Tag: South Korea

The Fair Trade Commission of South Korea (KFTC) announced that several companies, including Japanese MOL, have breached South Korean antitrust law with respect to car carrier services.

Less than a year after Hanjin Shipping's bankruptcy, all the 14 remaining South Korean shippers are joining forces to form the first domestic alliance, aiming to restore the country’s shipping sector. Under the name "Korea Shipping Partnership", the new shipping consortium will be led by Hyundai Merchant Marine.

Korean-based Hyundai Glovis acquired Eusu Ship Management crew agency in an effort to boost company’s competitiveness, according to local sources. The agreement is expected to enhance management and operational efficiency, as well as save cost for the logistics company which is part of the South Korean conglomerate Hyundai Motor Group.

A significant rise on vessel orders is expected in South Korean shipyards, during the second half of 2017, as numerous contracts are to be signed soon. According to earlier data, 79 ships- or 2.83 million compensated gross tons- were secured during the first half of 2017, which also represents a rise from previous year.

On May 2nd, South Korea's Cabinet passed an ordinance, defining the exact operational duties of a committee that is to conduct investigation on the fatal sinking of the Sewol ferry, in April 2014, which caused death to over 300 people.

On March 23, the government of South Korea lifted Sewol wreck, almost three years after it sank in waters off Jindo, South Jeolla Province, on April 2014. The 6,825-ton ferry, which had been lying at a depth of 44 meters, was lifted by two salvage barges.

The military of Seoul announced, on 5 March, that South Korea's 4,400-ton destroyer, "Choe Yeong", joined a EU military operation to combat piracy in the Gulf of Aden, Somalia. The exercise mainly concerned escorting commercial ships in dangerous areas and, also, anti-piracy reconnaissance.

IMO announced that a feasibility study to look into the possible expansion of the Northeast Asia Logistics Information Service Network (NEAL-NET) was undertaken in Cambodia, as part of a project co-funded by IMO and China. The envisaged expansion of NEAL-NET is expected to support the implementation of the revised Facilitation Convention, by 8 April 2019.

The Standard P&I Club has announced that the South Korean government, in collaboration with the private sector, will provide Won14.7trn ($13.3bn) for port upgrades and infrastructure investment by 2020.

Six government officials from South Korea are visiting the Danish Maritime Authority and, in this connection, they exchange experiences and knowledge about shipping, inspections and safety with the Danish authorities.