The government plans to expand maritime transport capacity to 140 million tons by 2030. Additionally, it has decided to increase the national shipping fleet to 2 million TEUs.The Ministry of Oceans and Fisheries unveiled the “Plan for Stabilizing Management and Improving Vitality of the Maritime Ind
HD Korea Shipbuilding & Offshore Engineering (KSOE), an intermediate holding company for shipbuilding within HD Hyundai Group HD Hyundai, recently announced that it has signed a US$432.4 million contract with a European-based client for the construction of four super-large ammonia carriers.The four
Methanol-fueled ships have eclipsed liquefied natural gas (LNG) vessels, claiming the premier position for the highest number of environmentally friendly ship orders placed from January to July this year. South Korea’s shipbuilding sector, which has been cultivating its technological expertise in me
The era of methanol ships has officially begun with the voyage of the world’s first methanol propulsion ship, built by a Korean shipbuilder. Following HD Korea Shipbuilding & Offshore Engineering, which leads in technology having secured the most methanol ship orders globally, Samsung Heavy Industri
HMM, a South Korean shipping giant, has joined the race to acquire Hyundai LNG Shipping, the country's top liquefied natural gas (LNG) transporter.According to industry insiders on May 18, HMM has expressed its intention to IMM Private Equity to carry out due diligence and participate in the mai
The Korean government will launch a major support program to support the Korean shipbuilding industry. It will provide 180 billion won (US$135 million) in support for the development of core technologies for future ships in 2023 alone and will also expand refund guarantees (RGs) to help Korean shipb
Korea’s shipping industry and a seafarers’ union have called for a halt to the overseas sale of Hyundai LNG Shipping, the country’s largest carrier specializing in liquefied natural gas (LNG) transportation.The Federation of Korea Maritime Industries (FKMI) put out a statement on May 8, taking issue
Lotte Chemical held a meeting on March 9 with Louisiana Governor John Bel Edwards; Vice Chairman Kim Kyo-hyun of LOTTE Chemicals; and Hwang Jin-koo, head of the Basic Materials Business Division at Lotte Chemical at Lotte World Tower to strengthen the partnership between the company and the U.S. sta
Lotte Chemical will cooperate in the clean ammonia business in the United States by teaming up with CF Industries Holdings Inc., the world’s largest ammonia producer.The two companies announced on Feb. 27 that they signed a business agreement (MOU) at Jamsil Lotte World Tower in the presence of Hwan
HMM announced on Feb. 14 that it has signed newbuilding contracts with Hyundai Samho Heavy Industries (HSHI) and HJ Shipbuilding and Construction (HJSC) for nine 9,000 TEU container ships powered by methanol dual-fuel engines.In last July, HMM unveiled a mid-to-long-term strategy to leap forward to
The author is an analyst of NH Investment & Securities. He can be reached at ys.jung@nhqv.com -- Ed. We trim our earnings estimates and TP for Pan Ocean in line with the decline in freight rates. Trade volume concerns appear to already be reflected in the share price. Thanks to an expansion of its b
Remi Eriksen, CEO of DNV, recently had an interview about the longstanding relationship between his company and Korea. DNV is the world’s largest international accredited registrar and classification society and is headquartered in Norway. It provides services to a range of industries, including the
Korea Gas Corp. (KOGAS) announced on March 16 that it has chartered the LNG bunkering ship K. Lotus from Hyundai Mipo Dockyard and rented it to Shell, a global energy giant.An LNG bunkering ship supplies fuel at sea for LNG-powered ships. KOGAS and SM Korea Line won a bunkering ship charter contract
Korea Shipbuilding & Offshore Engineering (KSOE) and Daewoo Shipbuilding & Marine Engineering (DSME) garnered orders worth 2.5 trillion won during the Lunar New Year holiday.KSOE won orders for nine ships worth 704 billion won, while DSME landing orders for eight ships worth 1.84 trillion won.KSOE s
HMM, Lotte Fine Chemical, Lotte Global Logistics, POSCO, Korea Shipbuilding & Offshore Engineering and Korean Register of Shipping formed a consortium and signed a memorandum of understanding on May 25 for the purpose of marine transport and bunkering of green ammonia.These days, the importance of a
POSCO announced on Jan. 20 that HL Green, one of its two LNG-fueled bulk carriers, has arrived at the dock of the Gwangyang Steel Mill carrying 190,000 tons of iron ore from Australia. The eco-friendly vessel departed from Mokpo on the nation’s coast in December.Last December, POSCO launched HL Gree
Korea Gas Corp. (KOGAS) has succeeded in transferring LNG between LNG carriers in the middle of the sea. KOGAS has become the first company in the world to conduct LNG bunkering at sea using a ship to ship (STS) method.KOGAS said on Nov. 26 that it has completed an "STS LNG shipment test" for trial
The author is an analyst of KB Securities. He can be reached at sangkook@kbfg.com. -- Ed. Company overview: Manufacturer of fittings and valves DK-Lok manufactures fittings and valves used in refineries, offshore plants, ships, CNG/LNG pipes, hydrogen fuel cell vehicles and hydrogen fueling stations
The author is an analyst of KB Securities. He can be reached at newday@kbfg.com. -- Ed. Maintain BUY and raise target price to KRW275,000We raise our 12m TP for HHIH by 3.8% to KRW275,000 (12m fwd BVPS x 0.55x target P/B) from KRW265,000. Our new TP is based on a drop in cost of equity (7.49%→7.17%)
Korea Gas Corp. (KOGAS) held a working group meeting with Gazprom, the world's largest energy company based in Russia, at Oakwood Hotel, Incheon on Oct. 22.About 60 officials from the two companies attended the event, including Choi Yang-mi, head of the Technology Business Division at KOGAS and