South Korea News

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.

Danish pure play product tanker company TORM on Monday announced it has entered into an agreement to acquire eight secondhand MR vessels in a $340 million cash and stock deal. TORM did not name the seller.The vessels have all been built by South Korea's Hyundai Mipo Dockyard in 2014 and 2015, and six of the vessels have been fitted with scrubbers. TORM said it expects to take delivery of the vessels during the third and fourth quarters of this year.The purchase price, which includes a cash consideration of $238 million and the issuance of approximately 2.65 million shares…

South Korea’s KT Marine has welcomed its new vessel, a Fast Ferry 4212 named Hamel, delivered by Dutch shipbuilder Damen.KT Marine placed its order for the vessel earlier this year. Hamel will transport up to 423 passengers at speeds of up to 40 knots.The vessel will operate a route between Yeosu Harbour and Geomundo Island. Hamel is the seventh Damen Fast Ferry, and the fifth Fast Ferry 4212, to be delivered to South Korea in recent years.The Fast Ferry 4212 features catamaran design, built at Damen Song Cam Shipyard in Vietnam.

Hengli Group, privately-controlled Chinese oil refiner and petrochemicals producer, said on Monday it will invest 9.2 billion yuan ($1.3 billion) in shipbuilding in northeast China, two years after it acquired South Korean shipyard STX's assets.The group's unit Hengli Heavy Industry expects to build annual steel processing capacity of 1.8 million metric tons as well as 7.1 million tons annually of shipbuilding capacity in Changxing island of Dalian city, according to a posting on the company's official WeChat platform.The company said it will expand building super tankers carrying oil and liqu

Malaysian state energy firm Petroliam Nasional Berhad (Petronas) on Monday said it would add three energy-efficient LNG vessels to its North American operations.The addition of the vessels, which brings the total number in Petronas' fleet in North America to six, comes ahead of the start-up of LNG Canada's gas-export facility due later this year, the company said in a statement.Petronas has a 25% stake in the LNG Canada plant in Kitimat, British Columbia, on the west coast of Canada."With the arrival of these new vessels…

The keel has been laid for the first of six new 46,000m³ midsize liquefied petroleum gas (LPG)/ammonia carriers being built at HD Hyundai Mipo in South Korea for Exmar LPG, a joint venture between Exmar and Seapeak.The series' first newbuild is scheduled for delivery during the first quarter of next year, and the remaining vessels will be delivered through the end of 2026.The first two vessels in this series will be powered by LPG dual fuel engines, while the last four will be driven by ammonia—a world first.

Commodities trader Trafigura has completed its first ship-to-ship (STS) transfer of ammonia in international waters close to the port of Ceuta in the Strait of Gibraltar.Approximately 6,000 metric tonnes of ammonia (NH3), supplied by CF Industries from their Donaldsonville, Louisiana-based manufacturing complex, was safely transferred between the Green Power Medium Gas Carrier (MGC), owned by ship owner/operator Purus on time charter to Trafigura, and small gas carrier the Gas…

Examining similarities and differences between the deepwater oil & gas and the emerging floating wind segment.There has been much excitement around the potential for the offshore wind industry to access deeper water sites through the deployment of floating wind technology.Further, there has been much discussion around the development and deployment of disruptive technologies to leverage the opportunity of floating wind. However, in the short- to medium-term, there is insufficient…

Global manufacturing activity and freight are showing signs of a recovery, after a downturn took hold in the second half of 2022 and lasted for most of 2023, which could support petroleum consumption and prices later in 2024.But indicators from the United States have been more mixed and manufacturers there may struggle until the central bank starts to cut interest rates to stimulate consumption of expensive durable items.Global industrial output was up by 1.6% in the three months between February and April 2024 compared with the same period a year earlier…

U.S. liquefied natural gas (LNG) exporter Venture Global has launched its first LNG vessel, the Venture Gator, at the Samsung Heavy Industries shipyard in Geoji-si, South Korea.The Venture Gator is the first of nine LNG carriers in the Venture Global fleet to be completed in quick succession across three shipyards in South Korea over the coming 24 months, which will transport LNG from the U.S. to multiple global partners and destinations.The ship is said to deploy best-in-class environmental and efficiency technology and will be primarily fueled by Venture Global’s LNG.

Congestion at Singapore's container port is at its worst since the COVID-19 pandemic, a sign of how prolonged vessel re-routing to avoid Red Sea attacks has disrupted global ocean shipping - with bottlenecks also appearing in other Asian and European ports.Retailers, manufacturers and other industries that rely on massive box ships are again battling surging rates, port backups and shortages of empty containers, even as many consumer-oriented firms look to build inventories heading into the peak year-end shopping season.Global port congestion has reached an 18-month high…

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.

Maersk faces significant terminal congestion in Mediterranean and Asian ports, causing substantial delays in its vessel schedule, the Danish shipping group said in a statement on Monday.As a result of that congestion, the world's second-largest container shipping company, will skip two westbound sailings from China and South Korea that had been planned to depart in early July, it added.The notice from Maersk comes as global supply chains are suffering cascading delays and higher costs due to the Yemen's Houthi militant attacks on commercial vessels near the Suez Canal.

Guangzhou Shipyard International's (GSI) plan to build the world's largest ammonia carrier vessel has taken a step forward.The Chinese shipbuilder has signed a joint development project (JDP) agreement with classification society Lloyd’s Register (LR) for the design of very large ammonia carrier (VLAC) with a carrying capacity of 100,000 cubic meters (cbm)—larger than a series of 93,000-cbm VLACs currently being built at Hanwha Ocean's Geoje shipyard in South Korea for Greek shipping…

Maersk faces significant terminal congestion in Mediterranean and Asian ports, causing substantial delays in its vessel schedule, the Danish shipping group said in a statement on Monday.As a result of that congestion, the world's second-largest container shipping company, will skip two westbound sailings from China and South Korea that had been planned to depart in early July, it added.The notice from Maersk comes as global supply chains are suffering cascading delays and higher costs due to the Yemen's Houthi militant attacks on commercial vessels near the Suez Canal.

South Korea's first domestically built geophysical exploration research vessel was commissioned during a ceremony at Pohang Yeongilman Port on May 31.The 92-meter Tamhae 3 is a fully state-funded research vessel owned by the Korea Institute of Geoscience and Mineral Resources (KIGAM). The KRW 181 billion (US$132 million) newbuild replaces its 1996-built predecessor, Tamhae 2, for geophysical explorations in domestic and foreign waters, starting with Korea’s continental shelves…

Extreme temperatures across Asia are driving up liquefied natural gas (LNG) demand in the region as importers seek cargoes ahead of summer, with imports in South Asia hitting records.This could tighten available supply and further lift Asian spot prices that have already gained a third since April, with heatwaves across South and Southeast Asia boosting air-conditioner use and other cooling demand. Prices are now at a near six-month peak at $12 per million British thermal units (mmBtu) and are expected to remain elevated."Spot prices are now driven by Asian demand.

Rolls-Royce has been selected to supply the world’s first twin MT30-powered hybrid electro-mechanical propulsion arrangement to power Japan’s Aegis System Equipped Vessel (ASEV), a Japanese destroyer program.The OEM says the unique power density of the MT30 GT will ensure ship performance is not compromised and will meet the top ship speed requirements associated with the Japan Maritime Self-Defense Force (JMSDF) destroyers.Other benefits marine gas turbine technology include ultra-low on-board maintenance compared to legacy engines…

North Korea's defence ministry accused the United States and South Korea of ramping up reconnaissance activities around the inter-Korean border, warning that it will act if its sovereignty and security is violated, state media KCNA said on Sunday.North Korea's vice defence minister Kim Gang Il said the U.S. had flown at least 16 of its RC-135 and U-2S strategic reconnaissance planes and RQ-4B drone over the Korean peninsula between May 13 and 24.He also accused South Korea's navy…

South Korea-based ballast water management system (BWMS) manufacture Techcross has announced its participation at Posidonia 2024, considered one of the largest maritime exhibitions in Europe held in Athens, Greece.This year, over 2,000 companies from around the world are expected to participate in the first week of June. The exhibitors are working hard in preparation aiming to attract nearly 30,000 visitors.Techcross who attends at booth no. 2.424, has arranged an opportunity for consultation on the local training center’s operational plan…

Russia will likely open its first liquefied petroleum gas (LPG) terminal on the Pacific Ocean coast with joint investments from China by the end of 2025, two industry sources said on Wednesday.Last week, Russian Direct Investment Fund (RDIF) struck an agreement with Chinese petrochemical company Haiwei to finance the marine terminal in Russia's Far East to ship LPG. It did not provide the timings for the project completion.The agreement, signed ahead of President Vladimir Putin's visit to China on May 16-17…

Mitsui O.S.K. Lines (MOL) has signed a time charter contract for two liquefied petroleum gas (LPG) dual-fuel very large gas carriers (VLGCs) with a subsidiary of TotalEnergies, CSSA Chartering and Shipping Services (CSSA).MOL made the agreement through its subsidiary MOL Energia.The vessels will be built by Hyundai Samho Heavy Industries in South Korea and are scheduled for delivery in 2026.The overall length of vessels is 230 meters, with brad of 32.25 meters. Their cargo tank capacity is 88…

Auramarine, a provider of fuel supply systems for the marine, power and process industries, signed a representative agreement with Specs Corporation Ltd., a Korean marine equipment and services provider to expand and strengthen the company’s presence in the South Korean maritime market.Specs will serve as an official Auramarine sales representative for its fuel supply units, including its conventional systems, as well as its specialist solutions for methanol and ammonia, and will be applicable for newbuildings, retrofits, commissioning and maintenance services.