ShippingWatch

South_Korea

News on South Korea.

South Korean fund to support construction of 200 new ships

South Korea's shipping industry can look forward to massive support from a newly established fund, which will aid the construction of up to 200 new ships, announces the director for ports and logistics at the Ministry of Oceans and Fisheries.

Sanchi could burn for a month

Iranian oil tanker Sanchi is still burning after four days in the wake of a collision with CF Crystal in the East China Sea. The tanker could potentially burn for a month, writes Reuters.

Two tankers seized in South Korea

South Korean authorities confirm the detention of tanker vessels suspected of delivering oil to North Korea, reports Reuters and other media.

Billion-dollar fund to finance mega-vessels for Hyundai

South Korea's Hyundai Merchant Marine will – like the biggest carriers in the sector – order ultra-large vessels, the only question is when. A South Korean billion-dollar fund plays a key role, sources tell ShippingWatch.

Daewoo maintains 2017 trend with another profit in Q3

South Korean yard giant DSME managed to remain in the black in the third quarter, reports news bureau Yonhap. The yard is significantly better off than last year after a rescue package from the South Korean government in the spring.

South Korean shipbuilders beat China on orders

Shipyards in South Korea have surpassed China again in terms of receiving the most orders for new ships and platforms. The major South Korean yards have been in the doldrums in recent years, but 2017 has been positive so far.

Daewoo delivers big profit for second quarter

South Korea's Daewoo Shipbuilding & Marine Engineering achieved a big profit for the second quarter, a development driven in part by cost reduction measures and orders for offshore rigs.

Hyundai Merchant lost USD 112 million in Q2

South Korea's Hyundai Merchant Marine suffered an operating deficit of USD 112 million in the second quarter. The third quarter will bring much better results, says the carrier.

Weak prospects for new South Korean partnership

The 14 carriers in a new South Korean collaboration, constituting the South Korean government's attempt to strengthen several of the country's ailing carriers, seems to have received a tepid response from participants, according to Alphaliner.

South Korea poised to grant more aid to maritime industry

South Korea's new president is allegedly prepared to go further than his predecessor in efforts to aid the country's crucial maritime industry. Part of the plan is establishing the Korea Maritime Promotion Agency. The EU has previously criticized the country's involvement in the maritime sector.

Hyundai Heavy's bottom line cut in half in Q2

Hyundai Heavy Industries defies the otherwise positive developments noted among South Korea's shipbuilders with a bottom line that plunged almost 50 percent in Q2. This setback is caused by a lack of orders for expensive newbuilds, says the company according to local news agency.

Samsung Heavy returns to profits in Q2

Cost reductions paved the way for a profitable second quarter for the shipbuilder, though sales income decreased in the period, reports South Korean media.

Daewoo leaves deficits behind in first half of 2017

Daewoo Shipbuilding & Marine Engineering has, according to several sources, delivered a positive operating profit for the first half of 2017. This comes after several years of deficits, divestments, and layoffs.

Hyundai Merchant optimistic about third quarter

Hyundai Merchant Marine reports increased transport between Asia and the US West Coast and is optimistic about higher volumes in the third quarter this year, says the carrier, which partners with Maersk Line and MSC.

Hyundai Heavy boosts its orderbook

Shipbuilder Hyundai Heavy Industries has now published figures revealing improvements booked in 2017 which has so far been significantly better than the dreadful year 2016. The orderbook grew 67 percent in the second quarter compared to the same period last year.

Growing optimism among South Korea's shipbuilders

Several new orders for South Korea's three top shipyards kindle a growing optimism in the country's strained shipbuilding sector. One factor is a surge in demand for VLCC newbuilds, reports news agency.

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