SEOUL, Jan. 9 (Korea Bizwire) — South Korea’s share of the global shipbuilding market fell to its lowest level in eight years in 2024, despite an increase in total orders, according to a report by UK-based Clarkson Research on January 8. Market Dynamics South Korea secured 10.98 million CGT (compensated gross tons) in orders, representing [...]
SEOUL, Jan. 6 (Korea Bizwire) — HD Korea Shipbuilding & Offshore Engineering Co. (HD KSOE) started its export activities for 2025 on Monday with the delivery of a liquefied natural gas (LNG) carrier, according to the company. According to HD KSOE, the vessel being delivered is a 174,000-cubic-meter LNG carrier ordered in June 2022 by [...]
SEOUL, Jan. 3 (Korea Bizwire) — HD Korea Shipbuilding & Offshore Engineering Co. (HD KSOE) said Friday it aims to win over US$18 billion worth of orders this year, partly by focusing on high-end and environmentally friendly ships. This year’s annual order target of $18.12 billion is 34 percent higher than last year’s target of [...]
SEOUL, Dec. 26 (Korea Bizwire) — Samsung Heavy Industries Co., the world’s third-largest shipbuilder by orders, said Thursday it has received a 742 billion-won (US$508 million) order to build two very large ethane carriers for an Asian shipper by 2027. The South Korean shipbuilder did not offer further details of the deal, including the name [...]
SEOUL, Dec. 24 (Korea Bizwire) — South Korea has revised a maritime resource development rule to offer more business predictability for investors in an ongoing project to search for oil and gas in the East Sea, the industry ministry said Tuesday. The revised enforcement decree on submarine mineral resources development was passed during a Cabinet [...]
SEOUL, Dec. 24 (Korea Bizwire) — South Korea has approved an enforcement decree to accelerate the development of autonomous vessels, laying the groundwork for global leadership in the rapidly growing industry, the industry ministry said Tuesday. The enforcement decree on the act for the development of autonomous vessels was passed during a Cabinet meeting held [...]
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 [...]