South Korea

Sewol sinking: New investigation to commence

Yonhap reported that the Sewol sinking incident is again being investigated to determine the cause and probe any mishandling of the former conservative government’s rescue operations, according to the Supreme Prosecutors Office.

South Korea placed first in shipbuilding orders for October

According to Yonhap news agency, in October, South Korea regained its first position in global shipbuilding orders, followed from the country’s dominance in the LNG carrier sector. This is the first time in 2019 that South Korea signed over 1 million CGTs in monthly orders.

DNV GL calls power-facility stakeholders to improve monitoring systems

DNV GL conducted a research on power failure investigation, following a fire at a large-scale South Korean energy storage facility, urging facility developers and operators to focus more on monitoring and prevention systems. DNV GL will conduct a follow-up assessment which will present criteria for bankability and validating remaining functionality of batteries after a fire.

South Korea announces 140 ships conversion to IMO-compliant fuel

The South Korean Ministry of Oceans and Fisheries announced Korea’s plans to convert 140 state-owned vessels to run on environmentally friendly fuels by 2030 and in line with their plans on boosting domestic and international environmental regulations.

South Korea and Indonesia reach trade agreement

A preliminary trade deal equivalent to a free trade agreement has been agreed between Indonesia and South Korea. The agreement establishing broader economic cooperation is aiming to boost the trade between the two countries by almost 50% by 2022. The move which comes after a five-year break from negotiations between the two countries, is part of South Korea’s on-going efforts to expand exports in the area.

Watch: Tanker fire injures ten in South Korea

Ten people have been injured after a fire that broke out on the Stolt Groenland, a 43,478dwt tanker spread to the Bow Dalian, a 9,118dwt tanker, while in the Port of Ulsan, South Korea, on Saturday 29 September.

DSME takes step forward for its own LNG cargo containment system

Daewoo Shipbuilding & Marine Engineering (DSME) informed that it received design approval from Bureau Veritas (BV) for its LNG cargo containment system. DSME has already obtained approvals from Lloyd’s Register, the US Bureau of Shipping, the Korea Register of Shipping, and DNV GL.

S. Korea officially excludes Japan as trading partner

South Korea officially excluded Japan from its list of trade partners affecting the latter’s fast-track approvals in trade, meaning that South Korean companies will now have to submit five documents to win individual approval, which is more than the previous three, Yonhap news agency reports.


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