S. Korea Slaps 38% Tariff on Chinese Steel Plate
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South Korea's industry ministry has provisionally decided to impose up to 38% tariffs on Chinese steel plate imports after an investigation into alleged dumping of the steel product used in shipbuilding and construction.The move comes after South Korean authorities initiated an investigation into dumping by Chinese steel suppliers after local companies had filed complaints about an influx of low-cost steel plates from China, the world's biggest steel producer.The ministry saidâŠ
Record-Breaking Order: Largest Permanent Magnet Shaft Generator System Secured for 30 LNG Carriers
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ABB secured orders from shipbuilders in China and South Korea to equip 18 and 12 liquified natural gas (LNG) carriers, respectively, with permanent magnet shaft generator technology. The ships are due for delivery between 2028 and 2030.ABBâs permanent magnet shaft generator system is aimed to boost fuel economy compared to solutions where power is provided by auxiliary engines. By avoiding starting up high-speed, fuel-intensive auxiliary engines during a voyage, ship operators can achieve significantly greater fuel efficiency.
Evergreen Places $3.2B Order for 11 LNG Dual-Fuel Container Ships
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Taiwanese container shipping firm Evergreen Marine Corporation has ordered 11 new LNG dual-fuel container ships from South Korean and Chinese shipyards, whose combined worth is up to $3.2 billion.On February 12, Evergreen disclosed two orders for 11 container ships, each with a 24,000 TEU capacity.The company placed an order to South Koreaâs Hanwha Ocean for six vessels, and to CSSC Guangzhou Shipyard International (GSI) in China for the remaining five vessels.Evergreen will pay between $265 million and $295 million per unitâŠ
Philippines Wants to Add More Submarines
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The Philippines is looking to buy more military hardware to modernize its arsenal, including additional BrahMos missiles from India and at least two submarines, the chief of the armed forces said.The Philippines is on the third phase of its modernisation program called "Horizons". It has earmarked $35 billion for the buildup over the next decade as it aims to counter China's military might in the region."It's a dream for us to get at least two submarines," Brawner said in a speech to leading business figures. "We are an archipelago.
Inside Vietnamese Shipbuilding: Challenges and Opportunities
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While many economic sectors were affected by the COVID-19 pandemic, Vietnam's shipbuilding industry continued to grow, affirming its strong and growing position in the international space. Vietnam's shipbuilding industry achieved many accomplishments in 2024 with the construction, launching and delivery of many specialized ships, contributing to the world's fleet, operating on global shipping routes.By 2030, to develop the maritime economy, the Vietnamese fleet is expected to be restructured and developed to about 1âŠ
South Korea Tops China in January Shipbuilding Orders
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South Korea beat China in global shipbuilding orders in January, according to Clarkson Research Services data.South Korean yards received orders for 900,000 CGT for 13 ships, 62% of the global total. This included 12 LNG dual-fuel container ships ordered from HD Korea Shipbuilding & Offshore Engineering and one from Samsung Heavy Industries.Chinese yards received orders for 270,000 CGTs for 21 vessels, 19% of the global total.The global ship order volume in January was reported at 1.46 million CGTâŠ
Ammonia Advances
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Taking a well-to-wake approach to CO2 emissions means that the shipping industry will look beyond emerging engine technologies such as dual-fuel ammonia engines when considering the viability of alternative fuels.Engine manufacturers are optimizing combustion and reducing pilot fuel requirements, but any pilot diesel requirements mean the process is not 100% carbon free.This week, Hanwha Power Systems, Hanwha Ocean and Baker Hughes announced a different concept. The companies agreed to design and produce low carbon ammonia gas turbines capable of 100% ammonia combustion.
Amogy Expands Operations to South Korea
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Amogy, a provider of ammonia-to-power solutions has announced the expansion of its operations into South Korea with the opening of an office in the Pangyo Techno Valley.This will Amogy close to established investors and partners, including SK Innovation, Samsung Heavy Industries, HD Hyundai, Hanwha, SV Investment, and Korea Zinc.Koreaâs status as an early adopter in ammonia and hydrogen fuel technologies, along with robust national policies that support the clean tech economy, was a major driver in Amogyâs decision to establish a local presence.
Ranking & Reporting the World's Top 10 Vessel Owning Nations
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In the ever-evolving world of maritime trade, ship ownership is a key indicator of economic influence and global commerce. As we enter 2025, Veson Nautical offers its Top 10 Ship Owning Nations, offering a detailed analysis of fleet values and industry shifts. This year, China has surged to the top, overtaking Japan in total fleet value, while geopolitical events and shifting market dynamics continue to shape the rankings.Letâs take a closer look at the global giants of ship ownership and the forces driving their dominance.1.
European LNG Imports Up with Asian Influx
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The world's imports of liquefied natural gas are set to jump to the highest in a year in January as Europe's winter demand draws cargoes away from top-consuming region Asia.A total of 38.12 million metric tons of the super-chilled fuel is on track to be imported in January, up from 37.69 million in December and the most since January 2024's 38.73 million, according to data compiled by commodity analysts Kpler.The January volume is also the third-highest on record, underscoringâŠ
New COO Takes Charge of DNV Maritime
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DNV has appointed Cristina Saenz de Santa Maria to the newly established Chief Operating Officer (COO) role.Effective from January 1, 2025, Cristina Saenz de Santa Maria will in her new role streamline communication and coordination between regional teams and central functions from Singapore base, work closely with key customers globally and strengthen operational capabilities in key growth markets.Since joining DNV in 2005, Cristina Saenz de Santa Maria has gained extensive experience across the maritime industryâŠ
Tidal Transit Finds Asian Partners to Build OW Support Vessel Fleet for Korea
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Tidal Transit has signed a memorandum of understanding (MoU) with two Asian firms to develop, fund, build and operate offshore support vessels for the South Korean offshore wind industry.The U.K. supplier of purpose-design crew transfer vessels for the offshore wind industry Tidal Transit teamed up with Britoil Offshore Services, based in Singapore, and Sky Offshore, based in South Korea, to support the growing offshore wind industry in South Korea.Making strong headways to becoming a leading force for renewable energy in AsiaâŠ
Canadian, WTI Crude Prices to Asia Jump
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Prices of Canadian and U.S. West Texas Intermediate crude oil to Asia jumped after shipping costs rallied on concerns that wider U.S. sanctions on the Russian fleet are tightening ship availability, trade sources said on Tuesday.Asian refiners face a margin squeeze as their costs of crude and shipping have spiked since Washington earlier this month imposed sweeping new sanctions targeting Russian insurers, tankers and oil producers.Discounts for Canadian crude exported via the Trans Mountain pipeline (TMX) and delivered to China in April have narrowed $1-$2 a barrel from the previous monthâŠ
Acceptance Test Completed for Powerful Dual-Fuel 4-Stroke Engine
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HD Hyundai Heavy Industries - Engine and Machinery has completed the factory acceptance test (FAT) of the worldâs first H54DF HiMSEN engine at HD Hyundai Engine in South Korea.The 6-cylinder H54DF engine is a dual-fuel engine capable of running on both natural gas and diesel, with a power output of around 12,000 horsepower. It boasts the highest power output per cylinder among 4-stroke engines worldwide. It offers approximately three times the output of existing dual-fuel enginesâŠ
Six US LNG Cargoes Diverted from Asia to Europe
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Traders diverted at least six cargoes of liquefied natural gas that were on course for Asia to Europe earlier this month, drawn by higher European prices and amid weak Asian demand, according to analysts and shipping data.The diverted cargoes could help meet additional European demand as countries seek to replace piped Russian gas after the Ukraine transit deal expired on Jan. 1, while weather forecasts point to lower temperatures in northwest Europe.The vessels had loaded in the U.S.
US: China Unfairly Dominates Shipbuilding
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U.S. President Joe Biden's administration has concluded that China uses unfair policies and practices to dominate the global maritime, logistics and shipbuilding sectors, three sources familiar with the results of a months-long trade investigation told Reuters.U.S. Trade Representative (USTR) Katherine Tai launched the probe in April 2024 at the request of the United Steelworkers and four other U.S. unions under Section 301 of the Trade Act of 1974, which allows the U.S. to penalize foreign countries that engage in acts that are "unjustifiable" or "unreasonable," or burden U.S.
Clarksons 2024 Global Shipbuilding Review Released
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Clarksons Research have released their latest annual review of shipbuilding markets, including full year 2024 data points, tracking key developments across a strong year for the shipbuilding industry.Summarising the annual review, Steve Gordon, Global Head of Clarksons Research, commented: "With the largest order intake in 17 years, 2024 was an incredibly active year for the global shipbuilding industry with contracts totalling 66m CGT and $204bn placed. Container (4.4m TEU of orders)âŠ
Great Ships of 2024: Ane MĂŠrsk - Worldâs First Large Methanol-Fueled Containership
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When talk turns to fuel transition in the maritime sector, the conversation usually starts with: âyes, change is happening, but the majority of the world fleet continues to operate as it always has; with diesel fuelâ and ends with âchange is being driven by a handful of pioneers: the big companies.âEnter Danish shipping giant A.P. Moller - MĂŠrsk, one of the biggest and most innovative companies operating ships globally today, and its worldâs first large methanol-enabled container vessel dubbed Ane MĂŠrskâŠ
Has U.S. Shipbuilding Reached an âAtlas Shruggedâ Moment?
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Each year, as we prepare for the largest U.S. based maritime industry conference in New Orleans, we tend to look back on the state of the industry and initiatives that were announced from the conference that took place the year before. 2023 provided us with plenty to talk about. In September of 2023, while the International Maritime Organization (IMO) and the global shipbuilding industry were fixated on âemissionsâ and alternative fuels, U.S. Secretary of the Navy Carlos Del Toro held the opening meeting of the Government Shipbuilders Council.
First Jacket Foundation for CVOW Substation Sets Sail from Danish Port
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The first jacket foundation for the substation of the Coastal Virginia Offshore Wind (CVOW) project has departed from the Danish Port of Esbjerg and is on its way to the United States to be installed at the countryâs largest offshore wind farm.The first of three offshore jacket foundations, standing 60-meter-tall and weighing approximately 2,445.6 tonnes, has been shipped from the production site at the Port of Esbjerg where it was manufactured.The jacket foundation will serveâŠ
Car Carrier Vessel Market Outlook for '25 is Bearish
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Political winds blowing a raft of new tariffs and incoming supply uptick suggests a volatile 2025 Bearish sentiment crept into the car carrier market in June after the European Union (EU) announced increased import tariffs for Chinese-made electric vehicles (EVs) up to as much as 45.3%. The EU tariffs, which came into play in November for a period of five years and were increased following an investigation into Chinese state subsidies to domestic car manufacturers, are weighingâŠ
JAXPORT Enhances Global Reach with New Partnerships
With the upcoming dissolution of the 2M Alliance in early 2025, JAXPORT is maintaining and growing its global container services through strategic partnerships with the world's top ocean carriers. New and modified service routes through JAXPORT will provide expanded global connectivity and access to new and emerging markets.Three primary changes are taking place beginning in February 2025.The Gemini Cooperation â an alliance between Maersk and Hapag-Lloyd â has added JAXPORT to a new, direct service calling Cartagena, Colombia, opening doors not only to South American markets but also to the global Gemini network, including ports in AsiaâŠ
APAC Presents Unique Opportunities for CO2 Shipping
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Shipping is poised to play a vital role in APAC cross-border CCUS initiatives, with annual CO2 shipping volumes projected to reach 100 MtPA by 2050, according to a joint study by the Global Centre for Maritime Decarbonisation (GCMD) and Boston Consulting Group (BCG).The study has identified that shipping will play a key role in enabling CCUS initiatives, particularly when there is a large geographical mismatch between potential captured CO2 sources and sequestration hubs.The reportâŠ