South Korea News

23 Jan 2019

LNG Import: China is World's No. 2 buyer in 2018

© Wojciech Wrzesien/AdobeStock

China's imports of liquefied natural gas (LNG) in December soared 25 percent from the same period a year earlier to a monthly record of 6.29 million tonnes, customs data showed on Wednesday.The previous record of 5.99 million tonnes was set in November.For the whole of 2018, imports grew 41 percent from 2017 to a record 53.78 million tonnes, according to the data from the General Administration of Customs. That saw China retain its position as the world's second-buyer buyer of the super-chilled fuel after Japan…

23 Jan 2019

New IJmuiden Sea Lock Gets Gates

Photo: Gerrit Serne, Port of Amsterdam

The first of a total of three lock gates for the new sea lock has arrived at IJmuiden harbour in the Dutch province of North Holland.According to Port of Amsterdam Authority, the lock gate was towed by a tug across the North Sea to its final destination. On its way from South Korea to IJmuiden - with a stopover at Maasvlakte 2 - the lock gate has covered a total of more than 26,000 km. The transport over the last 150 km took 30 hours and went smoothly.Minister of Infrastructure and Water Management…

22 Jan 2019

TOP Ships: $45.8m for M/T Eco California

TOP Ships Inc.,  an international owner and operator of modern, fuel efficient “ECO” tanker vessels currently focusing on the transportation of crude oil and petroleum products, concluded Financing Agreements of up to $45.8 million for M/T Eco California, currently under construction at Hyundai Mipo Co., Ltd. in South Korea and for M/T Nord Valiant, with a major Chinese leasing company.

22 Jan 2019

Tanker Tech: TMC for Roncador Tankers

(Photo: Knutsen NYK Offshore Tankers AS)

TMC Compressors of the Seas (TMC) has signed a contract to supply complete marine compressed air systems for two shuttle tankers that Hyundai Heavy Industries (HHI) is building for Norwegian tank operator Knutsen NYK Offshore Tankers (KNOT).The two 153,000 DWT DP2 shuttle tankers will be built by Hyundai Heavy Industries at their shipyard in South Korea and delivered in 2020. Following delivery, the vessels will operate in Brazil, under a long-term charter with energy major Equinor ASA (formerly Statoil ASA).Under the contract…

18 Jan 2019

LNG REPORT: LNG Bunkering Vessels Rise to Nine, 30 More to Come

Image: SEA\LNG

The liquefied natural gas (LNG) bunkering infrastructure is expanding globally and there are increasing numbers of LNG-bunker vessels which are encouraging other operators to adopt LNG.According to SEA\LNG,  the multi-sector industry coalition aiming to accelerate the widespread adoption of liquefied natural gas (LNG) as a marine fuel, from limited availability at select ports, LNG bunkering has grown to encompass 24 out of the world’s top 25 and all but one of the top ten bunker…

17 Jan 2019

Troubled Shipbuilder Uljanik Draws Investor Interest

© lexlero / Adobe Stock

Croatia's largest shipbuilder Uljanik, which is trying to attract investors to stay afloat, extended a due diligence process until late next week after drawing the interest of potential strategic partners.Croatia's Economy Minister Darko Horvat said four potential investors were looking at Uljanik's business data and another company was also interested, but did not elaborate."I expect at least two serious offers for Uljanik at the end of this process which would then prevent its bankruptcy…

16 Jan 2019

CNOOC Storing LNG Offshore

© Juan Calcedo / Adobe Stock

China's state-owned CNOOC is temporarily storing liquefied natural gas (LNG) in a tanker off South Korea as a warmer than usual winter cuts expected spot demand for the fuel, industry sources said on Wednesday.China faced a severe winter gas shortage last year after switching millions of households to natural gas from coal for heating, prompting Chinese companies this winter to secure supply well ahead of time, they said.However, the winter so far has been relatively mild and weather data from Refinitiv Eikon largely points towards warmer than usual temperatures ahead…

15 Jan 2019

Taiwan's Evergreen Opens Four New Offices in Latin America

File Image: Evergreen Marine Corp

Taiwanese container transportation and shipping company  Evergreen Marine Corp. is expanding its operations into Central and South America this year following the recent opening of four new agency offices in the region."In view of the growth potential in Latin American trade, Evergreen Line is continuing to establish its own offices at main service locations in the region. The move will strengthen the effectiveness of the line’s operations, improve its capability to react to market opportunities…

15 Jan 2019

First U.S. Crude Cargoes Head to China Since Trade Breakthrough

The U.S. Gulf Coast port of Corpus Christi has evolved into the nation's most active crude export complex. CREDIT: Port of Corpus Christi, Texas

Three cargoes of U.S. crude are heading to China from the U.S. Gulf Coast, trade sources said on Monday, the first departures since late September and a 90-day pause in the two countries' trade war that began last month.The vessels left Galveston, Texas, last month and are scheduled to arrive at Chinese ports between late January and early March, according to shipbrokers and vessel tracking data. The shipments mark a change since Chinese buyers largely began avoiding U.S. oil during the trade dispute that flared last summer."It looks like China has resumed purchasing U.S.

15 Jan 2019

Offshore Wind Market Expected to Reach $50 bln by 2023

Image: Siemens

The global offshore wind energy market is poised to grow over USD 49.74 billion by 2023 at an estimated CAGR of around 11.12% during the period 2017 to 2023.The growth in this sector can be attributed to the increasing demand for clean and reliable energy in order to reduce the global carbon emissions and to maintain ecological balance by generating electricity through renewable resources, said a report by Market Research Future.However, high initiating capital cost of the projects with high maintenance cost and logistics issues, can hinder the offshore wind market.

14 Jan 2019

Chinese Eye Philippines Hanjin Shipyard

Image:  Hanjin Heavy Industries and Construction

Two Chinese shipbuilding companies have expressed intent to invest in the largest Philippine shipyard, debt-riddled Hanjin Heavy Industries and Construction Philippines, the Department of Trade Industry (DTI) said.Drowning in debt,  the Philippine business of the Hanjin Group of South Korea, has asked the government for help in search of an investor who would take over the business and save the troubled shipbuilder.Philippines Rodrigo Duterte administration has stepped in to help save the troubled investor in Subic.According to local media reports…

09 Jan 2019

Gaslog Orders Two LNG Carriers at Samsung Heavy

Pic: GasLog Ltd

The Monaco-based international owner, operator and manager of liquefied natural gas (LNG) carriers, GasLog Ltd said that two 180,000 cubic meter LNG carriers with low pressure two stroke (LP-2S) propulsion and GTT Mark III Flex Plus cargo containment systems have been ordered from Samsung Heavy Industries (SHI) in South Korea.The newbuilding ordered to fulfil the Charters Gaslog signed with the wholly owned subsidiary of Cheniere Energy, Inc each for a firm period of seven years.Gaslog…

08 Jan 2019

d’Amico Tankers Signs Sale and Leaseback Deals for New Tanker

Pic: d'Amico International Shipping

The marine transportation company operating in the product tanker market d’Amico International Shipping (DIS) has secured a first in the Japanese market, signing an operating lease transaction for one of its LR1 newbuildings.d’Amico Tankers D.A.C. (Ireland), the subsidiary of DIS, has signed a memorandum of agreement and bareboat charter contract for its newbuilding LR1 vessel, said a release.Under the deal, the company agreed a sale and leaseback of the 75,000 dwt MT Cielo di Houston…

07 Jan 2019

IJmuiden Sea Lock Getting Ready

Pic: Port of Amsterdam

The construction activities on the site of the new sea lock in IJmuiden are in full swing, said Port of Amsterdam.More than 200,000 m3 of concrete have now been poured and still more will be poured in January and February, including concrete for the inner lock head (number 1 in the picture) and for the lock chamber (number 3 in the picture).Also in January and February, work will continue on the completion of the lock gates and on the local control buildings - which are now taking shape (numbers 4 in the picture).After a 44-day voyage from South Korea via Cape of Good Hope…

08 Jan 2019

South Korean Shipbuilding No.1 Again

Image:  Hyundai Heavy Industries Co

South Korea’s shipbuilding industry reclaimed the title of world’s biggest shipbuilder (in terms of orders volume) in 2018 for the first time in six years, since it had conceded No.1 spot to China in 2012.The global orders of Korean shipbuilders stood at 12.6 million compensated gross tonnage (CGT) last year, accounting for 44.2 percent of the total orders, according to Clarkson Research, shipbuilding and marine analysis agency in the U.K. The orders of Chinese shipbuilders were 9.1 million CGT…

04 Jan 2019

Forward Ships Receives South Korean Patent

Image: Forward Technologies Corp.

Forward Ships, which enables the adoption of liquefied natural gas (LNG) as the fuel of choice for ships at a global scale, said that its  innovative machinery arrangement received its first official patent right from South Korea, a major shipbuilding nation.The Korean Intellectual Property Office Examiner decided to grant this patent application pursuant to Article 66 of the Korean Patent Act to Arista Shipping S. A.  The Project Forward initiative led by Athens-Based Arista Shipping…

03 Jan 2019

Hyundai Heavy Industries Eyes USD 15.9bln Order for 2019

Image: Hyundai Heavy  Industries

South Korea's shipbuilding giant Hyundai Heavy Industries (HHI) has set a 2019 shipbuilding total sales target of USD15.9 billion.According to the Yonhap News Agency, this is a 20.7 percent increase on last year's target of $13.2 billion. The group - including HHI, Hyundai Samho Heavy and Hyundai Mipo Dockyard - won $13.7 billion worth of deals in 2018.Yonhap said that HHI vowed to win deals worth $8 billion in the shipbuilding segment, followed by Hyundai Samho Heavy and Hyundai Mipo Dockyard with $4.3 billion and $3.5 billion…

31 Dec 2018

Ocean Infinity Joins Search for Lost Bulker

(Photo: Ocean Infinity)

U.S. based Ocean Infinity said it has been awarded a contract from the Government of South Korea to search for the wreckage of lost bulk carrier Stellar Daisy, which sank on on March 31, 2017, with 24 people on board.The Stellar Daisy was transporting iron ore from Brazil to China when it was lost in the South Atlantic Ocean, approximately 2,500 nautical miles due east of Uruguay.Ocean Infinity said it expects to commence search operations in January 2019 using its high-tech fleet of autonomous underwater vehicles (AUVs).

28 Dec 2018

Case Study: Floating top marks for piles in flooding rivers

Image: Grupo Lindley / Administração dos Portos do Douro, Leixões e Viana do Castelo

Grupo Lindley was approached by Administração dos Portos do Douro, Leixões e Viana do Castelo in Portugal to improve the reliability of the aids to navigation in the Douro River. Along this stretch of navigable waters there are many piles that when the river floods become totally submerged.In conjunction with Instituto Hidrográfico (Portuguese Navy), Almarin together with sister company Lindley in Portugal has been working on a topmark that performs as a buoy floating off from the pile in high water.

27 Dec 2018

Great Ships 2018: BP's British Partner

Photos: BP Shipping

BP Shipping took delivery of British Partner, the first of a half dozen new 173,400 cu. m. capacity liquefied natural gas (LNG) carriers to be delivered through 2018 and 2019 from the DSME shipyard in South Korea. BP Shipping, which launched a fleet rejuvenation program in 2016 that includes 32 new vessels for delivery over a three-year period, said the six new Partnership class ships will increase its ability to transport LNG in emerging new markets, such as Pakistan, Jordan, Egypt and Bangladesh, in addition to established markets, such as India, China, the U.S.

27 Dec 2018

Empty Shipyard: "Hyundai Town" Grapples with Uncertain Future

File Image / CREDIT © Burnell11

Hyundai has outsized influence over town's economy, population; Ulsan could be South Korea's Rust Belt in the making.When Lee Dong-hee came to Ulsan to work for Hyundai Heavy Industries five years ago, shipyards in the city known as Hyundai Town operated day and night and workers could make triple South Korea's annual average salary.But the 52-year-old was laid off in January, joining some 27,000 workers and subcontractors who lost their jobs at Hyundai Heavy between 2015 and 2017 as ship orders plunged.To support their family, Lee's wife took a minimum wage job at a Hyundai Motor supplier.

24 Dec 2018

China to Push LNG Shipbuilding

Image: Hudong-Zhonghua Shipbuilding (Group) Co

China would like to compete with South Korea in the field of building liquefied natural gas (LNG) carriers building.South Korea has won 86 percent of the world's total orders or 52 orders for LNG carriers so far in 2018, according to Clarkson Research. The remaining nine orders were shared by companies from China, Singapore and Japan.Though China leads offshore engineering products and mega container vessel shipbuilding sectors, the country is a laggard in LNG shipbuilding.A recent report in the country's official media China Daily quoted Tan Naifen…

21 Dec 2018

U.S. Soybean Cargo Unloaded in China

File image: Soy cargo loading (CREDIT: AdobeStock / © Igor Strukov

A vessel carrying U.S. soybeans has unloaded its cargo at the port of Qingdao in China on Friday, shipping data showed, amid a trade truce between China and the United States.The Star Laura, originally carrying 69,298 tonnes of soybeans loaded in Seattle, arrived at Qingdao outer anchorage in early November.The vessel's draft is now at 44 percent of its maximum depth, indicating it has emptied its load, data from Refinitive Eikon showed.The ship changed destination to South Korea in early November but came back to the port in eastern Shandong province in December…

Maritime Reporter Magazine Cover Jan 2019 - Ship Repair & Conversion: The Shipyards

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