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S.Korea firm urged to stop certifying Iran’s ships

EU oil sanctions kick in on Sunday A South Korean ship classification society faces pressure from a U.S. lobby group to stop verifying safety and environmental standards for Iran's biggest shipping companies as tightening U.S. and European sanctions restrict its oil exports.Without verification from such bodies, ships are unable to call at international ports.U.S. group United Against Nuclear Iran (UANI), in a letter sent this week to the Korean Register of Shipping (KR), urged the society to stop providing classification and certification services to the Islamic Republic of Iran Shipping Lines (IRISL), its front companies and the National Iranian Tanker Company (NITC)."KR's irresponsible decision to provide certification services at a time when responsible businesses are leaving Iran undermines the efforts of the international community to isolate the Iranian regime," Mark Wallace, UANI's chief executive and a former U.S. ambassador wrote in the letter dated June 25.A targeted campaign by UANI, which includes former U.S. ambassadors on its board and is funded by private donations, had led Germany's Germanischer Lloyd and France's Bureau Veritas to drop their classification cover for Iranian shipping firms."It is not simply a question of KR violating relevant sanctions provisions, but of following a responsible course of ...

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Euro Crisis May Hit Korea’s Shipbuilders

Eurozone fiscal crisis may damage Korean export-oriented industries Eurozone fiscal crisis may damage Korea's export-oriented industries, shipbuilding, automobile & information technology.In particular, the nation's shipbuilding companies' exports to the European Union are equivalent to 19.7 percent of their total production, according to a report of the Hyundai Research Institute, says 'The Korean Herald'.Exports account for about 85 percent of the total sales for the shipbuilding sector.Hyundai Heavy Industries, the world's largest shipbuilder, saw its shipbuilding orders remain unchanged at $1.5 billion (1.7 trillion won) between January and April, having plunged by 70 percent over the same period last year.In addition, major shipbuilders, including Hyundai Heavy Industries, are suffering from declining profitability as they strive to win production orders at lower bidding prices.U.S.-based Moody's Investors Service recently issued a negative projection about the global shipbuilding industry.In an economic assessment gathering hosted by the Federation of Korean Industries, experts predicted the persistent eurozone fiscal woes are exerting a negative influence on the country. They added that slower than expected growth in China and the United States is weighing down growth that was originally expected to pick up pace in the second half.Source: The Korea Herald

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Sea of Japan name dispute rolls on

Dispute over the East Sea name continues The Japanese call it the Sea of Japan. To Koreans, it is known as Dong-hae, or the East Sea.To the Japanese government, the Sea of Japan should be known as such internationally, a position the government of South Korea calls "colonialist."Seoul wants the Sea of Japan to be mentioned concurrently with the East Sea on international charts.The dispute over the name, simmering between the two neighbors for more than a decade, has once again gone to the International Hydrographic Organization, the global body based in Monaco set up to "support safety of navigation and the protection of the marine environment."The name issue was taken up at the 18th International Hydrographic Conference held in Monte Carlo last month, and the outcome has led to divergent interpretations in Japan and South Korea.Japanese government officials said the IHO decided April 26 to continue using the term Sea of Japan in reference to the body of water between Japan and the Korean Peninsula.That position was also reflected in South Korean media.Quoting officials, South Korea's Yonhap news agency said April 26 in a combined dispatch from Monte Carlo and Seoul that the IHO decided "not to revise a ...

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Close ties between DNV and KOGAS in LNG research and development

DNV has signed a MOU with Korea Gas Corporation for LNG sector On 12 April 2012, DNV and Korea Gas Corporation (KOGAS) agreed to cooperate on research and development in the LNG sector. Based on the signed MOU, DNV and KOGAS will co-organise conferences and cooperate on R&D projects throughout the entire LNG value chain, from upstream to downstream, including gas reservoir exploration, natural gas production, liquefaction, transportation, storage, regasification and supply."DNV has maintained a good relationship with KOGAS, providing several SHE risk management services that include EHSQ evaluation and safety culture assessment. We're happy to expand our cooperation to the research area and further our long-term partnership with KOGAS. Based on our expertise in the LNG industry, we anticipate helping KOGAS to acquire innovative technology and strengthen its position in the global market," says Mr Jon Rysst, Regional Manager for DNV Korea and Japan.Mr. Jon Rysst (left), the Regional Manager for DNV Korea & Japan and Mr. Yang, Young Myung (right), Head of R&D Division of KOGAS signed a MOU to cooperate on R&D in LNG sector.As the sole LNG provider in Korea, KOGAS is continuously expanding its investment in foreign resource development projects and acquisitions of non-conventional gas, ...

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Offshore plants, LNG ships may save Korean shipbuilders in 2012

Decline in new orders for bulk carriers, tankers to hurt medium-sized shipbuilders The shipbuilding sector will be hit hard this year as financially squeezed European ship owners are expected to cut back or cancel orders amid the eurozone debt crisis.Shipbuilding market research firm Clarksons said this year's orders would shrink by 9.7 percent compared to last year due to concerns that the European financial woes will spread and other global uncertainties.The impact will vary, however, between large shipbuilders that make offshore plants or high value-added ships, and medium-sized companies that manufacture mostly merchant vessels.New orders for bulk carriers and tankers, given out by financially troubled shipping companies, are likely to continue downhill, whereas orders for liquefied natural gas carriers or deep-sea oil drilling ships won't fall unless international oil prices plummet. The Ministry of Knowledge Economy said there will be constant orders for offshore plants and LNG ships citing major gas development projects under way in Australia and Russia and crude oil exploration in Nigeria.Since Korea's large shipbuilders have strength in producing offshore plants, they will be less affected by the global economic slowdown.Park Moo-hyun, an analyst at E-Trade Securities, said the impact of the declining demand for merchant ships ...

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Russia plans shipbuilding boost

Partnership with Korea and Singapore Modernization of Russian shipbuilding will be realized in partnership with Korea and Singapore.The leader of Russian shipbuilding industry - United Shipbuilding Corporation (USC) launches its ambitious program that might return competitiveness to this sector of Russian economy. This sector today includes over 1 thousand of companies and employs more than 450 thousand of specialists.The USC was established in 2007 with 100% state ownership and now administrates 80% of all new projects in shipbuilding industry. It owns more than 30 companies in 11 regions of Russia. In 2007 the Russian Government adopted a program "Development of civil sea technics in 2009-2016".The program provided investments of 140 billion rubles (3,5 billion Euro) which were supposed to be used for purchasing of new foreign technologies and development of Russian technologies suppliers. By the end of this program the volume of Russian shipbuilding is expected to grow 2,5 times.In the nearest few years Russia should build two new modern shipyards on the Far East and to modernize the shipyards on the Baltic Sea - in St. Petersburg ("Admiralteiskie Verfi") and in Kaliningrad ("Yantar'").By the look of things the main partner in modernization of Russian shipbuilding will be the companies ...

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Next Big Korean Industry Cruising?

The World cruise ship, moored in Israel earlier this week South Korea has been trying to boost its tourism industry as part of its effort to strengthen the domestic economy. On Wednesday, it unveiled its latest plan: getting into the cruise ship business.The plan includes tax benefits for cruise ship operators and training programs for workers who will be employed by the industry, as well as a green light for on-board casinos for foreigners.The initiative comes amid expectations that Chinese tourists-who are already a key source of income for Korea's relatively small tourism and retail industry-will boost demand for cruise tourism in Asia in coming years.Korea doesn't have a local cruise ship operator yet, but the government hopes that changes in regulations will allow the industry to develop.The plan also includes increased terminal and port capacity in order to accommodate a greater influx of cruise ship tourists. Korea currently has just two ports for cruise ships, one in the southern port city of Busan and another at Jeju island, but the government aims to build up or expand dedicated terminals in existing ports as well as in other areas like Incheon and Yeosu on the southwest coast.It remains to be ...

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ABS Strengthens Presence in Korea

Class Society Expands R&D Initiatives with New Energy Technology Center in Korea Leading classification society ABS is further strengthening its ties to the Korean maritime industry by establishing the ABS Korea Energy Technology Center (KETC) in Busan in early 2012. This is ABS' first energy center and will focus on applied research to a broad range of current and future technology challenges. In a related move, the society is creating the role of Vice President of Global Korean Technology Development.Dr. Hoseong Lee, a veteran of ABS and respected professional in the Korean maritime industry is being appointed to this new position. As part of his new responsibilities, Dr. Lee will provide guidance and oversight for the KETC. In combination, these strategic developments will better leverage the technology resources of ABS in servicing the Korean market and its clients across the globe.Under Dr. Lee's stewardship, the KETC will work in partnership with local universities, shipyards and other organizations to undertake research activities drawing upon the knowledge and experience of ABS engineering and survey staff worldwide. Priority areas for the center include offshore exploration and production technology, subsea applications, LNG technology, ship energy efficiency and renewable energy.Dr. Lee will also act as ...

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