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U.S. Navy Tracks North Korean Ship

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)


UN North Korea Sanctions on 4 Black-listed Ships Lifted

Image: Korean Central News Agency

 According to a Reuters report, the UN Security Council agreed to a Chinese request to remove sanctions on four ships that had been blacklisted for ties to Pyongyang after China secured assurances the vessels would not use North Korean crews.   The ships were among 31 vessels sanctioned by the 15-member council on March 2 because they were owned by North Korean shipping firm Ocean Maritime Management Company (OMM).  


EU, S. Korea Will Try Last Minute Negotiations

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 Korean Ship Orders Up 127% In 1999

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


Ninety North Korean Ships Granted Entry to Japan

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


Pirates Hijack South Korean Ship

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


Freight Rate Hikes Benefit South Korean Shipping Firms

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


Korean Shipbuilder Considers Project in Khanh Hoa

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


Taiwan’s Evergreen Resume Traffic in Iran's Shahid Rajaee Port

Image: Evergreen Marine Corp

 Taiwan’s Evergreen Marine Corp. has authorized one of its huge container ships to berth at Shahid Rajaei port in southern Iranian province of Hormozgan, reports Press TV.   Ebrahim Idani, director general of Hormozgan Ports and Maritime Department, was quoted by Iranian media as saying on Tuesday that the fifth-generation container ship, Ever Legion, has started its journey from China’s Shanghai port and will call at various ports in Hong Kong, Taiwan, Malaysia


2M Alliance's NO to Hyundai Merchant

Photo: Hyundai Merchant Marine

 Danish shipper Maersk Line, part of A.P. Moller-Maersk, said it is no longer considering Hyundai Merchant Marine for membership in the group, reports Reuters.   This is a major blow to the troubled Korean shipping company. Membership in 2M Alliance would have guaranteed HMM a steady income during one of the industry’s worst down-cycles and cut annual operating expenses by sharing ships, networks and port calls.  


Hanjin Fleet Shrinks

Photo: Hanjin Shipping Co

 Following its bankruptcy filing, Hanjin Shipping Co.’s fleet has shrunk to about a tenth of its size after the South Korean container line returned most of its chartered vessels to owners, reports Bloomberg.   All but three of the remaining 14 ships are either stranded or have


Taiwan Shipping in Troubled Water?

Pic: EverGreen

 Taiwan's shipping lines aren't looking quite so young and fresh as they were earlier, reports Bloomberg.   While the global container industry has embarked on a spree of pairings and menages-a-trois over the past 12 months, Taiwan's shipping lines have remained proudly single.


Three Hanjin Ships Auctioned in Rotterdam

Photo: Hanjin Shipping

 Three containerships of the bankrupt Korean shipping firm Hanjin Shipping were sold at an auction in Rotterdam for a total of USD 392 million, according to Dutch media fd.nl and Nieuwsblad Transport.   The 13,000 TEU ships were auctioned on behalf of creditor HSH Nordbank. 


Japan to Overtake Korea in Global Shipbuilding

Photo: DSME

 Japanese shipyards are on the verge of overtaking Korean shipyards in remaining order backlogs and market share, reports Business Korea.   South Korean and Japanese shipbuilders recorded a backlog of 20.46 million CGT and 20.06 million CGT early this month, respectively


COSCO Mulls Hanjin Port Asset Purchase

GwangyangTerminal.jpg

China's COSCO Shipping Co Ltd may consider buying the port assets of troubled South Korean firm Hanjin Shipping Co Ltd, Chinese online finance magazine Caixin reported on Wednesday. But COSCO Shipping has no plans to buy the world's seventh-largest container carrier's ships


Three Chinese Fishermen Dead in S.Korea Coastguard Confrontation

China lodges protest with Seoul over the incident. Three Chinese fishermen were killed on Thursday in a fire that broke out on their boat when South Korean coastguard men trying to apprehend them for illegal fishing threw flash grenades into a room they were hiding in


Cadets Stranded on Hanjin Ship Head Home

Hanjin Louisiana (Photo: Nautilus)

The Hanjin Louisiana, one of the containerships caught up in the collapse of the South Korean shipping company Hanjin, has finally docked in Singapore after several weeks of uncertainty at sea.   Among those onboard the containership were four Scottish cadets


Maersk Not Interested in Hanjin, Hyundai

Photo: Maersk Line

 There has been reports that Danish conglomerate A.P. Møller-Mærsk A/S , the world’s No. 1 shipping company, could seek to take over Hanjin Shipping Co. and Hyundai Merchant Marine Co.   However, WSJ, quoting sources says that Maersk Line isn’t likely to move


Hanjin Chairman: Firm Lost a 'game of chicken' with Rivals

File Image: A Hanjin containership (credit: Hanjin)

Hanjin's failure largest ever among container shippers; collapse has disrupted global trade networks. The collapsed Hanjin Shipping Co Ltd could not compete against global rivals that were supported by their governments, the chairman of its parent firm told a South Korean parliamentary hearing


North Korean Ships Reflag in Tanzania

 Around 50 ships owned by or related to North Korea have reflagged in Tanzania since the United Nations Security Council adopted its strongest-ever resolution on the country in March, in an apparent attempt to circumvent the sanctions.  


China Rebuffs S.Korea over Sinking of Coast Guard Vessel

China said on Wednesday South Korea's coast guard should not have been operating in part of the sea where one of Seoul's patrol boats sank last week during an operation to crack down on a group of Chinese fishing boats.   South Korean coast guard vessels regularly chase Chinese boats for


Hanjin Wants to Sell to Maersk

Photo: Hanjin Shipping

 The Seoul Central District Court  has approved a divestment of Hanjin Shipping's Asia-US network and the bankrupt carrier has encouraged Maersk Line to bid on the assets, according to The Korea Economic Daily.   It was reported that the ailing Korean shipping company recently


KONGSBERG Integrated Automation for LNG Fuelled Bulker

Kongsberg Maritime systems chosen for LNG Fuelled bulk carrier vessel under construction at Hyundai Mipo in South Korea (existing Ilshin bulk carrier pictured). Image courtesy Ilshin Shipping Company

Kongsberg Maritime has been chosen to supply a full integrated automation solution including the first delivery of its advanced new Fuel Gas Supply System (FGSS) for a newbuild 50,000 DWT LNG Fuelled bulk carrier, ordered by South Korean ship owner, Ilshin Shipping Company


Korea Mulls New Ship Financing Company

Photo: Hanjin Shipping Co Ltd

 Reuters report quoting South Korea government sources that the country is planning  to establish a state-backed ship financing company with an initial capital of 1 trillion won ($871.73 million) to help improve the financial health of Korean shipping companies.   


Four Bids for STX Offshore, STX France Emerge

Four parties have expressed interest in buying one or both of South Korea's STX Offshore & Shipbuilding Co Ltd and a controlling stake in STX France SA, a spokesman for the Seoul court overseeing STX Offshore's receivership said on Friday.






 
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