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Thursday, November 15, 2018

South Korea News

ICS Chairman Warns on Global Trade War

ICS Chairman Esben Poulsson. File Photo: International Chamber of Shipping (ICS)

International Chamber of Shipping (ISC) Chairman Esben Poulsson has warned of the threats facing the global economy as US trade sanctions against China and other countries risk damaging long-term development.Speaking on behalf of the global trade association for ship owners in Tokyo on 13 November, Poulsson said that the shipping industry had little power to change the geopolitical and trade policies pursued by governments.Esben Poulsson, highlighted serious concerns about the…

China Becomes Top Natural Gas Importer

© vladsv / Adobe Stock

China has overtaken Japan to become the world's top importer of natural gas, as Beijing's crackdown on pollution boosts its demand for the more environmentally friendly fuel, while the restart of nuclear reactors in Japan reduces its LNG imports.China's total natural gas imports over January to October this year via pipeline and as liquefied natural gas (LNG) were at 72.06 million tonnes, up a third from the same period last year, according to Reuters calculations based on General Administration of Customs data.Japan…

Ice-breaking Tanker Heads for Russia to Load Yamal LNG

A new ice-breaking tanker capable of navigating the Arctic on its own is set to load its first liquefied natural gas (LNG) shipment from Russia's fast-expanding Yamal facility.The Georgiy Brusilov left South Korea's Daewoo Shipbuilding and Marine Engineering shipyard at the weekend and is due at Yamal's Sabetta port on Nov. 28, Refinitiv Eikon data shows.It is the eighth ARC7-class LNG carrier, which are longer than the Titanic, to join the Yamal fleet operated by Teekay, Mitsui OSK Lines and Dynagas, with another seven expected.The vessels have enabled Yamal's operator Novatek to ramp up production since its first LNG cargo at the end of last year…

The Sea Locks to Reach IJmuiden in Two Months

Pic: Port of Amsterdam

Two weeks ago, the gates for the new sea lock at IJmuiden were loaded on a ship for transport from South Korea to the Netherlands. They are expected to arrive here in about two months, said a press release from Port of Amsterdam.A total of three lock gates are on board the ship. Two of the gates are going to be put in operation; the third one will be used as a spare gate. At this moment, OpenIJ is busy with the sinking operation of one of the lock gate chambers (the one on the seaward side).Each of the lock gates is 72 metres long, 24 metres high and 11 metres wide.

Workforce Down by 27% at S. Korea’s ‘Big 3’ Shipbuilders

Image: Samsung Heavy Industries

South Korea's Big Three shipbuilders  - Hyundai Heavy Industries (HHI), Samsung Heavy Industries (SHI) and Daewoo Shipbuilding & Marine Engineering (DSME) - have hit record low in workforce.According to a report in Business Korea, the total number of employees in South Korea's Big Three shipbuilders has plunged a whopping 27 percent compared to 2011.The “big three” shipbuilders had 36,757 employees on the payroll last year, down 27.04 percent from 50,377 in 2011.The figure decreased to 35…

Japan Takes South Korea to WTO Over Financial Support for Shipbuilders

Japan has launched a complaint at the World Trade Organization to contest allegedly illegal financial support given by South Korea to commercial shipbuilders, according to a WTO filing published on Tuesday."The measures in question relate to the development, production, marketing, and/or sale or purchase of commercial vessels, including vessels designed to carry crude oil, liquefied natural gas (LNG), and shipping containers," Japan's complaint said.(Reuters, Reporting by Tom Miles; editing by Stephanie Nebehay)

Hyundai Merchant Marine Loss Grows in Q3

Image: Hyundai Merchant Marine

South Korea's largest shipping firm by sales Hyundai Merchant Marine (HMM) said that its operating loss in the third quarter increased to 123.1 billion won (US$108.65 million) from 29.5 billion won in the same period last year.According to the company, the net loss widened due to unfavorable market conditions and high fuel costs.According to Yonhap, the net loss reached 166.7 billion won (US$146.7 million) in the July-September period, compared with a net loss of 60.3 billion won during the same period last year."Bunker fuel prices reached $445 per metric ton in the third quarter…

Japanese, South Korean Trawlers Collide in Sea of Japan, 13 Rescued

At this stage, the rescue operation is being taken care of by private fishing vessels, and our patrol boats have already arrived in the area. The damage to the Japanese fishing boat is minor and there has been no casualities.A South Korean trawler and a Japanese fishing boat collided in the Sea of Japan on Thursday (November 15) about 330 km (205 miles) northeast of an island claimed by both countries, officials said.Part of the 48-tonne South Korean trawler was submerged after the collision, which occurred at 9:38 a.m. local time (0038 GMT), a South Korean Coast Guard official said. All 13 sailors aboard the South Korean boat were rescued…

Asia-Pac Offshore Wind Capacity to Rise 20-fold in a Decade: Wood Mackenzie

Image: Orsted, Taiwan

Asia-Pacific's offshore wind capacity will rise 20-fold to 43 GW in 2027, said new research from global natural resources consultancy Wood Mackenzie. Future offshore wind prices will be competitive with traditional thermal prices, it said.Leading the charge is China, which is expected to see offshore wind capacity grow from 2 GW last year to 31 GW in the next decade.Next is Taiwan which will account for 20% or 8.7 GW of offshore wind capacity by 2027, making it the largest offshore…

Samsung Shipbuilding Delivers Newbuild to Nordic American Tankers

Pic: Nordic American Tankers

The international tanker company Nordic American Tankers (NAT) said that the third 2018 suezmax newbuilding from Samsung Shipbuilding in South Korea was delivered yesterday ( October 25, 2018). According to a press release from the tanker firm, the first one was delivered to NAT July 10, 2018. The second ship was delivered August 31, 2018.This third vessel has the name of Nordic Tellus, which means the planet Earth in Latin. The sponsor of the vessel is Mrs. Hyun Hee Chung, the wife of Dr.Whan Chang…

Korea's Shipbuilders Rise on Country's Top Ranking for Orders

File Image: AdobeStock / © Burnel1

Shares of South Korean shipbuilding companies jump, boosted by the country's tally of orders in January to October as well as a positive outlook for the sector.outh Korea's volume of orders in Jan-Oct ranked the highest, with the country securing about 45 pct of total orders, according to industry sources citing the lastest data from Clarksons Research.South Korea is expected to remain the top ranked for ship orders this year as it exceeds No. 2 China at 31 pct, according to the report.

Saudi Aramco to Invest in China

In the presence of senior Vice President of Downstream Abdulaziz al Judaimi and Governor Yuan Jiajun ( R5), Vice President of International Operations Said Hadrami and Vice Givernor Zhu Congjiu signed the memorandum of understanding between Saudi Aramco and People’s Government of Zhejiang to acquire a share of Zhejiang Petrochemical’s new refinery project on the International Petroleum and Natural Gas Enterprises Conference (IPEC) 2018 in Zhoushan, east China’s Zhejiang province. Photo:  Saudi A

Saudi Aramco recently signed an MoU with Chinese Zhejiang provincial government during the 2nd International Petroleum and Natural Gas Enterprises Conference (IPEC), to acquire a share of Zhejiang Petrochemical’s new refinery project.Abdulaziz Al Judaimi, Sr. VP Downstream, said: "We are exploring opportunities for new refining and petrochemicals facilities, making further investments in China. Saudi Aramco has recently signed a crude oil supply agreement with Zhejiang Petrochemical (Rongsheng). This increase in customer base is due to our continuous focus and attention to the Chinese market.

World’s Largest LNG Bunker Vessel Sails for Delivery

Kairos (Photo: Nauticor)

The world’s largest liquefied natural gas (LNG) bunker supply vessel began its voyage from Hyundai Mipo Dockyard (HMD) in South Korea to the ship’s primary area of operation in Northwest Europe, on Wednesday.The 7,500 m³ capacity Kairos is the world’s largest LNG bunker supply vessel. It will be ready for operations before the end of 2018.Mahinde Abeynaike, CEO of Nauticor, which holds 90 percent of the joint venture that charters the vessel, said, “The arrival of the Kairos in the Baltic Sea will set a milestone for LNG as a ship fuel.

Croatian Shipbuilders Strike Again Over Late Salary

© burnel11 / Adobe Stock

Workers at Croatia's largest shipbuilding group Uljanik on Monday held their second strike in less than two months, this time over unpaid salary for September.In late August, the workers downed tools because of uncertainty over payments for July and August. Those two months' salaries were secured after the government reached a deal with a local bank.Uljanik owns two docks, with some 4,000 workers, located in the northern Adriatic cities of Pula and Rijeka. Some 1,500 started a…

Samsung Heavy Industries Wins a LNG Carrier

Pic: Samsung Heavy Industries(SHI)

South Korea's shipbuilder Samsung Heavy Industries (SHI) has clinched a new contract  for a  liquefied natural gas (LNG) newbuilding.According to a press statement from the company, the contract is worth KRW 212 billion (USD 185 million). The newbuilding will have a capacity of 174,000 cubic meters, it added.The ship will be delivered to an unnamed shipowner from the Oceania region by the end of January 2021, SHI said.The latest LNG carrier contract comes two weeks after Japanese…

Ocean Yield Adds Tankers to its Fleet

Lars Solbakken, Chief Executive Officer. Photo: Ocean Yield

Ocean Yield has agreed to acquire two 2015 built 37,000 dwt IMO II chemical tankers with 12-year bareboat charters to companies owned and guaranteed by Ardmore Shipping Corporation. The aggregate purchase price is approximately USD 51 million net of pre-paid charter-hire.The ship owning company with investments in vessels on long -term charters also announced that it has today taken delivery of the newbuilding suezmax crude tanker Nordic Tellus from Samsung Heavy Industries' shipyard…

MacGregor Cleared to Acquire TTS' Marine & Offshore Units

Logo: MacGregor

MacGregor, a part of Cargotec, has yesterday received a clearance decision from the German Federal Cartel Office (Bundeskartellamt) for the company's acquisition of the marine and offshore businesses of TTS Group ASA, which was announced on 8 February, 2018.  The completion of the intended transaction is still subject to regulatory approvals in China and South Korea. MacGregor expects to receive these approvals by the end of 2018 and to complete the transaction, according to the agreement, as soon as possible thereafter.

US Crude Oil Exports to China Stalled

© Igor Groshev / Adobe Stock

The development that saw no U.S. seaborne exports of crude oil to China in August has continued into September, according to BIMCO. This is despite crude oil not being a part of the ‘official trade war’.“The trade war between the U.S. and China is now impacting trade in both tariffed and some un-tariffed goods with both countries looking elsewhere for alternative buyers and sellers,” said Peter Sand, BIMCO’s Chief Shipping Analyst.“Ton mile demand generated by total U.S. crude oil exports has risen 17 percent from August to September…

New Sea Lock at IJmuiden

Pic: Port of Amsterdam

To accommodate increasingly larger ships, a new sea lock is being built at IJmuiden, a port city in the Dutch province of North Holland.The construction started in 2016. It will be the largest sea lock in the world. The sea lock ensures that ships can access the ports and port businesses along the North Sea Canal in a safe and efficient way, irrespective of the tide.The new sea lock will be 500 metres long, 70 metres wide and 18 metres deep. The project is a joint venture of the Ministry of Infrastructure and Water Management…

MacGregor Signs LOI with CSSC

MacGregor and China State Shipbuilding Corporation (CSSC) have signed a Letter of Intent (LOI) on strategic cooperation. The LOI was signed on October 29, 2018 at an executive level meeting in Beijing led by Lei Fanpei, the CSSC Chairman and Michel van Roozendaal, MacGregor President.MacGregor sees that this cooperation will further strengthen its presence in Asia and specifically in China, the world's biggest shipbuilding market. CSSC is a very important partner for MacGregor, as it is the primary shipbuilding group in China and well positioned as a global leader in the industry.The LOI relates to MacGregor's planned acquisition of the marine and offshore businesses of TTS Group and future cooperation potential between the two groups.

Babcock Delivers World's Largest LNG Bunker Supply Vessel

Image: Lloyd's Register

Babcock International is celebrating the completion of its ‘first of its kind’ and the world’s largest liquefied natural gas (LNG) bunker supply vessel, M.V. Kairos, as it is delivered to Babcock Schulte Energy (BSE).BSE is a 50:50 joint venture between Babcock and Bernhard Schulte Shipmanagement (BSM)."This achievement follows the success in meeting a series of critical programme milestones after initial ship award in December 2016 and highlights the strength of the relationship between the two organisations…

No Waiver for Japan on Iran Sanctions

File Image / AdobeStock / © Jose Gill

Japan said on Thursday it had not yet been granted a waiver from a U.S. plan to reimpose sanctions aimed at cutting Iran out of international markets, while the top two customers for Iranian oil, China and India, were awaiting word on possible exemptions.The United States has said it is considering waivers on sanctions for countries that are reducing their imports of Iranian oil. The renewed U.S. sanctions on Iran are set to come into effect on Nov. 4."Japan-U.S. talks have been conducted four times so far on U.S.

US Grants Temporary Iran Oil Waivers to Eight Countries

© Igor Groshev / Adobe Stock

The United States has granted exemptions to eight countries allowing them to temporarily continue buying Iranian oil, Secretary of State Mike Pompeo said on Monday, as Washington reimposed sanctions on Iran's banking, energy and shipping industries.Some of the eight countries - China, India, Greece, Italy, Taiwan, Japan, Turkey and South Korea - include OPEC member Iran's top customers.Pompeo said more than 20 countries have already cut their oil imports from Iran, reducing purchases by more than 1 million barrels per day.(Reporting by Lesley Wroughton, Susan Heavey and Humeyra Pamuk; Editing

Maritime Reporter Magazine Cover Nov 2018 - Workboat Edition

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