Tag: South Korea

South Korea did not import Iranian oil for the fourth consecutive month in December, after the reimposition of US sanctions. In fact, South Korea cut its 2018 imports from the major supplier by 60%. Currently, Saudi Arabia is the top oil supplier, as it delivered 43.60 million tonnes of crude in 2018.

A South Korean district court ordered the state and ferry operator Chonghaejin Marine to compensate the survivors of the 2014 Sewol ferry disaster. It decided that each of the 20 survivors should be given $71,000 in compensation for psychological trauma.

Peruvian liquefied natural gas (LNG) export facility in Pampa Melchorita cargo count decreased year on year. According to data from Perupetro, the LNG facility shipped an overall of 56 cargoes during 2018, experiencing a decrease in comparison to the 65 cargoes in 2017.

South Korean shipyards, for the first time after seven years, have surpassed China and take the lead on shipbuilding orders, according to new data from Clarkson Research. The data reveals that S. Korean yards received new orders that reached approximately the 12.63 million compensated gross tons in 2018, 44.2% of the 28.6 million CGTs that were reached globally.

Ocean Infinity, the next generation seabed survey and ocean exploration company is collaborating with the Government of South Korea to search for the wreckage of the ship 'Stellar Daisy', lost in late March 2017. The operations to look for the vessel will begin in January 2019.

The 2018 has been a better-than-expected year for South Korean shipbuilders, with an increase in new orders and especially in LNG ships. The combined new orders won by the shipyards in 2018 are almost up 20% compared with last year.

Daewoo Shipbuilding & Marine Engineering (DSME) was fined 10.8 billion won ($9.59 million) by the Fair Trade Commission for abusing its power against its contractors between 2013 and 2016. The FTC also stated it will file a charge against the shipbuilder with the prosecution, saying DSME's practice was an abuse of its power as the ordering body.

South Korean major shipyards have shown decent performances during 2018, as orders for LNG carriers are increasing. Namely, until now 52 orders for LNG carriers had been made, with Hyundai Heavy Industries, Daewoo Shipbuilding and Marine Engineering and Samsung Heavy Industries leading the way.

In November, South Korea’s Supreme Court ordered major Japanese manufacturer Mitsubishi Heavy Industries Ltd. to pay damages to two groups of South Koreans for wartime labor. On the other hand, Mitsubishi Heavy Industries on a press release stated that these rulings are deeply regrettable, as they violate the Agreement and are contrary to the view of the Japanese government and the final and binding judgements of the Supreme Court of Japan.

The Russian freighter 'Sevastopol', is stranded in the South Korean port of Busan for over a month. The ships has been blacklisted by the US, as its owner has allegedly violated the sanctions. According to reports, local oil companies are reluctant to supply the ship with fuel.