Yonhap News

North Korean leader Kim Jong Un underscored the importance of strengthening naval power as he toured a naval base construction site, state media KCNA reported on Sunday."Now that we are soon to possess large surface warships and submarines which cannot be anchored by the existing facilities for mooring warships, the construction of a naval base for running the latest large warships has become a pressing task," Kim was quoted saying.During the tour, Kim stressed the need to build…

South Korea's Korea Midland Power (KOMIPO) has cancelled plans to build a liquefied natural gas (LNG) import terminal on the western coast of the country due to high costs and declining demand for the fuel.KOMIPO said in a statement to Reuters on Monday that its board had approved the plan to withdraw a LNG terminal construction project in Boryeong on June 28.

South Korea's prime minister and defense minister apologized as hundreds of COVID-19-infected sailors were flown to Seoul on Tuesday after a navy destroyer patrolling the waters off Africa was found to be riddled with the coronavirus.Almost 250 of the 301 unvaccinated crew aboard the destroyer Munmu the Great were infected, sparking a public furor at the government's failure to protect those serving abroad. read moreThe whole crew arrived home on Tuesday after the government carried out an emergency air evacuation…

South Korea's military has recorded in biggest cluster of COVID-19 infections to date, with more than 80% of personnel aboard a destroyer on anti-piracy patrol in the Gulf of Aden testing positive.While the 247 cases are not directly linked to new domestic infections, with the destroyer having left South Korea to start its mission in February, the surge comes as the country battles its worst-ever outbreak of COVID-19 cases at home, with another 1,252 new infections reported for…

South Korea is sending a medical team to the Middle East to tackle a coronavirus outbreak on one of its ships on anti-piracy patrol while at home, new daily infections are hovering around record levels with 1,600 reported on Thursday.South Korea was for months a coronavirus success story as it kept outbreaks under control with testing, tracing and social distancing but the Delta variant has been fueling a new wave of persistent infections in recent weeks.The outbreak on the South Korean destroyer with some 300 service members on board operating in the Gulf of Aden is another headache for the a

A South Korean delegation is heading to Iran on Wednesday to seek the release of a chemicals tanker and its 20-member crew seized in Gulf waters by Iranian forces, Yonhap news agency reported.Iran denied on Tuesday it was using the ship and its crew as hostages, a day after it seized the tanker near the Strait of Hormuz while pressing a demand for Seoul to release $7 billion in funds frozen under U.S. sanctions.The seizure of the MT Hankuk Chemi has been seen as an attempt by Tehran to assert its demands, just two weeks before President-elect Joe Biden takes office in the United States. Iran wants Biden to lift sanctions that were imposed…

South Korean shipbuilding group Korea Shipbuilding & Offshore Engineering (KSOE) said Tuesday it has secured a 900 billion-won (US$828 million) order to build six 15,000 TEU containerships for an unnamed Asian shipowner, Yonhap reports.Four of the six box ships will be built by KSOE's Hyundai Heavy Industries unit, and two will be constructed by its Hyundai Samho Heavy Industries arm. The vessels will be delivered from the first half of 2023, KSOE said.The news comes as shipbuilding orders begin to pick up after 2020's slump stemming from impacts of the COVID-19 pandemic.In 2020…

Iran denied on Tuesday it was using a South Korean ship and its crew as hostages, a day after it seized the tanker in the Gulf while pressing a demand for Seoul to release $7 billion in funds frozen under U.S. sanctions.The seizure of the MT Hankuk Chemi and its 20-member crew near the strategic Strait of Hormuz has been seen as an attempt by Tehran to assert its demands, just two weeks before President-elect Joe Biden takes office in the United States.Iran wants Biden to lift sanctions imposed by outgoing President Donald Trump. Tehran's critics have long accused it of capturing ships and foreign prisoners as a method of gaining leverage in negotiations."We've become used to such allegations," Iranian government spokesman Ali Rabiei told a news conference.

South Korea's foreign ministry is reviewing whether a senior diplomat would be visiting Tehran on Sunday as planned, an official said, after Iranian forces seized a South Korean-flagged chemical tanker in Gulf waters and detained its crew.The incident comes amid tensions between Tehran and Seoul over Iranian funds frozen in South Korean banks due to U.S. sanctions. Iranian state TV cited a Tehran government official as saying Vice Foreign Minister Choi Jong-kun had been due to discuss Iran's demand that $7 billion in frozen funds be released.In Seoul a foreign ministry official told Reuters "the plan is unclear as of now" regarding Choi's visit.Iranian media said on Monday that Iran's Revolutionary Guards Corps had seized the tanker Hankuk Chemi over pollution violations.

South Korean shipbuilder Daewoo Shipbuilding Marine and Engineering (DSME) has received an order for a large liquefied natural gas (LNG) floating storage regasification unit (FSRU).In a statement on the Korea Exchange, DSME said the contract was worth around 411 billion South Korean Won, or around $330 million.DSME did not say who the client was, except that it was a shipowner based in Central America. The vessel is expected to be delivered in late-June 2023.According to South Korea's Yonhap News Agency, the deal will become effective after the client makes a final investment decision on the project.Further, citing DSME, Yonhap said that the client would provide compensation for the costs related to the construction of the FSRU, if the final investment decision is not made.

South Korea' Financial Services Commission has announced 820 billion won ($690 million)  in funding to help modernize aging passenger boats and cargo ships.According to a Yonhap, the package is meant to help smaller shipping companies build 59 new ships -- 21 passenger boats and 38 cargo vessels.The Financial Services Commission announced that shipping companies will be reimbursed for up to 60 percent of the cost of the new vessels, and South Korea's state-run Korea Ocean Business Corp. will guarantee more than 95 percent of the loans.The Korea Development Bank will also fund 20 percent of the cost needed for building a ship.According to the report…

The Japanese government has filed a new petition with the World Trade Organization (WTO) against South Korea concerning alleged aid provided by the Korean government to the country’s shipbuilding industry.According to Yonhap, Japan has asked South Korea to discuss the issue which it says is affecting international competition, and if the talks fail, Japan will seek to establish a dispute settlement panel.In November 2018, Japan filed a complaint with the WTO, claiming that South Korea violated existing regulations by providing subsidies to its shipbuilders, resulting in damage to the Japanese industry.In December 2018, the two sides…

South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co (DSME) is targeting deals worth more than $6.88 billion in 2020, said a report by Yonhap.DSME received an additional order of six container vessels worth 891.8 billion won (US$768 million) from an African client on Dec. 27. DSME will deliver the vessels to their owner by the end of October 2022.The world's second-largest shipbuilder by order backlog won orders worth $6.88 billion to build 39 vessels, achieving 82 percent of its annual order target of $8.37 billion in 2019.The 39 ships includes 10 LNG carriers, 10 super-large crude oil carriers, 11 container ships, two LPG carriers…

South Korean shipbuilder Hyundai Heavy Industries (HHI) Group, which includes the world's largest shipyard, aims for a revenue of USD 15.9 billion in 2020.Yonhap News Agency said the combined target of Hyundai Heavy Industries Co., Hyundai Samho Heavy Industries Co. and Hyundai Mipo Dockyard Co. remains unchanged from last year’s goal.HHI said it aims to bag $8 billion worth of deals in 2020, according to the report.Hyundai Mipo Dockyard said in a regulatory filing that it aims to clinch deals worth $3.65 billion this year.In 2019, Hyundai Mipo Dockyard won orders worth $2.7 billion, achieving 76 percent of its annual order target of $3.53 billion.Hyundai Samho Heavy Industries said it aims to secure orders worth $4.25 billion this year.

South Korean shipbuilders are expected to maintain their status as the world’s top position in new orders this year, although they may fail to meet their annual order targets.South Korean shipbuilders have secured new orders totaling 7.12 million compensated gross tons to build a total of 168 ships through November, accounting for 36 percent of the total deals placed around the globe, said a report in Yonhap.According to the report, the Chinese rivals have bagged 7.08 million CGTs worth of orders for 304 ships in the first 11 months of the year, with their market share reaching 35 percent, according to the sources.Japan came in third with 2.57 million CGTs…

South Korean shipbuilding and offshore contractor Daewoo Shipbuilding & Marine Engineering Co., Ltd. (DSME) has secured a 891.8 billion-won (US$771 million) order to build six container ships.According to Yonhap, the world’s second-largest shipbuilder by order backlog will deliver the ships to an unidentified client in Africa by October 2022 under the deal.With the latest deal, Daewoo Shipbuilding has won orders worth $6.88 billion for 39 vessels so far this year, achieving 82 percent of its annual order target of $8.37 billion.The 39 vessels include 10 LNG carriers, 10 super crude oil carriers, 11 container ships, 2 super LPG carriers, 5 submarines, and 1 offshore plant.

South Korean shipbuilder Hyundai Heavy Industries (HHI) Group said that its two affiliates have clinched two deals worth 340 billion won (US$293 million) in total to build six vessels.Hyundai Mipo Dockyard (HMD), a unit of HHI, has won a KRW 110 billion ($100m) newbuilding order for four units of 1,800 TEU container carriers from Taiwanese shipping line Evergreen Marine Corporation.The boxships will be built to the Con-Green design developed by HMD in conjunction with Man Energy Solutions and DNV GL in HMD’s Ulsan shipyard in phases starting 2021.In a separate deal, another affiliate, Hyundai Samho Heavy Industries Co., an affiliate of HHI…

Korea Shipbuilding & Offshore Engineering (KOSE), a manufacturer of oil tankers, cargo and passenger vessels, and warships, and Saudi Arabian Oil Company (Saudi Aramco) plans to set up a joint venture to build engines.According to South Korea’s Yonhap News Agency the JV will break ground for the plant in the King Salman International Complex for Maritime Industries and Services in the kingdom’s eastern coast in September 2020, and the project is set to be completed in May 2022.The Korean company is working to build a shipyard at the complex through a separate JV with Saudi Aramco, UAE-based Lamprell and the Saudi National Shipping Company (Bahri).

South Korean shipbuilding giant Hyundai Heavy Industries (HHI) has secured orders for a total of six liquefied natural gas (LNG) carriers from European and Asian shipowners, totaling $1.13 billion.The ships - four LNG carriers for a European client and two others for an Asian shipping company - will be installed with a dual-fuel propulsion system to enhance efficiency and reduce toxic gas emissions.Four of the vessels for the European owner will be built by Hyundai Samho Heavy Industries while the remaining two will be built by Hyundai Heavy Industries.According to Yonhap, all six vessels will be capably capable of transporting 174,000 cubic meters of LNG…

South Korean shipbuilding major Daewoo Shipbuilding & Marine Engineering Co (DSME) said that it has secured a US$380 million order to build three vessels from Angelicoussis Shipping Group (ASGL), the Greek provider of marine shipping services.DSME will build a liquefied natural gas (LNG) carrier for Maran Gas Maritime Inc. and two very large crude carriers (VLCCs) for Maran Tankers Management Inc.Maran Gas Maritime and Maran Tankers Management are subsidiaries of Angelicoussis Shipping Group.According to a report in Yonhap, the LNG carrier will be guilt by DSME with a capacity of 174,000 cubic meters will be delivered by the first quarter of 2022.Two 318…

South Korea’s leading shipbuilding conglomerate Hyundai Heavy Industries (HHI) Group has submitted an application to the European Union for approval for its takeover of the compatriot shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME).According a Yonhap report,  HHI informed that the submission will be reviewed by anti-trust authorities at the European Commission, expecting the results of their call in 2020.Hyundai Heavy has been taking prerequisite steps since April to apply for the EU’s mergers and acquisitions approval.In March, Hyundai Heavy signed a formal deal, worth an estimated 2 trillion won (US$1.7 billion) to buy its smaller local rival from the state-run Korea Development Bank (KDB).

South Korean Samsung Heavy Industries (SHI) reported its third-quarter net loss of 583.2 billion won (US$ 503.8 million), compared with a KRW80.30 billion loss in the same quarter a year earlier, staying in the red compared with a year ago.The loss widened sharply in the wake of a cancelled shipbuilding deal. Mitsui Ocean Development & Engineering Co. (MODEC) was recently selected as the floating production, storage and offloading (FPSO) unit supplier for the Barossa Project in Australia. The FPSO part of the project alone is estimated at US$1.5 billion.Earnings were also hurt as Transocean Ltd. (RIG) said in September a pair of its…

South Korea's top shipbuilding conglomerate Hyundai Heavy Industries (HHI) Group said that its holding company HHI Holdings Co will receive 1.4 trillion won ($1.24 billion) in proceeds next month from the sale of a stake in its refining unit, Hyundai Oilbank.In April, state-owned Saudi Aramco had agreed to buy a 17 percent stake in HHIs oil processing operations.Hyundai Heavy Industries Holdings said in a regulatory filing that it had signed a sales agreement with Saudi Aramco that included an option for Aramco to buy an additional 2.9 percent stake in Hyundai Oilbank.According to a report in Korea Herald, Saudi Aramco recently told Hyundai Heavy that it has earned regulatory approval for the deal from antitrust regulators in various countries…