Tag: South Korea

South Korean government will financially support shipbuilders that face problems due to the industry's downturn. Namely, South Korea will extend financial guarantees for suppliers of shipbuilders and roll over their debts, Choi Jong-ku, chairman of the Financial Services Commission informed.

South Korean DSME, one of the largest shipbuilders in the world by orders, could achieve US$9.1 billion in sales this year, according to the company’s CEO. DSME is currently making efforts to secure orders for offshore facilities for the rest of the year, which if realized, could help the company exceed the target.

South Korean Shipping company Hyundai Merchant Marine has selected three compatriot shipbuilders for the construction of its twenty eco-friendly mega container ships, under the company's ‘Capacity of 1 Million TEU’ strategy, and the Korean government’s ‘5 Year Plan for Rebuilding Korean Shipping’ plan.

The Danish Maritime Authority increased the international work on digitalization and e-navigation as it entered into a cooperation agreement with South Korea, Sweden, Australia and China. The agreement aims to strengthen the focus on digitalization in the maritime sector.

The South Korean Ministry of Oceans and Fisheries said that 200 officials from 20 governments and international organizations will attend the second e-Navigation Underway Asia-Pacific gathering, which starts on Monday, June 4 in Seoul for a two-day run. There will be a total of five sessions, while 22 reports will be presented.

The South Korean government will designate five key shipbuilding centres on the country’s south coast as “industry crisis” zones eligible for economic support, according to the finance minister, Kim Dong-yeon. These areas are home to shipbuilding companies that have struggled with high unemployment in recent years.

Less than a week after South Korea revealed plans to order two LNG-fueled bulk carriers by August 2018, the Ministry of Oceans and Fisheries announced that the country seeks to develop advanced bunkering technology for LNG-powered ships, in a bid to increase the number of eco-friendly vessels it can support.

A Panama-registered car carrier called "Auto Banner", caught fire while it was anchored at the South Korean port of Incheon, on Monday May 21. All of the crewmembers were safely evacuated. One of the cars' engine was probably overheated, catching fire, which then spread.

South Korea is about to place the first order for LNG fueled vessels by August, in an attempt to develop green shipping and support associated industries, the oceans ministry informed earlier this week. The Ministry of Oceans and Fisheries will order two 200,000-ton class bulk carriers, to sail between South Korea and Australia.

After years of struggling with dwindling orders, the S. Korean shipbuilding industry is starting to show signs of recovery with a steady rise in orders. Busan needs to effectively use marine finance infrastructure and ensure its stronger presence as a marine finance hub city by focusing on changes.