SEOUL, Jan. 20 (Korea Bizwire) — South Korea’s top three shipbuilders are expected to report collective annual profits for 2024, marking the first time in 13 years that the trio—HD Korea Shipbuilding & Offshore Engineering, Hanwha Ocean, and Samsung Heavy Industries—have all turned a profit. The achievement comes amid a “super cycle” in the global shipbuilding [...]
SEOUL, Jan. 15 (Korea Bizwire) — HD Hyundai has made significant strides in accelerating hydrogen commercialization by successfully developing shipboard liquid hydrogen tanks and vacuum insulation technology. HD Korea Shipbuilding & Offshore Engineering (HD KSOE), the intermediate holding company for HD Hyundai’s shipbuilding division, announced on January 13, 2025, that it has received Approval in [...]
SEOUL, Jan. 15 (Korea Bizwire) — The state arms procurement agency has kicked off a project to renovate the Navy’s 4,400-ton warships with homegrown technology for enhanced efficiency in operating the fleet, officials said Wednesday. A meeting to discuss details of the upgrade for the Chungmugong Yi Sun-sin-class destroyers took place at the office of [...]
SEJONG, Jan. 15 (Korea Bizwire) — Container shipping costs from South Korea to China decreased in December compared with a month earlier, reversing the upward trend, the customs agency said Wednesday. The average shipping cost for a 40-foot container from South Korea to China fell 1.1 percent from a month earlier to 8 million won [...]
SEOUL, Jan. 10 (Korea Bizwire) — South Korea is ramping up its global leadership in shipbuilding by forging a new partnership with the United States and advancing next-generation maritime technologies. The government announced plans to establish a cross-departmental task force to strengthen collaboration with Washington, particularly in ship maintenance, repair, and overhaul (MRO), aligning with [...]
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 [...]