Author: ekomeri

US DOE Pushing for Small-Scale LNG Exports

The US Department of Energy (DOE) has proposed a rule that will provide for faster approval of small-scale exports of natural gas, including liquefied natural gas (LNG), from US export facilities. The US small-scale LNG export market involves exports of small volumes of natural gas from the United States primarily to countries in the Caribbean, Central America, and South America. Many of the count...

Abandonment of Korea-US FTA to Help N. Korea Drive Wedge between S. Korea and US

Exports in US-based think tanks point out one after another that not only is US President Donald Trump’s threatening to abandon the Korea-US Free Trade Agreement (FTA) inadequate in the current situation but help North Korea easily reach its goal of undermining Korea-US relationships. “North Korea is trying to make the US and South Korea hate each other,” said Jon Wolfstahl, a former s...

HMM Launches USD 580 Mn Shopping Spree

South Korean shipping company Hyundai Merchant Marine (HMM) is moving forward with its plans to modernize fleet and has set sights on adding seven ships with options for five more. Specifically, HMM will acquire two large container vessels at a 10% lower price than the current market price as it eyes to bolster its fleet competitiveness. Hanjin Heavy Industries and Construction based in the Philip...

Hyundai Mipo shuts down dock, other shipyards in voluntary leave

Following suit of its bigger shipyard Hyundai Heavy Industries, Hyundai Mipo Dockyard Co. decided to shut down a dock in Ulsan base for three months due to shortage of work. According to a company official on Wednesday, Hyundai Mipo Dockyard will power down the fourth dock for three months until December. The fourth dock, the smallest among the four yards with a capacity to build 350,000-ton ships...

Hyundai Heavy Industries wins FSRU order from India

South Korea’s largest shipbuilder Hyundai Heavy Industries Co. won a floating, storage, re-gasification Unit (FSRU) deal from an Indian company. It is the second FSRU order the company received this year. According to sources from the shipbuilding industry on Wednesday, Hyundai Heavy Industries received an order to build a FSRU with the storage capacity of 180,000 square meters for Jafrabad LNG im...

Malaysia’s Largest Company to Push Ahead with Acquisition of Daewoo E&C

Petronas, a world-class energy company, will press ahead with the acquisition of Daewoo E&C, following global players including Saudi Arabia’s Aramco who revealed its will to take part in a bid for Daewoo E&C to be held within this year. Such moves are raising a possibility that Daewoo E&C will be sold off for a higher price. Its estimated selling price is about 2 trillion won (US$1.8 ...

Offshore, Gas Businesses Help SCF Stay Afloat

Russian shipping company PAO Sovcomflot (SCF Group) recorded a net income of USD 15.2 million in the first half of 2017, a 90.8 percent drop from USD 166 million posted in the same period a year earlier.  As explained, a strong performance from the offshore and gas divisions provided a relief against the deteriorating conditions witnessed in the conventional tanker markets, which were most noticea...

S. Korean Companies Entering Global Halal Pharmaceutical Market

An increasing number of South Korean pharmaceutical companies are entering the Halal market. The size of the global Halal market reached US$1.89 trillion in 2015 and is estimated to grow to US$3 trillion within four years. The global Halal pharmaceutical market, which accounted for 6.7% of the global pharmaceutical market two years ago, is expected to reach US$370 billion in size in 2021 by showin...

S-OIL Seals Long-Term Deal to Directly Import LNG with PETRONAS

S-OIL announced on August 25 that it signed an agreement to purchase 700,000 tons of LNG per year from Malaysia’s PETRONAS. The contract will run for 15 years from April of next year to 2033. The signing ceremony was held at the PETRONAS headquarters attended by Osman Al Gamdi, CEO of S-OIL and Datuk Anuar Taib, CEO of PETRONAS Upstream in Kuala Lumpur, Malaysia on August 24. S-OIL decided t...

DSME Will Not Split Up Its Special Ship Business

Daewoo Shipbuilding & Marine Engineering (DSME) discontinued the sell-off of its Special Ship Business (defense industry) Division, which had been gone ahead with as one of its management normalization projects, because of no economic benefit from the sell-off. DSME said it decided not to pursue the separation of the Special Ship Business Division through an August 25 announcement concerning a...

Daewoo Shipbuilding wins 215 bln-won contract for submarine parts

Daewoo Shipbuilding & Marine Engineering Co., a major shipyard here, said Friday that it has won a 215 billion-won ($191 million) deal to supply key parts for a submarine built by its local rival Hyundai Heavy Industries Co. Under the deal with Hyundai Heavy, Daewoo Shipbuilding will deliver the parts to its rival by 2021, it said. Hyundai Heavy is constructing the third 3,000-ton submarine as...

Korean Gov’t Planning to Merge STX and Sungdong

The South Korean government holds a meeting next month in order to discuss a merger between Sungdong Shipbuilding & Marine Engineering and STX Offshore & Shipbuilding.  At present, STX is being managed by Korea Development Bank (KDB) and Sungdong is being managed by the Export-Import Bank of Korea. Due diligence is currently underway in the shipbuilders by the respective creditor banks. Th...

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