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.
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
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
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
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
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 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
Two new LNG vessels that will join the Qatargas fleet have been handed over to the owners’ consortium by Daewoo Shipbuilding & Marine Engineering Ltd (DSME) at its ship building yard in the Geoje Island in South Korea. The vessels Al Ruwais and Al Safliya will now proceed with bunkering and leave South Korea in the next few days. The first cargo will be delivered to Japan using one of these vessels before the year end.
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
South Korea is considering whether to set up state-sponsored guarantee funds for the faltering shipping industry as part of the government's efforts to help ship owners raise funds, reports Xinhua, citing a senior South Korean regulatory official An official at the Financial Services Commission (FSC), South Korea's financial regulator, is quoted by Xinhua as stating that the government plans to order a feasibility study by research institutes on the feasibility of setting up a shipping
China Aviation Oil (Singapore) is seeking up to 2.056 million barrels of jet fuel for loading over November to December, a tender document showed on Wednesday. The company is seeking four cargoes of 240,000 to 300,000 barrels each of jet fuel for loading from South Korea, Japan, Taiwan
In a ceremony held at GMC Marine Partners yard in Mekjarvik in Norway, Mrs. Anita Utseth, Senior Vice President in Det norske oljeselskab ASA (Det norske) had the honour of naming the ultra harsh environment jack-up rig Maersk Interceptor.
South Korea's Hyundai Heavy Industries Co Ltd, the world's biggest shipbuilder, slid to a record quarterly loss of $1.8 billion and warned it's heading for its worst-ever year as cost overruns mount up in new business lines it developed to counter a global glut of low-margin ship orders.
The Port of Vancouver USA welcomed the Kypros Unity, commanded by Capt. Wilfredo F. Itable of Cyprus, on her maiden voyage Oct. 28. Capt. Itable and his 20-member Filipino crew were welcomed to Vancouver by Keith Anderson and Curtis Williams of United Grain Corp
The keel of the 1,200 passenger vessel designed by the engineering and technology group SENER was recently laid in the Factory No. 2 of POSCO PLANTEC, in Ulsan, South Korea. SENER said its representatives attended to the keel laying ceremony
In a move that brings it closer to key Asian markets, ship spares logistics specialist GAC Marine Logistics (GML) has relocated its head office to Singapore. The Asia Pacific region is home to a large number of ship owners and ship management companies who take advantage of the unique GML
Construction of an Arctic gas carrier for OAO Sovcomflot has begun under the survey of Russian Maritime Register of Shipping (RS).The ship is being built as part of Yamal LNG, a major Russian liquefied natural gas (LNG) project being implemented in the Arctic.
A Chinese fisherman was killed on Friday in a South Korean coastguard operation to apprehend his vessel which was operating illegally off South Korea's west coast, the South Korean coastguard said, drawing an angry response from China. Coastguard officers fired eight bullets when they raided
Uganda will auction new oil exploration acreage by December and compensate land owners at the site of a planned crude oil refinery, a government official said on Friday. Investor interest in Uganda's hydrocarbons potential has been growing since the east African country discovered
Six new 87,000 cubic meters capacity very large ethane carriers (VLECs), being built at the Samsung Heavy Industries yard in South Korea, will feature Wärtsilä gas handling systems. The contract, which includes an option for additional vessels within this series, was signed in September
Norway's Statoil has found more gas offshore Tanzania, increasing its total for an eventual investment decision on a liquefaction plant with Britain's BG Group, which operates neighboring exploration blocks, it said on Tuesday. Statoil found another 1
KBR Inc. announced today that the KD Consortium, consisting of KBR and Daewoo Shipbuilding & Marine Engineering Company, Ltd, has been awarded a front end engineering design (FEED) contract by Eni East Africa SpA for a floating liquefied natural gas (FLNG) facility for the Coral South
Clean Marine has been selected by Hyundai Mipo Dockyard in South Korea to supply exhaust gas cleaning systems (EGCS) for two new MR tankers. IMO’s convention for the reduction of sulphur oxides (SOx) demands that sulphur emission levels in Emission Control Areas (ECAs) shall be cut to 0
Maersk Drilling’s third drillship, Maersk Venturer, which was delivered 25 September 2014 from the Samsung Heavy Industries (SHI) shipyard in Geoje-Si in South-Korea, has secured a short term contract with oil major Total. Maersk Venturer will commence a one well program offshore Malaysia
Sagem (Safran) has won a contract from the Royal Norwegian Navy in competitive bidding for the navigation system on its polar research ship, the RV Kronprins Haakon, as well as the future 26,000-metric-ton ocean support vessel to be built by the Korean shipyard DSME under a contract signed in July