Featured News

LG CNS to Join Cloud Computing Ecosystem Based on PaaS-TA

The National Information Society Agency (NIA) of South Korea and LG CNS signed a memorandum of understanding (MOU) with each other on September 18. The purpose of the MOU is to cooperate for the creation of an open cloud ecosystem and the expansion of the use of cloud computing based on PaaS-TA. PaaS-TA is a cloud platform jointly developed by South Korean firms such as Crossent, BD and Cloud4U under the auspices of the NIA. The South Korean government invested 7.34 billion won (US$6.6 million) in it for three years so that South Korea can increase its presence in the global cloud platform market, which is currently led by industry giants such as Amazon, IBM and Microsoft. Koscom brought in PaaS-TA in April last year for the first time in the private sector. It was followed by SK C&C a...

Oil Refiners See Good Times ahead due to Rising Oil Prices

International oil prices have hit a record high in seven months as they went up over US$50 a barrel. The domestic oil refining sector raised its hopes of improving their profitability in the third quarter after suffering poor results for two consecutive quarters. The spot price for Dubai crude as compiled by the Korea National Oil Corp. was $53.64 a barrel on September 16, up by 7 cents from the previous day. This is the highest level since February this year when the figure was $54.39. The recent hike in oil prices was led mainly by expectations that demand would increase. The Organization for Petroleum Exporting Countries and the International Energy Agency adjusted their demand outlook upward to 96.77 million barrels and 97.73 million barrels, respectively, a day on average, up by 50,00...

Shipyards, steelmakers at odds over steel price hike

South Korea’s major shipbuilders and steelmakers have been in talks over a steel price hike for weeks, but they still face difficulties narrowing their differences, industry sources said Tuesday. Last week, the Korea Offshore & Shipbuilding Association urged top steel producer POSCO and No. 2 player Hyundai Steel Co. to cut the prices of thick steel plates used for shipbuilding, adding that local shipyards are struggling with falling prices for their products and increased competition. The association claimed that prices of iron ore, the raw material for steelmaking, have suffered ups and downs since late last year after posting a decline for two straight years. It called for the steel industry to reconsider the price hike plan, as it could further worsen shipbuilders’ prof...

Hyundai Heavy sells U.S. unit Hyundai Ideal Electric

South Korea’s Hyundai Heavy Industries Co. shed Hyundai Ideal Electric Co., its money-losing electric motors making subsidiary in the United States as part of restructuring efforts. Hyundai Heavy Industries sold Hyundai Ideal Electric to a privately held affiliate of Gulf Electroquip Ltd, electric motors manufacturer based in Texas, U.S., the company announced on Wednesday (local time). The financial terms of the deal were not disclosed. It is reported that Gulf Electroquip plans to maintain current workforce as well as service guarantees for customers. Established in 1903 in the U.S., Ideal Electric makes electric power motors and generators. Hyundai Heavy Industries took over the American motor maker in 2007, but decided to sell off the firm as part of its cost-saving scheme, said a Hyun...

NYK to Use Binary Cycle Power Generation System on New Panamax

Japanese shipping company Nippon Yusen Kaisha (NYK) intends to deploy a binary cycle power generation system on a newly constructed Panamax bulk carrier to be operated by the company. As explained, the system will generate electricity from the exhaust heat emitted by the marine engine’s air cooler. In addition, NYK is to provide the system developer with operational data from the ship to help improve the product. A binary cycle power generation system for ships has been jointly developed by Kobe Steel, Miura, and Asahi Shipping and has received approval as “environmental equipment” from Japan’s ship classification society Nippon Kaiji Kyokai (ClassNK). The generated electric power will serve as auxiliary power and is expected to reduce CO2 emissions by up to 2.3 percent by decreasing fuel ...

3D Printed Ship’s Propeller Moves Forward to Completion

A prototype of the world’s first class approved ship’s propeller has been produced by using 3D printing techniques, Damen informed.  The 1,350mm diameter propeller – named WAAMpeller – is the result of a cooperation between Damen Shipyards Group, Rotterdam Additive Manufacturing LAB (RAMLAB), Promarin, Autodesk and Bureau Veritas. Fabricated from a Nickel Aluminium Bronze (NAB) alloy at RAMLAB in the Port of Rotterdam, the propeller was produced with the Wire Arc Additive Manufacturing (WAAM) method using a Valk welding system and Autodesk software. The triple-blade structure uses a Promarin design that is used on Damen’s Stan Tug 1606. With production complete, the WAAMpeller will be CNC milled at Autodesk’s Advanced Manufacturing Facility (AMF) in Birmingham, UK. According to Damen, the ...

Ballast Water Management Convention Enters into Force

The International Convention for the Control and Management of Ships’ Ballast Water and Sediments (BWM Convention) entered into force on September 8, 2017.  Adopted by the International Maritime Organization (IMO) in 2004, the measure for environmental protection that aims to stop the spread of potentially invasive aquatic species in ships’ ballast water requires vessels to manage their ballast water to remove, render harmless, or avoid the uptake or discharge of aquatic organisms and pathogens within ballast water and sediments. “This is a landmark step towards halting the spread of invasive aquatic species, which can cause havoc for local ecosystems, affect biodiversity and lead to substantial economic loss,” Kitack Lim, IMO Secretary-General, commented. “The requirements which enter int...

SHI partners with Inmarsat for ‘smart ship’ initiative

South Korean shipbuilder Samsung Heavy Industries (SHI) has signed a memorandum of understanding (MoU) with Inmarsat to receive the connectivity capability required for its ‘smart ship’ initiative. The MoU will see SHI incorporate Inmarsat’s satellite-based Fleet Xpress connectivity platform in its newbuildings during the construction stage. The deal is subject to a definitive agreement, and will allow SHI to retain remote connections to vessels and Inmarsat supporting SHI’s services via a dedicated bandwidth under a Certified Application Provider subscription. Samsung Heavy Industries & Construction Central Research Institute director Dr Booki Kim said: “Samsung Heavy Industries Co. considers itself to be a technology leader, which has always worked closely with owners to deliver ship...

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 special assistant to the US President for national security and a senior director for nonproliferation and arms control at the National Security Council in the Obama administration and currently a research fellow at Harvard University’s Belfer Center in an interview with the Wall Street Journal (WSJ) on September 3 (local time). “Scrapping the Korea-US FTA will help Kim Jong-un reach the goal...

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, has remained idle since the last vessel was shipped off on Aug. 17. The dock will stay open for finishing touches on ships on waters, said the company. It will renew full-fledged operation in December to make a roll-on/roll-off ship designed to carry wheeled cargoes and tracked vehicles. Its parent builder Hyundai Heavy Industries also endeavored to save costs by shutting down docks in turns ami...

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 billion). According to the investment banking (IB) industry on August 31, Malaysia’s Petronas is considering the acquisition of the Korea Development Bank’s 50.75% stake in Daewoo E&C including the management right. Petronas will participate in taking over Daewoo E&C in October after reviewing Daewoo E&C’s business structure, financial conditions and business performances by Sept...

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 showing an average annual growth of 9.3%. Dong-A ST formed a strategic partnership with Combiphar, an Indonesian pharmaceutical company, in 2014. On August 22 this year, it formed another one with Rooyan Darou concerning its biopharmaceutical product Growtropin. According to their agreement, the Iranian pharmaceutical company is scheduled to build biopharmaceutical product manufacturing facilities in Ir...

Lost Password

Register

Skip to toolbar