State-owned Qatar Petroleum has entered into shipbuilding agreements with South Korea’s “Big 3” shipyards for the construction of up to 100 LNG carriers valued at more than US$19 billion. The deal is beleived to be the largest LNG shipbuilding program in history. Under the agreement, Daewoo Shipbuilding & Marine Engineering (DSME), Hyundai Heavy Industries (HHI) and … [Read more...]
World’s Largest Containership Departs China with Record Load
The world’s largest containership has departed China carrying a record 19,621 TEUs. South Korean shipping line HMM said its new HMM Algeciras departed the Port of Yantian on May 8 bound for Rotterdam with 19,621 TEUs loaded on board. HMM Algeciras, currently on its maiden voyage, is the first of twelve 24,000 TEU-class containerships under construction for HMM. The … [Read more...]
Billionaire Succession Stirs Protest at World’s Largest Shipyard
By Yoojung Lee (Bloomberg) -- Park Jin-ok was one of the first to take voluntary retirement at Hyundai Heavy Industries Co. after working as a welder for the world’s largest shipbuilder for 15 years. Since he left in 2016, he has been joined by some 35,000 workers who quit or lost their jobs at the shipyard in South Korea’s port of Ulsan, in a downturn as dramatic as it was … [Read more...]
Private Equity Firm Hahn Reportedly Mulling $4 Billion Sale of South Korea’s H-Line Shipping
By Manuel Baigorri and Cathy Chan (Bloomberg) -- Hahn & Co. is considering options for H-Line Shipping Co. including a partial or full sale of the South Korean freight company, people familiar with the matter said. The private equity firm is working with financial advisers on the potential transaction, which could value the entire shipping firm at $3.5 billion to $4 … [Read more...]
New Video Shows Russian Cargo Ship’s Busan Mayhem
Some new footage published by Korean media today gives us new look at the mayhem that went down last week in Busan as a Russian cargo ship hit moored sailboat before alliding with a bridge. As we reported, the 5,998-ton MV Seagrand ran into the side of the Gwangan Bridge near Busan, South Korea last Thursday afternoon. Upon boarding the vessel, the Coast Guard found … [Read more...]