Korea's top shipbuilding conglomerate Hyundai Heavy Industries (HHI) Group said that its holding company HHI Holdings Co will receive 1.4 trillion won ($1.24 billion) in proceeds next month from the sale of a stake in its refining unit, Hyundai Oilbank.In April, state-owned Saudi Aramco had agreed to buy a 17 percent stake in HHIs oil processing operations.Hyundai Heavy Industries Holdings said in a regulatory filing that it had signed a sales agreement with Saudi Aramco…

04 Nov 2019

SGS Acquires UWC and GDS

Subsea Global Solutions (SGS), a commercial diving company, has announced that it has acquired Underwater Contractors Pte. Ltd. (UWC), a prominent commercial diving firm based in Singapore, and Gray Diving Services Pty. Ltd. (GDS), a commercial diving firm based in Sydney, Australia, through separate transactions. With these two tandem acquisitions, SGS expands its global footprint in the Asia-Pacific region beyond Busan, South Korea, where it had a local office for the last 7 years and increases the number of its home ports worldwide to 13.

01 Nov 2019

Hunter Group Takes Delivery of 3rd VLCC

Image: Hunter Group

Norwegian investment company Hunter Group said that its wholly owned subsidiary Hunter Tankers has taken delivery of its third newly built very large crude carrier (VLCC) and subsequently delivered it to its new owner.The new VLCC with hull number 5457, built by South Korea’s Daewoo Shipbuilding & Marine Engineering (DSME), was handed over on October 31 in accordance with a Memorandum of Agreement signed in June 2019. All funds have been transferred and the transaction is complete, the company informed in a press note.On 19 October 2019, Hunter Tankers took delivery of “Hunter Saga” (NB No.

01 Nov 2019

OET Gets Loan for Two Suezmax Newbuilds

Image: Okeanis Eco Tankers

Greece-based shipping company Okeanis Eco Tankers (OET) said it  has secured funding to finance the pre-delivery of two new ECO scrubber-fitted Suezmax tankers.The Greek tanker owner and operator said that it has secured commitment to a USD 45.9 million secured loan facility from Alpha Bank A.E. to finance 88.95% of the total pre-delivery yard installments for the vessel pair.The two ECO design, scrubber-fitted 158,000 DWT Suezmax tankers are under construction at Hyundai Samho Heavy Industries and set for delivery in August 2020.The loan facility is available immediately…

Maritime Reporter Magazine Cover Dec 2019 - Great Ships of 2019

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.

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