South Korea News

19 Mar 2019

BigLift, Chung Yang Join for LNG Heavy Transport

Image: BigLift Shipping

BigLift Shipping and Chung Yang Shipping from South Korea have reached an agreement for cooperation in heavy transport shipping in LNG, oil and gas markets.A joint press release said that their four heavy transport vessels (HTVs) will be commercially operated by BigLift Shipping.With this combination of two pairs of sisterships – BigLift Barentsz and BigLift Baffin and CY Interocean I and CY Interocean II – the companies are ready to meet the future demands in the LNG, Oil and…

17 Mar 2019

Top Ships Adds Tanker to Fleet

Pic: Top Ships

Top Ships Inc, which owns and operates tanker vessels worldwide, said that it took delivery of the 50,000 dwt newbuilding product/chemical tanker M/T Eco Marina Del Ray.According to the international owner and operator of modern, fuel efficient "ECO" tanker vessels currently focusing on the transportation of petroleum products, Eco Marina Del Ray is constructed at the Hyundai Mipo shipyard in South Korea.The Greece-based company also said that the vessel is scheduled to commence its five-year charter employment with Cargill on March 18…

14 Mar 2019

South Korea 1st in Global Ship Orders

Image: Hyundai Heavy Industries

South Korean shipbuilders came in first worldwide in total new orders in February, outpacing Chinese rivals, Yonhap news agency said. It comes around 90 percent of the new vessel construction orders awarded in the month.According to the data compiled by industry tracker Clarkson Research Institute, Korean shipyards garnered new orders totaling 630,000 compensated gross tons (CGTs) in February to build eight ships (or 90 percent), out of the 700,000 CGTs (15 vessels).Third spot went to Japanese shipbuilders with 10-thousand CGT.In the first two months of 2019…

13 Mar 2019

Iran's Oil Tanker Fleet Being Squeezed as Sanctions Bite

© alexyz3d / Adobe Stock

Iran is running short of options to replace its ageing fleet of tankers and keep oil exports flowing because renewed U.S. sanctions are making potential sellers and flag registries wary of doing business with Tehran, Western and Iranian sources said.Since U.S. President Donald Trump reimposed sanctions in November, exploratory talks with South Korea for up to 10 new supertankers have stalled and Panama has also removed at least 21 Iranian tankers from its registry forcing Tehran to put the vessels under its own flag…

05 Mar 2019

SHI Cuts Steel on 4th Teekay Shuttle Tanker

(Photo: Teekay)

Furst steel was cut on Monday at Samsung Heavy Industries (SHI) in South Korea for the fourth and final E-Shuttle tanker in a series for Teekay Offshore. The final vessel will be named Current Spirit.The 130,000 dwt vessels will operate on both liquefied natural gas (LNG) as the primary fuel, and a mixture of LNG and recovered volatile organic compounds (VOCs) as secondary fuel. According to Teekay, the new and innovative shuttle tanker design will reduce emissions and fuel consumption.The power distribution system is part of Wärtsilä’s Low Loss Hybrid (LLH) system…

01 Mar 2019

Vitol and KOMIPO Sign LNG Pact

Photo: Vitol

South Korea's Korea Midland Power (KOMIPO) and Vitol Asia have signed a memorandum of understanding (MOU) on cooperation in various sectors including liquefied natural gas (LNG).Under an existing long-term Supply and Purchase Agreement (SPA), signed in 2015, Vitol agreed to supply KOMIPO with 400,000 tons of LNG annually for 10 years, said a press release from Vitol.Hyung Koo Park, President and CEO of KOMIPO said, “KOMIPO looks forward to developing its relationship with Vitol…

28 Feb 2019

LNG Rates Hit Record in 4Q: Flex LNG

Pic: Flex LNG

During the fourth quarter ended December 31, 2018, spot LNG rates reached record levels as market players were positioning themselves ahead of the winter season, said Flex LNG.According to the UK-based provider of LNG Shipping with a focus on LNG Carriers and FSRUs (Floating Storage Regasification Units), due to a combination of higher temperatures meaning fewer heating days, liquidation of approximately 30 vessels utilized for floating storage the freight rates for LNG has slumped…

25 Feb 2019

DSME Wins More LNG Carriers Order from Maran

Image: Daewoo Shipbuilding & Marine Engineering

South Korea’s shipbuilding giant Daewoo Shipbuilding & Marine Engineering (DSME) has received a contract to build two more liquefied natural gas (LNG) carriers for Greek shipping company Maran Gas Maritime, a unit of Angelicoussis Shipping Group.DSME said that the contract has a value of KRW 419.9 billion (USD 375.2 million).Under the deal with Maran Gas, DSME will build the two 174,000-cubic-meter LNG carriers by the end of 2021, the company said in a statement.Daewoo Shipbuilding has obtained USD1.1 billion worth of orders so far this year to build nine ships…

25 Feb 2019

EPIK, Hyundai Join for FSRU Projects

Image: EPIK Co. Ltd.

South Korea-based liquefied natural gas (LNG) floating storage and regasification unit (FSRU) project development company EPIK Co. has signed a strategic partnership agreement with Hyundai LNG Shipping, the marine freight transportation services for LNG."The agreement lays out a framework for the two companies to work together in the development of FSRU projects around the globe, including, but not limited to, EPIK’s recently announced Newcastle LNG FSRU import project at the Port of Newcastle…

21 Feb 2019

HMM CEO to Step Down

Chang Keun Yoo. Photo: HMM

Chang Keun Yoo, president and CEO of South Korea container line Hyundai Merchant Marine (HMM)  has decided to resign from his position next month.Chang-Keun Yoo has been Chief Executive Officer and President of Hyundai Merchant Marine Co. Ltd since April 02, 2013 and serves as its Chairman of the Board. Yoo served as an Executive Vice President of Hyundai Merchant Marine Co. Ltd., and Head of HMM Europe Ltd.According to a report in WSJ, he has offered to resign after months of being under pressure from its top creditor to quit over failures in its turnaround.

20 Feb 2019

Update: Maersk Honam Heads for Rebuild

The sound part of the vessel Maersk Honam, which was hit by a serious fire last year, is being transported to Hyundai Heavy Industries Shipyard in South Korea, where it will be rebuilt.  Photo: Maersk

The sound part of the vessel Maersk Honam, which was hit by a serious fire last year, is being transported to Hyundai Heavy Industries Shipyard in South Korea, where it will be rebuilt. The sound section of Maersk Honam was successfully loaded aboard the heavy-lift vessel Xin Guan Hua on open waters outside Dubai (UAE) on Saturday, 2 February. It was expected to pass Singapore Strait on Monday, 18 February 2019. The heavy-lift vessel will deliver the 228.5-metres-long section from midship to stern at Hyundai Heavy Industries Shipyard in South Korea in March…

20 Feb 2019

Valles Orders New Tanker from SHI

Photo: Valles Steamship

The Hong Kong and Vancouver-based shipowner Valles Steamship has ordered a new 112,000 dwt crude oil tanker from South Korea’s Sumitomo Heavy Industries Marine & Engineering (SHIME).Ship set to be fitted with a scrubber and will enter the market before the end of 2020, said a release from Valles, which was founded by C.S. Koo in Shanghai as a family business in 1917."We take great pleasure in concluding a newbuilding contract with the esteemed yard and the we look forward to further strengthening their relationship with SHIME…

20 Feb 2019

DSME Workers to Strike Against HHI Takeover

Image: Hyundai Heavy Industries

Workers at South Korea's Daewoo Shipbuilding & Marine Engineering (DSME) voted on February 19 to strike to oppose Hyundai Heavy Industries (HHI)’ proposed takeover.According to labour union, the approval for the proposed strike heralds a bumpy road for a mega deal between HHI and the state-run Korea Development Bank (KDB).The decision to go on strike was supported by a majority of DSME workers in a meeting on February 19, Yonhap reported citing the workers’ 5,600-member union.

19 Feb 2019

Qatar to Buy Up to 60 New LNG Vessels

Saad Sherida Al-Kaabi, Minister of State for Energy Affairs, President & CEO. Photo: Qatar Petroleum

Qatar Petroleum (QP) is expected to order 60 new liquefied natural gas (LNG) carriers to serve new customers once it ramps up its annual capacity from the current 77 million tonnes (mt) to 110 mt after building four liquefaction trains by 2024.A report in Gulf Times quoted the Minister of State for Energy Affairs Saad bin Sherida al-Kaabi, who is also president and CEO of QP saying that the state-run oil company has a team, which is in talks with different ship builders worldwide.“It should be between 50 and 60 vessels that we will require to transport the expanded output of LNG.

19 Feb 2019

Oldendorff Readies for Ship Recycling Regs

Image: Oldendorff Carriers

The dry bulk operator Oldendorff Carriers has entered into an agreement with GSR Services and Korean Register (KR) for the development and certification of Inventory of Hazardous Materials (IHM) for their fleet for meeting tight EU - deadlines.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 30,000 to 40,000 ships being affected, IHM-Expert resources are expected to become scarce in the near future.Nils-Ole Vollmer…

17 Feb 2019

Sunken Stellar Daisy Located

Image: Ocean Infinity

The Stellar Daisy, a massive South Korean tanker that sank in March 2017, was spotted on the floor of the South Atlantic Ocean nearly two years later.Exploration company Ocean Infinity said that it has located the wreck of the lost South Korean tanker, Stellar Daisy, at a depth of 3,461 meters in the South Atlantic Ocean, approximately 1,800 nautical miles due west of Cape Town.Stellar Daisy sank on 31 March 2017, transporting iron ore from Brazil to China. Tragically, 22 of the 24 crew were lost.Working from Seabed Constructor…

17 Feb 2019

Philippine Lenders Saves South Korea's Hanjin

Image: HHIC PHIL

The troubled South Korean shipbuilder Hanjin Heavy Industries & Construction Co said that it has reached an agreement with Philippine banks on debt-rescheduling for its Philippine affiliate HHIC-Phil, Southeast Asia’s largest shipyard by area size.Philippine creditors agreed to acquire shares of Hanjin Heavy, HHIC-Phil Inc., which operates the yard in Subic Bay, in return for solving surely obligations. This means the scheme includes a debt-for-equity swap with Philippine lenders, it added.Hanjin said the deal would be submitted to a Philippine court by the end of this month.

17 Feb 2019

DSME Bags LNG Carrier Order from Maran Gas

File Pic: Daewoo Shipbuilding & Marine Engineering

South Korea’s shipbuilding giant  Daewoo Shipbuilding & Marine Engineering (DSME) has secured an order for a liquefied natural gas (LNG) carrier from Greece-based shipowner.According to Yonhap News Agency the South Korean shipbuilder received an order to build an LNG carrier for Maran Gas Maritime, a unit of the Angelicoussis Shipping Group.The newbuilding - 174,000 cbm ship - is expected to be delivered to its owner by the first half of 2021. The value of the contract has not been disclosed.Daewoo Shipbuilding has obtained US$740 million worth of orders so far this year to build seven ships…

15 Feb 2019

GasLog: LNG Demand Grew 9% in 2018

Image: GasLog

Liquefied natural gas (LNG) is expected to have increased by 9%, from 288 million tonnes per annum (mtpa) in 2017 to 313 mtpa in 2018, said GasLog.The Monaco-based owner, operator and manager of LNG carriers said in a stock exchange announcement that China’s LNG imports increased by approximately 16 mtpa, or 41%, to 54 mtpa in 2018, driven mainly by continued coal-to-gas switching in the industrial, commercial and residential sectors.South Korea, Pakistan, Thailand and Mexico also experienced strong growth in LNG imports during 2018.

14 Feb 2019

Chevron in LNG Supply Deal with GS Caltex

Image: Chevron Corporation

American multinational energy corporation Chevron signed a new sales and purchase agreement with South Korean oil refiner GS Caltex Corporation for the delivery of liquefied natural gas (LNG) to South Korea.As a joint venture between Chevron and GS Energy, GS Caltex has signed a long-term agreement and will begin receiving LNG in October 2019, said a press release from the U.S. oil and gas major.Chevron’s President of Global Gas, Hugh Connett stated the agreement is another indication…

13 Feb 2019

LNG Bunker Supply Vessel Christened

Kairos at the pier (Photo: Nauticor)

On February 8, 2019, what is touted as the world’s largest LNG bunker supply vessel Kairos was christened in the port of Hamburg. With a tank capacity of 7,500 m³, Kairos is the world’s largest LNG bunker supply vessel. The ice class vessel has several other unique features, including the ballast-free design and installation of a CNG tank to store vapor return gas from customer vessels. The construction of the vessel started in 2016 and in February 2018, steel cutting took place at Hyundai Mipo Dockyard (HMD) in Ulsan, South Korea, from where the vessel was delivered in October 2018.

11 Feb 2019

Marine Lube Market: $5.9B by 2024

Image: Mobil

Marine lubricants market, which was above $4 billion in 2016, is expected to surpass consumption of 3.5 million tons, to exceed $5.9 billion by 2024.Asia Pacific marine lubricants market will record an annual growth rate of 4% over the 2016-2023, according to a new research report by Global Market Insights.Surging development in marine infrastructure across this region will augment the product demand. China, Japan, and South Korea are the prominent revenue contributors of the APAC region.

11 Feb 2019

Ocean Infinity Searches for Lost S.Korean Ship

Pic: Ocean Infinity

The seabed survey and ocean exploration company Ocean Infinity announced that its vessel, Seabed Constructor, sets sail from Cape Town to begin the search for the lost South Korean ship, Stellar Daisy.Stellar Daisy sank on 31 March 2017, with the tragic loss of 22 of its 24 crew. The ship, which was transporting iron ore from Brazil to China, is believed to have gone down in the South Atlantic Ocean approximately 1800 nautical miles due west of Cape Town.The Ocean Infinity team is expected to be on site and commencing search operations by mid-February 2019.

Maritime Reporter Magazine Cover Mar 2019 - Cruise Shipping

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