SEOUL, Dec. 20 (Korea Bizwire) – A drillship participating in a major resource exploration project in the East Sea began its first drilling operation early Friday, the state-run oil company said, marking the full-fledged start of the search for an estimated 3.5 billion to 14 billion barrels of oil and gas. The announcement followed the [...]
SEJONG, Dec. 17 (Korea Bizwire) — A drillship participating in a major gas and oil development project in the East Sea arrived at its first drilling site Tuesday, as it prepares to begin exploration operations amid growing uncertainties in the project due to domestic political situations, according to industry sources. The West Capella, operated by [...]
SEOUL, Dec. 16 (Korea Bizwire) – South Korea’s share of global shipbuilding orders in 2024 is expected to hit its lowest point since 2016, highlighting growing concerns over its competitiveness in the face of China’s dominance. Despite strong profits from high-value ship orders, experts warn that maintaining a basic level of order volume is essential to [...]
SEJONG, Dec. 16 (Korea Bizwire) – Container shipping costs from South Korea to China rose in November, reversing the decline recorded the previous month, the customs agency said Monday. The average shipping cost for a 40-foot container from South Korea to China climbed 14.4 percent from a month earlier to 839,000 won (US$583.93) in November, according to [...]
SEOUL, Dec. 11 (Korea Bizwire) — South Korea’s oceans ministry said Wednesday the government will invest 14 trillion won (US$9.75 billion) through 2045 to upgrade Busan Port, aiming to achieve the world’s largest container handling capacity and establish it as the leading logistics hub in the region. Under the plan, South Korea will construct a [...]
SEOUL/BUSAN, Dec. 2 (Korea Bizwire) — A new 8,200-ton Aegis destroyer armed with an advanced missile interception platform was commissioned Monday, the Navy said, in a move to bolster the Navy’s air defense capabilities against North Korean missiles. A commissioning ceremony for the Jeongjo the Great destroyer, named after a visionary king of the Joseon [...]
SEOUL, Nov. 29 (Korea Bizwire) — The shipyard industry of the United States is willing to work with its South Korean counterpart to improve efficiencies, a U.S. shipbuilders’ trade group has said, as U.S. President-elect Donald Trump seeks closer bilateral ties in the sector. In his phone conversation with South Korean President Yoon Suk Yeol [...]
SEOUL, Nov. 29 (Korea Bizwire) — Hanhwa Ocean Co. said Friday it has signed a strategic cooperation agreement with Britain’s Babcock International Group for joint global naval export projects. Under the agreement signed Thursday, Hanwha Ocean and Babcock will cooperate on joint submarine exports to Canada and Poland. They also agreed to provide customized solutions [...]
SEOUL, Nov. 26 (Korea Bizwire) – Two of South Korea’s biggest shipbuilders have withdrawn their legal complaints against each other, marking a potential turning point in their fierce rivalry amid a historic boom in the nation’s defense industry. HD Hyundai Heavy Industries and Hanwha Ocean announced on November 25 that they would drop their respective criminal [...]
SEOUL, Nov. 22 (Korea Bizwire) — Hanwha Ocean Co. said Friday it has decided to withdraw its complaint filed with the police against shipbuilding rival HD Hyundai Heavy Industries Co., citing what it called a need to cooperate for national interests. “We believe withdrawing the complaint is the right course of action to ensure the [...]