Industry

  • Hanjin gains legal ground for sale of shipyard in Subic
    Hanjin gains legal ground for sale of shipyard in Subic SEOUL -- Hanjin Heavy Industries & Construction, a mid-sized South Korean shipyard, gained a legal ground to facilitate the sale of its affiliate in the Philippines after a local court approved a rehabilitation program. Hanjin Heavy said Tuesday in a regulatory filing that a Philippine court endorsed the legal process of corporate rehabilitation for HHIC-Phil in Subic, a coastal municipality northwest of Manila. To reduce its debt, the parent company has sold non-core asse January 15, 2019
  • Hanjin shipyard in Subic files for rehabilitation program in Philippine court
    Hanjin shipyard in Subic files for rehabilitation program in Philippine court SEOUL -- The ailing Subic shipyard run by Hanjin Heavy Industries & Construction, a mid-sized South Korean shipyard, filed for a rehabilitation program in a Philippine court due to a prolonged business slump. The court would make a decision on the fate of the Subic shipyard. In a regulatory filing on Tuesday, Hanjin Heavy said that its affiliate, HHIC-Phil, based in Subic, a coastal municipality northwest of Manila, was in the legal process of corporate rehabilitation. T January 8, 2019
  • Daewoo shipyard settles troubled contract with Angolan oil company
    Daewoo shipyard settles troubled contract with Angolan oil company SEOUL -- Daewoo Shipbuilding & Marine Engineering (DSME) will deliver two drill ships for Angola's state oil company, Sonangol EP, by the end of March next year under an agreement on its delayed payment that has aggravated the shipbuilder's liquidity woes. DSME said Wednesday in a regulatory filing that it would deliver the first ship by the end of January and the second by the end of March. The price of each ship was set December 26, 2018
  • Hyundai shipyard achieves this years target of shipbuilding orders
    Hyundai shipyard achieves this year's target of shipbuilding orders SEOUL -- Helped by a domestic defense contract to build two 2,800-ton frigates, Hyundai Heavy Industries (HHI), the world's largest shipbuilder, achieved this year's goal of taking shipbuilding orders worth $13.2 billion. HHI said Thursday that it received an order to build two Batch-II frigates worth 633.5 billion won ($563.1 million). The frigates would be delivered by 2023. With the defense deal, the total value of HHI's accumulated orders stood at $13.3 billio December 13, 2018
  • Hyundai shipyard wins Japanese order to provide ballast water treatment systems
    Hyundai shipyard wins Japanese order to provide ballast water treatment systems SEOUL -- Hyundai Heavy Industries (HHI), the world's largest shipbuilder, won an order from Japan's Imabari Shipbuilding to provide its HiBallast system which can filter and sterilize ballast seawater through electrolysis. Ballast water, used to stabilize the ship and maintain its optimal vessel speed, can contain bacteria, local plankton, mud and sand. HHI's HiBallast system treats seawater through electrolysis and its EcoBallast system use December 11, 2018
  • Hyundai shipyard wins $370 mln order to build two LNG carriers for Greeces CMM
    Hyundai shipyard wins $370 mln order to build two LNG carriers for Greece's CMM SEOUL -- South Korea's top shipbuilding group, Hyundai Heavy Industries, received a $370 million order to build two liquefied natural gas (LNG) carriers for Consolidated Marine Management (CMM) of Greece. Delivery will begin in 2021. So far this year, Hyundai Heavy has received orders to build 22 LNG carriers, including two for CMM. The volume of global LNG cargo has been on the rise due to active U.S. energy exports and China's eco-friendly ene November 26, 2018
  • Aid package for small shipyards includes orders for 140 LNG-powered ships
    Aid package for small shipyards includes orders for 140 LNG-powered ships SEOUL -- Along with financial aid, small and mid-sized shipbuilders will receive orders for 140 vessels powered by liquefied natural gas (LNG) in a government campaign to recharge South Korea's ailing shipbuilding industry. The construction of LNG-powered ships is to meet new rules imposed by a U.N. maritime safety agency. The aid package came Thursday at a meeting of policymakers, led by Trade, Industry and Energy Minister Sung Yun-mo. Small and mid-s November 22, 2018
  • Samsung shipyard and Norways Jotun develop solvent-free paint for commercial vessels
    Samsung shipyard and Norway's Jotun develop solvent-free paint for commercial vessels SEOUL -- 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 recommended, but it's been difficult to use them for commercial ships because of high viscosity. Samsung Heavy Industries, one of South Korea's three leading shipbuilders, said Wednesday that its research team has teamed up with Jotun, a Norwegian chemicals company deali November 21, 2018
  • Japan wants talks to see if S. Korea violated trade rules to rescue shipbuilder
    Japan wants talks to see if S. Korea violated trade rules to rescue shipbuilder SEOUL -- Japan has called for bilateral talks to see if South Korea violated international trade rules by providing subsidies to its struggling shipbuilding industry, the South's foreign ministry said. Usually, such bilateral talks come before a country files a complaint with the World Trade Organization (WTO). South Korea maintained a lukewarm attitude over accusations that excessive state subsidies have been used to rescue Daewoo Shipbuild November 6, 2018
  • Hyundai Heavy urges workers to accept cost-cutting campaign
    Hyundai Heavy urges workers to accept cost-cutting campaign SEOUL -- Hyundai Heavy Industries, the world's largest shipbuilder, warned that high labor costs may drive its troubled offshore facility division to permanent closure unless workers support a voluntary retirement program or unpaid career breaks. Last month, Hyundai Heavy proposed a drastic overhaul of its offshore business, which remains vacant with no backlog of orders. The union insists on the redeployment of 2,400 regular workers in the offshor September 7, 2018