SEOUL, Oct. 6 (Korea Bizwire) – India is seeking deeper cooperation with South Korea in the shipbuilding sector as it strives to become one of the world’s top five shipbuilding nations by 2047, India’s secretary for shipping has said, highlighting the need to combine Seoul’s advanced technology with New Delhi’s abundant manpower. Shri T. K. [...]
SEOUL, Oct. 2 (Korea Bizwire) — A flurry of new liquefied natural gas (LNG) projects worldwide is fueling expectations of a rebound in orders for LNG carriers, a sector where South Korean shipbuilders hold a commanding lead. Yet analysts warn that years of heavy contracting may leave the market vulnerable to another downturn. According to [...]
SEOUL, Sept. 17 (Korea Bizwire) — Hanwha Ocean Co. said Wednesday it has clinched a 1.93 trillion-won (US$1.47 billion) order from Taiwan’s YangMing Marine Transport Corp. to build seven liquefied natural gas (LNG) dual-fuel container ships. The vessels, each with a capacity of 15,880 twenty-foot equivalent units (TEUs), will be built at Hanwha’s Okpo Shipyard [...]
SEOUL, Sept. 12 (Korea Bizwire) — South Korea’s corporate sector is bracing for a slowdown in U.S. investment following the detention of more than 300 Korean nationals in an immigration raid, a crisis that has already disrupted battery factory construction and cast doubt over high-profile bilateral projects. The most immediate impact has fallen on HL-GA, [...]
BUSAN, Sept. 11 (Korea Bizwire) — Two affiliates of HD Hyundai have received approval in principle for an Internet of Things–based smart cabin system designed to optimize energy use and improve onboard living conditions, the Korean Register (KR) said Wednesday. The certification, granted jointly to HD Hyundai Samho Heavy Industries and HD Hyundai Mipo Dockyard, verifies [...]
SEOUL, Sept. 8 (Korea Bizwire) — South Korea’s mid-sized shipbuilding sector is sliding toward collapse, even as opportunities for U.S.-Korea cooperation in naval and commercial shipbuilding expand under initiatives such as the MASGA project, a new report warns. According to a study released Sunday by the Korea Eximbank’s Overseas Economic Research Institute, orders secured by [...]
SEOUL, Sept. 5 (Korea Bizwire) — South Korea ranked second in new global shipbuilding orders in August after China, with overall order placements plunging 65 percent from a year earlier, industry data showed Friday. Global shipbuilding orders fell 65 percent on-year to 2.44 million compensated gross tons (CGT) last month, according to London-based Clarkson Research [...]
SEOUL, Sept. 2 (Korea Bizwire) — HD Korea Shipbuilding & Offshore Engineering (HD KSOE) Co., a subholding company of shipbuilding, oil refining and machinery conglomerate HD Hyundai Co., launched its first vessel construction project in the Philippines on Tuesday, the company said. The company held a steel-cutting ceremony at HD Hyundai Subic Shipyard in Subic [...]
BUSAN, Sept. 2 (Korea Bizwire) — South Korea’s state-run Korea Ocean Business Corporation (KOBC) said Monday it will roll out a pilot program this year that allows ordinary citizens to become shipowners through fractional investment. The initiative, to be conducted under existing securities and asset securitization laws, will issue profit-linked securities backed by vessels already [...]
SEOUL, Aug. 27 (Korea Bizwire) — Hanwha Group, South Korea’s chemicals-to-shipbuilding conglomerate, said Wednesday it will invest 7 trillion won (US$5 billion) in its shipyard in the United States, following President Lee Jae Myung’s recent summit with U.S. President Donald Trump. The investment aims to significantly boost production capacity at Hanwha Philly Shipyard in Philadelphia [...]