Maeil Business Newspaper reports that South Korea’s big three shipbuilders will be facing a challenging year ahead of them due to the extra pressure put on the offshore plant sector, affecting its business performance. It is said that as oil refiners are reluctant to place new orders due to high volatility of oil prices, it is increasingly difficult to get offshore plant orders.
Hyundai Heavy Industries Holdings Co Ltd’s $1.8 billion merger with rival shipbuilder Daewoo is expected to face a full-scale investigation in Europe due to serious EU antitrust concerns. Reuters now reports that the European Commission will launch an investigation into the deal in the following days, after a preliminary review ends on Tuesday, December 17.
As Yonhap reports, Hyundai Heavy Industries Group issued an application to the European Union, waiting for approval for its proposed takeover of local Daewoo Shipbuilding and Marine Engineering Co. The company informed that the submission will be reviewed by anti-trust authorities at the European Commission, expecting the results of their call in 2020.
The merger between Hyundai Heavy Industries and Daewoo Shipbuilding and Marine Engineering is expected to boost the orderbook of LNG vessels, according to Vessels Value. The merger will double the orderbook of HHI from USD 6 billion to more than USD 12 million. In the possibility that the merger is official and finalized, the results will have reverberations in the newbuild market.
The majority of employees working at South Korea’s DSME decided to go on strike in a bid to oppose a takeover by Hyundai Heavy Industries , on February 19. The decision to go on strike was supported by a majority of DSME workers South Korea’s Yonhap informed.
Samsung Heavy Industries Co. is not interested in taking part in the race of purchasing Daewoo Shipbuilding & Marine Engineering Co., as its parent Samsung Group doesn’t wish to expand its shipbuilding business, according to Yonhap. Yet, on January 2019 Hyundai Heavy Industries expressed its interest on buying, the second-placed, Daewoo Shipbuilding and Marine Engineering Co Ltd.
‘Boris Sokolov’, the 214 meter long tanker on January 25 arrived in Murmansk after a 6-week voyage from Nansha, China. The vessel was accompanied by the new LNG carrier ‘Boris Davydov’, which was constructed at the Daewoo Shipbuilding and Marine Engineering (DSME) yard in South Korea. Aker Arctic, the Finnish ship design company, reported that the ‘Boris Sokolov’ will be used to transmit gas condensate from Sabetta LNG terminal to European and Asian customers. Also, it could be used as a regular oil tanker.
South Korean shipyards, for the first time after seven years, have surpassed China and take the lead on shipbuilding orders, according to new data from Clarkson Research. The data reveals that S. Korean yards received new orders that reached approximately the 12.63 million compensated gross tons in 2018, 44.2% of the 28.6 million CGTs that were reached globally.
Hyundai Heavy Industries (HHI) has exceeded its orderbook goal for this year before the year ended. Also, Daewoo Shipbuilding and Marine Engineering (DSME) surpassed its expectations.
South Korean major shipyards have shown decent performances during 2018, as orders for LNG carriers are increasing. Namely, until now 52 orders for LNG carriers had been made, with Hyundai Heavy Industries, Daewoo Shipbuilding and Marine Engineering and Samsung Heavy Industries leading the way.
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