GTT (Gaztransport & Technigaz), an engineering firm specialising in containment systems with cryogenic membranes used to transport and store liquefied natural gas (LNG) on Wednesday (25 November) said the Korea Fair Trade Commission (KFTC) announced, in a press release, that it had reached a decision in its investigation regarding GTT’s commercial practices with the Korean shipyards in relation to the construction of LNG carriers.
In its decision, the KFTC said it considers some of the GTT’s commercial practices have not complied with Korean competition regulations since 2016, and notably requests GTT allow Korean shipyards to perform all or part of the technical assistance services currently included in the technology license.
This decision includes an administrative fine of approximately €9.5 million, noted GTT.
GTT emphasized that the licence of the technology and the technical assistance constitute an inseparable offering, which guarantees the integrity of its technologies, and that any separation could be detrimental to the entire LNG carrier industry.
The company challenged the rationale of this decision and, upon receipt of the KFTC’s written decision, and said it intends to appeal against it, with a request for suspension of the decision, before the Seoul High Court.
The company does not anticipate any significant financial or industrial impact in the short or mid-term. Depending on the conclusions of the appeal procedure, it will reassess the consequences on its activities.
“We are convinced that our commercial practices comply with the Korean competition rules and that the structuring of our offer, which has contributed for decades to the safe development of LNG maritime transport, makes it possible to provide our shipyard partners with ever more innovative, safe and efficient technologies, for the benefit of the entire industry,” saod Philippe Berterottière, Chairman and CEO of GTT.
Related: GTT: LNG as fuel segment orderbook at 17 units; royalty income up 12.1% on year in 9M 2020
Photo credit: GTT
Published: 26 November, 2020
The application was filed by CIMB Bank Singapore in June, as the bank looked to recover USD 105 million from Hontop; RSM Corporate Advisory appointed Judicial Managers.
Eventual adoption of Digital Bunker Document Standard speeds up interoperability between stakeholders from both public and private sectors, learns Singapore bunkering publication Manifold Times.
Captain of QB 91668 TS could not produce any invoices and documents proving the legality of oil cargo.
‘I had given instructions to the finance department to prepare the accounts without showing the losses and that I would be responsible if anything went wrong,’ states HLT founder.
ETK Trading was founded in 2012 and is a supplier of large-diameter pipes for oil and gas pipelines and rolled metal for welded pipe manufacture.
UOB has started admiralty proceedings against 40 of Maersk Tankers’ ships for alleged misdelivery of cargo; informs it may take action against the vessels – unless security is provided.
‘We’ll start the application [to MPA] before the end of 2022 and hopefully to receive approval within six months or sooner,’ L. Y. Hwang, Director / General Manager of Oval Asia Pacific Pte Ltd, tells Manifold Times.
Digitalisation makes it easier for shipowners to conform to growing external regulations such as new sulphur regulations and ‘no scrubber’ zones; operators can identify better bunkering options to reduce costs.
Eventual adoption of Digital Bunker Document Standard speeds up interoperability between stakeholders from both public and private sectors, learns Singapore bunkering publication Manifold Times.
Rob Ashton, Market Manager of Infineum, explains how Infineum B402 is a relatively easy way for a ship operator to positively influence a vessel’s CII rating while improving its bunker fuel consumption performance.
Fifteen incidents of misappropriation of Shell gasoil worth USD 10,4 million went undetected by Shell between 2016 to 2017 due to Muhammad Ali Bin Muhammad Nor’s involvement, learned Manifold Times.
ISO delegates represented seven countries and were in Singapore to attend a three-day meeting of ISO WG13 to develop two new ISO bunkering standards, learns Singapore bunkering publication Manifold Times.
