Tag: South Korea

The 'Sanchi' oil tanker, that collided with a freighter in Chinese waters over the weekend, could burn for two weeks up to one month, potentially expelling its bunker fuel, or the heavy fuel oil that powers a ship’s engines and contaminating the waters, according to South Korea’s Ministry of Oceans and Fisheries.

The South Korean government has given incentives to Korean shipping firms to construct gas fueled ships, as any firm which will look into this possibility, will receive financial assistance from the government. Namely, South Korea will allocate a fund of $1.9 billion.

South Korean shipyards, including HHI, SHI, and DSME, have set higher order goals for 2018, in line with expectations for an overall improvement in the shipbuilding sector. The country's shipbuilding industry is hit by a decrease in new orders in the last years, as a result from global economic downturn.

South Korean Ministry of Oceans and Fisheries revealed plans to develop 30 million square meters of seaport hinterland by 2030, in line with a broader national development plan to boost the country's industrial and logistics infrastructure.

The South Korean Supreme Court sentenced the former CEO of DSME to nine years in prison, Sunday, on charges of fraud totaling USD4.69 billion. Mr. Ko Jae-ho orchestrated the shipbuilder's financial statements and plans for the fiscal year from 2013 and 2014, to cover up mounting deficits.

Rescue workers in South Korea, discovered the bodies of the two men which were missing, after a fishing vessel collided with a tanker off the west coast of Incheon, on Sunday morning, resulting in fifteen people losing their lives.

Thirteen people have lost their lives and two are missing, after a fishing vessel collided with a tanker off the west coast of Incheon, South Korea, on Sunday morning, according to the country's coast guard. Seven people were rescued and sent to hospital for treatment.

South Korean shipyards were damaged because of a decrease in demand for new ships, due to slow global economic growth, and low crude and gas prices in the past years. These developments show the ability of Chinese shipbuilders to win orders from South Korean shipping and build very large ore carriers. 

Maritime Connectivity Platform, resulting from the collaboration between European EfficienSea2 and STM Validation projects and the Korean SMART Navigation Project, has been successfully tested at sea trials in the port of Busan. MCP, formerly known as the Maritime Cloud, aims to achieve a more connected maritime world.

The Association of Southeast Asian Nations Defense Ministers’ meeting, held in Clark, Philippines, this week, focused on the importance of high-level discussions of strategic defense and security matters, including North Korea, terrorism and maritime security.