As Samsung Heavy Industries reported on Monday, April 22, it signed a contract with an Asian shipping company, for the construction of a storage and offloading unit that will cost 1.1 trillion won, under the term that the client’s move is supported by the partner and the government.
16th April marks five years after Sewol ferry sinking shocked the global community. Sewol ferry sank on 16 April 2014, in South Korean waters taking the lives of over 300 people, most of whom where kids on a school excursion. Four years later, in August 2018, the official panel investigation on the accident said it could not find exact causes for South Korea’s deadliest maritime casualty since 1970.
The South Korean Ocean Minister, Moon Seong-hyeok noted that he will focus on enhancing the country’s shipping industry and adopt new technologies to advance its capabilities. The Minister also explained that these efforts will regard the fishery sector as well. South Korea will also focus on how to improve safety on local waters under the motto ‘Safety First, Safety Last.’
South Korea detained a domestic vessel for allegedly supplying petroleum products to North Korea, thus violating the sanctions. The tanker was detained at the port of Busan, for transfers that reportedly took place in September 2017. Prosecutors are now examining the case, in order to determine whether or not to press charges against the vessel’s operator and master.
In a message to all employees, the new chief of South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co. (DSME), said Monday that the company needs to secure more orders by gaining price competitiveness.
Finnish technology provider Valmet said it will supply scrubbers for seven new building container vessels, to be built by DSME for South Korean shipping company Hyundai Merchant Marine. The container ships will be the largest in the world, with over 23,000 TEUs each.
As part of its efforts to comply with the 2020 sulphur cap, South Korean shipping company HMM announced the signing of a memorandum of understanding (MoU) to establish a win-win fund for scrubber installation and to seek cooperation in the shipping-related industries.
South Korean shipbuilders ranked first globally in total new orders during February, surpassing their Chinese rivals. Namely, local shipyards won new orders amounting 630,000 compensated gross tons in February to build eight vessels. Chinese shipbuilders ranked second with 20,000 CGTs to build one vessel. Japan was third with 10,000 CGTs for one ship.
Hyundai Heavy Industries is expected to sign an official agreement with Korea Development Bank on March 8 to take over Daewoo Shipbuilding & Marine Engineering. However, even if the deal closes, HHI will still have to solve several issues in order to fully acquire DSME. One of the issues the HHI faces is that is the evaluation of the merger proposal by major countries, such as the US, the EU, China and Japan.
South Korea’s Energy Projects and Infrastructure Korea (EPIK), an LNG project development company, announced the signing of a Strategic Partnership Agreement with Hyundai LNG Shipping Co., Ltd. The agreement lays out a framework for the two companies to work together in the development of FSRU projects around the globe.
