Tag: South Korea

South Korea's Energy Projects and Infrastructure Korea (EPIK), an LNG project development company, announced the signing of a Strategic Partnership Agreement with Hyundai LNG Shipping Co., Ltd. The agreement lays out a framework for the two companies to work together in the development of FSRU projects around the globe.

Hyundai Heavy Industries' plan to acquire Daewoo Shipbuilding & Marine Engineering is experiencing difficulties, as union members of the two shipbuilders decided to start a strike to oppose to the possible takeover. The reason why the unions oppose, is that the acquisition is possible to lead to layoffs across overlapping jobs in the design, sales and research departments. 

The number of marine pollution and oil spill accidents in South Korea reported a rise during 2018, the Korea Coast Guard informed. Namely, a total of 288 accidents of sea pollution were reported in the country in 2018, an increase of 6%, or 271, from the previous year. The amount of pollutants that leaked into the sea in the accidents increased as well by 9% to 251 kiloliters in 2018.

China will build new liquefied natural gas (LNG) terminals and expand the capacity of existing terminals in its Greater Bay area, China's cabinet said on February 18, according to a report by official news agency Xinhua.

IEA published its gas outlook concerning global markets, business models and pricing arrangements. Although the World Energy Outlook doesn’t have a forecast for what gas markets will look like in 2030 or 2040, the scenarios and analysis provide some insight into the factors that will shape where things go from here.

State-run Korea Development Bank announced it will help Hanjin Heavy Industries & Construction, South Korea’s oldest shipbuilder, to stand on its feet, following the shipbuilder's move to file for rehabilitation. KDB reported on February 13, that  it would help Hanjin Heavy negotiate with a number of Filipino financial institutions who are owed vast sums of money by the Korean yard. 

South Korean shipbuilders ranked second globally in total new orders for January, surpassed by China. According to the Clarkson Research Institute, South Korean shipyards were awarded new orders with an overall worth of 580,000 compensated gross tons, in order to build 12 ships. Japan came third with 13.69 million CGTs.

Samsung Heavy Industries Co. is not interested in taking part in the race of purchasing Daewoo Shipbuilding & Marine Engineering Co., as its parent Samsung Group doesn't wish to expand its shipbuilding business, according to Yonhap. Yet, on January 2019 Hyundai Heavy Industries expressed its interest on buying, the second-placed, Daewoo Shipbuilding and Marine Engineering Co Ltd.

As EJF reported, the South Korean Government allowed illegally-caught fishing vessels in Antarctic waters, by allowing the owner to sell the catch on the global seafood market. A fish traceability system is crucial to prevent similar cases. Specifically, International and Korean NGOs have issued a statement according to which the Korean Governments is handling of the case of illegal, unreported and unregulated (IUU) fishing that occurred in the Antarctic.

Ocean Infinity announced that its vessel, Seabed Constructor, sets sail from Cape Town to begin the search for the lost South Korean ship, Stellar Daisy. The vessel sank on March 31, 2017 with the loss of 22 out of 24 of its crew. The vessel was transferring iron ore from Brazil to China and it is believed that it has gone down in the South Atlantic Ocean approximately 1,800 nautical miles due west of Cape Town.