Tag: South Korea

Japan's cabinet on Friday approved a plan to remove South Korea from a "white list" of trusted trading partners, escalating the already damaged diplomatic relations between the two states in regard to wartime reparations. In response, South Korean government also revealed plans to remove Japan from its own white list.

The South Korean Government announced plans for investments in 12 ports across the country. The expansion plans include the development of Busan as a mega-port, and the expansion of cargo handling capacity of the ports. The overall investment will reach the cost of 41.8 trillion ($35.2 billion).

The two major mergers of South Korean Hyundai Heavy Industries Co. and DSME, and Chinese shipyards China Shipbuilding Industry Corp. and China State Shipbuilding Corp., are expected to control nearly half of the global shipbuilding market, forging a new reality for the global shipping industry.

South Korea was the first to publicly sign the American plan of sending a naval unit in the Middle East aiming to boost safety and guard the oil tankers transmitting through the strait of Hormuz, according to Reuters.

Several mergers between Chinese shipbuilders are putting South Korean mid-size companies, which are already struggling, into risk. Because of these mergers, are medium-sized Korean shipyards worry that they could lose deals to construct oil tankers to Chinese companies, like it happened for bulk carriers.

Equinor, Korea National Oil Corporation and the Korean power company Korea East-West Power have established a consortium to develop the floating offshore wind project Donghae 1 off Ulsan in South Korea. The consortium is now starting the development of a 200MW floating wind farm, which will be located near to the KNOC-operated Donghae natural gas field off the coast of Ulsan in South Korea.

South Korea announced that it has released two vessels it had seized, after suspecting they were transferring oil to North Korea. South Korea determined that was no deliberate breach of UN sanctions. The shipping companies promised to have tracking devices on board ships at all times and provide records when necessary.

The Busan Port Authority and the Port of Rotterdam Authority signed a contract for a five hectare site on Maasvlakte Distribution Park West. This makes the South Korean port authority the launching customer for the industrial site.

In regard to the difficulties found in conducting a safe and efficient ballast water exchange in the waters between China and South Korea, the two countries have agreed on exemption of ballast water exchange requirements for international ships sailing between these two regions.

At least 13 people are confirmed dead after the fatal collision of two tourist boats on the Danube River, Budapest, on the evening hours of 29th May. Divers discovered the 13th body in the wreckage of one of the pleasure boats, Wednesday. Another 15 people remain missing, while seven were rescued.