Journalist

Lee Na-kyung
  • South Koreas HMM orders $2.3 billion fleet of LNG-powered container ships
    South Korea's HMM orders $2.3 billion fleet of LNG-powered container ships SEOUL, October 16 (AJP) - HMM, South Korea’s largest shipping company, said Thursday that it will order 12 eco-friendly container ships from domestic shipbuilders in a deal worth 3.05 trillion won ($2.3 billion), marking its first major local order in seven years. The 13,000 twenty-foot equivalent unit (TEU) vessels will be built by HD Hyundai Heavy Industries and Hanwha Ocean, two of South Korea’s leading shipbuilders. Each ship will run on liquefied natural gas (LNG), a lower-carbon alternative to conventional marine fuels. According to DNV, a Norwegian classification society, LNG can cut greenhouse gas emissions by more than 23 percent, nitrogen oxides by over 80 percent, and sulfur oxides by more than 99 percent compared with traditional fuels. The company already operates a fleet of cleaner vessels, including nine methanol-fueled and two LNG-fueled container ships. HMM last placed a major domestic order in 2018, commissioning 20 vessels — twelve 24,000-TEU ships and eight 16,000-TEU ships — for about 3.15 trillion won. It followed up with additional orders for twelve 13,000-TEU ships in 2021 and nine 9,000-TEU methanol-fueled vessels in 2023. “In the increasingly competitive global shipping environment, this investment will allow HMM to expand its capacity and strengthen its eco-friendly capabilities,” HMM said in a press release. “We plan to enhance our competitiveness through ongoing investments based on our mid- to long-term strategy.” The order is also expected to boost South Korea’s shipbuilding sector, which has been recovering from years of cyclical downturns, driven in part by rising global demand for low-emission vessels. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-16 14:20:07
  • Korean, Japanese firms to collaborate on Koreas power transmission upgrade
    Korean, Japanese firms to collaborate on Korea's power transmission upgrade SEOUL, October 16 (AJP) - South Korea's HD Hyundai Electric has joined forces with Hitachi Energy, a global leader in high-voltage direct current (HVDC) systems, to take part in South Korea’s ambitious West Coast energy highway project, a key step in the nation’s push toward renewable energy integration. The partnership was formalized on Thursday at the Korea-Sweden Sustainable Partnership Summit in Seoul, where Kim Young-gi, president of HD Hyundai Electric, and Niklas Persson, CEO of Power Solutions at Hitachi Energy, signed a strategic cooperation agreement. Under the deal, the two companies will collaborate on developing and localizing HVDC technology — essential for long-distance, high-efficiency electricity transmission — to strengthen South Korea’s energy infrastructure and align with the government’s localization policy. The agreement includes joint studies on contract models, project execution, and system components such as converters, transformers, and control systems. The West Coast energy highway is designed to enhance grid stability and accommodate the growing share of renewable power. Hitachi Energy has supplied more than 70 percent of related electricity transmission systems and completed South Korea’s first such project, connecting Wando and Jeju Island, in December 2023. HD Hyundai Electric contributed high-voltage transformers for that project. HD Hyundai Electric plans to use its Ulsan plant as a dedicated production base for HVDC transformers. The company said the move will enhance its ability to compete in global energy markets and support the government’s goal of developing domestic expertise in core power technologies. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-16 13:41:32
  • SK Enmove forms joint venture in India for lubricant business
    SK Enmove forms joint venture in India for lubricant business SEOUL, October 16 (AJP) - South Korea’s SK Enmove has joined hands with India’s Gabriel India Limited to form a joint venture to expand its lubricant business in India. The agreement, signed Sept. 15 at SK’s Seorin headquarters in central Seoul, establishes SK Enmove Gabriel India, with SK Enmove holding a 51 percent stake and Gabriel India owning the remaining 49 percent, according to SK Enmove, Thursday. The venture plans to introduce a full range of products — including engine oil, gear oil, industrial lubricants and electric-vehicle lubricants — beginning in December. The two companies agreed to focus on expanding sales channels and building a premium brand presence across India, the world’s third-largest automobile market, SK Enmove said. India’s auto industry, buoyed by urbanization and a rising young population, produced 5.1 million passenger cars, 24.3 million two-wheelers and 1.1 million commercial vehicles in 2024, according to the Society of Indian Automobile Manufacturers. The industry is projected to grow more than 4 percent annually over the next five years, fueled by increasing demand for environmentally friendly vehicles. Gabriel India is part of the Anand Group, a major auto components supplier that operates 13 joint ventures with global companies including HL Holdings and Henkel. The group maintains a broad distribution network and long-standing partnerships with major automakers across the country — a foundation the new venture intends to use to accelerate market entry. “Combining Gabriel India’s extensive distribution network and market experience with SK Enmove’s advanced lubricant technology will rapidly expand our presence in the Indian market,” said Anjali Singh, chairperson of Gabriel India and the Anand Group. Kim Won-ki, president of SK Enmove, said the partnership with Anand Group would help position SK’s lubricants in the premium segment. “With this strategic partnership, we aim to elevate our brand and establish SK Enmove as a leading name in India’s lubricant market,” he said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-16 09:25:36
  • Korean-made gas turbines will be exported to US for first time
    Korean-made gas turbines will be exported to US for first time SEOUL, October 13 (AJP) - South Korea's Doosan Enerbility said Monday that it has signed a deal to export two large gas turbines to the United States, marking South Korea’s first overseas shipment of domestically developed turbine technology. Under the agreement, Doosan will supply two 380-megawatt gas turbines to a major U.S. technology company by the end of next year. The company did not identify the buyer but described the contract as a landmark step in its push to expand into global energy markets, and a milestone for South Korea’s power equipment industry. Doosan became only the fifth company in the world to develop large-scale gas turbine technology in 2019, following years of research and testing. Its model successfully completed more than 15,000 hours of operation in a local power plant, demonstrating commercial readiness. Since then, the company has secured contracts for eight turbines, all for domestic use — until now. The latest deal comes amid a surge in electricity demand driven by data centers and artificial intelligence infrastructure, which are fueling renewed interest in stable, high-capacity power sources such as gas turbines. Doosan’s U.S. subsidiary, Houston-based Doosan Turbomachinery Services, played a crucial role in finalizing the contract and will oversee maintenance for the units once installed. “This agreement marks South Korea’s transition from being an importer to an exporter of gas turbine technology,” said Son Seung-woo, head of Doosan Enerbility’s Power Service Business Group. “We will ensure high-quality production and timely delivery to strengthen trust with our customers and expand further into the U.S. and other global markets.” Industry analysts say the deal could open new opportunities for South Korean manufacturers in the global energy equipment market, traditionally dominated by American, European, and Japanese players. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-13 14:42:14
  • South Koreas OCI Holdings to acquire solar wafer plant in Vietnam
    South Korea's OCI Holdings to acquire solar wafer plant in Vietnam SEOUL, October 13 (AJP) - OCI TerraSus, a wholly owned subsidiary of South Korea’s OCI Holdings, said Monday that it has established a new company in Singapore to take a majority stake in a solar wafer plant in Vietnam — a move aimed at strengthening its supply chain for U.S.-bound solar products. The new entity, OCI ONE, will acquire a 65 percent stake in a wafer plant built by Elite Solar Power Wafer in Vietnam. The facility, expected to be completed by the end of October, will have an annual production capacity of 2.7 gigawatts and is slated to begin producing solar wafers early next year. OCI said the $120 million project will provide immediate revenue once production begins, with OCI ONE’s share valued at $78 million. The company added that an additional $40 million investment could double the plant’s capacity to 5.4 gigawatts within six months, significantly increasing output and sales potential. The wafers will be made using polysilicon supplied by OCI TerraSus, creating a vertically integrated production chain the company says will improve both competitiveness and profitability. The products will also comply with new “non-PFE” standards — referring to the exclusion of products linked to forced labor — established in July under the U.S. Office of Budget and Business Bureau Act. “This strategic investment brings us closer to completing a non-PFE supply chain favorable for U.S. exports,” said Lee Woo-hyun, chairman of OCI Holdings. “We will continue working with partners across Southeast Asia to strengthen our position in the global solar industry.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-13 14:08:17
  • Koreas shipping industry urges POSCO to abandon bid for HMM
    Korea's shipping industry urges POSCO to abandon bid for HMM SEOUL, October 13 (AJP) - South Korea’s shipping industry is pushing back against steel giant POSCO Group’s reported plan to acquire HMM, the nation’s largest container carrier, warning that such a move could destabilize the sector and undermine decades of maritime expertise. The Korea Shipping Association said in a statement on Monday that it had submitted a formal letter to POSCO Chairman Jang In-hwa, urging the company to withdraw from the bidding process. The group argued that allowing a non-shipping conglomerate to take control of a key maritime operator would weaken the industry’s competitiveness and expose it to unnecessary risks. “The acquisition could erode the professional management of shipping operations and threaten stability if POSCO were to face financial difficulties,” the association said. It added that the global trend among major carriers is toward consolidation and specialization, not diversification by industrial groups with limited maritime experience. The association pointed to POSCO’s previous attempt to enter the shipping business through Geo Yang Shipping, which ended in failure and was later sold to the now-defunct Hanjin Shipping. It also cited Brazilian mining giant Vale’s retreat from the sector after selling its fleet of large bulk carriers, saying such examples underscore the challenges faced by non-shipping firms. Industry experts note that HMM, which was rescued by state-led creditors in the aftermath of Hanjin’s 2017 collapse, remains a strategic asset for South Korea’s trade-dependent economy. Critics fear that turning it over to an industrial buyer could distort market dynamics and weaken the country’s maritime resilience. The shipping association further argued that POSCO’s acquisition would do little to reduce logistics costs and could instead “disrupt the nation’s shipping ecosystem and harm the import-export industry.” POSCO has not yet commented on the association’s appeal. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-13 13:48:29
  • HD Hyundai Heavy begins overhaul of US Navy ship in Ulsan
    HD Hyundai Heavy begins overhaul of US Navy ship in Ulsan The U.S. Navy's Alan Shepard supply vessel/ HD Hyundai Heavy Industries SEOUL, September 30 (AJP) - HD Hyundai Heavy Industries has begun maintenance work on the U.S. Navy’s supply vessel USNS Alan Shepard, a contract that underscores the growing role of South Korean shipyards in servicing American military assets in Asia. The 41,000-ton vessel, part of the Navy’s 7th Fleet, has arrived at Yeompo Pier near Ulsan for a scheduled overhaul, the company said Monday. The ship, which measures 210 meters in length and 32 meters in width, will undergo safety equipment checks, tank servicing and other inspections, with work expected to be completed by the end of the year. The deal was secured in August and is among the most recent in a series of maintenance, repair and overhaul — known as MRO — projects that HD Hyundai has taken on for the U.S. Navy. Since 2022, the company has also operated a logistics support center in the Philippines, handling similar contracts for vessels delivered there. The shipbuilder is positioning itself more aggressively in the defense sector as it prepares for a merger with HD Hyundai Mipo Dockyard. The consolidation would allow HD Hyundai to expand its capacity for international naval projects by combining Ulsan’s heavy industrial expertise with Mipo’s facilities and docks. “We are committed to delivering successful MRO services to ensure the satisfaction of our client, the U.S. Navy, leveraging our advanced technology and expertise,” said Joo Won-ho, head of HD Hyundai’s special ship division. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-09-30 10:20:01
  • Samsung Heavy signs partnership with Indian shipyard
    Samsung Heavy signs partnership with Indian shipyard Namgoong Geum-seong of Samsung Heavy Industries, right, and Vipin Kumar Saxena of India's Swan Shipyard pose after signing an MOU on Sept. 29. Courtesy of Samsung Heavy Industries SEOUL, September 29 (AJP) - South Korea's Samsung Heavy Industries said Monday it had signed a memorandum of understanding with Swan Defence and Heavy Industries, an Indian shipyard, in a move to expand its global footprint in shipbuilding and marine projects. The agreement positions Samsung Heavy to collaborate with Swan on ship design, procurement and production management. The Indian company operates the nation’s largest dry dock, capable of building very large crude carriers and offshore facilities. For Samsung Heavy, the partnership offers a production foothold in India. The company said it intends to scale up its operations there gradually. “This collaboration combines technology and market opportunities, creating a win-win model for both companies,” Namgoong Geum-seong, head of Samsung’s production support division, said in a press release. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-09-29 10:33:14
  • HD Hyundai discusses shipbuilding cooperation with Saudi Arabia
    HD Hyundai discusses shipbuilding cooperation with Saudi Arabia SEOUL, September 25 (AJP) - HD Hyundai is expanding its cooperation with Saudi Arabia in the shipbuilding sector, strengthening ties through joint ventures and technology partnerships tied to the kingdom’s Vision 2030 initiative. The company said Thursday its vice chairman, Jeong Ki-seon, met with Saudi Investment Minister Khalid Al-Falih at the Banyan Tree Hotel in Seoul to discuss the progress of a joint shipyard and engine plant under construction in Saudi Arabia. The talks also covered plans to establish a supply chain for shipbuilding materials. The meeting was attended by Sulaiman Al-Babtain, chief executive of Sofon, Saudi Arabia’s state-owned shipbuilding company, and Joo Won-ho, head of HD Hyundai Heavy Industries’ special ship division. Discussions included possible cooperation on naval projects. A roundtable followed to explore broader investment and collaboration in shipbuilding, company officials said. Saudi Arabia has made the development of a domestic shipbuilding industry a priority under Crown Prince Mohammed bin Salman’s Vision 2030 strategy, and it has actively sought investment and expertise from South Korean companies. HD Hyundai is building the IMI Shipyard and Makin Engine Plant at the King Salman Shipyard Complex in Jubail, with full operations expected in 2026 and 2027. When completed, the facilities will include three large docks, four giant cranes and seven berths, with the capacity to build up to 40 ships a year. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-09-25 14:26:33
  • Koreas tariffs on US exports soar, marking worlds fastest growth
    Korea's tariffs on US exports soar, marking world's fastest growth SEOUL, September 22 (AJP) - South Korea's tariffs on U.S. exports surged to nearly 5 trillion won ($3.3 billion) in the second quarter, marking the fastest growth among the top 10 exporting countries to the U.S. The finding was released in a report Monday by the Korea Chamber of Commerce and Industry (KCCI). The report highlights a significant financial burden on South Korean exporters, with tariffs growing 46 times compared to the fourth quarter of last year — the highest increase among the top 10 countries. This places South Korea sixth in total tariffs paid to the U.S., following China, Mexico, Japan, Germany, and Vietnam. The steep increase follows the imposition of a 10 percent general tariff and new specific tariffs on key sectors, including automobiles, auto parts, steel, and aluminum, which have traditionally enjoyed low tariffs under the Korea-U.S. Free Trade Agreement. The automotive sector was hit particularly hard, accounting for the largest share of the tariffs at $1.9 billion, or 57.5 percent of the total. This was driven by a 25 percent tariff on finished cars in April and a similar tariff on auto parts in May. In response, the KCCI is urging for government support and legislative action to mitigate the impact. Kang Seok-gu, head of research at the KCCI, emphasized the need for policies to help companies adapt to the new trade environment, suggesting measures such as a reduction of the automotive tariff to 15 percent and a "domestic production promotion tax" for strategic industries. "Assuming exporters bear a quarter of the 15 percent mutual tariff, they face a 3.75 percent burden on U.S. exports," Kang stated. "Government support is crucial to help companies adapt to the new trade environment and stay competitive." * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-09-22 08:19:03