Tag: South Korea

Hyundai Heavy Industries informed that it has secured a 320 billion won deal to construct three VLCCs. Hyundai Heavy will deliver the vessels, each being 330 meters long and 60 meters wide, beginning in the second half of 2020. Hyundai Heavy and its two affiliates aspire to win $15.9 billion worth of shipbuilding deals in 2019, marking an increase of 21% from 2018.

China's stringent environmental regulations as part of its efforts to reduce air pollution levels in its major cities is expected to surge demand for LNG carriers as a ship type, lifting prices of newbuildings, Hyundai Heavy Industries CEO Sam H. Ka was quoted as saying.

Saudi Aramco aims to invest up to $1.6 billion for about for up to 19.9% of Hyundai Oilbank from Hyundai Heavy Industries Holdings, which owns 91.13% of Hyundai Oilbank. The latter has 650,000 barrels per day of refining capacity in the southwestern city of Daesan and plans to expand its petrochemical business. Saudi Aramco will probably value Hyundai Oilbank at 10 trillion won, or 36,000 won per share.

Four South Korean and foreign teams will take part in a project to build floating wind farms through cooperation with the city of Ulsan, South Korea. The city has been involved in green energy programs with government support. Namely, SK E&S, a South Korean energy company, will collaborate with Copenhagen Infrastructure Partners, Shell cooperated with CoensHexicon and the two other parties involve the Green Investment Group and Korea Floating Wind.

Samsung Heavy Industries Co., South Korea's shipyard, reported that its net losses increased by 13.9% during 2018 in comparison to 2017 because of fewer orders. Its net loss resulted to 388.2 billion won (US $346 million) in 2018, compared to 340.7 billion loss in 2017.

New shipbuilding contracts which worth a total of 28.46 million CGT will be signed around the world during 2019. In comparison, the amount for 2018 was 28.55 million CGT. Namely, last year, contracts for building LNG carriers increased by 400%, reaching 5.85 million CGT, 76 ships. However, the numbers are expected to be less, going to to 4.08 million CGT and 53 ships.

The Danish Maritime Authority launched on January 23, the first meeting in the Danish-South Korean Green Ship Expert Committee (GSEC). The collaboration is the result of the strategic partnership between Denmark and South Korea, that was formed during the 60-year anniversary, in 2011.

South Korean shipbuilders, after becoming the world's leaders on new orders in 2018 on increased demand for LNG ships, are expecting a solid demand for vessels during 2019. Specifically, local shipyards have won orders to build 60 LNG ships last year, in a time when demand for LNG carriers is steadily increasing. 

South Korea did not import Iranian oil for the fourth consecutive month in December, after the reimposition of US sanctions. In fact, South Korea cut its 2018 imports from the major supplier by 60%. Currently, Saudi Arabia is the top oil supplier, as it delivered 43.60 million tonnes of crude in 2018.

A South Korean district court ordered the state and ferry operator Chonghaejin Marine to compensate the survivors of the 2014 Sewol ferry disaster. It decided that each of the 20 survivors should be given $71,000 in compensation for psychological trauma.