According to a June 18 report from Reuters, the United States is monitoring a North Korean ship for weapons and has deployed anti-missile assets to the Pacific in case Pyongyang launches more missiles, U.S. officials said. The U.S. Navy is monitoring a vessel called Kang Nam at sea under new U.N. sanctions that bar North Korea from exporting weapons, including missile parts and nuclear materials, they said. (Source: Reuters)
Ninety North Korean vessels were granted certificates to enter Japanese ports in the eight months since a new law that bans entry of any ship without insurance took effect, according to a Daily Yomiuri report. The law on liability for oil pollution damage, which came into force on March 1, requires vessels of 100 tons or larger to be insured before docking in Japan. It had been viewed as a de facto economic sanction
According to the Washington Post, Pirates captured a South Korean-flagged fishing vessel off the coast of Somalia on Tuesday and efforts by a U.S. Navy ship and a Dutch vessel to intervene were abandoned when members of the South Korean crew were threatened with guns and the ship slipped into Somali territorial waters, the Navy said. It was the latest in a series of incidents off the coast of Somalia. On March 18, two U.S
Combined orders received by South Korean shipbuilders totaled 12.72 million gt for 227 ships in 1999, up 127.2 percent from a year earlier, according to the Korea Shipbuilders' Association said. New orders received in December alone totaled 3.71 million GT for 66 ships, the association said in a statement. Ships completed in 1999 amounted to 9.48 million gt for 163 ships, up from 7.28 million gt for 143 ships a year earlier, it said
European Union (EU) and South Korean officials meet next week to try to settle a row over alleged subsidies to Korean shipyards and avert an EU threat to take the dispute to the World Trade Organization. Negotiators meet in Brussels on Monday and Tuesday. It could be the last chance for an amicable solution of the row over the EU's allegations that Seoul pays its shipbuilders illegal subsidies, subsidies which it says threaten the existence of European competitors
South Korea’s major shipping companies benefited in 1999 from freight rate hikes and lower foreign debt service costs resulting from the won’s surge against the dollar, analysts said. However, they said, expectations of rising shipping capacity following more deliveries of new ships would weigh down the growth of revenues for shipping firms this year. Container shipping rates rose about six percent on average last year, which is in line with the country’s recovering exports, one analyst said
A South Korean ship manufacturer is mulling a project to develop a large-scale shipyard in the coastal central province of Khanh Hoa that should be able to build giant vessels of up to 400,000 DWT, a local official said. A source from the provincial Service of Planning and Investment said South Korea’s STX Shipbuilding Co., a member of STX Group, has proposed to develop a shipyard costing $500m at Van Phong Bay. The proposal has received preliminary support from the provincial
Alfa Laval, a heat transfer, centrifugal separation and fluid handling, has received two orders of record size for Alfa Laval PureBallast systems from two leading ship yards in Korea. The systems will be installed on board 14 vessels built for A.P Møller – Maersk. The total order value is about 80 MSEK and the delivery is scheduled for 2011 and 2012. “These are groundbreaking orders in many ways,” said Lars Renström, President and CEO of the Alfa Laval Group
Tanker owners, as reflected in global market share, prefer to order from Korean shipyards according to a recent analysis According to a Gibson market report, quoted by KOMEC-Korea, as many as half of China's shipbuilders are likely to go out of business over the next two to three years. Korean yards have taken 55% of all new tanker orders placed so far this year. As demand for Eco ships or more specialised tonnage takes off, it is Korean yards which are likely to benefit the most.
According to a report from The Korea Times, a South Korean fishing boat was hijacked by Somali pirates Oct. 9 in waters off Lamu, Kenya, which was considered a relatively safe maritime area, the Ministry of Foreign Affairs and Trade said. Two South Koreans identified only by their surname Kim — one, the 54-year-old owner of the ship and the other, the 67-year-old captain — were on board the 241-ton trawler Keummi 305. Also on board were two Chinese and 39 Kenyans.
The shipbuilding industry shows signs of bottoming out with the global market index pointing to an upturn, & Korean players receiving more orders from abroad. Citing Clarkson Research Services, the Korea Times reports that a total of 277 vessels were ordered in the first quarter of the
The U.S. nuclear-powered aircraft carrier arrives to participate in joint naval drills as part of routine training according to the Combined Forces Command. The 97,000-ton Nimitz, one of the world's largest warships, made a port call at the southeastern port city of Busan for a three-day stay to
Through chilling winds and choppy seas, five-man crews aboard small, gray security boats worked tirelessly for 10 days patrolling the waters around a massive 348-foot petroleum vessel near the coast of Pohang, South Korea. Boat crews from Port Security Unit (PSU) 313 worked night and day to
The Finland PM is hopeful that a strong new owner can turn around the prospects of the cash-strapped Finnish shipyards. This past week, the South Korean parent company STX announced it plans to sell off the Rauma and Turku shipyards as well as its half-share in the Helsinki shipyard
The National Shipping Company of Saudi Arabia (Bahri) receive the 'Bahri Hofuf' from the South Korean shipyard Hyundai Mipo. The new 26,000 dwt general cargo ship is the second vessel delivered from the six vessels that were contracted by the Company with this shipyard in 2011 for a total value
Arrangements have been made to ensure that the Turku shipyards of STX Finland will be able to deliver two ships ordered by the German TUI cruise line, Finland’s Ministry of Employment and the Economy said on Friday. The two cruise liners are slated for a 2014-2015 completion date.
Creditors of the ailing shipbuilder agree to provide STX Offshore with (US$540 million) in emergency loans. The news is cited as coming from the main creditor bank and is reported by the Yonhap News Agency. STX Offshore, the shipbuilding unit of STX Group
18 South Korean tourists were injured, two critically, when two speedboats ferrying them to Pattaya's Koh Larn collided. The crash took place about 800 metres offshore from Koh Larn's Tawaen beach and 10 injured tourists were sent to Bangkok Pattaya Hospital and 8 to Pattaya Memorial Hospital
In a courtroom drama the captain of the Korean ship told the court the abandoned ship's engine room was flooded and there was danger of a capsize. MV OSM Arena had been anchored off the Port of Chennai since February 2010 following cases filed by different parties against the owners in the
Today (27 March), in Seoul, at an extraordinary meeting of the general assembly, the Korean Register of Shipping (KR) elected Dr Chon Young-kee as its new Chairman & CEO. The general assembly oversees the running of KR and comprises 86 voting members.
The Korean Register of Shipping (KR) has been authorized by the United Nations (UN) as a designated operational entity for the CDM (Clean Development Mechanism). The CDM is defined in the Kyoto Protocol and allows a country with an emission-reduction or emission-limitation commitment to
In a market where shipbuilders are forced to accept new contracts below cost levels, a significant share of the building capacity has been withdrawn or removed. Jørn Bakkelund of RS Platou, ship brokers and investment bankers, sum up the state of the global shipbuilding market as
KPI Bridge Oil, a global broker and trader in marine bunkers, marine lubricants and risk management products, has appointed Mr. Araki Takanobu as Senior Bunker Trader. Araki Takanobu has more than 13 years experience in various bunker and cargo trading roles and has previously been working in
KPI Bridge Oil has appointed Mr. Araki Takanobu as Senior Bunker Trader at its Singapore office. Araki Takanobu has more than 13 years experience in various bunker- and cargo trading roles and has previously been working in Japan, Korea and Singapore
Korean shipbuilders outperformed by their Chinese competitors in 2012 exports, 11 years after Korea in turn overtook Japan in 2001. The Korean Chamber of Commerce and Industry analysis of data from the Korea International Trade Association puts exports by Korean shipbuilders at US$37