Tag: South Korea

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.

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.

South Korea excluded cargo containing hazardous substances from being transferred or unloaded from vessels at several terminals of the port of Ulsan, following the fire that erupted at the port on Saturday 29 September.

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.

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.

Technology company ABB is to install first shore-to-ship power solution at South Korea's Port of Incheon, enabling passenger vessels to cut emissions, noise and vibrations at berth. This will also be the first shore power solution in South Korea.

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.

Following years of dwindling shipbuilding orders, South Korea retained the top spot in global shipbuilding orders for the fourth consecutive month in the row in August, according to data provided by the Ministry of Trade, Industry and Energy released on Sunday.

South Korean shipbuilders are giving emphasis on improving their competitiveness in environmentally friendly vessels, including LNG-fueled ships, with the IMO 2020 sulphur cap applying on January 1st. LNG fueled ships are expected to account for over 60% of the worldwide new shipbuilding orders by 2025.

South Korea's top three shipyards, Hyundai Heavy Industries Group, Samsung Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co., have received an overall US$12.1 billion won worth of orders, during the first eight months of 2019. This marks a 21.3% reduction from the previous year.