Yonhap News

10 Nov 2019

SHI Losses Widen

Pic:  Samsung Heavy Industries

South Korean Samsung Heavy Industries (SHI) reported its third-quarter net loss of 583.2 billion won (US$ 503.8 million), compared with a KRW80.30 billion loss in the same quarter a year earlier, staying in the red compared with a year ago.The loss widened sharply in the wake of a cancelled shipbuilding deal. Mitsui Ocean Development & Engineering Co. (MODEC) was recently selected as the floating production, storage and offloading (FPSO) unit supplier for the Barossa Project in Australia.

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…

15 Oct 2019

DSME WIns Order for Five Mega Ships

Image: Daewoo Shipbuilding & Marine Engineering

South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering has secured an order for five new container ships set for delivery next year. The contract is worth KRW 903.9 billion (about USD 762 million), DSME said in a stock exchange filing.DSME announced the order without naming the buyer. But according to a WSJ report, Mediterranean Shipping Co.(MSC) is the company that placed order for  five giant container ships in a new sign that ocean cargo carriers are building up their capacity despite falling freight rates and weak trade growth.The report said that the Geneva-based MSC…

15 Oct 2019

Korean Shippers Jointly Pitch for Qatari LNG Newbuilds

Image: Qatar Petroleum

Five South Korean shipping companies - Korea Line, Pan Ocean, SK Shipping, Hyundai LNG Shipping and H-Line Shipping -  could partner up to secure liquefied natural gas transportation services for Qatar’s LNG production capacity expansion project.Qatar Petroleum is expected to put up shipping contracts for at least 40 LNG carriers by the end of the year for its North Field Expansion project, which aims to increase the nation’s LNG production capacity from 77 million tons to 110 million tons per annum starting in 2024.According to Yonhap, the Qatari state-run company will need an additional 60 L

26 Sep 2019

HHI Bags Order for 2 Crude Carriers

Image: Hyundai Heavy Industries

South Korea shipbuilding giant Hyundai Heavy Industries (HHI) group said that its unit Hyundai Samho Heavy Industries has won a deal to build two crude carriers.The shipbuilding deal worth KRW 158.7 billion (about USD 132.8 million) was signed with an undisclosed company from Oceania on September 23, 2019, HSHI said in a stock exchange filing.According to Yonhap, Hyundai Samho will build two 158,000-deadweight-ton (DWT) crude carriers by May 2021 for the unidentified Oceanian customer.Hyundai Samho…

10 Sep 2019

Hyundai Wins LNG carrier Order from H-Line

Image: Hyundai Heavy Industries Group

Hyundai Samho Heavy Industries (HSHI), a unit of the South Korean shipbuilder Hyundai Heavy Industries (HHI), has won an order for a liquefied natural gas (LNG) carrier.According to a stock exchange announcement by HHI, the deal has a value of $191.2 million.Yonhap reported that, under the deal with H-Line Shipping Co., a midsize South Korean shipper, Hyundai Samho will deliver the vessel with a cargo capacity of 174,000 cubic meters by December 31, 2021.Hyundai Samho, under Hyundai Heavy Industries Group…

09 Sep 2019

Ørsted Sees Huge Offshore Wind Potential in S Korea

Image: Orsted

Ørsted A/S, the world’s largest offshore wind power producer, said it sees high potential in the Korean offshore wind power market, intending to build long-term, sustainable relationships with the Korean government and companies.“South Korea is a peninsula surrounded by three seas,” said Park Jung-min, head of the Korean market development at Ørsted Asia Pacific. “We estimate that South Korea’s potential offshore wind power capacity can reach 30 GW.”According to Yonhap News Agency…

27 Aug 2019

Hyundai Samho Wins Orders for 5 Ships

Image: Hyundai Heavy Industries

South Korean shipbuilder Hyundai Samho Heavy Industries, a unit of Hyundai Heavy Industries (HHI), received orders for the construction of five vessels.According to Yonhap, the orders include two liquefied petroleum gas (LPG) carriers and three petrochemical carriers - for some 410 billion won ($337 million) combined.Hyundai Samho will build two LPG carriers with a cargo capacity of 84,000 cubic meters (2.97 million cubic feet) by November 2021 for 197.3 billion won, for  an unidentified…

20 Aug 2019

SHI to Build 10-LNG-fuelled Tankers

File Image: Samsung Heavy Industries Co

South Korean shipbuilder Samsung Heavy Industries (SHI) is to build 10 LNG-powered crude tanker vessels.The order was placed by an unnamed "Oceanian" customer. The contract for the vessels was valued at KRW 751.3 billion (US$621 million), which is around $62 million per vessel.Samsung Heavy said in a statement that  it will deliver the 113,000 dwt LNG-fueled tankers by January 2022.SHI has achieved 54% of its annual target of USD 7.8 billion by obtaining orders for 29 vessels…

16 Aug 2019

Samsung Heavy Bags LNG Carrier Order

Pic: Samsung Heavy Industries

South Korean shipbuilder Samsung Heavy Industries (SHI) has secured a deal to build a liquefied natural gas (LNG) carrier for an Asian customer.According to Yonhap, SHI the deal is worth 225.5 billion won (US$185 million).The new vessel is scheduled for delivery to the undisclosed owner in late October 2021.The report said that with the deal, Samsung Heavy has secured deals valued at $3.6 billion in total so far this year to build 19 vessels, with 10 of them being LNG carriers.

22 Jul 2019

Pirates Rob Korean Bulk Carrier

© Pedro Amaral / MarineTraffic.com

Pirates attacked a South Korean-flagged cargo ship in the South China Sea early on Monday, stealing thousands of dollars in cash and even the sailors' shoes, South Korean authorities said.Two people sustained minor injuries when seven pirates boarded the CK Bluebell and made off with $13,000 and belongings including mobile phones, clothes and shoes from the 22-strong crew, officials from the oceans and fisheries ministry said.Tougher policing has made piracy less frequent on the strategic shipping route in recent years.The dry bulk vessel CK Bluebell had set sail from its anchorage off Singapo

12 Jul 2019

H-Line Orders LNG bulkers at Samho

Image: Hyundai Heavy Industries

Hyundai Samho Heavy Industries Co (HSHI), the Korea supplier of ship, tanker ship, bulk carriers ship, container ship, LNG ship, said it has clinched a deal to build two bulkers fueled by liquefied natural gas (LNG).According to a Yonhap report, under the deal with H-Line Shipping Co., a midsize South Korean shipper, Hyundai Samho will build two 180,000-ton vessels, which will be used on a route between South Korea and Australia starting in 2022.HSHI has not revealed the value of the deal…

12 Jul 2019

HMD Wins $138mln Order for 2 Car Carriers

© By Suriyapong / Adobe Stock.

South Korea-based company engaged in the production and sale of ships, Hyundai Mipo Dockyard Co (HMD) has won a 163 billion-won (US$138 million) order to build two car carrier ships.According to a stock exchange announcement from the Hyundai Heavy Industries (HHI) unit, HMD will build the vessels by March 2022 for  a European shipper. It declined to identify the buyer.This is the first ro-ro order of this year for HMD.According to Yonhap, HMD posted sales of 705 billion won in the first quarter of the year, with its operating profit reaching 26.1 billion won.

02 Jul 2019

Hyundai Seeks Approval For DSME Merger

Image: Hyundai Heavy Industries (HHI)

South Korean shipbuilding conglomerate Hyundai Heavy Industries (HHI) Group has officially started the process to earn approval from anti-trust regulators for its proposed takeover of Daewoo Shipbuilding and Marine Engineering Co. (DSME).HHI has submitted a request for the formal approval from the South Korea’s Fair Trade Commission (FTC), as well as from antitrust authorities in Japan, China, Kazakhstan and the European Union.According to Yonhap New Agency the shipbuilding major would submit further requests for approval to other countries.Meanwhile…

13 Jun 2019

DSME Wins LNG Ship Order from Maran Gas

Image: Daewoo Shipbuilding & Marine Engineering Co

South Korean shipyard Daewoo Shipbuilding & Marine Engineering Co (DSME) said  that it has won a deal to build a liquefied natural gas (LNG) carrier from Maran Gas Maritime (MGM).The affiliate of Greece’s largest shipper, Angelicoussis Shipping Group ordered the 174,000 cbm unit on June 12.According to Yonhap, The vessel will be built at Geoje Okpo Shipyard and is scheduled for delivery by the first half of 2022.The Korean shipbuilder said that Maran Gas Maritime is one of its…

24 May 2019

HHI Bags $390mln Order for 2 LNG Carriers

Image: Hyundai Heavy Industries

South Korean shipbuilding giant Hyundai Heavy Industries (HHI) said  it received an order to build two liquefied natural gas (LNG) carriers for an unidentified European shipping company.Yonhap news agency quoted the shipbuilder saying that the order is valued at 463 billion South Korean won ($390 million), bringing its total number of orders to five so far this year.The 180,000 cbm vessels, ordered by an undisclosed European owner, are scheduled for delivery by the end of June 2022.According to the report…

15 May 2019

DSME Wins LNG carrier Order

Image: DSME

South Korea’s shipbuilding giant Daewoo Shipbuilding & Marine Engineering (DSME) has received an order liquefied natural gas (LNG) carrier.The vessel capable of transporting 174,000 cubic meters of LNG will be built at Geoje Okpo shipyard for an undisclosed shipowner from Oceania, said the shipbuilder.DSME didn't provide the value of the contract. This is DSME’s fifth LNG carrier order this year.The shipyard is scheduled to deliver the LNG carrier  in the second half of 2021.The…

03 May 2019

SHI Wins $190mln Order for LNG Carrier

Image: Samsung Heavy Industries

South Korean shipbuilder Samsung Heavy Industries (SHI) revealed today (May 3, 2019) that it receives an order for a LNG carrier worth about  KRW 222bn (US$190 million).SHI will deliver the vessel by March 2022, the company said in a stock exchange announcement.SHI's new order total for 2019 now stands at 8 LNGC, 1 FPSO and 2.6 billion USD. For the year, the shipyard aims to bag $7.8 billion worth of deals.According to Yonhap, Samsung has clinched deals to build eight out of 16 LNG carrier orders placed around the globe.Samsung Heavy secured $6 billion worth of new orders last year…

23 Apr 2019

Samsung Wins $963mln FPSO Contract

Geoje Shipyard. Photo: Samsung Heavy Industries

South Korean shipbuilder Samsung Heavy Industries (SHI) has received an order for the construction of a floating production, storage and offloading (FPSO) unit on the condition that the client receives approval from its partner and government.The contract worth KRW 1.1 trillion (US$963 million) has been signed with an unnamed Asian shipowner, said a report in Yonhap. The FPSO will be constructed at its main shipyard in Geoje, some 330 kilometers south of Seoul, the company said in a regulatory filing.Although Samsung Heavy didn't announce the name of the Asian customer…

12 Apr 2019

DSME to Build LNG Carrier for Maran Gas

Image: DSME

South Korean shipyard Daewoo Shipbuilding & Marine Engineering Co (DSME) said  that it has secured a deal to build a liquefied natural gas (LNG) carrier from Maran Gas Maritime Inc.DSME is expected to deliver the 174,000-cubic meter LNG ship during the first quarter of 2022 to  Maran Gas, the gas shipping unit of Angelicoussis Shipping Group, said a report by Yonhap.The deal is estimated to be worth some US$188 million, industry sources said. Since 1994, Daewoo Shipbuilding has secured orders from the Greek shipping firm to build a total of 105 ships.So far this year…

09 Apr 2019

China No.1 in Global Ship Orders in Q1

Image: Shanghai Waigaoqiao Shipbuilding Co., Ltd.

Chinese shipbuilders Chinese shipbuilders took the top spot worldwide in terms of new orders in the first quarter of the year 2019.A report in Yonhap quoted data compiled by industry tracker Clarkson Research Institute that said the local shipyards garnered new orders totaling 2.58 million compensated gross tons (CGTs), or 35 vessels.South Korean shipbuilders came in second worldwide in terms of new orders in the first quarter of the year, said the report.Korean shipyards won new orders totaling 1.62 million compensated gross tons (CGTs) in the January-March period…

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…

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.

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