Journalist
Shin Jia
fromjia@ajunews.com
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HMM Ship Waits at Dubai Port as Hormuz Strait Closure Risk Rises HMM is reviewing measures to protect the safety of its local staff and crew as the risk grows that the Strait of Hormuz could be blocked following U.S. strikes on Iran. According to the shipping industry on Monday, HMM’s Daon is anchored and waiting at Jebel Ali Port, the main gateway port for Dubai in the United Arab Emirates. Jebel Ali is the UAE’s key logistics hub and the Middle East’s largest port, serving as a major stop for container ships linking the Middle East with Africa and Europe. HMM said the Daon “is not in a danger zone and is working after arriving at its destination.” The HMM Daon is a 16,000-TEU container ship and is known to typically carry about 30 crew members. It mainly transports cargo between the Middle East — including the UAE and Iraq — and Singapore, and must pass through the Strait of Hormuz, making it sensitive to geopolitical risk. After U.S. and Israeli military action against Iran, Iran moved to control the Strait of Hormuz. Iran’s Islamic Revolutionary Guard Corps claimed through local media on March 1 that it “is implementing a blockade of the Strait of Hormuz,” and said it radioed nearby vessels to prohibit passage. According to foreign media reports, Iran retaliated with drones and missiles after U.S. and Israeli strikes on Iran, sparking a fire at Dubai’s landmark Burj Al Arab hotel and threatening the airport and port facilities. The attacks were reported to have continued on Monday. HMM said it is monitoring the Daon while it remains anchored in Dubai and will decide whether to move it to a safer area depending on how the situation develops. Separately, one of more than 20 HMM container ships and tankers operating in the region had been inside the Strait of Hormuz on Sunday but exited safely. Industry officials said prolonged instability in the Middle East could make route diversions or schedule adjustments unavoidable. 2026-03-02 19:18:08 -
South Korean Refiners, Shippers and Petrochemical Firms Brace for Hormuz Risk After U.S. Strikes on Iran The possibility that the Strait of Hormuz could be blocked after U.S. airstrikes on Iran has put South Korea’s refining, shipping and petrochemical industries on alert as they monitor developments. Industry officials said Monday that rising geopolitical risks around the Strait of Hormuz — a key global energy corridor — and the Red Sea, a major logistics route, are adding uncertainty across the economy. The Strait of Hormuz carries about 20% of globally traded oil, 70% of South Korea’s imported crude and 20% of its imported liquefied natural gas. The route is used mainly by oil tankers rather than container ships, but heightened tensions could also destabilize nearby Red Sea lanes, likely pushing up overall ocean freight rates. Extra costs incurred as tankers transit the strait despite risks or wait offshore are expected to add upward pressure on oil prices. Refiners have not set up a separate task force, but have begun internal risk checks and are preparing responses. A sharp rise in crude prices can bring short-term inventory valuation gains, but if import costs climb quickly, refining margins are likely to narrow. A refining industry official said the strait has not reached a stage where a blockade is taking shape, and companies are closely watching Middle East developments, longer-term oil price trends and potential effects on crude imports. The government and refiners say they have about seven months of strategic stockpiles, limiting near-term supply concerns. If the situation drags on, however, disruptions to crude procurement could combine with higher insurance premiums and freight costs to raise the burden. Global analysis firms have also issued pessimistic forecasts that oil could reach $100 a barrel if Iran actually blocks the strait. Shipping companies are watching whether the downturn in the sector could pause if detours become necessary. They expect the Shanghai Containerized Freight Index, which has been falling, could rebound, with ocean freight rates rising as much as 50% to 80% and offsetting weak conditions. In the tanker market, some forecasts say daily rates for very large crude carriers on Middle East-Asia routes could top $200,000 as the situation overlaps with rising global LNG demand. Still, the Iran strikes are seen as effectively ending hopes that HMM would return to the Suez route in the second half of this year. Over the longer term, higher fuel and insurance costs could also limit profit gains. Petrochemical companies, already trying to survive by consolidating naphtha cracking capacity, face added strain. Higher crude prices lift naphtha prices and then feed into prices for basic petrochemicals such as ethylene. But ethylene prices have been stuck since last year due to oversupply. If feedstock costs surge while product prices remain flat, margins will shrink further, worsening profitability for petrochemical makers. 2026-03-02 16:04:11 -
Korea’s Top Battery Makers to Showcase AI, ESS and Robotics Tech at InterBattery 2026 South Korea’s three major battery makers and key materials companies will take part in InterBattery 2026, the country’s largest battery and materials exhibition, to showcase battery technologies aimed at the AI era. With North American automakers scaling back electric-vehicle programs, the companies are looking to win early share in fast-growing markets such as energy storage systems, or ESS, and humanoid robots. According to the industry on the 2nd, the Korea Battery Industry Association will hold InterBattery 2026 from March 11 to 13 at COEX in Seoul. The exhibition theme is “Original Innovator, Creating the Future of Energy.” LG Energy Solution said it plans to highlight efforts to expand growth drivers beyond EVs into ESS, robotics and other industries, positioning itself as an “original innovator” that leads future energy tailored to customer needs. The company said its booth will be organized into five zones, starting with a “hero zone” on battery history and future vision, followed by sections on energy infrastructure, mobility, robotics and drones, and future technologies. LG Energy Solution plans to unveil ESS solutions optimized for power grids, along with a next-generation rack system for JP6 UPS using lithium iron phosphate, or LFP, for AI data centers, and a battery backup unit, or BBU, solution using high-output cylindrical batteries. It will also present examples of finished products in robotics and drones that use its batteries. SK On, which the article said won more than 50% of volumes in a second ESS central procurement market worth about 1 trillion won, will also use the exhibition to broaden its business into ESS and robotics and speed up portfolio expansion. SK On will introduce a high-energy-density LFP pouch battery for ESS, aligning with rising demand for large-capacity cells as the global ESS market seeks lower component costs and higher output. The company said it is conducting R&D to raise LFP battery energy density from 350 to 450Wh/L to about 500Wh/L. It will also show robotics applications, including a Hyundai Wia logistics robot — an autonomous mobile robot, or AMR — equipped with a high-nickel NCM battery. The robot is used at industrial sites, including Hyundai Motor Group Metaplant America, for logistics automation. SK On said its booth will be divided into three areas: Leading Tech, Future Tech and Core Tech. The Leading Tech area will feature an “R&D studio” where visitors can experience battery design and manufacturing processes. The Future Tech area will display immersion cooling technology being jointly developed with SK Enmove, along with ultra-fast charging technology that the company said can charge a battery from 10% to 80% in seven minutes. Samsung SDI will participate under the slogan “AI thinks, Battery enables,” presenting a vision it describes as “AI’s imagination, made real by batteries.” The company said the centerpiece of its display will be ultra-high-output, high-quality battery technology for data centers, a key infrastructure for the AI era. Samsung SDI plans to exhibit battery solutions for uninterruptible power supplies, or UPS, and battery backup units, or BBU, emphasizing the role of ultra-high-output batteries in supporting “zero power gaps” for AI data centers. It will also display “Samsung Battery Box,” an integrated battery solution for ESS that emphasizes environmental considerations and safety. Samsung SDI said it will introduce its all-solid-state battery technology, which it described as the heart of physical AI. The company said it plans to expand applications for its all-solid-state batteries — under development with mass production targeted for the second half of 2027 — to a range of physical AI uses, including humanoids, mobile robots and industrial robots. POSCO Future M will also participate, showcasing next-generation cathode and anode materials. The company said it will highlight materials solutions tailored to the needs of devices such as autonomous-driving EVs, ESS and humanoid robots. Its display will include development status and road maps for next-generation materials, including ultra-high-nickel cathodes with nickel content raised to more than 95% to improve driving range and stability for autonomous-driving EVs; LFP cathodes used in ESS and entry-level EVs for lower cost and long life; and materials for all-solid-state batteries and silicon anodes, which the company said are drawing attention as potential game changers for next-generation industries such as robotics due to high energy density. An industry official said the exhibition is expected to show how the battery industry is expanding from an EV-centered focus to future industries including AI infrastructure and robotics. “At various booths, visitors will be able to see battery technologies applied to future industries firsthand,” the official said. 2026-03-02 10:39:17 -
Hyosung Heavy Industries Reviews HVDC Localization Plan With Industry, Academia Hyosung Heavy Industries outlined a roadmap to localize high-voltage direct current, or HVDC, technology, a key element of the government-led “West Coast Energy Superhighway” project. The company said Wednesday it held a review meeting at its headquarters in Seoul’s Mapo district with officials from Korea Electric Power Corp., the Korea Electrical Manufacturers Association, and experts from industry, academia and research institutes. The West Coast Energy Superhighway is a national backbone grid project aimed at reliably delivering large-scale offshore wind power to the Seoul metropolitan area. The meeting was set up to closely assess progress in localizing large-capacity, voltage-source HVDC technology — an area that has relied heavily on overseas technology — and to discuss next steps. Hyosung Heavy Industries presented the status of its localization work on key components for a 2-gigawatt voltage-source HVDC system, including converter valves and control systems. The company said voltage-source HVDC makes power control easier than conventional current-source systems and is advantageous for grid stability, making it essential for connecting renewable energy. Presentations also were given by leading domestic experts. Professors from Seoul National University, Yonsei University and Kyungpook National University, participating as a technical cooperation group, discussed research in areas including system optimization and grid-stabilization technologies. Lee Jong-pil, a center director at the Korea Electrotechnology Research Institute who joined as an adviser, presented on certification testing for converter valves, a core component. Participants agreed the West Coast Energy Superhighway could serve not only as a domestic grid buildout but also as a springboard for Korean HVDC technology to enter global markets. They said technology self-reliance could lead to a broader domestic HVDC ecosystem spanning equipment, systems and engineering, and strengthen export competitiveness. “HVDC technology is at the core of national energy security,” Seoul National University professor Choi Seong-hwi said. “To reduce dependence on overseas technology and secure sovereignty over the power grid, building a localization ecosystem is essential.” A Hyosung Heavy Industries official said the company is moving ahead with localization “without disruption” based on capabilities built up in power equipment and HVDC technology. The official said Hyosung plans to complete the project successfully through close cooperation with related organizations, including the government and KEPCO, and to expand into global markets.* This article has been translated by AI. 2026-02-26 09:18:21 -
LG Energy Solution Steps Up Push Into Battery Recycling and Reuse LG Energy Solution said Monday it is focusing on expanding battery recycling and reuse, aiming to build a circular resource system from raw-material production through use and disposal while pursuing future growth through new businesses. In June last year, the company announced it would set up a recycling joint venture, GMBI, with Toyota Tsusho Corp., a Toyota Group company, in North Carolina. The venture will have a maximum annual processing capacity of 13,500 tons, enough to handle used EV batteries and scrap equivalent to more than 40,000 vehicles a year. The new joint venture will be a pretreatment plant specializing in safely dismantling and shredding end-of-life batteries and manufacturing-process scrap to produce “black mass.” The black mass will then go through separate post-processing to be refined into key minerals such as lithium, cobalt and nickel for use in battery production. In April last year, LG Energy Solution also announced a battery recycling joint venture with Derichebourg, France’s top metal recycler, in the Val-d’Oise region, with annual capacity of 20,000 tons. The company said the move is intended to respond proactively to European regulations and help build a sustainable battery ecosystem. For reuse, LG Energy Solution said it has installed and is operating an EV-charging energy storage system using repurposed batteries at Ochang Energy Plant 1. It is also building know-how through efforts including a North America reuse ESS business and development of reuse ESS systems for UPS and backup power applications. Separately, the company said it is working to achieve “zero waste to landfill” across all its sites. It said its Nanjing plant in China received UL’s top Platinum rating after being recognized for a 100% resource-circulation rate. An LG Energy Solution official said the company will “take the lead in realizing a sustainable future and customer value by building a circular system for battery resources.”* This article has been translated by AI. 2026-02-24 18:03:20 -
Korean Shipbuilders Poised to Extend LNG Boom as China’s Delivery Slots Fill Up Korean shipbuilders are expected to keep their “supercycle” going this year as major Chinese yards run out of building capacity through 2029, pushing owners seeking deliveries in that window toward Korea. Demand expectations are also rising as large LNG projects in the United States and Qatar move into full swing. Industry officials said Qatar plans to double its LNG production capacity by 2030. The International Energy Agency also forecast that global LNG supply will rise this year at the fastest pace since 2019, led by the United States. To meet the increase in supply, the industry expects additional orders for about 70 LNG carriers. Chinese shipyards are winning LNG carrier orders at prices about $30 million lower than Korean rivals. Still, owners have continued to choose Korean yards, citing confidence in technology and on-time delivery. With Chinese yards’ 2029-2030 delivery slots effectively sold out, analysts said owners wanting ships delivered in that period will have fewer options, narrowing choices to Korea and strengthening Korean builders’ pricing power. “In 2025, shipowners were watching geopolitical developments, so orders leaned more toward container ships than LNG carriers,” an industry official said. “This year, LNG development projects in various countries are expected to move forward in earnest, so expectations for more LNG carrier orders are high.” Clarksons Research data showed global ship orders in January totaled 5.61 million CGT, or 158 vessels, up 27% from 4.43 million CGT a year earlier. LNG carrier prices were about $248 million, and Korean shipbuilders’ market share was about 40%. Hanwha Ocean said in a conference call this month that it expects to achieve revenue on par with last year and that overall market conditions should improve as U.S. LNG export projects accelerate. Samsung Heavy Industries said in a conference call last month that Chinese yards have allocated Qatar-related work through 2031 deliveries, consuming available slots, and stressed that Korea could benefit from upcoming U.S. orders. HD Korea Shipbuilding & Offshore Engineering also projected Korean builders would maintain market share, saying Chinese-built LNG carriers still lag Korea in quality and technology. Hanwha Ocean posted 12.6884 trillion won in revenue last year, up 18% from a year earlier, with balanced performance in its commercial and special-purpose ship businesses. HD Korea Shipbuilding & Offshore Engineering said revenue rose 17.2% to 29.9332 trillion won, citing a higher share of high-priced ships, improved productivity and increased output. Samsung Heavy Industries also exceeded its revenue guidance and returned to the “10 trillion won club” with 10.65 trillion won in revenue.* This article has been translated by AI. 2026-02-20 17:03:27 -
Samsung Heavy Wins $268 Million Order for One LNG Carrier Samsung Heavy Industries said in a regulatory filing on Thursday that it won an order for one liquefied natural gas carrier from an Oceania-based shipowner for 368 billion won. The vessel is scheduled to be delivered by May 2028. The company’s year-to-date orders total eight ships worth $1.9 billion, reaching 14% of its annual target of $13.9 billion. By vessel type, the orders include three LNG carriers, two ethane carriers, two container ships and one crude oil carrier, for a total of eight ships. The tally reflects a $400 million increase tied to a preliminary contract for offshore production facility pre-work that the company disclosed on Feb. 13. “Since the start of the year, orders for LNG carriers have continued smoothly,” a company official said, adding that Samsung Heavy plans to maintain a selective order strategy focused on high-value ships.* This article has been translated by AI. 2026-02-20 12:09:14 -
POSCO Holdings to Nominate Directors, Cancel 2% of Treasury Shares POSCO Holdings decided at a regular board meeting at the POSCO Center to put director nominations and the cancellation of treasury shares on the agenda for its annual shareholders meeting. According to the industry on Thursday, the board’s director nomination committee recommended Joo-yeon Kim, a former vice chair for P&G Japan and Korea, as a new outside director. It also re-nominated outside director Jun-gi Kim, whose term is ending, as a candidate for the audit committee. Joo-yeon Kim previously served as vice chair of Korea P&G, CEO and president of P&G Korea, and global chief marketing officer for P&G Grooming. She currently serves as an outside director at SK Innovation. For inside directors, the company recommended Seok-mo Jeong, head of the Business Synergy Division. It also recommended Hee-geun Lee, CEO and president of POSCO, as a non-executive director. In addition, it re-nominated Ju-tae Lee, head of the Future Strategy Division, and Ki-su Kim, head of the Future Technology Research Institute and the group’s chief technology officer, as inside directors. Jeong joined POSCO in 1991 and has served as CEO and president of ENtoB, head of POSCO’s secondary battery materials business office, and head of the industrial gas business division, with experience spanning steel, secondary battery materials and industrial gas. The nominees are expected to be formally appointed after approval at the annual shareholders meeting on March 24. After the appointments, POSCO Holdings’ board will have 12 members: seven outside directors, four inside directors and one non-executive director. The board also approved the cancellation of 2% of its treasury shares, valued at 635.1 billion won. The move is part of a plan announced in July 2024 to strengthen shareholder returns and boost corporate value by canceling a total of 6% of treasury shares over three years, or 2% a year. The company said it plans to carry out the remaining cancellation target this year to complete the three-year shareholder-return policy. The board also decided to submit other items to shareholders, including approval of the 2025 financial statements, partial amendments to the articles of incorporation, and approval of the cap on directors’ compensation. POSCO Holdings said it will maintain its dividend policy of a basic dividend of 10,000 won per share despite a global economic slowdown and a tougher protectionist trade environment.* This article has been translated by AI. 2026-02-20 09:27:49 -
Hanwha Ocean Signs Canada Shipyard, College Deals to Expand Naval, Workforce Ties Hanwha Ocean said it has set up a cooperation framework with Canada’s Ontario Shipyards and Mohawk College to help strengthen Canada’s shipbuilding competitiveness and train skilled workers. The company said it signed a memorandum of understanding with Ontario Shipyards in Toronto on Feb. 18 for strategic cooperation. It also signed a three-way strategic cooperation letter of intent with Ontario Shipyards and Mohawk College. Canadian members of Parliament Aslam Rana, Chris Bittle, John Paul Danko and Shima Akan attended the event, the company said, welcoming closer shipbuilding and naval-industry cooperation between Canada and South Korea. Under the MOU, Hanwha Ocean will provide Ontario Shipyards with ship design and engineering advice, production planning and process management support, help building quality-control systems, and advanced processes based on smart-shipyard technology. Hanwha Ocean said the goal is to gradually rebuild Ontario’s large-vessel construction capability and support Canada’s long-term naval industrial base. The companies said they will pursue cooperation with an eye on future Canadian Navy projects, including the Canadian Patrol Submarine Project. Hanwha Ocean said it will provide technical support starting in the preparation stage, including design work, for ships Ontario Shipyards will begin building this year. Hanwha Ocean also said it will work with Ontario Shipyards and Mohawk College to establish a “shipbuilding workforce training hub” at the shipyard. The company said the hub will be tied to the shipyard’s 10- to 15-year expansion and modernization plan and will train key skilled workers in areas including welding, fabrication, marine machinery, electrical work, robotics and nondestructive testing. The three organizations said they plan to move forward in stages, including building an integrated training campus at Ontario Shipyards, developing industry-led advanced training programs, setting up a workforce development system aligned with production and expansion plans, and jointly identifying applied research projects using technologies such as virtual reality, robotics and digital twins. Shaun Padulo, CEO of Ontario Shipyards, said the shipyard is playing a leading role in rebuilding large-ship construction capability in Ontario. “Through our partnership with Hanwha Ocean, we will accelerate the rebuilding of shipbuilding capacity, the creation of high-quality jobs, and the strengthening of the marine and defense industrial base in Ontario and Canada,” he said. Kim Hee-cheol, CEO of Hanwha Ocean, said the two agreements “are about the future of Hanwha Ocean and Ontario Shipyards” and will deepen friendship between Canada and South Korea. He said the company will “firmly build the foundation” for the successful execution of Canadian Navy projects, including the Canadian Patrol Submarine Project. * This article has been translated by AI. 2026-02-19 16:51:00 -
SK Innovation Picked to Develop $2.3 Billion Vietnam LNG Power Project SK Innovation has been selected to develop a large liquefied natural gas power project in Vietnam with a total cost of about $2.3 billion (about 3.3 trillion won), marking a push to expand its global LNG business. According to industry officials on Thursday, a consortium formed by SK Innovation and SK Innovation E&S with PV Power, a power-generation unit under Vietnam’s state-owned oil and gas group PVN, and Vietnamese company NASU was chosen by the government of Nghe An province as the developer of the Quynh Lap LNG power project. The project will build, in the Quynh Lap area of Nghe An province about 220 kilometers south of Hanoi, a 1,500-megawatt combined-cycle gas power plant, a 250,000-cubic-meter LNG terminal and a dedicated port. SK Innovation said it will carry out the project with PV Power and NASU, aiming to start construction in 2027 and complete the terminal and power plant in 2030. The initial tender in 2024 drew major global companies from South Korea, Japan and Qatar that passed a preliminary review. The developer selection process then proceeded in January for those that cleared the screening. SK said it is also considering expanding the LNG terminal into a hub that supplies gas to nearby power plants. The company said using the terminal as a hub would improve efficiency, shorten the project timeline and help ensure timely energy supply, aligning with Vietnam’s power development plan focused on integrated energy infrastructure and regional industrial growth. Vietnam, facing chronic power shortages amid rapid industrialization and population growth, relies heavily on coal and hydropower. SK Innovation proposed meeting near-term electricity demand with LNG and pursuing a longer-term shift to carbon-free power sources, a plan it said matches the Vietnamese government’s direction for stable, low-carbon energy supply. SK Group Chairman Chey Tae-won visited Vietnam in February last year and met with General Secretary Lam. At the time, a plan was also discussed to support high value-added industries near the LNG plant by leveraging SK Group capabilities in areas such as AI and semiconductors, described as an “energy-industry cluster” model aimed at contributing to Vietnam’s economic growth and stable energy supply. SK Innovation said the selection is its first case of applying overseas the LNG value-chain model it completed as the first private company in South Korea. The company said it plans to use the Quynh Lap project as a foothold to expand the proven model across Vietnam. “This selection is a major achievement that proves SK’s unmatched LNG value-chain competitiveness works in the global market,” an SK Innovation official said. “Working with the Nghe An provincial government, we will help address Vietnam’s power shortages while also supporting regional economic development.”* This article has been translated by AI. 2026-02-19 10:57:23