SEOUL, June 7 (Korea Bizwire) — South Korean shipbuilders fell far behind their Chinese rivals in new global orders to place second worldwide in May amid sinking demand, industry data showed Wednesday. Local shipyards won a combined 510,000 compensated gross tons (CGTs) in new orders last month, accounting for 25 percent of the global total [...]
SEOUL, May 29 (Korea Bizwire) — In the area of methanol-powered ships, which have emerged as a game changer in the shipbuilding industry, competition is heating up between South Korea and China. HD Hyundai Heavy Industries Co. held a keel-laying ceremony last week to place the first block of a methanol dual fuel container ship [...]
SEOUL, May 23 (Korea Bizwire) — Major South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co. (DSME) was rebranded as Hanwha Ocean Co. on Tuesday, opening a new era as a unit of Hanwha Group, the seventh-largest conglomerate in the country. The embattled shipyard also appointed Kwon Hyuk-woong, president of Hanwha’s support division, as its [...]
SEOUL, May 15 (Korea Bizwire) — HMM Co. said Monday its first-quarter earnings tumbled more than 90 percent on-year on sluggish shipping rates amid decreased cargo volume. Net profit came to 285.3 billion won (US$214 million) in the January-March period, down 90.9 percent from a year earlier, South Korea’s top container shipper said in a [...]
SEOUL, May 10 (Korea Bizwire) — South Korea held a ceremony Wednesday to christen a new liquefied natural gas (LNG) bunker vessel equipped with a homegrown advanced cargo system, the industry ministry said. The Blue Whale ship was constructed at the dockyard of Hyundai Heavy Industries Co. in the southern port city of Ulsan for [...]
SEOUL, May 9 (Korea Bizwire) — South Korean shipyards lagged far behind their Chinese rivals in terms of new global orders to place second in the world in April amid plunging demand, industry data showed Tuesday. Local shipbuilders clinched a combined 380,000 compensated gross tons (CGTs) in new orders last month, taking up 20 percent [...]
SEOUL, May 3 (Korea Bizwire) — South Korean shipyard Samsung Heavy Industries Co. has successfully developed a new floating liquefied natural gas (FLNG) facility model with shorter delivery times. The company announced on Tuesday it obtained a certification for its FLNG facility model from DNV, a Norwegian ship quality assurance and risk management company, at [...]
SEOUL, April 28 (Korea Bizwire) — Major South Korean shipyard HD Korea Shipbuilding & Offshore Engineering Co. said Friday it will expand its research and development (R&D) spending in Europe to secure future shipbuilding and maritime technologies. To that end, HD Korea Shipbuilding will spend 15 million euros (US$16.5 million) on its European research institute [...]
SEOUL, April 27 (Korea Bizwire) — The South Korean antitrust regulator’s conditional approval of the plan to take over Daewoo Shipbuilding & Marine Engineering Co. (DSME) removes the last hurdle for Hanwha Group’s push to become a global leader in the defense and energy sector. But it also leaves Hanwha, the seventh-largest conglomerate in the [...]
SEOUL, March 7 (Korea Bizwire) — South Korea recaptured the No. 1 spot in global shipbuilding orders in February, industry data showed Tuesday, thanks to its dominance in the liquefied natural gas (LNG) carrier market. Local shipyards won orders totaling 1.56 million compensated gross tons (CGTs) to build 34 ships, accounting for 74 percent of [...]