Vessels Carrying U.S. Sorghum to China Switch Destinations
Three ships carrying livestock feed grain, sorghum, from the U.S. to China switched their destinations on Thursday to Japan and South Korea, according to Thomson Reuters Eikon ship tracking data, after Beijing hit imports with hefty anti-dumping deposits.The cargoes are among roughly two dozen bought by China but left stranded after Beijing announced last month it would hit U.S. imports with a 178.6 percent deposit on the value of sorghum shipments. The move was part of an anti-dumping probe by China as trade tensions with the U.S.
Rolls-Royce Gas Turbine Selected for Japan’s New Frigate
Rolls-Royce reports it has been selected to supply its MT30 gas turbine to power a new class of frigates for the Japan Maritime Self Defence Force (JMSDF).The selection means Japan is the fifth nation to select the MT30 for a major naval shipbuilding program.Sam Cameron, Rolls-Royce, Senior Vice President – Defence, said, “Japan’s selection of the MT30 is very significant and means that the three largest users of marine gas turbines, have all endorsed the capabilities of the MT30…
UN Seeks Traders' Help Enforcing North Korea Sanctions
A U.N. monitoring group wants to enlist the help of the world's biggest oil trading companies to enforce sanctions that cap the amount of crude and related products North Korea can import, the coordinator said.The U.N. Security Council ramped up sanctions last year after North Korea said it had conducted missile tests that put the U.S. mainland in range of its nuclear weapons.Under the restrictions, Pyongyang is limited to importing 4 million barrels of crude and 500,000 barrels…
New Hyundai Container Service Serves Hamburg
The Korean container shipping company Hyundai Merchant Marine (HMM) has started a new, independent Asia-North Europe service in April. The first vessel of the AEX service to call at Eurogate Container Terminal Hamburg on 12 May was ‘Hyundai Forward’ with a capacity of the 4,700 TEU. A total of ten units of these comparatively small Panamax container ships will rotate weekly between Busan (Korea), Shanghai (China), Ningbo (China), Kaohsiung (China), Yantian (China), Singapore, Colombo (Sri Lanka)…
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.
Korea Times Says China to Overtake Korea in Shipbuilding
A Nov. 28 report from The Korea Times cited London-based market researcher Clarkson Research as saying that South Korea completed shipbuilding of 13.36 million compensated gross tons in the first 10 months of this year, or 31.8 percent of the global total. In contrast, according to the report, China's shipbuilding volume reached 14.81 million CGTs, 35.3 percent of the world's total ships completed and delivered during the January-October period. (Source: The Korea Times)
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.
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.
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…
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…
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.
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'.
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.
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.
Trump Troubled About Oil Flow into North Korea
U.S. President Donald Trump on Thursday said he was "very disappointed that China is allowing oil to go into North Korea" and that such moves would prevent "a friendly solution" to the crisis over Pyongyang's nuclear program. "Caught RED HANDED - very disappointed that China is allowing oil to go into North Korea. There will never be a friendly solution to the North Korea problem if this continues to happen!" Trump wrote in a post on Twitter. China earlier on Thursday said there had been no U.N.
US Coast Guard Publishes Banned Vessels List
The U.S. Coast Guard posted a list of vessels that are prohibited from entering the navigable waters of the U.S. or transferring cargo in the U.S., absent a specific determination from the U.S. Secretary of State or other limited provisional entry allowed by law. This list, which is published pursuant to the North Korea Sanction and Policy Enhancement Act of 2016 and the Ports and Waterways Safety Act (PWSA) as amended by the Countering America’s Adversaries Through Sanctions Act (CAATSA), was last updated on February 2, 2018. DONG NAM NO. HIYOSHI MARU No.
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.
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.
Canada, Australia to Monitor North Korean Ships
Australia’s Prime Minister Malcolm Turnbull said on Saturday the country will send a military patrol aircraft to monitor North Korean vessels suspected of transferring prohibited goods in defiance of United Nations sanctions.Canada also plans to deploy patrol aircraft for such activities, and surveillance planes from both countries will be based in the U.S. military’s Kadena air base on Japan’s southern island of Okinawa, the Japanese government said in a separate statement.The…
South Korea's April Exports Fall Unexpectedly
South Korean exports declined in April for the first time in 18 months, unable to keep up with 2017’s brisk pace as global demand softened, adding to worries about the country’s trade outlook amid the risk of a deepening U.S-China trade conflict.Exports fell 1.5 percent to $50.1 billion from a year earlier, marking the first decline since October 2016 when shipments fell 3.2 percent, government data showed on Tuesday. Economists polled by Reuters had forecast 4.1 percent growth.Imports increased 14.5 percent to $43.4 billion…
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.
Course Change for China-bound U.S. Sorghum Bulker
A vessel carrying 58,503 tonnes of sorghum from the United States switched its destination from China to South Korea early on Thursday, according to Thomson Reuters Eikon ship tracking data. The Peak Pegasus loaded U.S. sorghum from trader ADM's Corpus Christi grain elevator in Texas and departed on April 3 for Nansha in southern China, according to U.S. Department of Agriculture data. It is now due to arrive in Gunsan in South Korea on May 10, according to the data. The cargo is one of almost two dozen bought by China but now stranded after Beijing said it would impose a hefty deposit on U.S.
Buyers Seek US Waivers to Buy Iranian Oil amid New Sanctions
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…