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)
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).
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
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 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
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
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
A bankruptcy of Hyundai Merchant Marine (HMM) would become the biggest ever in the shipping sector, and the creditors seem on the way to taking over control with the shipping group. Without further government support, bankruptcy is growing closer for Hyundai Merchant Marine (HMM)
As the Korea government is pushing for restructuring of the faltering shipbuilding industry, speculation grows over a possible merger between the country’s two major shipbuilders — Samsung Heavy Industries and Daewoo Shipbuilding and Marine Engineering, reports Korea Herald.
South Korean companies are briskly moving to tap into Iran's fast-growing shipping industry, regarding the Iranian boom as a breakthrough to their prolonged business slump amid the global economic slowdown. According to IRNA
Starting on April 18, Waterfront Shipping Company Ltd. (WFS), Marinvest/Skagerack Invest (Marinvest), Westfal-Larsen Management (WL), and Mitsui O.S.K. Lines, Ltd. (MOL) attended the traditional ship naming ceremonies and took delivery of the first Korean and Japanese built methanol-fueled
The Korean shipping giant Hanjin Shipping improved its financial result in 2015 and came back to profit trajectory. It reported a $6m net profit in 2015 from a $396m loss the previous year and said it expects cost-saving measures to help it weather a tough 2016.
The worst dumper prize goes to IDAN OFER, son of shipping magnate Sammy Ofer. Idan Ofer owns QUANTUM PACIFIC GROUP and has a controlling stake in Israel’s largest publicly traded company, ISRAEL CORPORATION. Combined
Hanjin Shipping India Pvt Ltd, the South Korean shipping conglomerate, made its maiden call at KPCT on 1st February, 2016. Vessel MV Hanjin Florida had exchanged 553 TEU out of which 109 TEU are imports and 444 TEU are exports. Krishnapatnam Port Container Terminal
A North Korean patrol boat crossed into South Korean waters early on Monday and retreated after the South Korean navy fired warning shots, a South Korean military official said. The incursion came amid heightened tensions on the Korean peninsula
A U.N.-blacklisted North Korean shipping company continues to evade sanctions through its use of foreign-flagged ships, name changes and other means of obfuscation, according to a new report by United Nations monitors. The U.N. Security Council's Panel of Experts on North Korea
The Philippine coast guard inspected a North Korean cargo vessel that docked at a port northwest of Manila in one of the first such checks since the U.N. Security Council imposed further sanctions on Pyongyang over its nuclear program, reports AP.
The Philippines said on Saturday it had seized a North Korean freighter that was covered by harsher United Nations' sanctions against Pyongyang over its nuclear programme. Manila will also deport the vessel's 21 North Korean crew and will await a U.N
Reuters reports that China’s Ministry of Transport has blacklisted 31 North Korean vessels in accordance with the UN Security Council resolution. China has barred a North Korean freighter from one of its ports. The country will start inspecting the North Korean ships that dock
North Korea has lost contact with one of its submarines off the east coast of the country, CNN reports citing US officials. The U.S. is unsure whether the missing vessel is adrift at sea or has sunk, officials said.
Reuter reports that the Philippines has released a North Korean freighter it had seized. The North Korean freighter was covered by harsher United Nations' sanctions against Pyongyang over its nuclear program. The 6,830 deadweight tonne (dwt) cargo ship M/V Jin Teng was one of
As part of its plans to ramp up debt restructuring and struggle to stay afloat amid the tides of trouble, the Korean shipping line Hanjin Shipping is looking at selling assets, reports The Korea Herald. Hanjin is looking at offloading an office building in London as well as