Ministry Of Trade News

Ørsted has secured approval for a 1.6 GW Electricity Business License from the Ministry of Trade, Industry and Energy of the Republic of Korea.The license grants Ørsted exclusive development rights for a gigawatt-scale offshore wind project 70 kilometers off the coast of Incheon City, Korea. The project has the potential to support Incheon City’s net-zero target with a capacity to provide renewable energy to over a million households whilst reducing carbon emissions by approximately 4 million tonnes annually.The country aims to be carbon neutral by 2050.Per Mejnert Kristensen…

HD Hyundai Mipo Dockyard has started joint development of a commissioning service operation vessel (CSOV) with Korea Register of Shipping (KR).The two companies agreed to develop their own design and cooperate with domestic companies to ensure a local offshore wind farm operation technology industry so that they can actively advance into overseas markets.Hyundai Mipo Dockyard plans to develop an optimised hybrid electric propulsion system with dynamic positioning performance suitable…

Ukraine said seven vessels sailed off from its ports on Sunday carrying grain bound for Asia and Europe, but accused Russia of blocking the full implementation of Black Sea grain deal. "Russia is deliberately blocking the full realisation of the Grain Initiative. As a result, these (Ukrainian) ports in the last few days are working only at 25-30 percent of their capacity," Ukraine's Infrastructure Ministry said in a statement via the Telegram messaging app. The agreement, brokered by the United Nations and Turkey in July…

Knut Arild Hareide has been appointed by the King in the Council of State as Director General of Navigation and Shipping for the Norwegian Maritime Authority for a period of six years. Hareide will take up the role on January 1, 2022."We are delighted to congratulate Knut Arild Hareide on his appointment and look forward to working with him in the years to come," says Acting Director General of Navigation and Shipping, Lars Alvestad.The Ministry of Trade, Industry and Fisheries…

The Norwegian Hydrographic Service has awarded Fugro another hydrographic survey contract as part of the MAREANO seabed mapping program, financed by Norway’s Ministry of Trade, Industry and Fisheries, and the Ministry of Environment.Fugro said it has already completed 10 surveys for the program since 2006 and acquired over 140,000 km2 of data. This latest survey will collect high-resolution, high-density multibeam echosounder and sub-bottom data to produce seamless datasets for the Norwegian mapping program.

The Japanese government has filed a new petition with the World Trade Organization (WTO) against South Korea concerning alleged aid provided by the Korean government to the country’s shipbuilding industry.According to Yonhap, Japan has asked South Korea to discuss the issue which it says is affecting international competition, and if the talks fail, Japan will seek to establish a dispute settlement panel.In November 2018, Japan filed a complaint with the WTO, claiming that South Korea violated existing regulations by providing subsidies to its shipbuilders, resulting in damage to the Japanese industry.In December 2018, the two sides…

Cosco Shipping Ports (CSP), the biggest terminal operator in the world, has appointed Feng Boming as its new chairman, replacing Zhang Wei who has quit the position.Feng  Boming, a non-executive Director of the Company, has been re-designated as an Executive Director of the company and appointed as the Chairman of the Board.Zhang Wei confirmed that he had no disagreement with the Board and there was no matter relating to his resignation that would need to be brought to the attention of the shareholders of the company.Cosco Shipping Ports Board would like to thank for his outstanding contributions to the Company during his tenure of office and welcome Feng Boming for his position as the Chairman of the company.Feng…

Government and private stakeholders have expressed their support for climate action in the Caribbean, with a focus on decarbonizing the shipping sector.According to International Maritime Organization (IMO),  during a regional workshop on Capacity Building for Climate Mitigation in the Maritime Shipping Industry, held at the Chaguaramas Campus of The University of Trinidad and Tobago (1-3 July), Caribbean maritime sector committed to decarbonization.The workshop, the second for the region, was hosted by the Maritime Technology Cooperation Centre (MTCC) Caribbean - one of five regional centers established under the IMO-led, European Union-funded Global MTCC Network (GMN) project.Participants were updated on pilot projects completed by MTCC-Caribbean…

A successful International Maritime Organization (IMO) project promoted by Norway to establish a maritime "single window" in Antigua and Barbuda has been completed – and the source code for the system will now be made available to other countries who need it.A maritime single window enables all information required by public authorities in connection with the arrival, stay and departure of ships, people and cargo, to be submitted electronically via a single portal, without duplication. This type of system is recommended by IMO's Facilitation Convention, the treaty which aims to reduce administrative burdens and make shipping and trade…

Nippon Yusen Kabushiki Kaisha (NYK) and Japanese telecom giant MTI have reached an agreement to participate in a long-term demonstration of tidal energy being sponsored by MAKO Energy and Sentosa Development Corporation, which will provide the demonstration site.The demonstration will start next spring in a first-time attempt to commercialize tidal energy in Singapore.MAKO Energy is the Singapore-based subsidiary of Elemental Energy Technologies, a tidal turbine developer that has interest and expertise in the area of renewable energy solutions, particularly tidal power and its applications. Sentosa Development Corporation is a statutory board under the Ministry of Trade and Industry of Singapore…

The Korean government will order 140 liquefied natural gas ships, worth 1 trillion won ($880 million), from the nation’s small and midsized shipbuilders by 2025, said Korea’s press agency Yonhap.South Korea’s Ministry of Trade, Industry and Energy said the government will provide shipbuilders and suppliers   1.7 trillion won ($1.5 billion) in financial aid to prop up the country’s ailing shipbuilding industry.The report quoted Yoon Sung-hyuck, chief of the Ministry of Trade, Industry and Energy’s shipbuilding and offshore plant industry division as saying that, in order to set small and midsized shipbuilders apart from their rivals from China and Japan…

An exciting new phase in a project to develop a maritime single window for Antigua and Barbuda has begun, with the installation of the first, basic system platform, said a press release from International Maritime Organization (IMO). Testing and implementation will now begin and if successful, the system, developed by Norway, could potentially benefit other countries of the Caribbean region and to other regions of the world. A technical team from Norway has explained the basic platform, now available to all stakeholders in Antigua and Barbuda, during a week-long series of related activities (25-29 June). The operational implementation phase, essential for the success of the project, now begins.

NCE Maritime CleanTech business cluster is establishing a new Norwegian catapult center to build up expertise and testing facilities for its partner organizations. The center aims to be at the forefront in making the Norwegian marine industry greener, smarter and more innovative.NCE Maritime CleanTech’s initiative Sustainable Maritime Norwegian Catapult Center was announced as one of the three winners among the 15 business clusters that applied to Siva, the Industrial Development Corporation of Norway, to fund a new catapult arrangement.

South Korea said on Wednesday it would seek U.S. exemptions to buy Iranian oil, a path many big oil consumers are likely to follow in the wake of new U.S. sanctions on Tehran, which will tighten world oil markets and push up prices.Iran is the third-largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC) and a key supplier, especially to refiners in Asia.The United States plans to impose new unilateral sanctions after abandoning an agreement reached in late 2015 which limited Iran's nuclear ambitions in exchange for removing joint U.S.-Europe sanctions…

Russia's Ministry of Trade and Industry said on Friday it was preparing to impose restrictions on U.S. imports in response to U.S. tariffs on steel and aluminium, the Interfax news agency reported.     (Reporting by Polina Ivanova Writing by Gabrielle Tétrault-Farber Editing by Andrew Osborn)

As oil continues to sell below $50 per barrel, 2017 could be one of the toughest years in decades for Offshore Supply Vessel (OSV) companies, according to a study of 44 companies in the industry by AlixPartners. The firm’s analysis highlights these companies’ rising debt burdens, making it increasingly unlikely that most of them can maintain solvency. The industry faces grave financial pressure, which is clear from recent bankruptcy filings and distressed mergers. Exploration and production (E&P) companies have drastically reduced their rig counts, causing demand for OSV services to plunge.

International Maritime Organization (IMO)’s collaboration with the Norwegian Agency for Development Cooperation (Norad) to deliver technical cooperation activities was in the spotlight in Oslo this week (May 30-31). In addition to the annual IMO-Norad projects review meeting, IMO presented the Organization and its technical cooperation programme to senior officials from Norwegian ministries and NGOs (Norwegian Ministry of Foreign Affairs, Ministry of Trade, Industry and Fisheries, Ministry of Climate and Environment, and WWF Norway), highlighting in particular the IMO-Norad East Asia Project, which helped build capacity to implement IMO environment-protection conventions in six participating countries – with a view to identifying further cooperation opportunities.

Norway has become the first country to become a contracting state to a key compensation treaty covering the transport of hazardous and noxious substances (HNS) by ship. The International Convention on Liability and Compensation for Damage in Connection with the Carriage of Hazardous and Noxious Substances by Sea, 2010 (2010 HNS Convention), when in force, will provide a regime of liability and compensation for damage caused by HNS cargoes transported by sea, complementing existing regimes already in force for the transport of oil as cargo…

The Maritime and Port Authority of Singapore (MPA), represented by Chief Executive, Andrew Tan, signed a Joint Statement with the Norwegian Ministry of Trade, Industry and Fisheries on October 10 during the State Visit by President Tony Tan Keng Yam to Norway. Norway’s signatory was State Secretary Dilek Ayhan. The signing was witnessed by President Tony Tan and His Majesty King, Harald V of Norway. Besides substantial commercial and industrial cooperation between the maritime clusters of Singapore and Norway, both countries also have extensive cooperation in research and development in maritime environment, sustainable energy technology, offshore and marine engineering, maritime operations and info-communications technology.

Spurred by Panama Canal Expansion and U.S. As Trinidad and Tobago seeks to diversify its economy, it is banking on a massive shipyard construction project as the centerpiece of a maritime industry and economic revival. A Trinidad and Tobago Parliamentary debate earlier this year centered on the Motion, ‘Increase of Loan Ceiling under The Development Loans Act.’ One diversification strategy involves the country’s thrust into the development and expansion of the maritime sectors, particularly Shipbuilding and Repair.

A report in WSJ says that Hanjin Shipping Co has applied for a creditor-led debt restructuring to avoid bankruptcy, reviving talk of a possible merger with rival Hyundai Merchant Marine Co. (HMM). It could be merged as a part of the government-led restructuring of ailing industries and companies, according to government sources. Both Hanjin Shipping Co. and Hyundai Merchant Marine Co. (HMM) are in hot water, but they are different from each other in a debt structure. Unlike HMM, Hanjin Shipping has a lot of non-bank debt, which makes it difficult for the main creditor Korea Development Bank (KDB) and other creditor banks to manage the company under a creditor-led restructuring program.

The Norwegian Ministry of Trade and Fisheries has approved Norway’s first development concession enabling Ocean Farming AS, supported by Kongsberg Maritime AS, to build the world’s first automated ‘exposed’ aquaculture facility. Situated outside of Trondheim, this new facility introduces a paradigm shift in salmon farming now, and other fish types in the future and is a significant step in Norway’s efforts to deliver technical solutions to address the impending global food gap challenge.

South Korea's crude oil imports in December rose 21.1 percent from a year earlier to 97.9 million barrels, preliminary data from the Ministry of Trade, Industry and Energy showed on Friday. The final data will be released later in the month by state-run Korea National Oil Corp (KNOC). * Note: The ministry did not break down imports by country of origin. South Korea's total crude imports in November fell 1.5 percent year-on-year, according to KNOC data last month.