Tag: South Korea

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.

At Seoul meeting of the ministers of economic affairs, on 24 August, South Korea's Ministry of Oceans and Fisheries announced a plan to establish Korea Maritime Promotion Corporation, a support organization for the shipping industry, in Busan, in June 2018, with capital of USD 4.5 billion.

Hyundai Heavy Industries is asking 5,000 workers to take unpaid leave from September, as it faces a decreasing rate in ship orders until June 2018. The world's largest shipbuilder, seeks to "persuade" 30 percent of its workforce to take time off from work without pay, in order to maintain competitiveness amid industry downturn.

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.