Journalist

Shin Ji-a
  • HD Hyundai Marine Solution wins power plant maintenance deal in Ecuador
    HD Hyundai Marine Solution wins power plant maintenance deal in Ecuador SEOUL, February 06 (AJP) - South Korea's HD Hyundai Marine Solution has signed a $56 million maintenance contract with Ecuador’s state power utility to support operations at thermal power plants amid the country’s ongoing energy shortages. Under the agreement, the company will supply engine and auxiliary equipment maintenance packages through early 2027 for eight thermal power plants operated by the utility, with combined generation capacity of about 400 megawatts. The contract is intended to help alleviate Ecuador’s power crisis. The country, heavily dependent on hydropower, has suffered prolonged drought conditions that have reduced generation capacity and led to electricity outages lasting up to 20 hours in some areas, the company said. HD Hyundai Marine Solution said it plans to provide technical support to help stabilize operations at thermal plants, which are being used to compensate for reduced hydropower output. A company official said the deal would serve as a starting point to strengthen strategic cooperation with Ecuador. "We plan to expand higher-margin aftermarket services, including for land-based power plants, to improve profitability," the official said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-02-06 10:49:53
  • Global Ship Orders Rise 27% in January; China Widens Lead Over South Korea
    Global Ship Orders Rise 27% in January; China Widens Lead Over South Korea Global ship orders in January rose 27% from a year earlier, driven by demand to replace vessels to meet environmental rules and by a worldwide increase in orders for liquefied natural gas carriers. Clarksons Research, a British shipbuilding and shipping market tracker, said Jan. global orders totaled 5.61 million CGT, or 158 ships, up from 4.43 million CGT a year earlier. By country, South Korea won 1.25 million CGT for 26 ships, or 22% of the total, while China secured 3.74 million CGT for 106 ships, or 67%. Global order backlogs at the end of last month rose 5.07 million CGT from the previous month to 180.35 million CGT. South Korea accounted for 36.31 million CGT, or 20%, and China held 111.91 million CGT, or 62%. Compared with the same period a month earlier, South Korea’s backlog was up 1.0 million CGT and China’s was up 3.8 million CGT. From a year earlier, South Korea was down 390,000 CGT, while China was up 12.83 million CGT. Clarksons’ newbuilding price index at the end of last month was 184.29, down 0.36 points from December 2025 (184.65), holding broadly steady. By ship type, prices were US$248 million for an LNG carrier, $128.5 million for a very large crude carrier, and $261 million for a 22,000- to 24,000-TEU container ship. 2026-02-06 09:54:00
  • SKC says glass substrate customer demands are sharpening; expects ESS copper foil demand
    SKC says glass substrate customer demands are sharpening; expects ESS copper foil demand SKC said it is focusing on its glass substrate business, a key semiconductor material, as it seeks to return to profitability within the year. Park Dong Ju, head of SKC’s finance division, said on a conference call on Wednesday that the company will run its businesses with a focus on profitability to restore earnings and strengthen financial stability. SKC also plans to increase sales volumes of battery and semiconductor materials. For glass substrates, which SKC is positioning as a future growth driver, the company said it will improve product quality and yields to support reliability testing. SKC said glass substrates could be a “game changer” for the semiconductor ecosystem and that it expects to maintain clear differentiation and a technology gap over latecomers. On progress, SKC said its plant in Georgia was completed at the end of 2024 and that it focused on securing key technologies in 2025, with most now in place. It said it has completed prototype samples and submitted them to customers. SKC said customer requirements for reliability testing are becoming more specific and sophisticated because the product has no close precedent. It said commercialization is running somewhat later than earlier market expectations, but it will deploy a large number of semiconductor engineers to recheck its execution structure and speed up commercialization. In battery materials such as copper foil, SKC said a one-time cost of 316.6 billion won was reflected in the fourth quarter of last year, widening its pretax loss. To offset that, it guided that copper foil sales volume this year will rise 50% from a year earlier. SKC said demand from North America-centered energy storage systems is expected to increase, and it will prioritize operational efficiency based on a full-scale ramp-up of its Malaysia plant while serving key global customers. In semiconductor materials, SKC said it posted its best annual performance on demand for high value-added products used in artificial intelligence data centers. An SKC official said the company is targeting about 20% growth in companywide revenue this year from last year, citing higher electric-vehicle copper foil sales to customers in Greater China and an expanded customer base as applications for small batteries diversify. 2026-02-05 16:30:00
  • Polaris Shipping Installs Starlink on 25 Bulk Carriers, Plans Autonomous Navigation Trials
    Polaris Shipping Installs Starlink on 25 Bulk Carriers, Plans Autonomous Navigation Trials Polaris Shipping, a carrier specializing in very large ore carriers and bulk ships, is accelerating its shift to smart shipping. The company said Wednesday it has completed installation of a Starlink-based satellite communications system on 25 of its bulk carriers and is moving ahead with plans to introduce a next-generation autonomous navigation system called HiNAS Control. Polaris Shipping said the rollout gives its bulk fleet stable, ultra-high-speed communications, enabling low-latency, high-speed data links on global routes. The company said the satellite network is intended not only to improve onboard internet access but also to support smart-ship operations, including real-time transmission of navigation data, remote support and integration with safety management systems. To advance autonomous navigation, Polaris Shipping said it will first deploy Avikus’ HiNAS Control system on two vessels for a pilot operation. Avikus is a subsidiary of HD Hyundai Group. The company described HiNAS Control as an autonomous navigation system that goes beyond perception and decision-making to perform actual ship-control functions. Polaris Shipping said the system can set optimal routes without crew intervention to help prevent maritime accidents and can reduce fuel costs by maintaining optimal speed and routing. After verifying performance in real operating conditions, Polaris Shipping said it will review, step by step, whether to expand the system to more ships. The company said it aims to build a data-driven smart-ship operating model by combining Starlink-based connectivity with HiNAS Control autonomous navigation technology. “Building ultra-high-speed satellite communications and introducing autonomous navigation systems are key factors that will determine future competitiveness in shipping,” a Polaris Shipping official said. “Through this project, we will strengthen a safe and efficient operating environment while simultaneously improving crew-centered working conditions and achieving digital-based operational innovation, leading global smart shipping.” 2026-02-05 13:54:17
  • Lotte Chemical Targets 2026 Turnaround With Portfolio Shift to Specialty, Clean Energy
    Lotte Chemical Targets 2026 Turnaround With Portfolio Shift to Specialty, Clean Energy Lotte Chemical said it will complete a restructuring of its Daesan industrial complex operations within the year and begin building a new growth base, including expanding higher value-added products using its Yulchon compounding plant. On Tuesday’s earnings conference call, the company said it is aiming for a turnaround in 2026 centered on two strategies: reducing the share of commodity petrochemicals in its portfolio and strengthening foundations for future growth. On efforts to cut capacity at its naphtha cracker operations, which it said have been slow to progress, the company said it will do its best to successfully wrap up the ongoing Daesan complex reorganization within the year. Explaining the expected impact, Lotte Chemical said it will hold a 50% stake in the merged entity and that two crackers at each company are running at 80% to 85% utilization. It said shutting down one cracker entirely would deliver a portfolio improvement effect comparable to the volume reduction from that shutdown. The company also laid out a roadmap for shifting toward specialty businesses. It said it will strengthen competitiveness in higher value-added products such as functional materials, as well as in the eco-friendly energy sector. It plans to expand high value-added products such as Super EP, centered on the Yulchon compounding plant being built as South Korea’s largest single compounding facility. The plant, scheduled for completion this year, is currently operating 11 lines: five newly installed in October and six relocated in January. Lotte Chemical added that it plans to complete construction of its U.S. cathode foil plant within the year and gradually expand its battery materials business, including functional copper foil products such as circuit foil for AI use. It also plans to expand capacity in stages for products including semiconductor process materials and green materials for food and pharmaceutical uses. The company said it will additionally bring online a 60-megawatt hydrogen fuel cell power plant in Ulsan to strengthen competitiveness in its eco-friendly energy business. Lotte Chemical said it plans to expand high-performance materials this year and push ahead with its eco-friendly energy business at a faster pace. 2026-02-04 18:12:00
  • Lotte Chemical posts 2025 operating loss of 943.6 billion won as deficit widens
    Lotte Chemical posts 2025 operating loss of 943.6 billion won as deficit widens Lotte Chemical said Tuesday it posted 2025 consolidated revenue of 18.483 trillion won and an operating loss of 943.6 billion won. Revenue fell 7.1% from a year earlier, while the operating loss widened 3.2%. The company has remained in the red for four straight years since 2022, citing oversupply of commodity petrochemical products from China. In the fourth quarter, revenue totaled 4.7099 trillion won and the operating loss was 433.9 billion won. Its basic materials business — Lotte Chemical Basic Materials, LC Titan, LC USA and Lotte GS Chemical — reported revenue of 3.3431 trillion won and an operating loss of 395.7 billion won. Revenue slipped 1.2% from the previous quarter, and profitability weakened due to the startup of Lotte Chemical Indonesia (LCI) and seasonal off-peak demand. The advanced materials business posted revenue of 929.5 billion won and operating profit of 22.1 billion won. Profitability declined from the previous quarter as sales volumes fell amid seasonal weakness and year-end inventory adjustments by customers. Subsidiary Lotte Fine Chemical reported revenue of 439.1 billion won and operating profit of 19.3 billion won. Lotte Energy Materials posted revenue of 170.9 billion won and an operating loss of 33.8 billion won. Lotte Chemical said it plans to pursue a strategy centered on two tracks this year: reducing the share of commodity petrochemicals in its business portfolio and building a foundation for future growth.* This article has been translated by AI. 2026-02-04 17:00:00
  • LG Energy Solution, Hanwha Qcells to build 5GWh solar-plus-storage infrastructure in U.S.
    LG Energy Solution, Hanwha Qcells to build 5GWh solar-plus-storage infrastructure in U.S. LG Energy Solution said Tuesday it has signed a contract to supply a total of 5 gigawatt-hours of energy storage system, or ESS, batteries to the U.S. unit of Hanwha Solutions’ Qcells division, known as Hanwha Qcells. The products are LFP batteries for ESS use that will be made at LG Energy Solution’s plant in Holland, Michigan. Deliveries are scheduled to roll out from 2028 through 2030 for Hanwha Qcells’ grid-scale ESS projects in the United States. The deal is the companies’ second ESS agreement, following a 4.8GWh ESS project contract announced in May 2024. The companies said they plan to pursue energy infrastructure projects in the United States that link batteries and solar modules, using their U.S. manufacturing bases. LG Energy Solution’s batteries will be produced in Michigan, while Hanwha Qcells’ solar modules will be made in Georgia. The companies said the project will rely on U.S.-based production from batteries through solar modules. Park Jae Hong, head of LG Energy Solution’s Vertech unit, said the company will strengthen cooperation with Hanwha Qcells by supporting the project end to end and continue a long-term partnership based on what he called differentiated value. He said the joint projects are expected to support customers’ long-term business success and help stabilize the U.S. power grid. Chris Hodrick, head of Hanwha Qcells’ EPC business division, said the partnership gives Hanwha Qcells a foundation to respond effectively to large-scale ESS demand in the U.S. power market. He said the company plans to provide integrated energy solutions spanning solar and ESS and build a differentiated position in the global energy market.* This article has been translated by AI. 2026-02-04 08:42:00
  • LG Chem moves to halt Chinese firms operations in Korea over cathode patent dispute
    LG Chem moves to halt Chinese firm's operations in Korea over cathode patent dispute SEOUL, February 03 (AJP) - LG Chem has filed for a court injunction against JaeSe Energy, the South Korean subsidiary of Chinese cathode materials producer Ronbay, seeking to halt alleged patent infringement, industry sources said Monday. If granted, the injunction could effectively suspend JaeSe Energy’s domestic operations, which have annual production capacity of 70,000 tons. According to the sources, LG Chem submitted the injunction request on Jan. 16. JaeSe Energy was established as Ronbay’s Korean unit, with Ronbay widely regarded in the industry as the world’s largest producer of nickel-cobalt-manganese (NCM) cathode materials by output. The legal action follows a ruling by the Intellectual Property Trial and Appeal Board, which rejected petitions by JaeSe Energy seeking to invalidate three LG Chem patents. Two of the patents relate to cathode crystal-structure orientation, while the third covers relative composition ratios on the cathode surface. LG Chem and JaeSe Energy have been locked in legal disputes since 2024 over core cathode material technologies. LG Chem filed a lawsuit in August 2024, alleging that cathode products manufactured and sold by JaeSe Energy and Ronbay infringed multiple patents. JaeSe Energy has maintained that its technology was independently developed and countered by filing petitions to invalidate LG Chem’s patents. The appeals board upheld the validity of LG Chem’s patents and dismissed the challenges. If the court grants the injunction, production, sales and distribution of products found to infringe the patents would be immediately restricted. JaeSe Energy operates a manufacturing facility in Chungju, central South Korea, with annual capacity of 70,000 tons — enough to supply cathode materials for roughly 700,000 electric vehicles. A shutdown could disrupt cathode supply chains both domestically and overseas. An LG Chem official described the company’s patented technologies as foundational to maintaining South Korea’s competitiveness in high-performance battery markets. "LG Chem intends to protect its intellectual property while also pursuing licensing and other IP-based business models to promote broader industry growth," the official said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-02-03 08:39:54
  • HD Korea Shipbuilding wins order for liquefied CO2 carriers
    HD Korea Shipbuilding wins order for liquefied CO2 carriers SEOUL, January 30 (AJP) - HD Korea Shipbuilding & Offshore Engineering said on Friday it has secured an order to build two liquefied carbon dioxide carriers. The company said it recently signed a contract with Japanese shipping company Mitsui O.S.K. Lines, Ltd. to construct two LCO₂ carriers with a cargo capacity of 12,000 cubic meters each. The vessels will be built at HD Hyundai Heavy Industries’ shipyard in Ulsan and delivered to the shipowner in stages by the second half of 2029. Each ship measures 150 meters in length, 28 meters in width and 15 meters in height. The ships will be equipped with a cargo-handling system capable of safely transporting not only liquefied CO₂ but also liquefied petroleum gas, allowing for multipurpose cargo operations. The company said the ships will also feature liquefied natural gas dual-fuel propulsion engines to reduce pollutant emissions during operation. In addition, the vessels will incorporate ice-class design technology to ensure stable operations in polar regions such as the North Sea, and will be fitted with bow and stern thrusters to improve maneuverability during docking and undocking. A company official said HD Korea Shipbuilding has secured both low- and medium-pressure storage technologies in the LCO₂ carrier segment, which is expected to grow as global decarbonization efforts accelerate. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-01-30 09:58:46
  • SK On posts 2025 Q4 operating loss of 441.4 billion won; full-year loss 931.9 billion won
    SK On posts 2025 Q4 operating loss of 441.4 billion won; full-year loss 931.9 billion won SK On’s fourth-quarter 2025 operating loss widened 19% from the prior quarter, hurt by base effects tied to the end of U.S. electric-vehicle purchase subsidies, among other factors. According to industry sources on Tuesday, SK On posted fourth-quarter revenue of 1.4572 trillion won and an operating loss of 441.4 billion won. The loss widened by 251.7 billion won from an operating loss of 189.7 billion won a year earlier. Compared with a 124.8 billion won loss in the third quarter, the deficit expanded by more than 300 billion won. Its operating margin was minus 30.3%, down 23.4 percentage points from minus 6.9% the previous quarter. For 2025, SK On reported revenue of 6.9782 trillion won and an operating loss of 931.9 billion won. SK On cited a decline in advanced manufacturing production tax credits under the U.S. Inflation Reduction Act as a key factor behind the weak results. The AMPC benefit fell 71.8 billion won from the prior quarter to 101.3 billion won, weighing on fourth-quarter profitability. The company also recorded a large asset impairment during a restructuring of BlueOval SK, its joint venture with Ford. SK On said, “This impairment temporarily increased the pretax loss, but it is a one-time adjustment that occurred in the process of reflecting asset values under accounting standards.” SK On said it is continuing to prepare business expansion to secure steady growth drivers. It plans to broaden its energy storage system business and pursue new markets so its batteries can be used across industries, including humanoid robots.* This article has been translated by AI. 2026-01-28 17:15:47