Industry

  • Defense cost-sharing talks cut short as U.S. walks out: Yonhap
    Defense cost-sharing talks cut short as U.S. walks out: Yonhap SEOUL -- Defense cost-sharing talks between South Korea and the United States were abruptly cut short Tuesday as the U.S. negotiators walked out of the meeting and accused Seoul of making proposals falling short of "fair and equitable burden sharing." The unexpected ending underlined wide differences between the two sides after Washington's reported demand for a fivefold increase in Seoul's sharing of the cost of the upkeep of about 28,500 American troops stat November 19, 2019
  • Daewoo shipyard delivers first LNG carrier installed with air lubrication system
    Daewoo shipyard delivers first LNG carrier installed with air lubrication system SEOUL -- Daewoo Shipbuilding & Marine Engineering (DSME), a major shipbuilder in South Korea, has delivered a liquefied natural gas (LNG) carrier for a Greek client. It was the first LNG carrier which has been installed with the shipbuilder's air lubrication system that enables energy-saving and emission reduction. DSME said that compared to existing LNG carriers, the new vessel installed with its air lubrication system (ALS) November 18, 2019
  • S. Korea agrees to build renewable energy power generation facilities for Philippine defense ministry
    S. Korea agrees to build renewable energy power generation facilities for Philippine defense ministry This file image shows an energy storage system (ESS) facility. SEOUL -- South Korean companies will participate in a project to help ease power shortages by building renewable energy power generation facilities with a total capacity of 100MW at idle sites in the complex of the Philippines' defense ministry. The Ministry of Trade, Industry and Energy said it signed an agreement in Seoul on Friday to implement cooperation between South Korea and the Philippines on October 25, 2019
  • Daewoo shipyard localizes shaft generator motor for ships
    Daewoo shipyard localizes shaft generator motor for ships SEOUL -- Daewoo Shipbuilding & Marine Engineering (DSME) has localized a shaft generator motor (SGM), which is being used more widely by ships as a clean source of power. It generates power by using the rotational force of the vessel's propulsion engine shaft in operation. DSME said Thursday that it has signed a memorandum of understanding with two co-developers C&A Electric and Hyosung Heavy Industries for commercial pro October 24, 2019
  • Daewoo shipyard wins $373 mln order to build two very large liquefied natural gas carriers
    Daewoo shipyard wins $373 mln order to build two very large liquefied natural gas carriers SEOUL -- Daewoo Shipbuilding & Marine Engineering won an order worth 446.5 billion won ($373.6 million) to build two very large liquefied natural gas carriers for an unnamed client in the Americas. Daewoo Shipbuilding said Friday that the deal called for the construction of eco-friendly vessels installed with natural gas-powered engines and a system that enhances fuel efficiency and reduces pollutant emissions. Details were not g October 11, 2019
  • Three urban areas to be selected for establishment of hydrogen fuel ecosystem
    Three urban areas to be selected for establishment of hydrogen fuel ecosystem SEOUL -- South Korea will have three urban areas based on a state-funded full hydrogen fuel ecosystem equipped with production, storage and transport by 2022 in an effort to speed up a campaign aimed at utilizing hydrogen as a new power source. The Ministry of Land, Infrastructure and Transport said Thursday that three sites would be selected in December from an urban area of up 10 square kilometers (1,000 hectares) to build inf October 10, 2019
  • Samsung shipyard wins $920 mln order from Taiwans Evergreen to build six large container ships
    Samsung shipyard wins $920 mln order from Taiwan's Evergreen to build six large container ships SEOUL -- Samsung Heavy Industries, a shipbuilder in South Korea, has won a $920 million order from Evergreen, a Taiwanese container shipping company, to build six large container ships, the word's largest in terms of twenty-foot equivalent unit (TEU) capacity. Samsung Heavy said in a regulatory filing on Tuesday that it would build 23,000 TEU ships capable of carrying 23,764 containers. The vessels would be 400 meters long, 61.5 meters wide and 33.2 October 8, 2019
  • Samsung shipyard expects market potential with technology for fuel cell crude oil tanker
    Samsung shipyard expects market potential with technology for fuel cell crude oil tanker SEOUL -- As part of efforts to reduce greenhouse emissions from ships, Samsung Heavy Industries, a shipbuilder in South Korea, has developed technology to build the world's first Aframax fuel cell crude oil tanker through cooperation with Bloom Energy, an American producer of solid oxide fuel cells which use natural gas. Samsung Heavy said a fuel cell-powered Aframax crude oil tanker installed with a 3MW generator engine has secured basic acquired ap September 27, 2019
  • Hyundai auto group partners with domestic company to recycle old EV batteries in energy storage system
    Hyundai auto group partners with domestic company to recycle old EV batteries in energy storage system SEOUL -- In an effort to accelerate the diversification of its business portfolio into renewable energy, South Korea's Hyundai auto group will carry out a joint project with OCI, a domestic chemical product maker, to recycle old batteries for electric vehicles in an energy storage system for solar power generation. The Hyundai Motor Group and OCI signed a memorandum of understanding on Monday to explore business models that link solar power with an energy storage system September 9, 2019
  • SK Energy to issue green bonds worth $251 mln for desulfurization facility
    SK Energy to issue green bonds worth $251 mln for desulfurization facility SEOUL -- SK Energy, a major South Korean energy company which produces petroleum products, will issue green bonds worth 300 billion won ($251 million) in September to raise funds for the construction of facilities to produce low-sulfur fuel oil for ships. Demand for low-sulfur fuel oil is expected to surge due to new environmental regulations. SK Energy, an arm of South Korea's SK Group, said it would consider expanding the size of green bonds to 500 billion won, d September 9, 2019