Tag: South Korea

The world’s largest LNG bunker supply vessel has started its voyage from the Hyundai Mipo Dockyard shipyard in South Korea to its primary area of operation in Northwest Europe, on 17 October. 'Kairos', with an LNG capacity of 7,500 m³, will be ready for operations by the end of 2018.

South Korean oceans ministry informs that it examines the possibility of developing a port in Russia's Far East. This moves targets to help local companies leverage its strategic location. The Ministry of Oceans and Fisheries will conduct the feasibility study until September 2019 on the Port of Slavyanka.

South Korea's oceans ministry informed that it will support the building of more than 200 ships during the next three years to improve the troubled maritime industry. The country will assist in building these ships through the Korea Oceans Business Corp. In addition, South Korea wants local shipbuilders to build eco-friendly ships.

As part of its efforts to upgrade cost competitiveness of the domestic shipbuilding industry, the South Korean government revealed plans to develop smart shipyards equipped with artificial intelligence (AI) technology, through the Korean Smart Shipyard (K-Yard) project.

US President Donald Trump signed a revised free trade agreement with South Korea on September 24 in New York. This is the first bilateral trade deal of his administration and includes steps to open up the Korean market to more American exports. It will also allow the US to impose a 25% tariff on Korean trucks until 2041.

At Eastern Economic Forum, Russian Zvezda Shipbuilding Complex, owned by United Shipbuilding Corporation, signed a Term Sheet with South Korea's Samsung Heavy Industries Co. Ltd. for creating a joint venture to manage projects for construction of Arctic shuttle tankers.

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.