• 2024 April 16 18:04

    HD KSOE attains 73% of annual order target in 100 days

    HD Hyundai Group’s shipbuilders have achieved 73 percent of this year’s order target in the first 100 days of this year. In particular, they are enjoying a boom in eco-friendly ships for the first time in 15 years, as they have been selecting only high-value-added vessels to fill its docks, according to Business Korea.

    According to the shipbuilding industry on April 15, HD Korea Shipbuilding & Offshore Engineering (KSOE), a shipbuilding company of HD Hyundai Group, has won a total of 86 orders so far this year, accumulating an order backlog of US$9.86 billion. This accounted for 73 percent of the company’s annual order intake target of US$13.5 billion. Among HD KSOE’s subsidiaries, HD Hyundai Samho Heavy Industries, which focuses on eco-friendly ships, has received 23 orders totaling US$3.54 billion to date, reaching 110.7 percent of its annual target of US$3.2 billion. HD HHI has met 50.1 percent of its annual order intake target, while HD Hyundai Mipo Dockyard 87.3 percent.

    The quality of orders has also improved. HD KSOE won contracts to build six liquefied natural gas (LNG) carriers, 32 PC carriers, 32 liquefied petroleum gas (LPG) carriers and very large ammonia carriers (VLACs), one ethanol carrier, two liquefied carbon dioxide carriers, six very large crude carriers (VLCCs), three tankers, two car carriers (PCTCs), one floating storage and regasification unit (FSRU), and one offshore facility. The Korean shipbuilding giant has filled its docks with high-value vessels such as VLACs and LNG carriers this year. The average price per vessel for VLACs is well over 160 billion won, while LNG carriers are priced between 300 billion won and 350 billion won per vessel.

    This year, HD KSOE landed many VLAC orders. Carrying ammonia is considered to be the most efficient way to transport hydrogen being promoted as a green energy source. Ammonia produces no carbon dioxide when burned and has a liquefaction point of -33 degrees Celsius, which is higher than hydrogen’s -253 degrees Celsius, making ammonia easier to transport and store. It can store about 1.7 times more hydrogen per unit volume than liquefied hydrogen. Ships normally built as ammonia carriers can also transport LPG.

    Korean shipbuilders such as HD KSOE and Hanwha Ocean have seen a big increase in orders, with an ammonia carrier being the first vessel ordered in the New Year of 2024. The three major Korean shipbuilders have dominated the world’s orders for ammonia carriers in 2024. They have won 38 VLACs so far this year, with HD KSOE winning 32 (84.2 percent) of them. HD KSOE is showing strength in its ability to build new eco-friendly fuel carriers based on its experience in building gas carriers including successfully developing the industry’s first ammonia fueling system in 2021.

    The global ammonia market is expected to reach US$353.3 billion by 2032, growing at a CAGR of 5.8 percent from US$212.7 billion, according to global market research firm Precedence Research. According to Clarkson Research, a UK-based shipbuilding and shipping market analyst, orders for VLACs are expected to begin in earnest this year with an average of 120 vessels per year for the next 20 years.

    HD KSOE was the only one of the three major Korean shipbuilders to achieve its annual order target in 2023. It won a total of US$22.32 billion in orders in 2023, about 141.9 percent of its target. Samsung Heavy Industries won orders of US$8.3 billion and Hanwha Ocean US$4 billion, attaining 87 percent and 57.3 percent of their annual targets, respectively.




2024 May 18

15:24 SNAM's Q1 total revenues declined 1.9% to 895 million euros
14:17 KOTUG Int'l successfully pilots Tug Drone technology
12:04 Austal USA names Mark Santamaria as CFO
11:36 Silver Ships delivers four of seven coastal fast response boats
09:51 CMA CGM posts revenue of 11.8 billion for Q1 2024

2024 May 17

18:10 Bunker fuel sales at the Middle Eastern hub of Fujairah drop on a monthly basis in April 2024
17:52 Lloyd’s Register and Shandong Marine Group sign MoU
16:43 China reveals cooperation methods to protect and restore the Yangtze River
16:03 APM Terminals Barcelona holds the commissioning of 17 Konecranes NSC 644 EHY hybrid straddle carriers
15:13 Marine fuel demand in Panama declined in April 2024
14:43 MITSUI E&S and PACECO commence commercial operations of world's first hydrogen fuel cell zero emission RTG crane at Port of Los Angeles
14:23 ILWU Canada agrees to delay serving 72-hour strike notice on employer DP World Canada
13:31 Barge hits a bridge in Texas, damaging the structure and causing an oil spill
13:10 Container shipping costs on EU-S. Korea route surge over 30 pct amid Red Sea crisis
12:43 DP World invests €130m in Romania
12:21 Astrakhan hosts Russia-Iran talks on shipping cooperation on International North-South corridor
11:41 Seatrium awarded repeat FPSO integration contract from SBM Offshore
11:04 Bureau Veritas report highlights the potential of carbon capture technologies and the development of carbon value chains for shipping
10:41 Electramar christened in Helsinki
10:07 IMO Secretary-General spotlights seafarer safety amidst ongoing Red Sea attacks and resurging piracy
09:58 MABUX: Bunker Outlook, Week 20, 2024

2024 May 16

18:11 Kongsberg and Torghatten to develop self-driving ferry service linking Trondheim and the Fosen peninsula
17:42 “K” Line сonducts first trial use of B100 biofuel for carbon-free operations on car carrier
16:35 Deltamarin and ECOLOG unveil LP LCO2 carrier design
15:40 Seadrill enters agreement to sell its Qatar jack-up fleet
15:24 Scan Global Logistics and Hapag-Lloyd enter into major biofuel agreement in a new Green Collaboration
14:48 Edison Chouest feeder fleet for U.S. offshore wind market to be built to ABS Class
14:03 The Australian Government announces a funding package of $7.1 billion for budgeted programs to be administered by ARENA
13:54 The share of the idle container vessel fleet was 0.9% in April - Sea-Intelligence
13:25 The European Commission grants PCI status to CO2 value chain project developed by MOL with partners
12:14 HHLA's revenue decreased by 0.3 percent to € 363.6 millions in Q1 2024
11:42 MOL and TotalEnergies sign time charter contracts for 2 newbuilding LPG-fueled LPG carriers
10:40 Kalmar and Uniport Livorno agree on new terminal tractor order to enhance reliability, safety and service quality at Italian terminal
10:04 AMSA collaborates on a trial providing more recycling options for visiting foreign ships
09:59 SunGas Renewables and C2X announce strategic partnership

2024 May 15

18:07 MOL holds naming ceremony for newbuilding LNG carrier Greenergy Ocean to serve China National Offshore Oil Corporation
17:30 ClassNK and StormGeo mark significant collaboration to advance maritime decarbonization
17:02 Newly certified methanol valves to improve dual-fuel shipbuilding
16:45 HD KSOE to lease Subic shipyard in Philippines
16:25 Eidsvaag receives two forage carrier vessels designed and equipped by Kongsberg Maritime
15:58 ADNOC delivers first ever bulk shipment of CCS-enabled certified low-carbon ammonia to Japan
15:35 World's 1st wind challenger-equipped coal carrier achieves fuel savings of 17%
14:57 LR to support the retrofit of two Stena Line ferries to methanol
13:52 Port of Los Angeles nets record $58 million for harbor maintenance
13:32 CMA CGM to launch MCX - West Coast Central America
12:51 Port of Long Beach cargo volumes up 14.4% in April
12:21 First Ro-Pax vessel receives DNV Silent notation following successful sea trials with Wartsila propellers
11:41 Hapag-Lloyd transport volumes increased by 6.8 percent to 3 million TEU in Q1 2024
11:10 Cavotec signs two-year service agreement with Port of Salalah
10:41 China overtakes Korea in global shipbuilding competitiveness
09:58 The ports of Rotterdam and Delft join the CLARION project

2024 May 14

18:02 ICTSI to invest in new Southern Luzon gateway
17:31 ACL, BG Freight Line and Peel Ports Group start container service between Ireland and North America
17:10 Port of Hamburg is the first port in Europe to offer shore power for both container and cruise ships
16:31 Port of Gothenburg launches the platform "Digital Port Call"
16:18 NS United, NSY, Imabari Shipbuilding and Japan Marine United Corporation sign MOU for the construction of Cape-size bulk carriers using dual methanol fuel
15:56 Port of Antwerp-Bruges launches the world's first methanol-powered tugboat
15:29 The Ports of Barcelona and Shanghai will work together on innovation and decarbonisation projects
13:55 AD Ports Group announces Q1 results
12:58 NYK, NBP, TSUNEISHI SHIPBUILDING and Drax sign MOU to develop ‘bioship’ technology and plans to construct the world’s first biomass-fuelled ship
11:30 Maris Fiducia team up with HAV Hydrogen, Norwegian Hydrogen and Ankerbeer for zero emission bulk shipping
11:05 ABS and HD Hyundai Group sign MOU to advance medium-voltage power systems on ships
10:43 Finnlines’ new freight-passenger Superstar-class vessel Finnsirius awarded by Shippax
10:23 Kongsberg Maritime to design and equip two new salmon farm forage carrier vessels for Norwegian coastal cargo carrier Eidsvaag AS
09:48 Yara International and Kongsberg Digital enter collaboration on digital twin technology

2024 May 13

18:00 Capital dredging commences for Lowestoft Eastern Energy Facility
17:06 Berlin’s oldest passenger vessel enters a new green era powered by Torqeedo
16:22 Russia’s seaborne diesel trading partners shifted after Feb 2023 sanctions
16:18 Denis Manturov: Russian shipyards to deliver more than 110 civil ships this year
16:05 CMA CGM and China’s Contemporary Amperex Technology plan to set up joint venture