T : +82-31-783-6130/1
F : +82-31-783-6132
KOREA REPORT - SEPTEMBER, 2019.
excluded Japan from its export controls whitelist on 18th in retaliation for Tokyo¡¯s earlier decision to remove Seoul from
its list of favored trade partners. Korea divides countries into group A and B,
under its export controls system. Japan falls into the newly established group
A-2. ¡°Nations in group A-2 will be treated the same as countries in group B
with respect to the level of export controls,¡± the ministry said.
said on 18th that it succeeded in commercializing super-alloy stainless steel, labeled S31254, for vessel scrubbers, and it has been supplying
steel to clients including Hyundai Heavy Industries Power Systems, Kangrim
Heavy Industries and STI. Posco predicted more than 12,000 vessels would
apply scrubbers over the next five years.
During the '16th Korean Shipbuilding &
Offshore Day', held on 24th at El Tower, Seoul, HHI Co-CEO Ka Sam-hyun told
reporters, "The merger of HHI and DSME is going to be all right.
Preliminary discussions with Japan have been ongoing since a month ago. There
is no negative reaction or concerns yet associated with the merger." Regarding
whether to increase the number of countries to which HHI submits application
for the merger, Ka said, "We are considering adding some more, but the
number of countries would be less than expected. Demands are also high from the
EU, so we are actively submitting the relevant data to it. There is no
particular negative issue yet." He also added, "The screening of the
merger is expected to finish by the end of this year." So far, Korea
Shipbuilding & Offshore Engineering (KSOE) has submitted the request to six
countries including Korea, China (both in July), Kazakhstan (in Aug.) and
Singapore (in Sept).
DSME is reportedly marketing its VLCC
slots for early delivery. According to industry sources, DSME is offering
some of its remaining 2Q or 3Q 2021 slots for 300K VLCCs. It also said that
DSME is quoting a $92 mil - $93 mil level for the vessel (non-scrubber
specification). One source in Asian shipping business points out winning normal
VLCC is an uphill task for DSME, noting, "More and more operators are
seeking for LNG-powered VLCC, as well as clean ship fuel."
Ministry of Trade, Industry and Energy
(MOTIE) of Korea said that Minister Sung Yun-mo visited New York to participate
in signing ceremony between KOGAS and BP of an LNG sale and purchase agreement
on 23rd. Through the agreement,
KOGAS will buy 1.58 mil tons of LNG per year during 2025-2039 period plus three
optional years. The total import value of 18 year period is estimated to be up
to $9.612 bil. The cargoes will come from Freeport LNG or Calcasieu Pass LNG.
MOTIE stated that this is the first long-term LNG S&P since inauguration of
Trump administration. The Korea-US energy trade volume has increased seven folds
since 2016. Korea has been the US¡¯ largest LNG importer since 2018.
excluded Japan from its export controls whitelist on 18th [p.2]
Moon Jae-in on 9th appointed six minister-level officials [p.3]
for Justice Minister Cho Kuk¡¯s resignation are growing [p.4]
Jong-un may visit SKorea to take part in Special Summit in Nov [p.7]
Trump said Washington is not looking for a leadership change in NK [p.7]
slashed its growth outlook for SKorea's economy this year to 2.1% [p.10]
trade surplus came to $5.97 bil in Sept, 92 straight months of surplus [p.10]
to commercialize super-alloy stainless steel for vessel scrubbers [p.15]
and KCGI submitted initial bids to acquire Asiana Airlines [p.15]
Motor Group to mass produce self-driving cars within next 5 years [p.17]
E&C landed $2.2 bil refinery development project with PT Pertamina [p.18]
consumer prices fell 0.4% on-year in Sept, first drop since 1965 [p.19]
Co-CEO said, the merger of HHI and DSME is going to be all right [p.20]
shipbuilders stood atop in global new order intakes [p.20]
posted a revenue of $4.5 bil for the first eight months of 2019 [p.23]
is reportedly marketing its VLCC slots for early delivery [p.24]
signed 15-year contract with BP to purchase 1.58 mil tons of US LNG [p.24]
WHY HI AIR
Scrubbers? --> Click to find out more.
The firm solution for the
antifouling industries. --> Click to find
ATTACHMENT: Korea Report - September 2019 (PDF FILE)
Please let us know if you have difficulty opening the file.