U.N. Bans Four Ships over N.Korea Coal, U.S. Mulls Four More
The United Nations Security Council has banned four ships from ports globally for carrying coal from North Korea, including one vessel that also had ammunition, but the United States postponed a bid to blacklist four others pending further investigation. The vessels are the first to be designated under stepped-up sanctions imposed on North Korea by the 15-member council in August and September over Pyongyang's sixth and largest nuclear test and two long-range ballistic missile launches.
U.S. Carrier Drills with Japanese Navy
A U.S. Navy aircraft carrier, the Ronald Reagan, is conducting drills with a Japanese warship in waters around Okinawa southwest of the Korean peninsula, Japan's military said on Wednesday. The exercise comes amid heightened tension with North Korea as the U.S. holds air drills in the region with B1-B bombers flown from Guam. The exercise with the Reagan strike group, which began on Saturday, involves vessels sailing from the Bashi Channel, which separates the Philippines and Taiwan…
APL Renews Terminal Lease at Port of Kaohsiung
An agreement was signed between American President Lines LLC, Taiwan Branch and Taiwan International Ports Corporation Ltd, to renew APL’s terminal lease at the Port of Kaohsiung, Taiwan. The signed deal retains APL’s current terminal plot in the Kaohsiung port for another 10 years from 1 January 2018 to 31 December 2027. Nicolas Sartini, APL Chief Executive Officer said, “Today, Intra-Asia container volume accounts for one-sixth of all containers moved globally. We see further growth prospects in this trade where APL is seeking to be a major player.
Chinese Demand Ensures Asian LNG Rally Has Legs
Unexpectedly strong demand from China, along with rising oil and coal prices, should keep Asian liquefied natural gas (LNG) spot levels buoyant this winter. Despite rising supplies from new plants, spot prices have risen by 55 percent from their 2017 lows to $8.40 per million British thermal units (mmBtu) as Asian buyers also refilled summer stocks. With the peak demand October-March winter gas season almost underway, further price gains are expected. Nuclear outages in Taiwan and rising demand from Thailand…
Thirteen Dead as Fishing boat and Tanker Collide
Thirteen Chinese fishermen died after their boat collided with a Hong Kong oil tanker in international waters off Japan, state media Xinhua reported on Friday, citing sources at China's consulate in Osaka. Three people were found alive after Thursday's collision. It was not known if there was any damage to the tanker or what caused the accident. The two vessels collided 400 km (240 miles) north of the Oki Islands in the Sea of Japan, also known as the East Sea, east of North Korea, state media reported. The identities of the victims have not yet been confirmed, Xinhua reported. The 290-tonne Chinese fishing vessel Lurong Yuanyu 378 had 16 people on board, according to the South China Morning Post.
Radio Holland Names Lund Asia Regional Director
Radio Holland has appointed Steen Brodsgaard Lund as Regional Director Asia. He will be responsible for Radio Holland’s operations in Asia, with offices in China, Hong Kong, Singapore and Malaysia. Lund is a Danish national, and developed his career over the past 28 years while living in Pakistan, South Korea, India, Hong Kong, China and Singapore. He began his career in the maritime industry in 1987 as a Trainee at A.P. Moller Maersk in Denmark, and spent 21 years in the group holding in a variety of commercial and operational leadership positions. His last assignment at A.P.
Rickmers-Linie Appoints Korea Maritime
Rickmers-Linie GmbH & Cie. KG, the German based global breakbulk, heavy lift and project cargo specialist, has appointed Korea Maritime Co.,Ltd., Seoul as its new agent in South Korea effective September 18. Rickmers-Linie and Seabridge Korea Ltd., Seoul, have agreed to terminate the existing agency agreement effective 17 September 2006. As of 18 September, all Rickmers-Linie’s activities in South Korea will be handled by Korea Maritime Co., with the first vessel being the MV Rickmers New Orleans, scheduled to arrive in Masan on September 21.
South Korea Wants 3 More Aegis Warships
The South Korea Navy has requested three more Aegis destroyers to strengthen the country’s defense against North Korea and to cover territorial disputes in the region according to a military official cited by 'The Korea Times'. Under a Navy buildup project started in 2004 to bolster defense against North Korea, South Korea began to build Aegis destroyers and currently has three 7,600-ton warships ― the King Sejong the Great, the Seoae Ryu Seong-ryong and the Yulgok Yi I. The South Korea Navy has sought to increase its fleet to cope with rising regional tension in the wake of North Korea’s third nuclear test conducted earlier this year and ongoing territorial disputes between China and Japan. Source: 'The Korea Times'.
South Korea Mulls Maritime Study with North Korea
South Korea would propose a joint research with North Korea to develop marine resources and ocean tourism, reports Korea Herald. South Korea’s Maritime Affairs and Fisheries Ministry pointed out the need of an excavation of North Korea’s marine resources, and development of ecotourism content and infrastructure to attract Asian tourists. The plan is to work together on eco-friendly marine tourism measures with North Korea, and designate uninhabited islands as “Islands of Peace” where they can develop resources together.
North Korea Fires Missiles in Show of Force
Missiles flew far enough to reach any part of S.Korea. North Korea fired three ballistic missiles on Tuesday which flew between 500 and 600 km (300-360 miles) into the sea off its east coast, South Korea's military said, the latest in a series of provocative moves by the isolated country. The U.S. military said it detected launches of what it believed were two Scud missiles and one Rodong, a home-grown missile based on Soviet-era Scud technology. North Korea has fired both types numerous times in recent years, an indication that unlike recent launches that were seen as efforts by the North to improve its missile capability, Tuesday's were meant as a show of force.
South Korean Shipyards: Silver Lining for the Biggies
Though South Korea’s big three shipbuilders -Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering, and Samsung Heavy Industries - showing signs of fiscal recovery this year, orders at midsized shipbuilding companies remain sparse. Korea Herald reported citing Korea Export-Import Bank of Korea that the order receipts of medium-sized shipyards in Korea were estimated to be around $110 million in the first quarter. Despite an improvement compared to last year’s first quarter…
China's Q1 Trade with N.Korea up Despite Sanctions
China's trade with North Korea rose in the first quarter in spite of tough new international sanctions this year targeting Pyongyang's banned nuclear program, including curbs on coal imports. Imports from the isolated country, consisting mainly of coal and clothes, rose 10.8 percent from a year earlier, customs spokesman Huang Songping said on Wednesday. China's exports to North Korea in the first quarter rose 14.7 percent from a year earlier in yuan terms, Huang told a news conference. China is North Korea's only major ally and most important trade partner. Exports consisted of electromechanical products, labor-intensive and agricultural products.
Rickmers Establishes Korea Subsidiary
Rickmers-Linie, the Hamburg-based specialist for breakbulk, heavylift and project cargo, is expanding its network of own subsidiaries in Asia and will establish a new subsidiary, Rickmers (Korea) Inc, in Seoul effective November 1, 2007. “With its export oriented industry and as a significant location for shipping and related industries, Korea is one of our key markets in the Far East. Thus it was a logical decision to establish our own office in Seoul. The new subsidiary will primarily take over the role of Rickmers-Linie’s agent in Korea and moreover will be the representative office for Rickmers Group in Korea,” explained Gerhard Janssen, General Manager Marketing & Sales at Rickmers-Linie.
AVEVA Expands in Korea
AVEVA opened a new office in Seoul, Korea, that incorporates a dedicated product training center, following an increased demand for AVEVA solutions. The office will also host sales, marketing, product support, and administration functions for AVEVA customers in Korea. “This new office, in particular the product training centre, enables AVEVA to offer a better service to our customers”, said EunJoo Park, Senior Executive Vice President of Korea and Japan division, AVEVA. “We can vastly increase the number of participants at this new training centre, as well as host more meetings. AVEVA has had offices in Korea for over ten years. In this time we have seen an increased demand for trained users in AVEVA products and solutions across the Plant and Marine industries.
Seoul's Effort to Calm Shipping Sector Storm
South Korea will pump $9.5bn (11 trillion won) into state-run policy lenders reeling from huge losses on loans made to the beleaguered shipbuilding and shipping sectors to help them deal with further corporate distress, says FT. South Korea's fund will support two state-run banks most exposed to shipping and shipbuilding firms currently being restructured. The China slowdown is partly to blame. The two state-run banks to be capitalised are Korea Development Bank (KDB) and the Export-Import Bank of Korea (KEXIM).
Korea to Create $1.2bln Shipping Fund
The South Korean government will create a US$1.2 billion ship investment fund to aid the shipping industry which has been struggling due to decreasing global trade. A report by South Korea's Yonhap News Agency said the fund will help shippers buy and sell vessels with less financial risk. The fund, aims to "aid the shipping industry which has been struggling due to decreasing global trade". Fund will "help shippers buy and sell vessels with less financial risk as the Korea Trade Insurance Corp. and the Korea Maritime Guarantee Insurance Co.
Korea Line Signs USD 1.15 bln LNG Shipping Deal from KOGAS
Korea Line Corporation (KLC) has secured a KRW 1.27 trillion (USD 1.1 billion) contract to transport liquefied natural gas (LNG) for its compatriot Korea Gas Corporation (KOGAS). Yonhap reported that under the deal with Korea Gas Corp. (KOGAS), Korea Line will transport LNG through May 30, 2037, the company said in a regulatory filing. Other details of the contract were not revealed. In 2013, Korea Line was taken over by SM Group, a midsized shipping group. Korea Line currently operates some 30 vessels…
Hyundai Engineering Falls on Concerns of Sale Delay
Hyundai Engineering & Construction Co., fell the most in almost five months in Seoul on concern Korea Development Bank may delay selling its stock in the company, holding up expansion plans, according to Bloomberg.com. Hyundai Engineering declined 7.5 percent to close at 89,500 in Seoul. Daewoo Shipbuilding & Engineering Co., also part-owned by state-owned Korea Development Bank, fell 5.2 percent to 44,550 won, the biggest drop in more than a month. The delay may stem efforts by Hyundai Engineering and Daewoo Shipbuilding to win orders from the global surge in demand for power plants, refineries and ships. Korea Development Bank and other South Korean creditors had planned to start selling their stakes in the two companies last year.
EU, South Korea Fail To Solve Shipbuilding Row
EU, South Korea Fail To Solve Shipbuilding Row Two-and-a-half days of talks between the European Union and South Korea failed to allay European concerns that South Korean shipyards are charging unfairly low prices, according to an EU official. The 15-nation EU has accused South Korea of using western subsidies to sell ships at below construction cost and of putting European rivals out of business. It said late last year it was considering taking action at the World Trade Organization (WTO). South Korea has denied the allegations. The EU has held three sessions of talks with South Korea aimed at reaching an solution. Negotiators plan to talk again by telephone March 23, the official said. This could be followed by ministerial-level talks.
South Korea And China See Eye To Eye On Fishing Pact
South Korea and China have agreed on a bilateral fishing pact extending Korea's fishing rights effective from June 30, Korea's Ministry of Maritime Affairs & Fisheries said on Friday. Korea said the agreement was reached in Beijing, ending talks that began in December 1993. China agreed to allow 1,402 Korean fishing vessels to catch up to 60,000 metric tons of fish per year by the end of next year in its exclusive economic zone, the ministry said. The allowed catch would be similar to Korea's past fishing record. Under the terms, Only 2,796 Chinese vessels would be allowed to catch up to 109,600 metric tons of fish per year by end 2002 in Korea's exclusive economic zone, sharply down from Chinese past fishing record.
Hyundai To Ferry Tourists To North Korea
Hyundai Group will start ferrying foreign tourists to North Korea's fabled Kumgang Mountain starting on Oct. 23, the group announced. "We have issued invitations to about 20 to 30 diplomats, businessmen and other foreigners currently residing in Korea," said Hyundai Group spokesman Yoo Keun-chan. He said they included Jeffrey Jones, the president of the American Chamber of Commerce in Korea. Jones said last week his business group was planning a ground-breaking trip north of the demilitarized zone separating the two Koreas to examine business opportunities, after Washington relaxed long-standing trade sanctions against the communist Pyongyang.
N.Korea Fires Missiles Again, S.Korea Delays THAAD
Missiles flew about 200 km into sea off east coast - S.Korea; launch is fourth by Pyongyang in four weeks. North Korea fired what appeared to be several land-to-ship missiles off its east coast on Thursday, South Korea's military said, a day after the South postponed full deployment of a controversial U.S. anti-missile system designed to deter a North Korean attack. The launches, the latest in a fast-paced series of missile tests defying world pressure to rein in its weapons programme, come less than a week after the United Nations Security Council passed fresh sanctions on the reclusive state. South Korea on Wednesday said it will hold off on installing remaining components of the U.S.
S.Korea Plans to Boost Iran Oil Imports
South Korea plans to boost imports of Iranian oil, especially condensate, this year to meet growing demand after sanctions on the Islamic nation were lifted in January. The world's fifth largest importer of crude is also a big buyer of condensate, a super light oil that can be processed into fuels and petrochemicals. Iran's return would help ease tight condensate supply in a market dominated by fellow OPEC producer Qatar. "We will increase oil and natural gas (liquids) imports from Iran, especially Iranian condensate," South Korea's trade and energy ministry said on Tuesday. Iran is exporting 100,000 barrels of oil a day to South Korea, one of its main crude customers, and hopes to double that figure by the end of 2016, Oil Minister Bijan Zanganeh was quoted as saying on Monday.