Daewoo News

Dating back to the year 1786, Thomas Jefferson wrote to a member of the Continental Congress on the importance of free press keeping government in check. He was quoted as saying if he had a choice between “a government without newspapers or newspapers without a government, I should not hesitate a moment to choose the latter.”The basis of the statement being that the government is the opinion of the people. It is not in the current U.S. shipping reporting.The first “newspaper” shipbuilding announcements consisted of new legislation capable of delivering us back to our former maritime dominance.

South Korea and the United States havehttps://www.marinelink.com/news/hanwha-build-usflagged-lng-carrier-528214 been discussing a shipbuilding tie-up that could include investments to modernize U.S. shipyards and more help to repair the U.S. naval fleet as Seoul seeks better tariff terms, government and industry sources said.U.S. President Donald Trump, who has made revitalizing the aging U.S. shipbuilding industry a priority to keep up with China, has repeatedly raised the idea…

South Korean shipbuilder Hanwha Ocean aims to boost its revenue from overseas military vessels to around 4 trillion won ($2.91 billion) by 2030 and hopes to pick up more repair orders from the U.S. Navy, a senior executive told Reuters.The Asian country is a major global shipbuilder and trade talks with the U.S. on tariffs brought up possible cooperation in the sector after U.S. President Donald Trump signed an executive order to restore U.S. shipbuilding.Hanwha Ocean, formerly Daewoo Shipbuilding…

South Korea's state-run Korea Development Bank plans to sell its shares in Hanwha Ocean, Maeil Business Newspaper reported on Monday.KDB plans to split its 19.5% shares in the shipbuilder into multiple block sales, after a bookbuilding from Monday, the newspaper reported, without citing clear sources.KDB was unavailable for comment after business hours.KDB is the second-largest shareholder in Hanwha Ocean, after Hanwha Aerospace, which owns a 30.4% stake, according to LSEG data.The shipbuilder…

The first Russian-built ice-class liquefied natural gas (LNG) carrier has entered sea trials, LSEG data showed on Friday, as part of Russia's efforts to raise global LNG market share despite U.S. sanctions.The tanker, named Alexey Kosygin after a Soviet statesman, was built at the Zvezda shipyard and is due to join the fleet of vessels for Russia's new Arctic LNG 2 plant, which has been delayed because of the U.S. sanctions over the conflict in Ukraine.The U.S. Treasury has also placed sanctions on the new vessel…

Early 2024 saw a group of financial deals that have implications, in a broad sense, for how offshore wind projects may be financed. While offshore wind projects might be thought of as being in the ‘utility finance’ basket, they are ultimately high-risk deals that might better suit the portfolios of ‘infrastructure investment’ which, in recent years, has taken a shift towards tolerating more uncertainty when it comes to cash flows.A 2022 article from consultants McKinsey, titled “Infrastructure investing will never be the same”…

South Korea's Hanwha Group has agreed to acquire U.S. shipbuilder Philly Shipyard in a $100 million cash deal, the companies announced on Thursday.Under the deal, which is expected to close in Q4 2024, Hanwha Systems and Hanwha Ocean will purchase purchase of Philly Shipyard, Inc., the sole operating subsidy of Aker-owned Philly Shipyard ASA, based in Oslo.Kristian Røkke, Chairman of Philly Shipyard ASA, said, “After two decades of stewardship, it is with great honor that we transition the ownership from Aker to Hanwha.

Tanker shipping company Stena Bulk on Thursday announced the sale of the liquefied natural gas (LNG) carrier vessel Stena Blue Sky to an undisclosed Asian buyer.The sale of Stena Blue Sky follows the recent announcement that Stena Bulk had sold two LNG carriers to BW LNG.The successful transfer of Stena Blue Sky has already taken place. The vessel was delivered on April 18 in Singapore.Originally built in 2006 by Daewoo Shipbuilding & Marine Engineering (DSME) in South Korea, Stena Blue Sky has a carrying capacity 145…

Flex LNG on Friday announce that the charterer of its liquefied natural gas (LNG) carrier Flex Endeavour has exercised an option to extend the firm period of the time charter by 500 days, from the third quarter 2030 to the first quarter of 2032. As announced on November 23, 2022, in connection with the extension of three ships, the charterer has one further option to extend the time charter period by one additional year to 2033.Øystein Kalleklev, CEO of Flex LNG Management AS…

Stena Bulk completed the sale of two of its LNG carriers – Stena Crystal Sky and Stena Clear Sky – to BW LNG.As part of the sale, BW LNG will assume the existing charters for both vessels.Both vessels were originally delivered in 2011 from Daewoo Shipbuilding & Marine Engineering in South Korea. Stena Crystal Sky and Stena Clear Sky each have an LNG carrying capacity of 174,000 cbm.“As part of our strategy to continuously look for new opportunities, Stena Bulk took the decision some time ago to sell Stena Crystal Sky and Stena Clear Sky," said Erik Hånell, President & CEO of Stena Bulk.

QatarEnergy signed time-charter party (TCP) agreements with Qatar Gas Transport Company Limited (Nakilat) for the operation of 25, 174,000 cubic meter LNG vessels as part of the second ship-owner tender under QatarEnergy’s historic LNG Fleet Expansion Program.The agreements were signed by His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy and Mr. Abdullah Al Sulaiti, the CEO of Nakilat, in a special ceremony held at QatarEnergy’s headquarters in Doha…

DHT Holdings announced it has entered into agreements to build four very large crude carriers (VLCC) in South Korea for delivery between April and December 2026.Two of the large tankers will be constructed at Hyundai Samho Heavy Industries and the other two at Hanwha Ocean (formerly known as Daewoo Shipbuilding & Marine Engineering), for an average price of $128.5 million. The contracts include options for an additional four vessels that can be delivered during the first half of 2027.The vessels have been ordered to Super Eco-designs and have carrying capacity of about 320,000 metric tons.

Russia is hoping its shipments of liquefied natural gas (LNG) will offset a sharp fall in pipeline gas exports to Europe, but a shortage of gas tankers and sanctions hold back its plans, analysts and industry sources said.Russia wants to boost its share of the LNG market to 20% by 2030 from 8% now, but a force majeure declaration by top producer Novatek over LNG supplies from its future Arctic LNG 2 project due to sanctions shows the hurdles it faces.Novatek's announcement comes after the United States last month imposed sanctions on Arctic LNG 2…

Shipowner Naftomar Shipping announced an order for four very large ammonia carriers, to be built by South Korean shipbuilder Hanwha Ocean (formerly known as Daewoo Shipbuilding & Marine Engineering) for scheduled delivery from 2026. With a capacity of 93,000 m3, the ships are among the world’s largest ammonia carriers ordered to date.The Bureau Veritas (BV) classed ships will be fitted with a ME-LGIP LPG dual-fuel engine, ready to be converted to use ammonia as fuel when the MAN ES ammonia engine retrofit kit is made available.

Classification society ABS and shipbuilder Hanwha Ocean signed a strategic framework agreement to advance the digital transformation of shipbuilding.Under the agreement, ABS and Hanwha Ocean formerly known as Daewoo Shipbuilding & Marine Engineering Co., Ltd., will work together conducting joint development projects aimed at examining digital technologies related to smart yards and smart ships with a focus on safety, cyber resilience, autonomous, remote-control and smart functions developed by Hanwha Ocean.

Eneti, a company providing offshore wind installation vessel services, said Tuesday its subsidiary Seajacks had signed a contract with an undisclosed client to transport and install wind turbines.With mobilization starting in the second quarter of 2027, the contract will be performed by one of the company’s two NG16000X Wind Turbine Installation Vessels currently under construction at Hanwha Ocean (ex-Daewoo Shipbuilding & Marine Engineering) in South Korea. Including mobilization and demobilization…

South Korea's Hanwha Ocean has pitched offers to build submarines to Canada, the Philippines, and Poland, a company official said on Wednesday, as the country pushes to become one of the world's top four defense exporters.Canada is studying potential builders for new submarines and has expressed interest in Hanwha Ocean among other foreign rivals, Kim Seung-min, leader of Hanwha Ocean's naval and special ship overseas marketing team, told Reuters in an interview, without naming the competitors."We are now checking on our shoelaces at the start line before the race kicks off…

An arbitration tribunal has delivered a verdict in a drillship order cancellation case involving offshore drilling contractor Northern Drilling and Daweoo Shipbuilding Marine and Engineering (now known as Hanwha Ocean), ruling in favor of Hanwha.Billionaire John Fredriksen-owned offshore drilling company Northern Drilling canceled the West Aquila and West Libra drillship orders with South Korea's Daewoo Shipbuilding & Marine Engineering in 2021, citing delay of deliveries as well as a repudiatory breach of contract, and said it would seek a refund for installments paid.

Eneti's offshore installation services subsidiary Seajacks UK has signed a vessel reservation agreement with an undisclosed client to transport and install turbines.With mobilization starting in the first quarter of 2027, the contract will be performed by one of the company’s two NG16000X Wind Turbine Installation Vessels currently under construction at Hanwha Ocean (ex-Daewoo Shipbuilding & Marine Engineering) in South Korea. Including mobilization and demobilization, the engagement…

AET delivered its newest vessel, the first of three Very Large Crude Carrier (VLCC) powered by dual-fuel liquefied natural gas (LNG) engines, on long-term charter to Shell Tankers (Singapore) Private Limited.The Malaysian-flagged Eagle Vellore was named at a ceremony at the MMHE Pasir Gudang yard, attended by the Deputy Minister of Transport, Malaysia and other Malaysian government officials. The naming of the 300,000 dwt tanker in Malaysia marks an important milestone for AET…

After a slowdown in activity during 2020/2021 due to soft commodity prices, demand for FPSOs is picking up.With exploration hotspots like Namibia’s Orange Basin and the East Mediterranean delivering new finds, the FPSO market outlook is healthy. But shipyard capacity constraints are beginning to weigh on delivery, leading to cost concerns. Furthermore, FPSO demand is competing for yard space with other construction projects.To mitigate delay risk and cost overruns, some E&Ps have reviewed their FPSO procurement strategies.

The Hanwha Group has completed its take over of Daewoo Shipbuilding & Marine Engineering (DSME), renaming it Hanwha Ocean.Hanwha Vice Chairman Kwon Hyuk-woong has been appointed as CEO of the shipyard.The Korea Times reports that DSME suffered a 1.6 trillion won operating loss last year and 1.7 trillion won the year before. During the first three months of this year, it suffered 62.8 billion won in operating losses.Hanwha has already established a network of businesses that address renewable energy.

Daewoo Shipbuilding & Marine Engineering (DSME) has held a tree planting ceremony in honor of the late John Angelicoussis who passed away in 2021.The ceremony included the unveiling ceremony of a plaque engraved with the picture of the former of Angelicoussis Group who is held in high regard by the shipyard particularly because he offered support whenever DSME was in need. This included support through the dissolution of Daewoo Group in 1998, the Lehman Brothers financial crisis in 2008, and the liquidity crisis that continued from 2015.Angelicoussis was born in Piraeus in 1948.