LS Cable & System announced on March 23 that it has won a contract to supply undersea cables worth approximately 110 billion won (US$85 million) to Taiwan Power Corporation (TPC) for a wind farm to be built in the western sea of Taiwan.Taiwan will complete a 5.5 GW wind farm as the first offshore wi
POSCO International has identified carbon capture and storage (CCS) as a future growth driver and started to seriously develop the business. To this end, in February the company launched a CCS Business Promotion Team under its Energy Business Division to speed up its CCS business.The reason behind P
The author is an analyst of NH Investment & Securities. He can be reached at ys.jung@nhqv.com -- Ed.The EU Commission recently unveiled the TCTF, Net-Zero Industry Act, and CRMA. At center is the simplification of subsidies for the strengthening of the EU’s green (solar, wind, hydrogen, batteries) m
At Mobile World Congress (MWC) Barcelona 2023, Huawei took home multiple GTI Awards.Huawei's Green Target Network program scooped the GTI Innovative Breakthrough in Mobile Technology Award and Outstanding Award, while its 5G Smart Ocean project won the GTI Market Development Award for its outsta
Korea Shipbuilding & Offshore Engineering (KSOE), an intermediate shipbuilding holding company of HD Hyundai Group, unveiled a specific design concept of a small modular reactor (SMR)-powered ship for the first time among Korean companies.KSOE announced that it is promoting the basic design of a 240
Subsidies in green industries are increasing in the United States, Japan, China and the European Union, and South Korean companies are planning to increase their investments there as well.This trend is because those governments are regarding energy as a key factor of national security. Until recentl
As methanol-powered ships are rapidly emerging as next-generation eco-friendly ships, competition is heating up between Korean and Chinese shipbuilders about which is taking more shipbuilding orders. Until now, Korea has been leading the high value-added eco-friendly ship market, but Chinese shipbui
SK ecoplant and POSCO announced on March 7 that they had obtained a basic design certification on the K-Floater, an offshore wind power floating model developed in Korea, from DNV, a Norwegian classification society. The certificate presentation ceremony was held at the SK ecoplant headquarters in t
Korea’s big-three shipbuilders -- Korea Shipbuilding & Offshore Engineering (KSOE), Daewoo Shipbuilding & Marine Engineering (DSME) and Samsung Heavy Industries -- have been landing orders for high-value-added vessels non-stop since the beginning of 2023. Their order intake exceeded 10 trillion won
Weak global demand and the U.S.-China trade conflict caused Samsung Electronics to lose more than 10 trillion won in assets held by its major subsidies in the United States and China over the past one-year period, according to a new report. The report also says that assets held by its major subsidia
The Ministry of Justice announced on March 1 that 1,595 visas for foreign shipbuilding workers were issued from January last year to January this year and those include 880 given to Vietnamese shipbuilding workers, followed by Thai (233), Uzbek (200), Indonesian (82) and Indian (56).The 1,595 worker
POSCO International announced on Feb. 22 that it has obtained the right to explore and operate an offshore natural gas field in Indonesia.The company secured the right to develop the Bunga Sector through an international tender organized by the Indonesian government. It formed a consortium with PHE,
Program Executive Office Ships (PEO Ships) visited Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering and HJ Heavy Industries early this month.PEO Ships is one of the U.S. Defense Department's largest acquisition organizations. It manages the design and construction of destroyers
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
Daewoo Shipbuilding & Marine Engineering recently signed a 314.5 billion won contract to supply one LNG carrier to an Oceanian shipowner. It is the company’s first contract this year and the ship is scheduled to be delivered in the first quarter of 2027.This year, the three major South Korean shipbu
The author is an analyst of NH Investment & Securities. He can be reached at minjae.lee@nhqv.com. -- Ed. Although Doosan Enerbility’s 4Q22 results proved somewhat lackluster due to one-off expenses, the company has set an achievable mid/long-term new order target. In particular, we believe that the
The authors are analysts of Shinhan Securities. They can be reached at idh@shinhan.com and jiunmyoung@shinhan.com, respectively. -- Ed.4Q22 review: Earnings swing into positive territoryHyundai Heavy Industries posted sales of KRW2.67tr (+8% YoY), operating profit of KRW22.2bn (positive swing YoY),
The author is an analyst of KB Securities. He can be reached at newday@kbfg.com. -- Ed.Korea Shipbuilding & Offshore Engineering: Massive net losses on unfavorable FX effects— KSOE posted 4Q22 K-IFRS consolidated revenue of KRW4.94tn (+10.9% YoY) and OP of KRW117.1bn (TTB YoY; 2.4% OPM). — Revenue m
Doosan Enerbility is joining hands with Siemens Gamesa Renewable Energy to strengthen the competitiveness of its offshore wind power business.The company announced on Feb. 7 that it had signed a framework agreement on pursuing strategic collaboration with Siemens Gamesa, the world’s leading manufact
Chinese shipyards are expanding their production capacity for high value-added ships such as liquefied natural gas (LNG) carriers.China’s largest shipbuilder Hudong-Zhonghua Shipbuilding, which is a subsidiary of China State Shipbuilding Corp. (CSSC), announced a plan to double its LNG carrier produ