Journalist

Lee Na-kyeong
  • Pan Ocean Q1 Operating Profit Rises 24.4% on Strong LNG, Tanker Business
    Pan Ocean Q1 Operating Profit Rises 24.4% on Strong LNG, Tanker Business Pan Ocean posted strong first-quarter results on solid performance in its liquefied natural gas (LNG) and tanker businesses. The company said in a regulatory filing on the 4th that its consolidated operating profit for the first quarter totaled 140.9 billion won, up 24.4% from a year earlier on a preliminary basis. Revenue rose 8.3% to 1.5089 trillion won, and net profit increased 31.3% to 94.5 billion won. By segment, the tanker business reported operating profit of 28.1 billion won, up 41.5% from a year earlier, as market conditions strengthened for medium-range (MR) petrochemical product carriers. The LNG business posted operating profit of 47.2 billion won, up 49.7%, after deliveries were completed for all vessels. The bulk segment posted operating profit of 54.7 billion won, down 10.3% from the previous quarter, which the company attributed in part to geopolitical risks stemming from the Middle East. The container segment recorded operating profit of 9.0 billion won, down 42.9% from a year earlier, as freight rates fell amid oversupply. Pan Ocean said profitability improved despite a traditional seasonal slowdown, citing gains from expanding its portfolio, including LNG. The company has been accelerating efforts to diversify beyond its bulk-focused business structure. To that end, it previously announced plans to invest up to about 1.6 trillion won in non-dry bulk businesses centered on LNG. To fund investment in LNG and other areas outside its core bulk segment, it set capital expenditures at about 816.0 billion won in 2025, about 407.9 billion won in 2026 and about 136.0 billion won in 2027. A Pan Ocean official said the company will continue efforts to strengthen its ability to respond to market changes and expand its business portfolio to secure competitiveness and stable profitability. The official added that Pan Ocean will also pursue environmental, social and governance (ESG) management to reinforce its standing as a “sustainable company.”* This article has been translated by AI. 2026-05-04 16:35:54
  • Korean shipbuilders draw 6 orders for very large carriers amid Hormuz disruption
    Korean shipbuilders draw 6 orders for very large carriers amid Hormuz disruption SEOUL, May 04 (AJP) -South Korea’s major shipbuilders secured more than 1 trillion won ($677 million) in fresh gas carrier orders as disruptions around the Strait of Hormuz drive longer shipping routes and accelerate demand for alternative-fuel transport vessels amid a reshaping global energy trade. HD Hyundai Heavy Industries said Monday it won a 504.8 billion won ($343 million) order from Korea-based KSS Line to build three very large gas carriers (VLGCs), according to a regulatory filing. The vessels are scheduled for delivery by August 2029. Separately, Hanwha Ocean announced a 507.4 billion won contract with an Africa-based shipowner to construct three very large ammonia carriers (VLACs), with deliveries set through January 2030. The latest deals bring the combined value of the two shipbuilding contracts to more than 1 trillion won. The orders come as instability in the Middle East forces energy exporters and importers to diversify supply routes away from the Persian Gulf, increasing voyage distances and demand for long-haul transport capacity. Hanwha Ocean said the VLAC market has faced short-term uncertainty as exports from the Middle East declined due to the regional conflict. But the company added that overall cargo demand has remained resilient as exports from the United States and other regions expanded. With major import demand concentrated in Asia, the shift in export origins is lengthening shipping routes and boosting the strategic importance of high-capacity gas carriers. Hanwha Ocean said the latest contract raises its ammonia carrier orders this year to 10 vessels, strengthening its foothold in a market increasingly tied to cleaner fuel infrastructure and the transition toward a hydrogen economy. The company has been developing ammonia carrier technologies for years as the global shipping industry accelerates decarbonization efforts. Hanwha Ocean said it secured approvals in principle in 2022 from Bureau Veritas and Lloyd's Register for its ammonia carrier design. Last year, the shipbuilder also began joint development work with Korean Register on a 150,000-cubic-meter very large ammonia carrier. Hanwha Ocean described ammonia carriers as a new high-value vessel category for South Korea’s shipbuilding industry following LNG carriers, where Korean shipbuilders hold more than 80 percent of the global market. The company said it will continue a selective order strategy focused on eco-friendly and high value-added vessels tied to cleaner energy demand. Including the latest agreement, Hanwha Ocean has secured orders this year for 18 vessels worth about $3.2 billion, including 10 very large crude carriers, four LNG carriers, three VLACs and one wind turbine installation vessel. Shares of Hanwha Ocean added 0.5 percent to 132,400 while HD Hyundai Heavy Industries fell 0.6 percent to 681,000 won as of 2:30 p.m. 2026-05-04 14:29:28
  • Hanwha Ocean Wins $3.7 Billion Order for Three Very Large Ammonia Carriers
    Hanwha Ocean Wins $3.7 Billion Order for Three Very Large Ammonia Carriers Hanwha Ocean said Monday it has won an order worth 507.4 billion won ($3.2 billion) from an African shipowner for three very large ammonia carriers, or VLACs. Including the latest deal, the company said it has secured orders for a total of 10 ammonia carriers so far this year, expanding its presence in the segment. Hanwha Ocean has continued to develop technology for building zero-carbon ships, including obtaining approvals in principle in 2022 from Bureau Veritas and Lloyd's Register for an ammonia carrier design. Last year, it also began work with the Korean Register on developing a 150,000-cbm very large ammonia carrier. The VLAC market has faced greater short-term uncertainty as exports have fallen amid the war in the Middle East, the company said. Still, it said overall cargo volumes have been maintained as exports from other regions, including the United States, have increased. With major importers concentrated in Asia, a shift in export weight from the Middle East to the United States and other areas is lengthening shipping distances. Against that backdrop, ammonia carriers are emerging as a new specialized ship type for South Korea's shipbuilding industry, following LNG carriers, where South Korean companies hold more than 80% of the market, the company said. Hanwha Ocean said it will continue its selective order strategy focused on high value-added and eco-friendly vessels to respond flexibly to market volatility, and will keep strengthening competitiveness in ship types tied to rising demand for vessels using cleaner fuels. The company said it has booked orders this year for 18 ships — 10 very large crude carriers, four LNG carriers, three VLACs and one wind turbine installation vessel — totaling about $3.2 billion. "As ammonia is considered a key energy source in the transition to a hydrogen economy, demand for carriers is also expected to rise steadily," an industry official said. "South Korean shipbuilders are likely to maintain market leadership based on their technology and construction experience."* This article has been translated by AI. 2026-05-04 13:12:15
  • Hanwha Solutions’ Rights Offering Faces Second Regulator Revision Request
    Hanwha Solutions’ Rights Offering Faces Second Regulator Revision Request Hanwha Solutions’ plan for a rights offering has been halted again after South Korea’s financial regulator demanded another revision, even after the company reduced the deal size. The latest move has sharpened scrutiny on investor protection and whether the company can justify how it plans to use the funds. Industry officials said Saturday that Hanwha Solutions disclosed it was asked by the Financial Supervisory Service on April 30 to submit a revised registration statement for the rights offering it filed April 17. It was the second such request, following an initial revision demand on April 9. The filing has not been accepted, and its effectiveness has been suspended. Hanwha Solutions previously announced a 2.4 trillion won rights offering aimed at repaying debt, saying it was a step to prevent a credit-rating downgrade amid worsening business conditions. The market response was negative, with criticism that the company moved ahead with a large share issuance without sufficient communication with shareholders and that it planned to use most of the proceeds to pay down debt. The company reapplied after cutting the offering to 1.8144 trillion won, but still failed to clear the regulator’s review. The FSS said the disclosure lacked sufficient detail. It reportedly took issue in particular with about 5 trillion won in noncore assets, including real estate and stakes in other companies, held by Hanwha Solutions. During the first review, the FSS was also said to have questioned why the company pursued a rights offering despite holding a sizable amount of such noncore assets. Some in the market say Hanwha Solutions needs to redesign the offering, providing more specific explanations of how the funds will be used and how the plan would improve its finances, while also presenting steps to limit damage to shareholder value. Industry observers have raised the possibility that Hanwha Solutions could further reduce the amount and add a third-party allotment, since debt repayment still accounts for nearly half of the use of proceeds even after the cut. However, a third-party deal may be difficult because demand from outside investors may be limited and only a small number of affiliates could participate, they said. Hanwha Solutions said it would accept the FSS request and work to supplement the filing. “We take the FSS request very seriously,” the company said, adding that it would “humbly reflect once again on the criticisms and opinions raised by shareholders and the media” and prepare a revised registration statement that meets the requirements.* This article has been translated by AI. 2026-05-03 17:34:13
  • Battery Industry Veteran Lee Mi-yeon Pushes Hands-On Training for Technicians
    Battery Industry Veteran Lee Mi-yeon Pushes Hands-On Training for Technicians Lee Mi-yeon, chair of the Korea Battery Technicians Association, has spent more than 30 years in battery manufacturing and is known as a leader shaped by the factory floor. Since 2010, she has led Yujin Technology, building a reputation as a veteran with hands-on experience and a deep understanding of the industry’s structure. Born in 1976, Lee graduated from Chungcheong University with a degree in mechanical design. She later studied in the Department of Convergence Mechanical Engineering at Jungwon University and completed a bachelor’s degree in business administration at Kyung Hee University, followed by a master’s program at its graduate school of business. In 2010, she founded Yujin Technology in Cheongju, North Chungcheong Province. She has designed and operated precision presses, molds and battery process equipment, while also accumulating on-the-job experience as CEO. Yujin Technology specializes in batteries, producing parts and equipment for the notching process — the first step in battery assembly — as well as lead tabs used as materials in assembly. Its notching molds are supplied exclusively to some affiliates of South Korea’s three major battery makers, the company said, and it holds a 60% share of the domestic market. As association chair, Lee has focused on training technical workers and strengthening the industrial base for the battery and electric vehicle sectors. The association trains field-oriented specialists through education in battery performance evaluation, diagnostics, repair and fire safety. It has produced more than 1,200 battery professionals and built a cooperation network with about 50 organizations. It has also worked beyond training to develop a battery terminology dictionary and standards related to used batteries and fires, the article said. Lee, a female engineer and CEO with broad experience across the battery production floor, said securing “field-ready” talent is urgent for the industry’s continued growth. While battery technology and equipment are advancing quickly, she said, skilled workers who can understand and operate them remain in short supply. “Industrial competitiveness ultimately depends not on technology, but on people who understand the field,” Lee said. “More important than equipment are technicians who can handle it properly.” Reflecting that view, the association is focusing on developing practical technicians who can understand batteries accurately, handle them safely and make data-based judgments, the article said. “Going forward, securing talent with core capabilities such as battery safety and fire response will determine market competitiveness,” Lee said. “The association will work to build an ecosystem where technicians are properly evaluated and can play a central role in the industry.”* This article has been translated by AI. 2026-04-30 05:04:53
  • Battery Association Chief Warns Talent Shortage Threatens Korea’s Edge
    Battery Association Chief Warns Talent Shortage Threatens Korea’s Edge Despite a demand slowdown for electric vehicles, South Korea’s battery industry is looking for a rebound. On the factory floor, however, a shortage of job-ready workers is emerging as a new risk. Lee Mi-yeon, chair of the Korea Battery Technicians Association, said maintaining Korea’s “super-gap” advantage will depend on building a field-centered talent ecosystem. “What will determine competitiveness is how many practical technicians we can secure who can be deployed immediately, not theory-focused talent,” she said. In an interview Tuesday with Ajou Economy, Lee pointed to a workforce mismatch as the industry’s biggest problem. “The industry is growing fast, but the people needed on site are still in short supply,” she said, adding that companies repeatedly face inefficiency by hiring new workers and then retraining them because of a gap between education and workplace needs. She said the profile of in-demand workers is changing. Where the focus once was on employees who could follow fixed processes precisely, plants now need “judgment-based technicians” who can diagnose and solve problems using data. “The current education structure remains at ‘70% theory, 30% practice,’ but the field demands the opposite,” Lee said. “Without a shift to practice-centered training, the labor problem will continue.” South Korean battery companies are already facing severe shortages. The Ministry of Trade, Industry and Energy and the Korea Battery Industry Association project domestic workforce demand in the secondary battery sector will rise rapidly and exceed 110,000 by 2032, implying that about 54,000 additional specialized workers will need to enter the industry. But the number of battery-related graduates and job-ready workers produced each year remains only in the thousands, she said. Shortages extend beyond research and development to production staff who run processes and manage yield. Global conditions are similar. The International Energy Agency said global energy-sector employment totaled 76 million in 2024, up more than 5 million from 2019. Jobs tied to electric vehicles and batteries led growth, increasing by about 800,000 in a single year. Companies, however, are struggling to secure workers with practical skills. In an IEA survey of more than 400 global energy companies, more than half cited labor shortages as their biggest management risk. Firms said their biggest hiring challenges were a lack of candidates with needed technical skills and intensifying competition for talent from rivals and other industries. Lee said overseas production bases are expanding quickly, but core engineers who can set up sites and manage quality are “absolutely” in short supply. To run global production lines reliably, she said, Korean engineers who can train local workers and lead technical work are becoming more important. She said plants are no longer looking for people who simply do what they are told. “The field wants technicians who make their own judgments and take responsibility,” Lee said, calling the ability to analyze battery conditions, interpret abnormal data and connect it to process improvements a key capability. Lee said talent development is directly tied to global competitiveness. She said China is ahead in scale and growth speed, but Korea has strengths in precision processes, quality and safety standards. Korea should respond with a strategy centered on advanced engineers, not just production labor, she said. The association focuses on training “immediately deployable” practical workers in batteries and electric-vehicle charging, including programs for specialized roles such as battery performance evaluators. It has recently expanded and reorganized as the incorporated Korea Battery Technicians Association, moving to strengthen the credibility of its certification system and to build a technician career-history management system. Lee said a key goal during her term is “standardizing technicians” by integrating differing company criteria and building a national standard curriculum and qualification system focused on diagnostics, evaluation and safety. She said the association cannot solve the problem alone. “Battery diagnostic equipment and safety training facilities are too costly for the private sector to build on its own,” Lee said, calling for national-level infrastructure support. She added that qualifications such as battery performance evaluator should be institutionally linked and recognized so they can be used in actual hiring standards. Lee also cited staffing shortages at regional manufacturing sites, saying the gap between the Seoul metropolitan area and other regions is widening and making it harder to secure skilled technicians. She called for a workplace-linked education model involving regional universities, companies and the association to create a virtuous cycle from “education → employment → settlement,” alongside better treatment of technicians and a stronger career-management system. “Ultimately, trust in an industry comes from people,” Lee said. “When trained technicians are sufficiently present on site, competitiveness can be maintained.” She said this year should be a starting point for building national education standards and hands-on training infrastructure, adding that the association will take the lead in building a field-centered talent ecosystem to help sustain Korea’s battery advantage.* This article has been translated by AI. 2026-04-30 05:03:43
  • Indonesia’s Sinar Mas revises bid terms to buy Hyundai LNG Shipping as industry opposes sale
    Indonesia’s Sinar Mas revises bid terms to buy Hyundai LNG Shipping as industry opposes sale Hyundai LNG Shipping’s long-stalled sale process has reached a turning point after Indonesia’s Sinar Mas Group presented revised terms that reflect domestic concerns, according to the investment banking industry. Still, whether a deal can be completed remains unclear as the government and the shipping industry are moving to block an overseas sale of a Korean carrier, citing energy security. On 29, the investment banking industry said Sinar Mas recently reintroduced conditions in negotiations to acquire Hyundai LNG Shipping, including employment succession and maintaining the company’s status as a Korean-flag carrier. The move was seen as an effort to address concerns raised earlier about potential damage to energy security. An IMM Private Equity consortium began the sale process in November last year, seeking to transfer Hyundai LNG Shipping to Sinar Mas for about 3.8 trillion won. Hyundai LNG Shipping traces its roots to the liquefied natural gas carrier business unit of Hyundai Merchant Marine. It is South Korea’s largest liquefied gas shipping specialist, operating 12 LNG carriers and six liquefied petroleum gas carriers. Through long-term transport contracts with Korea Gas Corp., it carries about 25% to 30% of the gas imported into South Korea. The shipping industry voiced immediate opposition after reports of an overseas sale. Industry officials have warned that a foreign sale of Hyundai LNG Shipping, which is closely tied to stable energy supply, could lead to the outflow of strategic transport assets and specialized personnel, the loss of LNG shipping know-how and other national wealth, and difficulties requisitioning ships in a national emergency. Against that backdrop, Sinar Mas has again emphasized its intent to ensure operational stability after an acquisition and to keep the existing business structure, highlighting guarantees on employment succession and maintaining Korean-flag status. Major hurdles remain. With tensions continuing in the Middle East, the need for energy-related strategic merchant shipping has again come into focus. A key variable is whether the Ministry of Trade, Industry and Energy approves the sale. The ministry is reviewing, through its Foreign Investment Review Committee, whether the transaction involves a company deemed to hold national core technology. If it is classified as such, a separate approval process by the industry minister would be required, potentially delaying the deal significantly. In 2023, European shipping companies also showed interest in Hyundai LNG Shipping, but the government blocked the sale on energy security grounds and it fell through. “Now is a time when stable energy supply and demand matters more,” a shipping industry official said. “Given the role of a Korean LNG carrier, it is preferable to find a buyer at home rather than sell overseas.”* This article has been translated by AI. 2026-04-29 18:07:33
  • Doosan to Invest 180 Billion Won to Build CCL Production Base in Thailand for AI Demand
    Doosan to Invest 180 Billion Won to Build CCL Production Base in Thailand for AI Demand Doosan Corp. is setting up a new production base in Thailand to get ahead of rising demand for copper-clad laminate, or CCL, driven by the expansion of artificial intelligence data centers. The company said Tuesday it will establish a new local entity and build a CCL plant at the Araya Industrial Park in the Bang Bo area of Samut Prakan province. Total investment will be about 180 billion won. The site will cover about 73,000 square meters. Doosan plans to break ground within this year and aims to begin mass production in the second half of 2028. It said it will consider phased capacity expansions in line with demand to improve investment efficiency. The Thailand plant will mainly produce high-performance CCL for AI infrastructure and network equipment, the company said, adding it expects strong growth as global demand expands. Doosan cited logistics and operational stability as key reasons for choosing the site. The industrial park is about a 30-minute drive from Suvarnabhumi International Airport and about an hour from Laem Chabang port. The company also said the newer complex has operating infrastructure and disaster-response systems that support stable production. CCL is a sheet made by laminating copper foil onto both sides of an insulating material and is a core base material for printed circuit boards, or PCBs. Doosan said AI accelerators, which must process massive amounts of data at very high speeds, require high-performance CCL that minimizes signal loss and resists deformation in high-temperature operating environments. As investment in AI data centers grows worldwide, demand for high-performance CCL is rising rapidly, it said. Doosan said it has built competitiveness in CCL on materials technology accumulated over the past 50 years, including an edge in designing the “optimal composition ratio” among materials that determines CCL quality. “We decided to expand production capacity to respond in a timely way to growing CCL demand,” a Doosan official said. “We will monitor market conditions and flexibly review whether additional investment is needed.”* This article has been translated by AI. 2026-04-29 16:23:20
  • Samsung Heavy Industries Becomes First Shipbuilder to Earn Zero Waste to Landfill Certification
    Samsung Heavy Industries Becomes First Shipbuilder to Earn Zero Waste to Landfill Certification Samsung Heavy Industries said it has strengthened its environmental, social and governance efforts by raising the recycling rate of waste generated at its shipyard. The company said it held a ceremony on the 28th at its Geoje shipyard after receiving UL Solutions’ “Zero Waste to Landfill (ZWTL)” certification. Attendees included Namgung Geum-seong, vice president and head of the shipyard, and Yoon Hye-jin, executive director of UL Solutions Korea, the company said. ZWTL is an environmental certification awarded based on the share of a site’s waste that is recycled rather than sent to landfill, and is used globally to gauge corporate efforts in resource circulation. Samsung Heavy Industries said shipbuilding has faced challenges in resource circulation because it generates a wide range of waste that can be difficult to process. It said it earned the certification after continuing to improve its waste-management system to increase recycling. The company said it overhauled its sorting system by classifying all waste by type and characteristics under its own procedures. It also linked manual sorting to mechanical sorting to raise recovery rates for recyclable materials. It said it further upgraded management by working with the environment office and the Korea Environment Corporation on technical cooperation and professional consulting, and by building a real-time monitoring system. In March, Samsung Heavy Industries said it also became the first in the industry to receive “circular resource recognition” from the Nakdong River Basin Environmental Office for four types of nationally managed waste: slag, dust, waste wood and waste expanded synthetic resin (Styrofoam). The recognition is a government system that allows waste to be treated and, if it is not harmful to health or the environment and can be traded for a fee, to be recognized as a circular resource. “ZWTL and circular resource recognition show the results of Samsung Heavy Industries’ efforts to recycle waste,” Namgung said. “We will further strengthen our resource-circulation system.”* This article has been translated by AI. 2026-04-28 14:30:50
  • Lotte Energy Materials to Invest 50 Billion Won to Expand Iksan Circuit Foil Plant
    Lotte Energy Materials to Invest 50 Billion Won to Expand Iksan Circuit Foil Plant Lotte Energy Materials said Monday it will invest about 50 billion won to expand its Iksan plant, the country’s only production base for circuit foil, as it seeks to complete its materials value chain (Elecfoil-CCL-PCB-Module). The company said it decided on the investment to secure future competitiveness even as the electric-vehicle market, including the copper-foil sector, faces headwinds due to a demand slowdown. It cited rapid growth in artificial intelligence data centers as driving a surge in customer demand for HVLP (hyper-very-low-profile) copper foil used for high-speed signal transmission. Through the Iksan plant, Lotte Energy Materials said it is providing materials solutions that meet customer requirements for performance, reliability, mass-production capability and stable supply. The company said the expansion will support customers’ efforts to build more stable supply chains. Chief Executive Officer Kim Yeon-seop said the company made the decision “carefully” to pursue two goals: securing future competitiveness and restoring performance. “We will further strengthen customer trust by securing core materials technologies for the AI and network era and by stabilizing quality and supply through expanded production capacity,” he said.* This article has been translated by AI. 2026-04-28 14:18:45