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South Korea to halt Iran oil imports as EU ban bites

South Korea became the first major Asian consumer to announce a halt to Iran South Korea became the first major Asian consumer of Iranian crude to announce a halt to imports after the government said they would be suspended from July 1 due to a European Union ban on insuring tankers carrying Iranian oil.The insurance ban makes it almost impossible to ship Iranian oil as most insurance is undertaken by EU-based companies and the move comes as part of a series of measures designed to put pressure on Iran to halt what the United States and others say is a nuclear weapons program.South Korea depends on the United States for security, but it has no natural resources and has been scrambling for alternative crude supplies to replace those from a country that supplied 9.4 percent of its needs in 2011.The world's fourth largest buyer of Iranian crude said it has no plan to provide state guarantee like Japan to continue its imports. Another two major Asian buyers, China and India, will allow Iran to deliver the crude from July."South Korea's imports of Iranian oil will be suspended, as the EU will suspend crude imports from Iran and also halt its ...

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US exempts India, South Korea, Turkey and four other countries from Iran oil sanctions

Initially for a 180 day period On 11 June 2012 it was announced by the US Department of State that India, Malaysia, South Korea, South Africa, Sri Lanka, Turkey and Taiwan have been exempted for a period of 180 days from the provisions of section 1245(d)(1) of the National Defence Authorization Act of 2012 ("NDAA"). The 180 day exemption is renewable upon review. These seven countries are not exempted from any other US sanctions against Iran, other than those in Sec. 1245(d)(1) of the NDAA for 2012.Section 1245 of the NDAA provides:1. For the blocking of all assets found within US jurisdiction belonging to any Iranian financial institution.2. All private financial institutions (US or foreign) that knowingly conduct or facilitate any significant transactions with the Central Bank of Iran, or with any Iranian financial institution which has been designated by the US, are subject to being sanctioned by the U.S. The sanction provided for in the NDAA is that the foreign financial institution will be prohibited from opening or maintaining correspondent accounts with US financial institutions. In other words, they will be shut out of the U.S. financial system.3. Transactions involving the sale of food, medicine or medical devices to ...

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South Korea court upholds Somali pirate life sentence

They accused of injuring the captain of Samho Jewerly A South Korean appeals court upheld a life sentence on a Somali pirate convicted of hijacking a South Korean-operated ship in the Arabian Sea and trying to murder the captain.The high court in the southern port of Busan on Thursday confirmed the sentence passed in late May on Mahomed Araye after the 23-year-old had appealed.Prosecutors had sought the death sentence for Araye for shooting and seriously injuring Captain Seok Hae-Kyun of the chemical carrier Samho Jewelry with an AK rifle.S.Korean prosecutor, seen here explaining with a miniature of the Samho Jewelry ship He was one of five pirates captured during a dramatic January 21 raid by South Korean navy commandos to rescue the ship. Eight other pirates were killed.The five were brought to Busan, the ship's home, for trial.All 21 crew -- eight South Koreans, two Indonesians and 11 from Myanmar -- were freed unhurt apart from Captain Seok, 58, who is still recovering in hospital after multiple operations.The court Thursday also upheld sentences of 13 to 15 years on three other pirates.But it reduced the sentence on Abdulahi Husseen Maxamuud to 12 years from 15, saying he showed "great remorse ...

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South Korean Navy chases away suspected pirate ships

The three suspected pirate ships attempted to approach a commercial vessel A South Korean naval helicopter chased away three suspected pirate ships attempting to approach a South Korean commercial vessel in Somali waters over the weekend, the military said.According to the Joint Chiefs of Staff (JCS), the Cheonghae Unit received a call from the 17,000-ton vessel Azalea around 1 a.m. Sunday, Korean time, that three ships were approaching. The naval unit dispatched a Lynx helicopter from its destroyer, Chungmugong Yi Sun-shin, and the chopper fired off three flares at 2:18 a.m.Source: Yonhap News

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South Korean anti-piracy experts to train UAE

South Korea to provide counter-piracy training The UAE has invited specialist naval forces from South Korea to provide counter-piracy training as part of efforts to boost its defences against the growing high-seas threat.About 10 underwater demolition troops will arrive in mid-July, supplementing 130 Korean "Ahk" special forces already stationed in Al Ain to provide antiterrorism training, said Col Romano Lee, the defence attache at the South Korean embassy in Abu Dhabi.South Korea successfully freed a ship from Somali pirates in January - an event that left an impression on the UAE, a South Korean defence official told the South Korean Yonhap news agency.In January, its navy commandos rescued the South Korean cargo ship Samho Jewellery, which had been hijacked in the Arabian Sea en route from the UAE to Sri Lanka.All 21 Samho Jewellery crew members survived, including the captain, though he suffered a serious gunshot wound. Eight pirates were killed, while five were captured and now face trial in South Korea.The announcement of the arrival of the 10 Korean troops' arrival comes just days after Abu Dhabi received a Turkish naval delegation to do exercises related to counter-piracy.South Korea and Turkey participate in a multinational counter-piracy group called the ...

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Record attendance at LNG seminar in Busan

Featuring industry specialists as well as Lloyds Register speakers This seminar was the second in a series of three LNG as Fuel seminars, featuring industry specialists as well as Lloyds Register speakers. A total of 125 delegates, mainly from Korea, heard the early findings of a Lloyds Register bunkering study, the latest LNG fuel tank arrangements, the IGF Code and how the latest regulations affect the future of LNG as Fuel.Why is Lloyd's Register holding these seminars?Growing global interest in LNG as Fuel and how to manage, maintain and develop it is the theme ofthis series of cross-industry seminars run by Lloyds Register for shipowners and operators, shipbuilders and marine cluster specialists.Panels of industry speakers at the seminars in London (April 20), Busan (June 13) and Vancouver (June 22) are helping our clients and associates understand the real design issues, regulations and bunkering developments behind the use of LNG as Fuel.Latifat Ajala, Lloyd's Register's Marine Market Analyst (third from left), answers a question from the floor with panel chair Lloyd's Register's Thanos Koliopulos (left), and panellists Wartsila's Byung Sam Ahn (second left) and MAN's Ole Groene (right)Source: Lloyd's Register

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NOL invests $1.54bn on 12 new containerships at yards in South Korea

The vessels are scheduled for delivery in 2013 and 2014 Neptune Orient Lines (NOL) is splurging $1.54bn on 12 new containerships at yards in South Korea.The Singapore boxline has signed letters of intent Hyundai Samho Heavy Industries for ten 14,000 teu capacity vessels, and with Daewoo Shipbuilding and Marine Engineering for a pair of 9,200 teu ships. The company is also upsizing ten 8,400 teu ships ordered at DSME last year to 9,200 teu.The vessels are scheduled for delivery in 2013 and 2014 and the 14,000 teu ships will be deployed on the Asia Europe trade.NOL said it is investing in new, larger vessels to reduce unit capital and operating costs, meet future growth needs and replace older and smaller chartered vessels that will be returned to their owners in the charter market.Source: Seatrade Asia

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