Author: cecilia

S. Korean Shipbuilders Not Benefiting from Ongoing Boom in Cruise Ship Industry

According to the Korea Trade-Investment Promotion Agency (KOTRA), 56 contracts were signed for new cruise ships and ferries around the world last year whereas the average had been 43 for the period of 1996 to 2015. The global cruise ship industry is expected to show an average annual growth of 6% in 2016 to 2021. Contracts for 23 new cruise ships were signed for the first eight months of this year...

Korean Shipbuilders Have Much Anticipation for Hike in Ship Prices Next Year

It is noteworthy that ship prices will rise next year with the shipbuilding industry shrinking recently due to forecasts about hundreds of billions of won in loss by Samsung Heavy Industries. This is because a rise in ship prices is highly likely to pull up prices of orders across the board and make an improvement to shipbuilders’ business performances. According to the shipbuilding and securities...

Busan Port Sees Drops in Transshipment Cargoes Except for Those from N. America and Asia

This year, Busan Port is expected to chalk up 20 million containers for the first time in its history but its transshipment cargo trend is unusual.  According to logistics network data by the Busan Port Authority on November 7, until September of this year, Busan Port handled a total of 15,537,000 containers (based on 20-foot containers), 4.77% more than the same period of last year. Korea’s...

Trump Hopes Progress in Korea-US FTA at Summit Meeting with Moon

US President Donald Trump threw out a strong trade pressure card against South Korea.  US President Trump delivered the US’s position on negotiations over a revision of the Korea-US free trade agreement (FTA), trade imbalance between South Korea and the United States and South Korea’s purchases of US military assets at exclusive and extended summit meetings with South Korean President Moon Jae-in....

South Korean Firm Seeks USCG BWMS Type Approval

The US Coast Guard Marine Safety Center (MSC) has received its eighth application for Ballast Water Management System (BWMS) type approval. The application was submitted by South Korea-based BWMS manufacturer Techcross for the Electro-Cleen System on October 31. As explained, the MSC will review the application for compliance with US Coast Guard regulations in 46 CFR 162.060. Once it has been dete...

Environmental Regulations on Vessels Giving Rise to Mixed Market Prospects

There are mixed prospects on how the oil refinery and shipbuilding industries will respond as the International Maritime Organization (IMO) will tighten environmental regulations on vessels beginning in 2020. While the oil refinery industry which currently dominates the vessel fuel market has begun to keep their markets, the shipbuilding industry is expecting liquefied natural gas (LNG) to rise as...

Egina FPSO Leaves SHI`s Geoje Shipyard

One of the world’s largest FPSOs, at an initial Contract Price of USD 3 billion, leaves for Nigeria – Gigantic floater boasts 2.3 million barrels of storage capacity and topsides weighing 60,000 ton – Local contents portion in Nigeria remains, delivery in 2018 Samsung Heavy Industries Co., Ltd.(“SHI”) successfully completed Geoje-shipyard portion of the world’s ...

Back from the abyss: South Korea’s shipbuilders begin ascent to growth

Sparks light up the night-shift at giant shipyards on South Korea’s southeast coast, as welders and fitters at some of the world’s biggest marine engineers forge next-generation container ships, oil rigs and even ice-breaking tankers in a bid to clamber out of a global industry abyss. Sunk by drastic cuts in orders from customers hit by the 2008 financial crisis, South Korea’s shipping landscape h...

Tuco Marine wins order for two hydrographic survey boats

 Faaborg, Denmark, based Tuco Marine Group has been awarded a contract by DALO (the Danish Defense Acquisition and Logistics Organization) for two customized hydrographic survey boats. Replacing two obsolete survey vessels, the boats will operate in Danish inland waters. Based on Tuco’s ProZero concept and have been designed to allow full use of the latest technology for hydrographic surveys...

KVH TracPhone V7-HTS System Delivers Maritime Broadband

An advanced, 60 cm marine satellite antenna system designed to consistently deliver the fastest data speeds globally to the maritime market will be unveiled tomorrow by KVH Industries, Inc., at the Fort Lauderdale International Boat Show, in Florida.  The TracPhone V7-HTS achieves data download speeds of up to 10 Mbps, three times faster than current 60 cm models on the market, including KVH’s own...

MOL on Next-generation Ship Management Support System

 Mitsui O.S.K. Lines (MOL) announced that MOL and Mitsui Engineering & Shipbuilding have been jointly developing practical use applications and commercialization of the “next-generation ship management support system” and the current data collection and monitoring systems, providing the basis for an advanced new system, have upgraded the functionality. This initiative will allow en...

Hyundai Heavy Q3 net edges up

 Hyundai Heavy Industries Co., a major South Korean shipyard, said Tuesday that its third-quarter earnings increased 2.1 percent from a year earlier on cost-cutting efforts and the delivery of high-priced ships. Net profit reached 197 billion won (US$176 million) in the July-September period, compared with a profit of 193 billion won a year earlier, the company said in a regulatory filing. Operati...

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