'Hyundai Town' Grapples with Slowed Shipyard and Grim Future
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.
Workers at Croatian Shipyard Uljanik Go on Strike
Some 4,500 workers at Croatia's largest shipbuilding group Uljanik went on strike on Wednesday and called for management to step down in protest over late payment."The management has lost credibility in our eyes, the workers and suppliers have lost confidence," one union leader, Marina Cvitic, said.Uljanik controls two docks in the northern Adriatic, in the cities of Pula and Rijeka.The workers control less than 50 percent of the company, with the state also a minority shareholder.
Three New Arctic-class Ships on Way to Yamal LNG Terminal
Three new liquefied natural gas (LNG) tankers capable of plowing through the Arctic ice have completed sea trials in recent weeks and are due to start operations at the Yamal LNG terminal in northern Russia, Reuters shipping data shows.Novatek's Yamal terminal has been ramping up LNG shipments faster than expected after loading its first cargo in December 2017, with two trains now running at capacity and a third being commissioned.As part of the project, the first along northern Russian shores that are trapped by thick ice for most of the year…
China Tops Leading Maritime Nations of the World: Menon Economics
The 2018 report on the “Leading Maritime Nations of the World” ranks China as the world’s leading maritime nation, placed among the top four on all the maritime pillars in the ranking. China’s position is particularly strong in shipping and ports & logistics.The study conducted by Menon Economics benchmarks the 30 leading maritime nations around the world in four key maritime pillars: shipping, finance and law, maritime technology and ports & logistics, in an attempt to understand the key drivers behind national maritime success.
Iran Floats Surplus Oil as Demand Falls Ahead of US Sanctions
Two tankers carrying Iranian condensate, a type of ultra-light oil, have been floating off the United Arab Emirates for about a month as demand for the oil fell ahead of U.S. sanctions.The tankers, carrying about 2.4 million barrels of South Pars condensate combined, have been floating off the UAE since August after South Korea halted imports from Iran while China's demand dropped during summer, according to several industry sources and shipping data.The build-up in Iranian oil…
OOCL Bags 2018 Singapore Environmental Achievement Award
Orient Overseas Container Line (OOCL) has received the 2018 Singapore Environmental Achievement Award (Regional) at a ceremony held by the Singapore Environment Council’s (SEC) recently.The SEAA (Regional) Award category recognizes local or international companies and organizations with outstanding environmental performance in Asia, and this year, the regional scope has been expanded to welcome companies from Greater China, Japan, South Korea, and ASEAN countries to take part in the awards scheme.In the review and evaluation process…
The Switch Scores Its Largest Marine Contract to Date
advanced drive train technology specialist Yaskawa Environmental Energy / The Switch said it has signed a contract to provide 16 DC-Hubs and 32 frequency converters for a innovative new shuttle tanker concept developed by Teekay and Wärtsilä.The four tankers will be built by Samsung Heavy Industries in South Korea, with Yaskawa Environmental Energy / The Switch set to begin deliveries to Wärtsilä in September 2018.The agreement is the biggest marine contract for Finnish-headquartered Yaskawa Environmental Energy / The Switch since entering the segment in 2013.
Hapag-Lloyd Christens “Al Jmeliyah” in Rotterdam
Hapag-Lloyd's 15,000 TEU ship "Al Jmeliyah" was officially christened in Rotterdam. Naming patron is Inge Sijbesma, the wife of Feike Sijbesma, CEO of the corporation DSM – one of Hapag-Lloyd’s biggest customers in the Netherlands.The name “Al Jmeliyah” is Arabic for “the beautiful one.” With its ten sister vessels, the “Al Jmeliyah” numbers among the so-called “Ultra Large Container Vessels” in Hapag-Lloyd’s fleet.However, this was not the first time that Hapag-Lloyd has christened a ship in Rotterdam. The most recent one was the christening of the “Rotterdam Express” in 2000.
Egina FPSO Sails to Offshore Field
The $3.3 billion Floating Production Storage Offloading (FPSO) unit built by Samsung Heavy Industries of Korea (SHI) for the 200,000 barrels per day capacity Egina oilfield began to sail to the oilfield Sunday, reports local media.Following fabrication and integration works in Lagos, the FPSO will arrive in three days’ time at the Egina oilfield located in Oil Mining Lease (OML) 130, which is being developed at the cost of $16 billion by the French oil major, TotalT.Nicholas Terraz…
Finland: A Hot-Bed of ICEBREAKER Technology
Finland is a traditional marine tech hub, with almost 90 company members in the Finnish Maritime Industries association. While the country has a storied maritime history across many sectors, based on geographic locale, it’s Arctic and ice marine technology is second to none, and it’s hoping the U.S. Coast Guard is taking notice.The Finnish maritime industry is hoping to get involved in developing the new icebreakers for the U.S. Coast Guard polar icebreaker program. Ulla Lainio…
KNS, North Telecom Pact for Maritime Communications
Korean antenna manufacturer KNS has entered into a partnership agreement with Dubai-based satellite services provider North Telecom, under which the companies will offer each other mutual support in building market share in the maritime communications sector.NorthTelecom hopes to increase its footprint in the oil & gas, and maritime telecommunication sectors with the agreement,. The agreement gives KNS access to NorthTelecom's storage facilities for their antennnas at their warehousing facilities across the globe.
South Korea Tops Global Shipbuilding Industry in July
South Korea maintained its number one ranking in the global shipbuilding market in July. The South Korean yards were responsible for almost half of all new orders placed in July 2018.According to Clarkson Research, Korea received orders in July totaling 970,000 compensated gross tonnage or CGT, a measure of work needed to build a vessel. That accounts for about fifty percent of the month's global shipbuilding orders.Yonhap reported that it is a sign of the industry's possible…
Croatian Shipyard Workers to End Strike, Future Uncertain
Workers at Croatia's largest shipbuilding group Uljanik, who have been on strike for more than a week, began receiving their delayed July salaries on Friday and are set to return to work on Monday.Union leaders and Prime Minister Andrej Plenkovic, whose government struck a deal with a local bank, confirmed the payments for some 4,500 workers at the docks, located in the northern Adriatic cities of Pula and Rijeka.Last Monday the workers protested in Zagreb demanding the government's help.Despite the funds secured for July and August salaries…
Sovcomflot Group Launches SCF Far East Tall Ships Regatta 2018
Russia’s largest shipping company Sovcomflot Group (SCF Group) informed that the SCF Far East Tall Ships Regatta 2018 was officially launched. This marks the first time that Russia’s Far East will host an international tall ship race.The principal competition begins on 1 September with the race from Yeosu (South Korea) to Vladivostok, with over 20 vessels from Russia, Japan, China, South Korea, Indonesia, and other countries competing to be the first to cover the distance of over 500 nautical miles. The ships are expected to arrive to Vladivostok on 8-9 September 2018.
Nordic American Tankers Adds New Suezmax
South Korea's Samsung Heavy Industries (SHI) delivered the second suezmax newbuilding, to Nordic American Tankers (NAT) on August 31, on time and on budget.NAT had previously ordered the three suezmax newbuildings from Samsung Shipbuilding. The first one was delivered to NAT July 10, 2018.The latest one has the name of Nordic Cygnus, which is a star constellation.Over the years, NAT has received several newbuildings from Samsung. All transactions with Samsung have been performed in a flawless way. A suezmax is able to load one million barrels of crude oil. At this time NAT has 25 suezmaxes.
HHLA Transports Ship Propeller for Hyundai Supreme
Hamburger Hafen und Logistik AG (HHLA) loaded the biggest ship propeller in the world onto a vessel. The “HHLA IV” floating crane brought the gigantic 110-tonne object to the port of Waltershof, where it was hoisted onto the “Hyundai Supreme” container ship.It was the most powerful ship propeller to have ever been lifted by the hook of a HHLA floating crane. Although HHLA regularly loads the specialised products of Mecklenburger Metallguss GmbH (MMG) onto ships in Hamburg, the latest propeller…
Höegh LNG Secures FSRU Debt Financing
Höegh LNG Holdings Ltd. said it has received commitment letter for a sale and leaseback financing for another floating storage and regasification unit (FSRU) of up to $206 million. FSRU #10 is currently under construction at Samsung Heavy Industries in South Korea, and is scheduled for delivery in the second quarter of 2019.The facility is provided by CCB Financial Leasing Co. Ltd. (CCBFL), a wholly owned subsidiary of China Construction Bank (CCB), and is available to fund 70 percent of the delivered cost of the FSRU…
KOGAS Invests $8.84bn in LNG, Hydrogen Projects
South Korean state-owned Korea Gas Corporation (KOGAS) will invest 10 trillion won (US$8.84 billion) by 2025 to expand its natural gas capacity and infrastructure for hydrogen vehicles and other clean energy sources, reports Yonhap.Kogas, which has a monopoly on domestic natural gas sales, unveiled a long-term business plan on the 35th anniversary of its foundation as it expects to play a greater role under the government’s energy transformation policy. The world’s second-largest…
Container Shipping Bankruptcy Lends Insight on Potential Fallout from Trade War
Global trade tensions have captured headlines in recent months, as the imposition of a series of tariffs and counter-tariffs by various global trade counterparts has raised questions about the possibility of a trade war. Such development could potentially have an impact on global trade flows, and, consequently, the companies which facilitate international movement of goods.Though the situation is still developing and the final impact is uncertain, Gregory Draco, the Chief U.S. Economist at Oxford, predicted in July that the tariffs would create an 0.1 percent to 0.2 percent drag on U.S. GDP.
S.Korean Shipbuilders Jump over Rising LNG Tanker Prices
South Korea's shipbuilders jump after an industry report notes rising prices of liquefied natural gas tankers that is set to benefit the country's shipbuilders.Shares of Hyundai Heavy Industries soar 9.2 pct, while those of Daewoo Shipbuilding & Marine Engineering jump 9.7 pct.Samsung Heavy Industries adds 5.7 pct, after it secured a contract worth 412 billion won ($368 million) to build two LNG carriers for a ship owner in North America.The stock price gains reflect the report issued by Clarkson, a UK shipbuilding industry analysis organisation, which raised the price of an LNG tanker to $181
GasLog Orders LNG Duo at Samsung Heavy Industries
Monaco-based LNG shipper GasLog has ordered two 174,000 cubic meter LNG carriers (HN 2300 and HN 2301) with low pressure two stroke (“LP-2S”) propulsion at Samsung Heavy Industries in South Korea, with expected delivery in late 2020.GasLog will use these vessels to fullfill the two new charter party agreements, each for a firm period of seven years, that it had signed with a wholly owned subsidiary of Cheniere Energy.The rate of hire for the Charters is broadly in line with mid-cycle rates and delivers returns in line with GasLog’s financial strategy.In addition to the Charters…
Scrubbers Market to Surpass $8 Bln by 2024 -Report
The market for marine exhaust gas cleaning systems, also known as scrubbers, is expected to continue generating momentum in the years ahead amid increasing concern toward maritime pollution and new environmental regulations. The global market share for marine scrubbers is predicted to surpass $8 billion by 2024, according to a report by Global Market Insights.As per the latest International Maritime Organization (IMO) legislation, effective from January 1, 2020, the maximum limit of sulphur in fuel oil used on board ships will be 0.5 percent m/m…
Maersk Sends First Containership through the Arctic
A Maersk vessel loaded with Russian fish and South Korean electronics will next week become the first containership to navigate an Arctic sea route that Russia hopes will become a new shipping highway.The Arctic voyage by the 3,600 20-foot container capacity Venta Maersk is the latest step in the expansion of the so-called Northern Sea Route which is becoming more accessible to ships as climate change reduces the amount of sea ice.The brand new Venta Maersk, one of the world's largest ice-class vessels…