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ANALYSISKOREA


southwest coast of Korea.


“Hanjin was awarded a contract as an operator of the wharf/terminal, which is only for this project. After the terminal construction finishes and opens around 2015, many windmills will be transported by Hanjin to this area,” said Yim.


Insoo Kim, of Global P&L, believes the future is bright, as oil and gas, mining and other sectors will continue to attract investors’ attention regardless of the slowdown in the traditional project logistics market. “Power plants and their expansion projects will not stop producing job orders,” he remarked.


Market migration


“The current project logistics market is migrating from the traditional method, whereby raw materials are transported to and assembled at the work site, to modularisation. The modules comprising an entire plant or a part of a plant are conveyed by modern heavy cargo equipment under the control of advanced engineering. “Due to the trend of modularisation, the industry is adapting the ro-ro shipping method using self-propelled vessels in


On the lighter side of EPC work in Korea is this recently completed home-grown project. Built in the shape of an ocean-going ship on the crest of a hill, the Sun Cruise Resort in Jeongdongjin could cause the unwary to look more than twice.


addition to existing traditional heavy lift vessels.” Such technology, for example, has been used in the Gorgon project – Australia’s largest single resource development. For this reason, he expected that lift on/lift off methods via traditional heavy lift vessels will eventually decrease. Against that trend, for offshore projects in West Africa, increased local


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manufacturing and assembly dictates that a part of a hull is manufactured in Korea and the rest is manufactured and installed at a local work site in Africa. This is a big departure from the previous mode of wet or dry towing, where most equipment was manufactured in Korea and transported to the project site. “We clearly see that localisation portion beginning to exceed the offshore transportation mode,” said Kim. He also envisaged Korean forwarders pushing aggressively into overseas markets. GPL, for example, has invested in the Middle East and Africa incorporating joint venture companies and others to push its concept of ‘Korea Style’ service. Overall, while the Korean market is currently gloomy, an upturn may be just around the corner. If major projects can gather momentum, particularly the Middle East oil refineries and the massive Australian offshore oil and gasfields, Korean forwarders and carriers will be well placed to respond to orders.


The capacity is certainly there and, if the recessional clouds roll back, a return to the heady boom years may not that be far off.


HLPFI


OIl & Gas


Project


Ocean


Air


Chartering


SCM Please visit us at www.gplsp.com www.heavyliftpfi.com July/August 2013 127


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