SEOUL, Jul. 18 (Korea Bizwire) – HD Hyundai, a leading South Korean industrial conglomerate, announced on July 17 the inauguration of its Naval Technology Institute within the company’s Global R&D Center in Seongnam, Gyeonggi Province. The new institute represents an expansion of the Naval Technology Center, previously part of HD Hyundai Heavy Industries’ Special Ship Division. [...]
SEOUL, Jul.15 (Korea Bizwire) — Container shipping costs from South Korea to Europe rose for the second consecutive month in June amid prolonged tensions surrounding the Red Sea, the customs agency said Monday. The average shipping cost for a 40-foot container from South Korea to the European Union soared 44.6 percent on-month, or 121.6 percent [...]
SEOUL, Jul. 15 (Korea Bizwire) — HD Korea Shipbuilding & Offshore Engineering Co., a major South Korean shipyard, said Monday it has secured a contract worth 3.7 trillion won (US$2.67 billion) to build 12 container carriers for a European shipping firm. Under the contract, HD Korea Shipbuilding will supply 12 carriers with a capacity of [...]
SEOUL, Jul. 12 (Korea Bizwire) — South Korea has laid the keel for its second 3,600-ton class naval submarine, the state arms procurement agency said Friday, amid efforts to acquire advanced diesel-electric attack submarines for enhanced underwater capabilities against North Korean threats. A keel-laying ceremony for the second of three Changbogo-III Batch-II class submarines took [...]
SEOUL, July 4 (Korea Bizwire) – HD Korea Shipbuilding & Offshore Engineering Co., a major South Korean shipyard, said Thursday it has secured a 328.6 billion-won (US$237.7 million) order to build two very large ammonia carriers (VLACs) from a European shipper. Hyundai Samho Heavy Industries Co., one of HD Korea Shipbuilding’s three shipbuilding units, will [...]
SEOUL, Jul. 2 (Korea Bizwire) — South Korea’s industry ministry said Tuesday it plans to pursue investment projects worth 2 trillion won (US$1.44 billion) over the next 10 years with businesses to leverage smart and clean energy technologies in the shipbuilding industry. The government unveiled the initiative as part of Vision 2040, a strategic plan [...]
SEOUL, Jul. 1 (Korea Bizwire) — Major South Korean shipbuilder Hanwha Ocean Co. said Monday it has won orders totaling 2.15 trillion won (US$1.55 billion) for eight carriers from two Middle Eastern shippers. Hanwha Ocean will build four liquefied natural gas (LNG) ships for one undisclosed Middle Eastern shipper at a cost of 1.43 trillion [...]
SEOUL, Jun. 21 (Korea Bizwire) — Hanwha Group said Friday it has invested US$100 million in Philly Shipyard Inc. to acquire a 100 percent stake in the U.S. shipbuilder, marking the first entry of a South Korean company into the U.S. shipbuilding industry. The acquisition involves the group’s two defense units, Hanwha Systems Co. and [...]
SEOUL, Jun. 17 (Korea Bizwire) — Container shipping costs from Europe to South Korea rose for the fourth consecutive month in May amid ongoing tensions surrounding the Red Sea, the customs agency said Monday. The average shipping cost for a 40-foot container from the European Union to South Korea went up 5 percent on-month last [...]
SEOUL, June 14 (Korea Bizwire) – In a collaborative effort to advance the development of liquid hydrogen carriers, five leading South Korean shipbuilding and steel companies have joined forces to conduct research on cargo tank materials for these next-generation vessels. Samsung Heavy Industries announced on June 13 that it has signed a memorandum of understanding with [...]