South Korea and China are competing for ice-breaking LNG carrier building contracts in Russia. Although South Korea is superior in shipbuilding technology, China is trying to catch up based on private-public cooperation and its investment in Russia’s LNG development project.In Russia’s Arctic LNG 2
Daewoo Shipbuilding & Marine Engineering (DSME) announced on June 8 that it has won an order for two 360,000-square-meter LNG-barges from a Russian client for about 901.3 billion won.An LNG-barge is a floating LNG terminal in the sea. It is a facility that receives and stores LNG from icebreaking LN
The share price of Samsung Heavy Industries has been falling sharply as the outlook for its offshore plant business is bleak due to a plunge in international oil prices. Its sister company Samsung Life Insurance also sold more than half of its stake in Samsung Heavy Industries in a variable insuranc
Samsung Heavy Industries aims to attain 30 percent of its sales in the offshore plant business this year. However, it appears to be a tough goal in light of the drop in international oil prices and the ongoing COVID-19 crisis.Samsung Heavy Industries posted an annual deficit of 1.3 trillion won in 2
An offshore plant order drought will continue into next year, affecting the three major Korean shipbuilders -- Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering, and Samsung Heavy Industries, industry analysis reports say.One major reason is that big projects are being canceled one
Mitsui Ocean Development & Engineering Co. (MODEC) was recently selected as the floating production, storage and offloading (FPSO) unit supplier for the Barossa Project, an offshore gas field development project off the coast of northwestern Australia. The FPSO part of the project alone is estimated
Samsung Heavy Industries has won a one-trillion-won order for large container ships.Samsung Heavy Industries announced on Oct. 8 that it received a US$920 million order to build six 23,000-TEU container ships from Taiwan's shipping company Evergreen Line. A 23,000-TEU container ship will be the
Hi Investment & Securities Co. said on Aug. 26 that Samsung Heavy Industries Co. achieved more than 71 percent of its order target by winning 2 trillion won (US$1.65 billion) worth of orders over the past week.Choi Gwang-sik, an analyst at the brokerage, said, “Samsung Heavy’s cumulative order recei
Samsung Heavy Industries has received a 751.3-billion-won order for 10 Aframax (113,000 DWT) LNG-powered vessels from an Oceania shipping company. These ships will be delivered one after another until January 2022. With this order, Samsung Heavy Industries has achieved 54 percent of its order target
South Korean shipbuilders’ performance in the first half of this year is not up to the mark. The amount of new shipbuilding orders they won in the first six months of the year fell short of half of their yearly goals.The poor performance is attributed to a drop in the amount of new shipbuilding orde
The Korean shipbuilding industry is showing signs of recovery.Samsung Heavy Industries announced on April 22 that it has signed a contract with an Asian shipping company to build a floating production storage and offloading (FPSO) unit for 1.1 trillion won on the condition that the client receives a
Whether Daewoo Shipbuilding & Marine Engineering (DSME) attains new order receipt goal for this year or not is likely to hinge on the Rosebank Project, a US$2 billion offshore plant construction project.The floating production storage and offloading (FPSO) construction project has been launched by C
The world's largest floating oil production storage and offloading (FPSO) facility, built by Samsung Heavy Industries (SHI), has been completed in Nigeria and will soon start work at the neighboring offshore oil fields. It took five years for SHI to complete the large-scale offshore project, whi
According to data from Clarksons Research, Daewoo Shipbuilding & Marine Engineering, Hyundai Heavy Industries and Samsung Heavy Industries respectively ranked first to third in terms of order backlog as of the end of December last year. The order backlogs of the three companies were 5.638 million CG
A red flag was raised for Korean shipyards such as Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering (DSME) and Samsung Heavy Industries which had dominated the offshore plant market. This is because they are losing orders to Singaporean shipyards which have not been even recognized
According to industry sources, Daewoo Shipbuilding & Marine Engineering (DSME) is expected to sign a new contract with Norwegian oil company Statoil. Estimated to have a total value of 650 billion won (US$580 million), the contract is to build the hull and living quarter of a floating production, st
Daewoo Shipbuilding & Marine Engineering (DSME) pledged to close down its offshore plant business when the debt ridden company received an additional 2.9 trillion won (US$2.58 billion) in emergency funding from the former Park Geun-hye administration and a state-run bank.The shipbuilder, however, th
Korea’s “Big 3” shipbuilders are suffering from a curse of low oil prices. They are suffering a double whammy as offshore plant orders have fallen due to weak oil prices and facility deliveries are being delayed, as if to add oil to the fire.According to the shipbuilding industry on November 30, Hyu
A shipbuilding consulting draft came out about Korea Big Three shipbuilders -- Hyundai Heavy Industries, Samsung Heavy Industries, and Daewoo Shipbuilding & Marine Engineering. According to results of the consulting, Hyundai Heavy Industries, Samsung Heavy Industries, Daewoo Shipbuilding & Marine En
According to Clarksons Research, the Okpo Shipyard of Daewoo Shipbuilding & Marine Engineering (DSME) and the Geoje Shipyard of Samsung Heavy Industries recorded order backlogs of 8.244 million CGT (126 ships) and 5.032 million CGT (90 ships) as of the end of last month, respectively, ranking first