Tag: South Korea

A panel responsible for the investigation the 2014 Sewol ferry disaster, did not find the exact cause of the ship's sinking, after an effort that lasted a year. This was announced on Monday, August 6, leaving many issues unanswered for one of South Korea's worst maritime tragedies.

The recently-launched state-run Korea Ocean Business Corporation announced it will support financially 10 small and medium South Korean shipping lines, in line with its efforts to boost the domestic maritime industry, on the aftermath of Hanjin Shipping bankruptcy in early 2017. 

In line with a downward trend in South Korean shipbuilding industry, Hyundai Heavy Industries Co. and Samsung Heavy Industries Co., both ranking at the top of the world's largest shipbuilders, announced massive deficits in the second quarter of 2018.

A Seoul court has ordered the state of South Korea and the shipping firm 'Cheonghaejin Marine' to compensate the families of victims from the Sewol ferry sinking that killed over 300 passengers, back in 2014, finding they are responsible for their suffering.

Amid dwindling orders and tough competition, South Korean shipbuilders as represented by the Korea Offshore & Shipbuilding Association called Monday on steelmakers to keep the prices of shipbuilding plates at current levels, until their businesses are 'back on track'. 

The South Korean Ministry of Commerce, Industry and Energy unveiled its offshore wind power project, which will account for 12GW of the total capacity of 48.7GW proposed in the "Renewable Energy 3020 Implementation Plan." To achieve the "Renewable Energy 3020 Implementation Plan" goal, the industrialization of this alternative power is important. 

As part of the continuing downward trend in South Korean shipbuilding industry, HHI, the world’s largest shipbuilder, has cut its workforce in the offshore sector by one third, claiming lack of orders. This comes a month before the shipbuilder is due to suspend work at its offshore division.

North and South Korea have reinstated a maritime communication channel on Sunday July 1, as vessels from the two countries made radio contact for the first time since ten years, South Korea's Defence Ministry informed. A North Korean patrol boat responded when the South Korean Navy contacted it via an international radio channel,

South Korea's three biggest shipbuilders are struggling to achieve their order targets for this year, as these were announced in early January 2018. So far in 2018, HHI, the world's largest shipbuilder, has attained 38% of its annual order target, SHI 28%, and DSME 44% of its annual target.

Hyundai Heavy Industries, South Korea's largest shipbuilder, will suspend work at its offshore facilities shipyard in August, amid lack of orders, according to an official announcement by the company's President and CEO, Kang Hwan-goo. The offshore yard will not operate until orders come back.