February 18th, 20190The voyage data recorder (VDR) of the sunken very large ore carrier has been located and recovered from deep down on the ocean floor of the south Atlantic. Relieved family members of the bereaved in both South Korea and the Philippines have reacted to the news released today by Korea’s Ministry of Maritime Affairs and Fisheries,...
February 18th, 20190Tanker owners have been advised to get their orders in fast at South Korea’s blue chip yards before available slots dry up.
In its latest weekly report brokers Gibson note that 2019 has already started out as a busy year in terms of tanker ordering activity with VLCCs and MRs once again appearing to be in vogue. So far this year, at...
February 18th, 20190The has been located six hundred and eighty-eight days after the giant VLOC sank in the south Atlantic, spurring hope to the families of the bereaved that investigations might finally be concluded into one of the most deadly bulker accidents in recent years.
Twenty-two of the 24 crew onboard the 1993-built converted ore carrier...
February 15th, 20190Troubled Hanjin Heavy Industries & Construction (HHIC) from South Korea has reached an agreement on debt rescheduling for its Philippine affiliate, HHIC-Phil, Southeast Asia’s largest shipyard by area size.
The debt rescheduling scheme, which includes a debt-for-equity swap with Philippine lenders, will be submitted to a court...
February 15th, 20190Daewoo Shipbuilding & Marine Engineering (DSME) has won an order from one of its most loyal customers. John Angelicoussis’s Maran Gas Maritime is back at the Korean yard for a 174,000 cu m LNG carrier, DSME revealed today. The ship will deliver in the first half of 2021. No price has been revealed for the latest ship ordered by...
February 14th, 20190State-run Korea Development Bank is on standby once again to step in and save one of the nation’s shipbuilders.
Hanjin Heavy Industries & Construction, South Korea’s oldest shipbuilder, said Wednesday that its stock trading has been suspended until the end of March due to capital erosion.
The shipyard also said losses leapt...
February 13th, 20190South Korean flagship carrier HMM has revealed a net loss of KRW808bn ($720m) for the full financial year, marking it out as one of the biggest losers among the world’s top 10 liners. Analysts at box watchers Alphaliner described HMM’s results as “dismal” in their latest weekly report.
HMM, which went through a major...
February 12th, 20190The path has now been cleared in South Korea for Hyundai Heavy Industries (HHI) to take over local rival Daewoo Shipbuilding & Marine Engineering (DSME). State-run Korea Development Bank (KDB), which has a majority stake in DSME, said today Samsung Heavy Industries (SHI) has no intention of entering the race to buy DSME, leaving HHI...
February 12th, 20190Classification society Korean Register (KR) has clarified its position in relation into the ongoing investigation into the sinking of the Stellar Daisy VLOC.
A court in South Korea last month rejected a request for an arrest warrant of a KR surveyor. The Busan Coast Guard had questioned the quality of the class employee’s annual...
February 11th, 20190US ocean exploration company Ocean Infinity has announced that it has mobilised its survey vessel from Cape Town to begin the search for VLOC Stellar Daisy.
Ocean Infinity was contracted by the South Korean government in December to find the vessel.
Stellar Daisy, owned by South Korean company Polaris Shipping, sank in the South...
