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
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'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.
In a long running battle to level the theoretical playing field, European shipbuilders want the European Commission to stop delaying its response to what they see as unfair competition from shipyards in South Korea, according to a Reuters report. European shipbuilders, which have steadily seen the balance of its shipbuilding activities flow to the massive shipbuilding machines in Japan, South Korea and now China, have apparently reached their limit on seemingly endless negotiations
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
‘We are still in a challenging market - Asia is no exception, says new VP for WSS Asia Pacific Regional Vice President Asia Pacific, Neal De Roche says Wilhelmsen Ships Service (WSS) remains focussed on providing innovative solutions to client needs.
Intelsat S.A., a provider of satellite services, has provided an update on its satellite capacity and other critical connectivities being used in a number of restoration initiatives in the Philippines following Typhoon Haiyan. Immediately after the disaster occurred
Scorpio Tankers Inc. has announced that it has entered into agreements for the construction of seven Very Large Crude Carriers (VLCCs) and entered into an agreement with an unaffiliated third party to issue shares in exchange for the transfer of ownership to the company of four MR product tankers
AVEVA announced that BMT Defense Services Ltd (BMT) has chosen AVEVA Marine software to serve its current and future customers through improved design efficiency. BMT has selected AVEVA Marine to enable tighter integration between its hull and outfitting disciplines
Shangai's Baoshan District Committee aims to see the Wusongkou Interational Cruise Terminal become the flagship cruise terminal in China and even in Asia, by proactively connecting to the new Shanghai Free Trade Zone. Ultimately, the developers of the Wusongkou Interational Cruise Terminal
The contract for the design of a 1,200 passenger vessel was signed between Sener and Posco Plantec (part of the South Korean group POSCO Family) in Madrid on June 13, 2013. The vessel is to be build and designed for the following operational areas: Northern Mozambique, Dar es Salaam, Zanzibar
South Korea plans to develop the offshore plant industry into a new engine for growth that will create over 10,000 new jobs by 2017, reports Yonhap News citing a government source. The government plans to effectively implement its policy initiatives by jointly investing some 900 billion won ($848
Daewoo Marine Shipbuilding and Engineering (DMSE) yard in South Korea continues to produce the new Triple-E ships for Maersk Line at a very high rate; the fifth ship of the series 'Maribo Mærsk', is to be officially named later. Despite the ships' record dimensions
Leading power and automation technology group ABB has appointed Claudio Facchin as Executive Committee member responsible for the Power Systems division, effective Dec. 1, 2013. He succeeds Brice Koch, who will leave ABB on Jan. 15, 2014 after an orderly transition, as previously announced.
Inchcape Shipping Services (ISS), a maritime services provider, has received a global award for best agency from EUKOR, a shipping company specializing in car transportation and other rolling cargo. The award for ‘Best in Vessel Operation’ to ISS Philadelphia followed a full
MacGregor, part of Cargotec, has received an order worth $77 million (USD) for optimized cargo handling systems for five A-14-series and five A-18-series container vessels from Hyundai Heavy Industries Co. Ltd. in South Korea. The 14,000 TEU and 18
Autonomous Surface Vehicles (ASV) Ltd. completed phase one of a two phase C-Target 9 program with South Korea. The highly maneuverable, ultra realistic, high speed marine target drones will be used in the test and evaluation of a new weapon system.
Transas Marine, in collaboration with local agent Mecys, announced the completion of a complex simulator project for the Korea Coast Guard Academy (KCGA). The real hardware integration and achieved level of realism make this simulator complex truly unique
Lloyds Register Energy Drilling (LRED), formerly ModuSpec Engineering UK Limited, was presented with the award by Aberdeen's Lord Lieutenant George Adam, acting on behalf of HM the Queen, in recognition of the company's sustained business expansion.
DHT Holdings, Inc. announced that it has reached an agreement with Hyundai Heavy Industries Co., Ltd. (HHI) in South Korea for the construction of two very large crude carriers (VLCCs) with a contract price of $92.7 million each, including certain additions and upgrades to the standard