South Korea News

07 Apr 2020

Korean Shipyards Test LNG Pumps in Denmark

The Svanehøj test tower is an unrivaled tool to validate how the deepwell pumps operate in the most extreme conditions. (Photo: Svanehøj Group A/S)

Nothing is left to chance when Korean shipyards Samsung Heavy Industries and Hyundai Heavy Industries are building giant gas tankers worth billions of dollars."It’s as close to reality as we can possibly get," says Project Manager Lars Foged from Svanehøj, which designs and manufactures deep well and in-line pumps for applications in areas such as relief of liquefied gas, management of gas fuel, engine cooling, fire protection and scrubber technology.In recent months, Foged and his colleagues have been busy in the pump factory’s 35-metre test tower in Aalborg, Denmark.

16 Mar 2020

Business Picks up Pace in China, Global Recovery Pace Uncertain

© Mike Mareen/AdobeStock

China's business and travel activities are steadily recovering after being disrupted by the coronavirus outbreak, but rapidly rising infections globally will pose a challenge to the country's broader economic resumption.Nomura estimated in a research report on Monday about 61.6% of the firms hardest hit by the health crisis in China have resumed work as of March 8, and 74.1% in the broader economy.China reported on Monday no locally-transmitted cases of infection on the mainland outside of the central province of Hubei…

09 Mar 2020

AAL Kembla's Maiden Call at Hamburg Port

The heavy lift vessel AAL Kembia docked for the first time at Terminal C. Steinweg (South-West Terminal) in Hamburg. © HHM / Hasenpusch

Port of Hamburg welcomed the ‘AAL Kembla’ on her first call in Germany’s largest universal port. She berthed at C. Steinweg’s multi-purpose Süd-West-Terminal.AAL Shipping is deploying the heavy-lift/project cargo ship on its new monthly liner service connecting ports in Europe, the Middle East, India and Asia. The service is overseen by AAL’s Hamburg office, opened in 2012, which also offers tailormade tramp chartering shipping to all regions in the world. Built in 2011, the ‘AAL Kembla’ is one of the carrier’s second generation A-class multi-purpose, heavy-lift vessels.

06 Mar 2020

US Considers Discouraging Cruise Travel

© Studio Barcelona / Adobe Stock

The United States is considering ways to discourage U.S. travelers from taking cruises as part of a broader Trump administration effort to limit the spread of coronavirus, according to four officials familiar with the situation.The officials, who asked to remain anonymous, said no decision had been made. The discussions were taking place ahead of a meeting this weekend between Vice President Mike Pence, who is in charge of leading the U.S. response to the coronavirus, and the cruise industry.The administration could advise some or all U.S.

06 Mar 2020

Euronav Acquires VLCC Newbuild

(File photo: Euronav)

Belgian tanker owner Euronav said Friday it has entered into an agreement to acquire a resale very large crude carrier (VLCC) for $93 million.The modern eco-tanker is currently under construction at the Daewoo Shipbuilding & Marine Engineering (DSME) shipyard in South Korea and is due for delivery early in the first quarter of 2021, Euronav said.The vessel is identical to a trio of sister ships Euronav acquired last month slated for delivery early in the fourth quarter of 2020 and in January and February 2021 respectively.

05 Mar 2020

Russia to Disinfect Ships from Iran, Italy and South Korea

© druid007 / Adobe Stock

Russia has ordered the mandatorydisinfection of ships arriving at the Black Sea ports of Novorossiisk and Yuzhnaya Ozereyevka from Iran, Italy and South Korea because of the coronavirus, a  document seen by Reuters showed.A branch of Rospotrebnadzor, Russia's consumer safety watchdog, has ordered port agents "to arrange the disinfectionof ships arriving from these countries before the border is opened" in the city of Novorossiisk, the document showed.Novorossiisk port is one of the biggest on the Black Sea.

04 Mar 2020

North Korea Caught Exporting Sand to China

© Yaniv / Adobe Stock

For several months last year, a steady stream of ships was observed dredging sand in a North Korean bay then transporting it to China, a Washington-based think-tank said on Wednesday.The extraction of sand from North Korea to China would violate a 2017 U.N. Security Council resolution that prohibits North Korea from “supplying, selling, or transferring sand”, the Center for Advanced Defense Studies (C4ADS) said in a report.The group’s researchers tracked the dredging and transport of the sand through commercial satellite imagery and shipping databases.“Between March and August 2019…

27 Feb 2020

Busan Builds Logistics Center in Rotterdam

Image: Port of Rotterdam

South Korean port company Busan Port Authority (BPA) said that it signed a contract with Samsung SDS to operate a logistics center in Rotterdam.BPA will begin a construction of the logistics center in September this year and complete and operate it in around June 2021.Samsung SDS, a subsidiary of Samsung group has been providing information technology services,  will provide comprehensive logistics services for small and medium-sized companies conducting business between Europe…

27 Feb 2020

Austal Building 83m Trimaran Ferry for Japan

Image: Austal Australia

Austal has revealed its latest development in high-speed trimaran technology with an 83 meter trimaran ferry.The ferry is under construction for JR Kyushu Jet Ferry of Japan, at the company’s Henderson South shipyard in Western Australia.Austal Hull 396, to be known as Queen Beetle, was designed and constructed by Austal Australia and is due for launch in mid-March 2020. The vessel will be handed over to JR Kyushu Jet Ferry in June 2020 and will commence services between Busan…

25 Feb 2020

80 Filipinos Test Positive for Coronavirus on Diamond Princess

© Daisuke Nimura / MarineTraffic.com

Philippine citizens infected with coronavirus on cruise ship rises to 80, others fly homeThe Philippines said on Tuesday that the number of its citizens who had tested positive for the coronavirus on a cruise ship docked in a Japanese port had risen to 80, as 400 others arrived back home.The Philippines’ Department of Foreign Affairs said in a statement that 80 Filipinos who had been on board the cruise ship Diamond Princess had been admitted to hospitals in Japan after testing positive for the virus.

25 Feb 2020

Northland Expands Offshore Wind Pipeline in Asia

Image: Northland Power

Canadian power producer Northland Power will acquire Dado Ocean Wind Farm, a development company with multiple early-stage offshore wind development sites in South Korea.Dado Ocean is currently owned by Eui Jeong Hwang, a wind power developer who will continue to support the project as a local partner, working together with Northland to achieve key milestones for the project. The acquisition is expected to close in the coming weeks, subject to customary closing conditions.According to Northland, the acquisition builds on the company's presence in Asia and specifically in South Korea.

23 Feb 2020

Global shipping Hit by Coronavirus

Graph: BIMCO

Global shipping holds its breath as the coronavirus continues to spread and generates massive economic and financial uncertainty.Two weeks ago, BIMCO argued that – from an economic perspective - when China sneezes, we all catch the flu. Since the SARS outbreak in 2003, the global economy has become much more interlinked with China and the Chinese economy has grown to become the second largest in the world.While hard facts and reliable data are in high demand, they are in short supply…

20 Feb 2020

Global LNG Demand to Double by 2040: Shell

Image: Shell

Global demand for liquefied natural gas (LNG), rose by 12.5% to hit 359 million tons last year, according to Royal Dutch Shell’s annual LNG Outlook report.According to the forecast by Shell,  LNG demand was expected to double by 2040 to 700 million tons, with natural gas set to play “a growing role in shaping a lower-carbon energy system.”Asia is expected to remain the dominant region in the decades to come, with South and South-east Asia generating more than half of the increased…

18 Feb 2020

Australia to Evacuate 200+ Citizens from Diamond Princess

©  junce11 / Adobe Stock

Australia will evacuate more than 200 of its citizens onboard a coronavirus-stricken cruise ship being held under quarantine in the Japanese port of Yokohama, Prime Minister Scott Morrison said on Monday.Morrison said the passengers will depart on Wednesday and will be taken to Australia's tropical north, where they will be required to be quarantined for another 14 days.The Diamond Princess cruise ship, owned by Carnival Corp , has been quarantined since arriving in Yokohama on Feb.

14 Feb 2020

Coronavirus Leaves China-bound Tankers Stranded

© Riekelt / Adobe Stock

The coronavirus's effect on energy markets is worsening, as the sharp fall in demand in China, the world's largest importer of crude, is stranding oil cargoes off the country's coast and prompting shippers to seek out other Asian destinations.More than 1,360 people have died from the coronavirus in China, which has disrupted the world's second largest economy and shaken energy markets, with international benchmark Brent crude oil down 15% since the beginning of the year.Major international energy forecasters expect demand to fall in this quarter…

12 Feb 2020

Euronav Acquires 3 Newbuild VLCCs

Image: Euronav

Belgium's tanker shipping company Euronav NV has entered into an agreement for the acquisition through resale of three very large crude carrier (VLCC) newbuilds.The three VLCCs are currently completing construction at the DSME shipyard in South Korea and are being acquired for an aggregate purchase price of USD 280.5 million or USD 93.5 million per unit.All three vessels will be fitted with Exhaust Gas Scrubber technology and Ballast Water Treatment System.The vessels are due…

12 Feb 2020

US Seaborne Crude Oil Exports Up 51%

© Mitya Nevsky / Adobe Stock

December could boast another all-time high for US seaborne crude oil exports, totaling 13.9 million metric toes and exceeding the previous October record by almost a million metric tons. In 2019, 133 million metric tons of sweet US crude oil was exported by sea, a 51% increase from 2018.Due to the US shale revolution, the country became a net seaborne crude oil exporter in October 2019, and the record-breaking exports in December solidified the trend, as imports for the month amounted to 11.5 million metric tons crude oil.

10 Feb 2020

Top Ships Adds M/T Eco Los Angeles

Image: Top Ships

The international owner and operator of modern, fuel efficient "ECO" tanker vessels Top Ships announced that it took delivery of the 50,000 dwt scrubber fitted newbuilding M/T Eco Los Angeles.The product/chemical tanker constructed at the Hyundai Mipo shipyard in South Korea.Meanwhile, the Greek tanker owner has recently entered into agreements to dispose of an MR2 tanker pair.The ships, Stenaweco Elegance and Eco Palm Desert, have been sold to unaffiliated third parties.

10 Feb 2020

Japan Takes Second Complaint to WTO Over South Korean Shipbuilding

© Juozas55 / Adobe Stock

Japan launched a second complaint at the World Trade Organization on Monday over support South Korea gives its shipbuilding industry, intensifying a wider dispute between the two Asian countries.Japan said in its filing that it had complained to South Korea on Jan. 31 over measures related to the development, production, marketing and sales of commercial vessels. Japan circulated it to other WTO members on Monday.Washington's two biggest Asian allies are embroiled in a widening…

06 Feb 2020

Coronavirus Disrupts Global Container Shipping

© naypong / Adobe Stock

China's fast-spreading coronavirus is throwing the global container shipping trade out of sync, with lines re-routing cargoes and reducing calls to Chinese ports, setting the scene for months of delivery delays ahead, industry sources said.The spread of the deadly virus has shut down cities and factories in China and disrupted global air travel.China's decision to extend its Lunar New Year holiday period until Feb. 10 has compounded logistical complications, despite its ports staying open.

05 Feb 2020

S.Korea Announces $690M Shipping Aid

FSC Chairman Eun Sung-soo. Photo: Financial Services Commission

South Korea' Financial Services Commission has announced 820 billion won ($690 million)  in funding to help modernize aging passenger boats and cargo ships.According to a Yonhap, the package is meant to help smaller shipping companies build 59 new ships -- 21 passenger boats and 38 cargo vessels.The Financial Services Commission announced that shipping companies will be reimbursed for up to 60 percent of the cost of the new vessels, and South Korea's state-run Korea Ocean Business Corp.

04 Feb 2020

Loggers, Food Exporters Impacted From China's Virus

© SHUTTER DIN / Adobe Stock

The economic impact of China's coronavirus lockdown is being felt across the globe, with exporters, miners and manufacturers of everything from coal and timber to meat and fruit facing delays and potential shipment cancellations.As the most populous nation and factory floor for most of the world's manufactured goods, China is normally the largest and most voracious consumer of a slew of global raw materials, fuels and foods.But the combination of an extended Lunar New Year holiday…

05 Feb 2020

Japan Takes Shipbuilding Dispute to WTO

Image: Hyundai Merchant Marine

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…

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