Journalist

Shin Jia
  • Hanwha Ocean to build Koreas largest wind turbine installation vessel
    Hanwha Ocean to build Korea's largest wind turbine installation vessel SEOUL, February 06 (AJP) - Hanwha Ocean said on Friday it had secured a 768.7 billion won ($530 million) order to build a wind turbine installation vessel from affiliate Ocean Wind Power 1. Delivery of the vessel is scheduled for the first half of 2028. The company said deployment will initially be considered for domestic offshore wind projects. According to Hanwha Ocean, the vessel will be the first in South Korea capable of installing 15-megawatt-class offshore wind turbines and is expected to become the largest operating in the country’s offshore wind sector. The company noted that many offshore wind projects in South Korea have relied on vessels built and operated by Chinese companies, raising concerns over supply-chain dependence. The new order is expected to help strengthen domestic shipbuilding capability and local supply chains for offshore wind projects. A company official said the government is expanding port and vessel infrastructure as it seeks to install 25 gigawatts of offshore wind capacity by 2035. "Hanwha Ocean aims to support growth in the country’s offshore wind industry through the project," the official said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-02-06 15:50:30
  • Hanwha Ocean Wins $5.7 Billion Order for Offshore Wind Turbine Installation Vessel
    Hanwha Ocean Wins $5.7 Billion Order for Offshore Wind Turbine Installation Vessel Hanwha Ocean said in a regulatory filing Thursday that it has won an order worth 7.687 trillion won for one wind turbine installation vessel, or WTIV, from its affiliate Ocean Wind Power 1. The vessel is scheduled for delivery in the first half of 2028. Hanwha Ocean said it will first consider deploying it to domestic offshore wind projects, including the Sinan Ui offshore wind project. Hanwha Ocean said the WTIV will be South Korea’s first vessel capable of installing 15-megawatt offshore wind turbines and is expected to be the largest WTIV operated in the country’s offshore wind sector. The company said South Korea’s offshore wind sites have increasingly relied on China-built and China-operated vessels that are brought in after changing their registered nationality, heightening supply-chain risks. It said the new order could be a proactive example of building core offshore wind infrastructure with a domestically built vessel and a local supply chain. A Hanwha Ocean official said the government is working to expand infrastructure such as ports and vessels as it aims to deploy 25 gigawatts of offshore wind capacity by 2035, adding that Hanwha Ocean will contribute to the growth of South Korea’s offshore wind industry. 2026-02-06 15:12:18
  • HD Construction Equipment posts 2025 combined sales of 8.32 trillion won
    HD Construction Equipment posts 2025 combined sales of 8.32 trillion won HD Construction Equipment, HD Hyundai’s integrated construction-equipment holding company launched in January, said Thursday that its two units — HD Hyundai Construction Equipment and HD Hyundai Infracore — posted combined 2025 sales of 8.3243 trillion won and operating profit of 457.3 billion won. HD Hyundai Construction Equipment reported 2025 sales of 3.7765 trillion won and operating profit of 170.9 billion won. Sales rose 9.8% from a year earlier, but operating profit fell 10.3% due to higher one-time costs tied to restructuring its China business. The company cited strong growth in emerging markets, Europe and China. Sales in emerging markets rose 21% year over year as mining and infrastructure development continued. Europe and China grew 18% and 26%, respectively, on improving demand. HD Hyundai Infracore posted 2025 sales of 4.5478 trillion won and operating profit of 286.4 billion won, up 10.5% and 55.5% from a year earlier. Its engine business recorded sales of 1.3264 trillion won and an operating margin of 14.3%. An HD Construction Equipment official said the company will strengthen integration synergies and region-specific sales strategies in line with a global market recovery. The official said it will also focus on securing future technology competitiveness and diversifying profit sources, including the aftermarket, engines and compact equipment businesses, to support sustained growth. 2026-02-06 15:12:00
  • HD Hyundai Electric posts 2025 operating profit of 995.3 billion won, up 48.8%
    HD Hyundai Electric posts 2025 operating profit of 995.3 billion won, up 48.8% HD Hyundai Electric said Thursday it posted 2025 revenue of 4.0795 trillion won and operating profit of 995.3 billion won, up 22.8% and 48.8% from a year earlier. Sales of power equipment, driven by overseas markets, rose 29.7%. The company cited expanding AI-related industries and rising investment in high-power infrastructure such as data centers, with strong conditions continuing in its key North American market. Revenue in Europe climbed 38.3% from a year earlier and accounted for more than about 10% of total sales. Annual orders totaled US$4.274 billion, exceeding its full-year target of US$3.822 billion. The order backlog rose 21.5% to US$6.731 billion, strengthening its medium- to long-term growth base. A company official said HD Hyundai Electric has already secured more than three years of backlog as global investment in power infrastructure increases. The official said the company will focus on strengthening partnerships, including reserving production schedules with key customers, rather than aggressively expanding orders, to manage external risks such as exchange rates and raw material prices, and will continue a selective order strategy centered on profitability.* This article has been translated by AI. 2026-02-06 14:54:20
  • 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