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Shipbuilders Complain About S. Korean Shipbuilding Aid

European shipbuilders recently complained to the European Union over South Korean state aid to its shipbuilders, opening the way for a possible EU case against Seoul at the World Trade Organization (WTO), Reuters reported. The Committee of EU Shipbuilders' Associations (CESA) said it had filed a complaint with the European Commission under the EU's Trade Barriers Regulation over alleged trade distortions in global shipbuilding caused by South Korean aid to its industry. "We are complaining about the state aid that Korean companies are receiving," Reinhard Lueken, the head of CESA's Brussels office. He said there were a number of bankrupt shipyards in Korea still offering prices which did not cover their costs. "By doing so they have a very harmful effect for the European industry," he said. The EU has repeatedly accused South Korea of setting unfairly low prices for shipbuilding, undercutting European yards. The EU and South Korea hammered out an agreement in April aimed at stabilizing the world shipbuilding market, which the EU says suffers from overcapacity and steadily falling prices. But the EU has accused South Korea of not fully implementing the agreement. When further talks broke down in September, the EU said it could launch a WTO dispute against South Korean shipbuilding practices. But, it said it would first have to receive a complaint from European shipbuilders before it could do so.


NMEA Agreement with South Korea's MEIPA

The National Marine Electronics Association (NMEA) and the Marine Electronics Industry Promotion Association (MEIPA) of South Korea have signed a Memorandum of Understanding (MOU) that will insure the adoption of NMEA standards, training and product certification throughout South Korea, the number one shipbuilding nation in the world. The MOU sets a framework for NMEA and MEIPA to work together to develop courses and materials for the South Korean market


Hyundai Founder Dies

Chung Ju-yung, the rags-to-riches founder of South Korea's mighty Hyundai industrial empire, died on Wednesday aged 85. Born into a poverty-stricken farming family in 1915 in what is now North Korea, Chung helped propel South Korea from the ashes of civil war into an industrial powerhouse. Chung died in hospital from complications from pneumonia, hospital officials said. Chung left home at 18 to seek his fortune against the will of his father who wanted his first son to feed his family


Bestobell Exhibits LNG Technology

Photo courtesy of Bestobell Valves

Bestobell Valves, part of the President Engineering Group (PEGL), attended the Gastech 2014 exhibition in South Korea recently and said it had a great response from visitors across the globe, including a significant number from South Korea and Japan.  The company showcased its cryogenic valves, which are already widely used for industrial gas, LNG marine and land-based LNG (liquefied natural gas) applications across the world.


South Korean Okays Casinos in Cruise Ship

Image: Sapphire Princess

 South Korea plans to enable its citizens and foreign tourists to wager on new cruise ship services that will serve ports around the country, reports the Korea Joongang Daily newspaper.   Some major overseas cruise companies – such as Genting Hong Kong Ltd’s Star Cruises – operate shipboard casinos that only open once the vessel is in international waters.   The plans also include allowing local residents to use casinos on cruise ships


What to Expect From Hanjin Fallout?

Photo: Hanjin Shipping Co Ltd

 South Korea’s biggest shipping company, Hanjin Shipping Co Ltd filed for court receivership in South Korea on Wednesday 31 August 2016 after losing the support of its banks, setting the stage for what has now become a motley situation.  Ince & Co's Knowledge Bank takes a look.   Some jurisdictions are refusing to allow Hanjin’s vessels to berth at their ports (on concerns that Hanjin cannot pay the port fees) while some of Hanjin’s vessels have


Daewoo Shipbuilding Shares Surge on M&A Talk

South Korea's Daewoo Shipbuilding and Marine Engineering Co. shares rose as much as 6.7 percent on August 3 after a local newspaper said steel maker POSCO Co. Ltd. was interested in buying the shipbuilder. South Korea aims to sell a controlling stake in Daewoo, the world's second-biggest shipbuilder, in the second half of 2006. State-run Korea Development Bank and government restructuring agency KAMCO own a combined 50.6 percent stake, valued at more than $3b according to current market prices


South Korea to Ban Single-Hulled Tankers after Spill

Reuters reported that South Korea will ban single-hulled tankers from traveling in its waters by 2011, earlier than the international regulation that calls for a ban from 2015, Seoul's maritime ministry said. A single-hulled tanker was involved in South Korea's worst oil spill last month, leaking around 10,500 tons of crude oil after a sea-bound crane mounted on a barge punched holes in the tanker's hull. As of January


China Keeps Top Position in Ship Building

In advance of SMM 2012, the leading trade fair for the maritime industries, to be held at the Hamburg Fair site from September 4-7, the duel in international shipbuilding is going into the next round – the Chinese shipyards were just ahead again in 2011. According to the latest survey by Clarkson Research, China delivered a total of 1,177 ships with 67.2 million DWT. The closest competitor was South Korea, which had 531 ships and 53


South Korean Shipbuilders' Order Book Shrinks

South Korean shipbuilding orders drop 58.6 percent through September 2012. South Korean shipbuilding orders dropped 58.6 percent for the first nine months of this year due to the persistent recession in the global shipbuilding industry, a government report reveals. The drop was attributed to the recession in the global shipbuilding industry. Global shipbuilding orders declined 48 percent to 14.34 CGT over the cited period due to an oversupply of ships and the prolonged global eaconomic


Samsung Wins $1.26bln Contract from BP

Photo: Samsung Heavy Industries

 Samsung Heavy Industries, South Korea's major shipyard, build a floating production unit for British oil multinational BP that will be used in offshore drilling in the Gulf of Mexico, says a report in Yonhap.   The 1.5 trillion won ($1


Maersk Invincible Delivered

Photo Maersk

Maersk Drilling has taken delivery of its fourth XLE jack-up rig, the Maersk Invincible, from Daewoo Shipbuilding and Marine Engineering (DSME) in South Korea. Maersk Invincible will now mobilise to the North Sea and will in the second quarter of 2017 commence a five year firm contract with Aker


Top 10 Ship Owning Nations

© Masson / Adobe Stock

Kicking off the New Year, VesselsValue has put together a list of the top 10 ship owning nations by fleet value in 2017.     Greece - $84.079 billion Japan - $80.169 billion China - $68.333 billion Singapore - $38.052 billion


Tacoma Preparing for Its Largest Ever Auto Import

Glovis Composer (Photo: Northwest Seaport Alliance)

A roll-on/roll-off (ro-ro) vessel carrying a shipment of more than 4,800 vehicles from South Korea is scheduled to arrive January 9 at Tacoma’s Terminal 7, marking the single-largest auto discharge in Port of Tacoma history.   At 656 feet long and 106 feet wide


Austal Wins FRS Ferry Contract

The 56m high speed catamaran to be built by Austal Philippines for FRS Group is an all new Austal design from the Australian based design team responsible for developing a portfolio of 22 similar-sized vessels. Photo Austal

Austal Limited has secured the company’s sixth new commercial vessel order for 2016, with the award of a €15.47 million (circa A$22 million) contract for a high-speed passenger ferry from Förde Reederei Seetouristik (FRS Group) of Germany.


Long Beach Weighs Offer for Hanjin Terminal

Photo: Port of Long Beach

The Long Beach Board of Harbor Commissioners will consider a proposal by a terminal investor to take over a majority stake in a long-term lease to operate the largest container terminal in the Port of Long Beach.   If approved, the pact could bring in business to replace the cargo volume


CMA CGM to Upgrade PEX3 Service

The 18,000 container capacity CMA CGM KERGUELEN Photo: CMA CGM

 CMA CGM, a leading worldwide shipping group, is pleased to announce that a new call in New Orleans will be added on its PEX3 service, which directly connects the American ports of the Gulf of Mexico, South Korea, China, Hong Kong and Singapore.  


S.Korea Backs US Shale Gas Imports, Investment

South Korea stepped up a push on Friday to encourage its oil and gas companies to invest in U.S. shale gas projects, amid expectations that more opportunities will arise under a Trump administration.   Asia's fourth-largest economy is the world's second-largest buyer of liquefied natural


Debt Looms for South Korean Shipyards

 The top four Korean shipbuilders have 2.3 trillion won ($1.9 billion) in notes maturing next year, the most in Bloomberg-compiled data going back to 1997.    Bloomberg reports that some of them may have trouble paying debts without help from the government or group firms


Freight Rates Jump after Hanjin Collapse

Photo: Hanjin Shpiping Co

 The cost of transporting containers from ports now shows signs of recovery after the fall of Hanjin Shpiping Co after a period of down play, says a report in Business Korea.   It appears that the strategy of Maersk Line, the world’s largest shipping group which cuts down


Just One Bid So Far for STX France

Only one bid has been received so far for shipping group STX France, said a Korean court on Tuesday.   A spokesman for the Seoul court overseeing STX Offshore's receivership had said earlier in November that four parties had expressed interest in buying one or both of South Korea's STX


Fincantieri the Sole Bidder for STX France

Italian shipbuilding and construction group Fincantieri SpA is the only bidder for shipping group STX France, a source close to the matter said on Tuesday.   The sale of STX France, which specialises in building cruise ships in the western France city of Saint-Nazaire and is profitable


Gloomy 2017 for Korea Shipyards

3D Image of Logistics Support Vessel HHI to Build Under New Zealand Defence Force’s MSC Project. Photo: Hyundai Heavy Industries

 South Korea‘s three majors shipbuilders are forecast to get much fewer orders next year, Yonhap reports quoting industry sources.   The three shipyards - Hyundai Heavy Industries (HHI), Samsung Heavy Industries (SHI) and Daewoo Shipbuilding & Marine Engineering (DSME) - are


FSC Denies Mergers Between Big Three Shipbuilders

Image: Daewoo Shipbuilding & Marine Engineering Co

 The chairman of South Korea's Financial Services Commission, Yim Jong-Yong, reiterated  that Daewoo Shipbuilding and Marine Engineering (DSME) would not be merged with Samsung Heavy Industries (SHI) and Hyundai Heavy Industries (HHI), according to a report in Korea Times.  


DP World increases Stake in Pusan Newport

DP World has acquired an additional 23.94% stake in Pusan Newport Company Limited (PNC) in South Korea from Samsung Corporation & Subsidiaries. This increases DP World’s holding in PNC to 66.03%, and the terms of the transaction are undisclosed.  






 
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