South Korea

South Korean shipbuilders head towards smart ships

The South Korean shipbuilding sector is moving towards smart shipping, joining projects that include Industry 4.0 technologies, aiming to new smart ships that will achieve fuel cost reduction, autonomous navigation and long-distance remote control operations.

Ports to face challenging calculations due to rising sea-levels

It is said that a set of predictions in late 2019 informed that the rising sea levels could threaten triple the number of what was previously thought. Wärtsilä now highlights that port cities are due to “bear the brunt of these effects.” Even if all the commitments are met as planned, it won’t stop sea levels from rising over the next two centuries. 

South Korea introduces speed limits and ECAs for ships

In line with the stricter environmental regulations applied in 2020, South Korea has introduced domestically new environmental laws applying voluntary speed limits for ships and emission control areas, according to data provided by North P&I Club.

South Korea rethinks patrols at Strait of Hormuz

As tensions in the Middle East are rising, South Korean government is rethinking the option of sending naval vessels to the Strait of Hormuz by expanding the operational scope of its anti-piracy ‘Cheonghae Unit’ when the next ship is rotated to the Gulf of Aden next month.

South Korea improves its laws to tackle illegal fishing

The South Korea made a revision on its Distant Water Fisheries Development Act, which is already under progress in order to tackle illegal fishing. As the Environmental Justice Foundation along with a group of other NGOs noted, the revision allows deterrent sanctions to be forced quickly and efficiently.

EU launches full-scale investigation for DSME’s takeover

Several days ago, the European Commission has started a full-scale investigation to assess the proposed takeover of Daewoo Shipbuilding and Marine Engineering (DSME) by the Hyundai Heavy Industries Group (HHI). The investigation completed on 17 December while was carried out under the EU Merger Regulation.

Saudi Aramco purchases $1.2 billion for Hyundai Oilbank

Korean Hyundai Heavy Industries (HHI) Group officially informed that successfully completed the sale of a 17% stake in oil refiner Hyundai Oilbank to Saudi Aramco. Specifically, Saudi Aramco purchased about $1.2 billion to buy the oil refiner, as the deal was first unveiled several months ago before the final decision.

MHI to sell flagship shipyard in Nagasaki

According to Nikkei, Mitsubishi Heavy Industries, the Japanese conglomerate, is in talks to sell its Koyagi plant, the main one of two located in Nagasaki, to Oshima Shipbuilding, the country’s third-largest shipbuilder based in Saikai, Nagasaki Prefecture.

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