Port of Antwerp to Boost Trade with South Korea
During the City Trade Mission to Seoul, Antwerp Port Authority signed a Memorandum of Understanding with KITA, the Korea International Trade Association. With 77,000 member companies KITA represents Korea's international trading community. The proposed collaboration between Antwerp Port Authority and KITA represents a significant boost for the port, emphasised Jacques Vandermeiren, CEO-designate of the Port Authority, just before the signing of the MoU. Antwerp hopes to attract significantly more trade from Korea in future, while KITA for its part sees Antwerp as the gateway to Europe for its exports. "In 2015 we sent 77,000 TEU of container freight to Antwerp.
More Hanjin Ships Seized, Box Rates Surge & Shippers Fret
About 10 Hanjin vessels effectively seized at China ports; Court says plans to start rehabilitations proceedings soon. Hanjin Shipping Co Ltd vessels have been seized at Chinese ports in the wake of the South Korean firm's collapse, further roiling the industry as freight rates jump and manufacturers scramble for alternatives. Seeking to contain the fallout, a South Korean court said it would soon begin proceedings to rehabilitate the carrier - which would allow Hanjin to take legal action in other countries to keep its ships and other assets from being seized. Rival Hyundai Merchant Marine will also deploy at least 13 of its ships to two routes exclusively serviced by Hanjin, while the South Korean government also plans to reach out to overseas carriers for help.
China Shipyards Take the Lead from Korea
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$37.8 billion in 2012, compared to China's $39.2 billion. The change is due to the fact that Korea was more affected by the global downturn than China, reports 'The Chosunilbo'. Korean shipbuilders saw…
Korea's Big Three Shipbuilders on Bumpy Road
Recent studies by Korea's International Trade Association & Hyundai Research Institute see major exporters facing a tough year ahead. The International Trade Association sees major exporters facing a tough climate for exports next year amid declining demand in overseas markets, according to private think tanks and industry experts, reports The Korea Times. Three major downside risks are weighing on local firms ㅡ the appreciation of the Korean won, the economic recession in the eurozone and spreading protectionism. In a report on the country’s industrial outlook for 2013, the Hyundai Research Institute (HRI) highlights the deepening woes of the country’s major shipbuilders.
