South Korea Pushes Into Cruise Ship Market

South Korea has been trying for years to boost its tourism industry as part of its effort to strengthen the domestic economy. On Wednesday, it unveiled its latest plan: getting into the cruise ship business. The plan includes tax benefits for cruise ship operators and training programs for workers who will be employed by the industry, as well as a green light for on-board … [Read more...]

Decline In Offshore Projects Weigh Down Hyundai Heavy 3Q Net

SEOUL (Dow Jones)--Hyundai Heavy Industries Co. (009540.SE) on Thursday reported a 30% fall in third-quarter net profit due mainly to a decline in lucrative offshore facility projects. "Demand for shipbuilding, vessel engines and construction equipment increased but the number of offshore projects decreased weighing down the quarterly results," company spokesman Kim Ki-young … [Read more...]

IMO and Korea partner for greener shipping

​IMO and the Korea International Co-operation Agency (KOICA) Thursday signed a Co-operation Agreement at the Organization's London Headquarters, for implementation of a pioneering technical co-operation project on Building Capacities in East Asian countries to address Greenhouse Gas Emissions (GHG) from Ships. The co-operation between KOICA and IMO through this project is … [Read more...]

China Overtakes Korea As World’s Largest Shipbuilders

China surpassed South Korea to become the world's largest shipbuilder in 2010 in terms of shipbuilding capacity and new orders, according to recently released statistics from China's Ministry of Industry and Information. The statistics show that from January to December 2010, China's shipyards finished building 65.6 million deadweight tons, an increase of 54.6 percent year … [Read more...]