Latest news with #HanwhaOcean
Al Arabiya
a day ago
- Business
- Al Arabiya
EU lifts sanctions against three LNG tankers formerly working for Russia
The European Union has lifted sanctions against three tankers managed by Japan's Mitsui O.S.K. Lines that had handled Russia-sourced liquefied natural gas after receiving commitments that they will stop doing so, the European Commission said. The sanctions had been imposed on the tankers North Moon, North Ocean and North Light, which were shipping cargoes from the Yamal LNG plant and had been engaged in ship-to-ship operations near Russia's northern port of Murmansk. The move is part of the EU's 18th package of sanctions against Russia over its actions in Ukraine. On its website, the European Commission said it had removed the three from its list of sanctioned vessels 'following firm commitments that these LNG tankers will no longer engage in the transport of Russian energy (from) the Russian Yamal and Arctic 2 projects for which they had originally been commissioned.' 'This action demonstrates the impact of EU vessel designations, and that vessels can be returned to service following firm commitments.' The tankers were built at the South Korean Hanwha Ocean shipyard last year.
Reuters
a day ago
- Business
- Reuters
EU lifts sanctions against three LNG tankers formerly working for Russia
MOSCOW, July 22 (Reuters) - The European Union has lifted sanctions against three tankers managed by Japan's Mitsui O.S.K. Lines (9104.T), opens new tab that had handled Russia-sourced liquefied natural gas after receiving commitments that they will stop doing so, the European Commission said. The sanctions had been imposed on the tankers North Moon, North Ocean and North Light, which were shipping cargoes from the Yamal LNG plant and had been engaged in ship-to-ship operations near Russia's northern port of Murmansk. The move is part of the EU's 18th package of sanctions against Russia over its actions in Ukraine. On its website, the European Commission said it had removed the three from its list of sanctioned vessels "following firm commitments that these LNG tankers will no longer engage in the transport of Russian energy (from) the Russian Yamal and Arctic 2 projects for which they had originally been commissioned". "This action demonstrates the impact of EU vessel designations, and that vessels can be returned to service following firm commitments." The tankers were built at the South Korean Hanwha Ocean shipyard last year.
Bloomberg
2 days ago
- Business
- Bloomberg
Korean Conglomerate Hanwha Shipping Orders First US LNG Carrier
Hanwha Shipping, the American subsidiary of Hanwha Ocean, ordered a liquefied natural gas vessel from its affiliate Hanwha Philly Shipyard, marking the first US LNG ordered ship since the late 1970s, the company said. The vessel would cost at least $250 million, plus additional considerations depending on the final contract details between Philly Shipyard and Hanwha Ocean, Ryan Lynch, president and chief executive officer of Hanwha Shipping, said in an interview with Bloomberg News on Monday.
Korea Herald
13-07-2025
- Business
- Korea Herald
Korean shipbuilders' global ambitions depend on skilled labor, local support
Korea's top shipbuilders are eyeing expansion in the United States and India to capture rising demand for naval and strategic shipbuilding, but their plans hinge on securing skilled workers and government support to avoid the pitfalls that plagued earlier overseas ventures. The country's two largest players, HD Hyundai and Hanwha Ocean, are pressing ahead with new partnerships and investments. HD Hyundai has teamed up with India's state-run Cochin Shipyard and US shipbuilders Huntington Ingalls and Edison Chouest Offshore. Meanwhile, Hanwha Ocean, backed by an 800 billion won ($582 million) rights offering from its parent Hanwha Aerospace, is pursuing additional overseas opportunities following its acquisition last year of Philly Shipyard in Pennsylvania. Both companies aim to secure early access to surging demand for naval and commercial vessels, especially as countries seek to counter China's growing dominance in global shipbuilding. Experts, however, warned that significant challenges remain in human resources. Despite the appetite for expansion, neither the US nor India currently has the workforce or infrastructure to build large commercial or naval vessels at the scale Korean firms are accustomed to. 'Even if they operate a yard overseas, the first challenge they will face is a lack of process know-how and skilled workers,' said Kim Myung-hyun, an ocean engineering professor at Pusan National University. The US builds only about five commercial vessels a year, compared with a global capacity of roughly 1,300. India accounts for less than 1 percent of the world's shipbuilding output. Such limited domestic industries mean both countries lack not only experienced shipbuilders but also local suppliers of essential components, which can constitute around 60 percent of a vessel's value. 'Ship manufacturing, where adapting to diverse orders is key, still relies heavily on skilled labor trained on-site,' said an industry veteran. 'Even with a shared language and culture, training new workers takes time, so imagine how much harder it was overseas.' Without sufficient skilled labor and local supply chains, Korean shipbuilders risk relying on components and personnel from overseas, undermining the cost advantages of overseas production and potentially adding significant expenses. In response, Korean firms are looking to governments in Washington and New Delhi for support to help bridge these gaps. US President Donald Trump announced in March potential tax exemptions and plans to establish a special White House office dedicated to shipbuilding. India, meanwhile, is investing $2.2 billion in its shipbuilding sector to bolster capacity and competitiveness. Korean companies view these measures as essential for overcoming local constraints and aligning shipbuilding projects with national security and naval expansion goals in both countries. Yet experts warn that government policies are still at an early stage and uncertainties remain. 'For instance, it remains unclear how much of the demand for US naval vessel construction and maintenance will go to Korean shipbuilders, even if they invest in the US, or what specific roles they might be assigned,' said Yang Jong-seo, a researcher at the Overseas Economy Institute of the Korea Export-Import Bank. 'A range of issues, including regulations, the potential role of Korean workers and the scope of local participation, must be clarified. This may require formal talks between governments to ensure Korean firms are not disadvantaged in negotiations.' Despite these plans, the shadow of past failures still looms large. In the 2010s, Korean shipbuilders suffered heavy losses in overseas ventures. Daewoo Shipbuilding & Marine Engineering, now Hanwha Ocean, sold its Mangalia yard in Romania for 29 billion won — about half its initial investment. Hanjin Heavy Industries & Construction and STX Offshore & Shipbuilding, once ranked among the world's top 10 shipbuilders, collapsed under losses at overseas yards in Subic, the Philippines, and Dalian, China. The central lesson is that future success abroad will depend not only on political partnerships but also on building skilled local workforces and stable supply networks, according to experts. 'Relying solely on cheap labor, the yards struggled to compete with China's even lower-cost, government-backed offerings,' the industry veteran said.
Nikkei Asia
03-07-2025
- Business
- Nikkei Asia
South Korea shipbuilders catch rising tide of US Navy business
Hanwha Ocean executives and U.S. Navy officials observe maintenance on the USNS Wally Schirra in October. (Hanhwa Ocean) NAMI MATSUURA SEOUL -- South Korea's shipbuilders are wining U.S. deals with government encouragement, aiming to chip away at China's global dominance by leveraging the alliance between Washington and Seoul as well as the Trump administration's push to revive the American industry. HD Hyundai Heavy Industries, South Korea's largest shipbuilder, last month announced a partnership with a company in the U.S.-based Edison Chouest Offshore group. The companies plan to build container ships that can run partly on liquefied natural gas, hoping to begin deliveries by 2028.
