Tag: South Korea

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.

South Korean police are seeking an arrest warrant for the chairman of Hanjin Group, Cho Yang-ho, on charges of breach of trust. Mr. Cho is under investigation over suspicion that he used company funds for personal purposes, including renovation of his home.

South Korea's major shipyards have report weaker than expected earnings for the third quarter of the year, due to rising costs and the construction of low-priced ships amid reduced new orders. South Korean shipbuilding has been suffering a financial pressure since the 2008 global economic crisis.

Hyundai Merchant Marine announced that it has successfully completed its first blockchain technology adopted pilot voyage. The voyage was conducted by a blockchain consortium, from Korea to China, with reefer containers from August 24 to September 4.  

Hyundai Merchant Marine, South Korea's largest shipbuilder, is in discussion with Daewoo Shipbuilding & Marine Engineering, over the construction of five very large crude carriers. Further, HMM revealed plans to spend USD 162 million to acquire two large container ships.