Industry

  • Samsung shipyard wins $209 mln order for two VLCCs fueled by natural gas
    Samsung shipyard wins $209 mln order for two VLCCs fueled by natural gas SEOUL -- Samsung Heavy Industries, one of South Korea's three largest shipbuilders, has won an order worth 253.6 billion won ($209.1 million) from a client in the Bermuda region to build two very large crude carriers fueled by liquefied natural gas (LNG). The ships will be installed with S-Fugas, an LNG fuel supply system for eco-friendly ships. Samsung Heavy said in a regulatory filing on Tuesday that it would deliver two LNG-fueled VLCCs by April April 14, 2020
  • Hyundai shipyard applies autonomous sailing technology to bulk carrier
    Hyundai shipyard applies autonomous sailing technology to bulk carrier SEOUL -- South Korea's Hyundai shipbuilding group claimed to be "industry-first" in applying the core technology of autonomous sailing to a large ship already in service as the world's largest shipbuilder steps up the development of technologies to gain a firm edge in smart shipping. SK Shipping's 250,000-ton bulk carrier was installed with an advanced navigation support system called HiNAS, which was co-developed by Hyundai Heavy April 9, 2020
  • Daewoo shipyard reports net loss and reduced debt in 2019
    Daewoo shipyard reports net loss and reduced debt in 2019 SEOUL -- Daewoo Shipbuilding & Marine Engineering posted a net loss in 2019 due to worsening profitability and the setting of provisions for future increases in fixed cost burdens caused by sluggish orders. The shipbuilder predicted a difficult situation this year due to economic uncertainties. Daewoo Shipbuilding & Marine Engineering (DSME) said that consolidated sales fall 13.3 percent on-year to 8.36 trillion won ($7 billio March 11, 2020
  • Hyundai shipyard and KCC develop solvent-free coating for very large ore carrier
    Hyundai shipyard and KCC develop solvent-free coating for very large ore carrier SEOUL -- Solvent-free coating developed by KCC, a top provider of construction materials and paints, through joint work with South Korea's Hyundai shipbuilding group, will be applied to a very large ore carrier (VLOC) equipped with eco-friendly facilities to reduce sulfur oxide (SOx) emissions. Harmful air pollutants emitted from shipyards come mostly from volatile organic compounds used in solvent-based paints. As an alternative, solvent-free paints have been recommen March 10, 2020
  • Hyundai shipyard wins share in Saudi Aramcos offshore development project
    Hyundai shipyard wins share in Saudi Aramco's offshore development project SEOUL -- Hyundai Heavy Industries, a top shipbuilder in South Korea, has earned a share in Saudi Aramco's project to build offshore oil and gas producing facilities. The two companies have strengthened business ties such as the establishment of shipbuilding and engine joint ventures in Saudi Arabia. Hyundai Heavy Industries (HHI) said that it became Aramco's LTS (long-term agreement) contractor under a memorandum of understanding signed at a for March 5, 2020
  • Samsung shipyard wins order to build three shuttle tankers
    Samsung shipyard wins order to build three shuttle tankers SEOUL -- Samsung Heavy Industries, a shipbuilder in South Korea, has secured an order worth 361 billion won (297 million) from an unspecified Asian client to build three Suezmax-class shuttle tankers equipped with an eco-friendly solution. A shuttle tanker is designed for oil transport from an off-shore oil field as an alternative to constructing oil pipelines. In a regulatory filing on Monday, the shipbuilder said the three shuttle tankers would be deli March 2, 2020
  • Daewoo shipyard partners with Japans MOL to develop smart solution for FSRU
    Daewoo shipyard partners with Japan's MOL to develop smart solution for FSRU SEOUL -- Daewoo Shipbuilding & Marine Engineering, a major shipbuilder in South Korea, partnered with Mitsui O.S.K. Lines (MOL), a Japanese transport company, to develop a smart solution for a floating storage regasification unit (FSRU), which offers a cheaper, quicker way to transfer natural gas. FSRU is a special type of tanker fitted with equipment to gently warm liquefied natural gas (LNG) back into a gaseous state so it can be piped to customers on land. FSRU vesse February 26, 2020
  • Daewoo shipyard wins order to build two shuttle tankers for Norways Knutsen
    Daewoo shipyard wins order to build two shuttle tankers for Norway's Knutsen SEOUL -- Daewoo Shipbuilding & Marine Engineering, a major shipbuilder in South Korea, has clinched an order worth 337.1 billion won ($283.6 million) to build two eco-friendly shuttle tankers for Norway's Knutsen shipping group. It was the shipbuilder's first order this year Daewoo Shipbuilding & Marine Engineering (DSME) said Friday in a regulatory filing that two 124,000 deadweight ton (DWT) shuttle tankers installed with liquefied natural gas propulsion e February 7, 2020
  • Samsung Heavy delivers Teekays LNG double fuel propulsion shuttle tanker
    Samsung Heavy delivers Teekay's LNG double fuel propulsion shuttle tanker SEOUL -- Aurora Spirit, the world's first double fuel propulsion shuttle tanker using natural gas was delivered by Samsung Heavy Industries, a major builder in South Korea, to Teekay Offshore, a Bermuda-based shipping company. The 130,000 deadweight ton (DWT) shuttle tanker operates on both liquefied natural gas (LNG) as the primary fuel, and a mixture of LNG and recovered volatile organic compounds (VOCs) as secondary fuel. DWT is the weight of all January 21, 2020
  • Aramco pays $1.17 bln for acquisition of stake in Hyundai Oilbank
    Aramco pays $1.17 bln for acquisition of stake in Hyundai Oilbank SEOUL -- South Korea's Hyundai shipbuilding group secured 1.37 trillion won ($1.17 billion) from its Saudi partner, Aramco, to improve its financial structure and invest in new businesses such as smart ships and logistics. Aramco's money was related to the acquisition of shares in the group's refinery arm, Hyundai Oilbank. In a regulatory filing on Tuesday, Hyundai Heavy Industries Holdings said it has received Aramco's money as part of a deal on December 17, 2019