Hanwha Ocean wins W2.3tr LNG carrier order from Evergreen Marine of Taiwan
The 24,000 twenty-foot equivalent unit ships will feature advanced eco-friendly technologies by Hanwha Ocean, including dual-fuel engines and shaft generator motors.
The deal marks Hanwha's first contract with the Taiwanese shipper, one of the leading maritime shipping companies in the world, which operates over 200 shipping vessels globally.
According to Hanwha Ocean, the global shipbuilding industry is experiencing a rapid shift toward LNG carriers and next-generation eco-friendly vessels amid a tightening of environmental regulations.
Evergreen Marine's decision to opt for an LNG dual-fuel propulsion system aligns with its strategy to comply with such regulations while maximizing fuel efficiency, according to the South Korean shipyard.
Hanwha Ocean said Evergreen is expected to continue placing new orders for advanced vessels. The shipbuilder said it plans to create a long-term business partnership with the company moving forward. (Yonhap)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
7 minutes ago
- Korea Herald
Seoul shares start higher on US gains
South Korean stocks opened higher Wednesday, tracking overnight gains on Wall Street driven by rate cut hopes. The benchmark Korea Composite Stock Price Index rose 25.68 points, or 0.81 percent, to 3,215.59 in the first 15 minutes of trading. US stocks finished higher on the better-than-expected consumer prices report, sparking hopes that the Federal Reserve may cut its key rate at its next meeting in September. The Dow Jones Industrial Average rose 1.1 percent, and the Nasdaq composite advanced 1.39 percent. In Seoul, most shares started in positive territory. Market bellwether Samsung Electronics rose 0.84 percent, and chip giant SK hynix jumped 2.42 percent. Top carmaker Hyundai Motor gained 1.17 percent, and major shipbuilder HD Korea Shipbuilding & Offshore Engineering vaulted 7.02 percent. Samyang Foods, an instant noodle maker well known for its global hit Buldak ramyeon, increased 0.21 percent, and national flag carrier Korean Air climbed 3.14 percent. The local currency was trading at 1,383.95 won against the greenback at 9:15 a.m., up 5.95 won from the previous session. (Yonhap)
Korea Herald
8 minutes ago
- Korea Herald
S. Korea adds 171,000 jobs in July, yet manufacturing, construction sectors remain weak
South Korea added more than 170,000 jobs in July, but employment losses continued in the manufacturing and construction sectors, data showed Wednesday. The number of employed people stood at 29.03 million last month, up 171,000 from a year earlier, according to the data compiled by Statistics Korea. The July figure highlights a continued upward trend in employment following a brief contraction in December, when the country saw a net loss of 52,000 positions. Since then, the labor market has shown signs of modest recovery, posting a double-digit growth for seven consecutive months by adding 245,000 jobs in May before slightly easing to 183,000 in June. Despite the overall growth, the manufacturing and construction sectors remained sluggish. The manufacturing sector, often considered the backbone of the South Korean economy, shed 78,000 jobs from a year earlier in July, extending its downturn to a 13th consecutive month. The construction industry also continued to struggle, losing 92,000 jobs last month to continue its decline for the 15th straight month. Yet, the pace of job losses in both sectors eased slightly compared with the previous month. The agriculture, forestry, and fisheries sector also saw a significant decline, shedding 127,000 jobs to mark the fourth consecutive month of job losses exceeding the 100,000 mark. The agency attributed the decline to abnormal weather conditions, along with the structural decline in the number of farming and fishing households. In contrast, several service sectors posted solid gains. Employment in public health and social welfare rose by 263,000, while the science and technology services sector added 91,000 jobs. July's overall job growth was largely driven by hiring among older adults. Employment among those aged 60 and older surged by 342,000 from a year earlier, while jobs for people in their 30s rose by 93,000. In contrast, younger age groups saw notable declines. Jobs for people in their 20s fell by 130,000, while those in their 40s decreased by 56,000. Statistics Korea noted that these age groups are also experiencing population declines, contributing to the employment drop. The employment rate for people aged 15-64 edged up 0.4 percentage point from a year earlier to 70.2 percent in July. However, the employment rate for those aged 15 to 29 stood at 45.8 percent, down 0.6 percentage point on-year. The number of economically inactive people went up by 8,000 from a year earlier to 16 million as of end-July. Among them, the number of people who reported being out of work simply to rest rose by 2.8 percent, or 69,000 people, according to the agency. (Yonhap)
Korea Herald
3 hours ago
- Korea Herald
Kim faces stock manipulation, election influence, bribery allegations — plus 13 more
Former first lady Kim Keon Hee appeared in court Tuesday morning for a detention warrant hearing, after a special counsel team led by Min Joong-ki sought her arrest on charges including violations of the Political Funds Act, the Financial Investment Services and Capital Markets Act, and bribery. The probe centers on her alleged role in stock price manipulation involving imported car dealer Deutsch Motors, influence-peddling in the 2022 by-elections and a bribery case linked to shaman Jeon Seong-bae. But investigators still have 13 other major allegations to examine before their 150-day mandate expires on Nov. 29. Among the list of suspicions, Kim faces accusations that her company, Covana Contents, had enjoyed extensive sponsorship from large companies seeking to build ties with Yoon Suk Yeol, who had served as the head of the Seoul Central District Prosecutors' Office before becoming prosecutor general and later president. The special counsel announced that it had 'reexamined past investigation records regarding the case involving allegations of sponsorships that might constitute bribes.' The team has also conducted multiple search and seizure operations, and summoned individuals ranging from sitting lawmakers and a religious figure to former and current company CEOs. It is also looking into Kim's alleged violation of the anti-graft law and was set to arrest her aide Kim Ye-seong, widely known as the former first lady's "butler." A local court previously issued an arrest warrant for Kim Ye-seong in July on charges of occupational breach of trust. The butler Kim was previously convicted for his involvement in forging a bank balance certificate for Kim Keon Hee's mother, and is suspected of receiving 18.4 billion won ($13.2 million) in improper investments from major companies — including Kakao Mobility, HS Hyosung and Shinhan Bank — for his rental car company IMS Mobility, formerly known as BeMyCar. He is thought to have made a large profit by selling his 4.6 billion won stake through a shell company during the investment process. But since the company had more debts than assets and was considered to be in a state of capital erosion, the special counsel team suspected that the investors provided funds as a possible quid pro quo, considering the close ties between Kim Ye-seong and the former first lady. BeMyCar was also one of the companies that sponsored Covana Contents, an exhibition agency run by the former first lady, since the mid-2010s. The special counsel team is set to investigate Kim Keon Hee's alleged involvement in a large-scale drug smuggling case. The probe centers on claims that South Korean customs officials aided Malaysian smugglers in bringing methamphetamine through Incheon Airport in early 2023. After the suspected smugglers implicated an Incheon Customs official, a police investigation was launched but reportedly faced pressure to halt from high-ranking presidential, police and customs officials. The allegations surfaced after Baek Hae-ryong, former head of the Yeongdeungpo Police investigation team, revealed that he received a phone call from Cho Byeong-no, a senior officer in the Seoul Metropolitan Police. During the call, Cho allegedly told Baek to remove references to the Korea Customs Service before the October 2023 press briefing announcing the investigation's results. Cho was previously suspected of asking Lee Jong-ho — the former CEO of Black Pear Invest and a key suspect in the alleged stock price manipulation involving the former first lady — to help him get promoted. Investigators suspect that the connections between Kim, the police official Cho and the businessman Lee may point to influence peddling and interference in state affairs. The special counsel team also plans to continue its investigation into the recently revealed cases involving luxury gifts such as a Van Cleef & Arpels necklace and a Vacheron Constantin watch, as the team is required to look into any related criminal acts identified during its investigation.
