South Korea News

Inchcape Shipping Services, a leader in port agency and maritime services, has announced the opening of its new office in Geoje, Korea. This expansion increases Inchcape’s footprint in South Korea to three offices—Seoul, Busan, and now Geoje, covering 23 ports nationwide.Geoje is a strategic hub for global shipbuilding and offshore projects, playing a critical role in the construction of LNG carriers, container vessels, naval ships, and offshore platforms. The city is central to international shipping and energy sectors…

All 267 people on board a South Korean passenger ferry that ran aground off the southwestern tip of the Korean peninsula on Wednesday were rescued, in an incident that revived memories of the major ferry disaster in 2014 in which 300 people died.Passengers and crew were taken from the stricken vessel, the Coast Guard said in a statement, and 27 sustained minor injuries.Most will be transported to the coastal city of Mokpo while 21 crew members will remain on the ship.South Korea's coast guard launched an investigation on Thursday into the incident…

Samsung Electronics, Hyundai Motor and other major South Korean manufacturers on Sunday unveiled domestic investment plans, as a U.S. trade deal raised concern investment in the U.S. could weaken manufacturing at home.Samsung Electronics will add a chip production line at its plant in the South Korean city of Pyeongtaek to meet rising demand amid the global boom in artificial intelligence, as part of the parent group's 450 trillion won ($310.79 billion) investments at home over the next five years…

South Korea and Singapore signed memorandums of understanding (MoU) on artificial intelligence and green shipping, South Korea's President Lee Jae Myung said at a joint press conference with Singapore's Prime Minister Lawrence Wong on Sunday after having a bilateral summit in Seoul.The two countries also agreed to cooperate on defense technology, Lee added.(Reuters - Reporting by Heejin Kim; Editing by Jamie Freed)

HD Hyundai’s Executive Vice Chairman Chung Kisun has been promoted to Chairman.Chung holds a bachelor's degree in Economics from Yonsei University and an MBA from Stanford University in the United States. He began his career in 2009 in the Finance Team of the Corporate Planning Division at HD Hyundai Heavy Industries. Since then, he has served as Head of Management Support at HD Hyundai, Head of Ship Sales at HD Hyundai Heavy Industries, and CEO of HD Hyundai Marine Solution.He currently serves as CEO of HD Hyundai…

China's sanctions on U.S.-linked units of shipbuilder Hanwha Ocean threaten to impact ambitious plans for shipbuilding cooperation between Seoul and Washington by disrupting supplies of Chinese equipment and materials, officials in Seoul said on Friday.Beijing announced the sanctions on Tuesday as the U.S. and China began charging additional port fees on each other's vessels, in the latest exchange in a protracted trade war ahead of a planned meeting of the two countries' leaders.South…

South Korea’s largest shipping company HMM has ordered 12 new 13,000 TEU-class eco-friendly container ships from Korean shipbuilders, as well as two very large container ships, for a total of $2.82 billion.The 12 containerships will be built by HD Hyundai Heavy Industries and Hanwha Ocean, and all of them will be LNG-fueled vessels, HMM said.The details for the other two very large containerships, reportedly ordered by the company, have not been disclosed.According to the company…

China's sanctions against five U.S.-linked affiliates of South Korean shipbuilder Hanwha Ocean are seen as a warning gesture without immediate impact, and Beijing is unlikely to gain much by expanding them, analysts said on Wednesday.The move, announced on Tuesday when the U.S. and China began charging additional port fees targeting each other's vessels, comes ahead of an expected meeting between U.S. President Donald Trump and Chinese leader Xi Jinping in late October to resolve…

South Korea’s Korea Institute of Machinery and Materials (KIMM) has developed and demonstrated the nation’s first 20kW-class anode-supported solid oxide electrolysis cell (SOEC) system, completing more than 3,000 hours of stable, continuous operation with electrical efficiency above 83%.The project marks a breakthrough for large-scale, low-cost clean hydrogen production, with strong potential applications in energy-intensive industries such as steelmaking, chemicals, and maritime.By using external industrial waste heat at around 200°C to generate steam…

South Korea's pledge to invest $350 billion in strategic U.S. industries as part of a trade deal with Washington is likely to be led by state policy institutions that will provide funding on a case-by-case basis, the country's vice finance minister said.Under a trade deal struck in July to cap U.S. tariffs at 15%, the countries agreed to a financial package to support industries such as shipbuilding, key minerals, batteries, pharmaceuticals, chips and AI, although officials in…

South Korean President Lee Jae Myung and U.S. President Donald Trump will hold their first summit meeting on August 25 in Washington to discuss strengthening the countries' alliance and economic security partnership, Lee's office said on Tuesday.Lee, who was elected president in a snap election in June, has made it a top priority to help his export-dependent country navigate the dramatic changes in the global trading environment triggered by Trump's tariff policies."The two leaders…

South Korea and Vietnam's leaders pledged to deepen economic cooperation on Monday as their export-dependent countries try to shore up longstanding supply chains as U.S. President Donald Trump's tariffs shake up global trade.There was no public discussion of the levies - 15% on South Korean products going to the U.S.

South Korea's shipbuilding industry played "the most important role" in securing an agreement with the U.S. on tariffs, an analyst said on Thursday (July 31).President Donald Trump said on Wednesday (July 30) the U.S. will charge a 15% tariff on imports from South Korea, down from a threatened 25%, as part of a deal that eases tensions with a top-10 trading partner and key Asian ally.“The shipbuilding sector is exactly the area where South Korea and the U.S. can cooperate the most…

The Korea Institute of Machinery and Materials (KIMM), under the National Research Council of Science & Technology (NST), signed a Memorandum of Understanding (MoU) with Natural Resources Canada (NRC) to establish a new platform for international collaboration in sustainable resource technologies and support the strategic expansion of KIMM’s global R&D network.The MoU outlines collaboration in the following areas:Joint research on ammonia recovery and removal technologies,Information exchange on battery material recovery and industrial waste treatment…

South Korean Finance Minister Koo Yun-cheol said on Tuesday he would seek a mutually beneficial trade deal when he meets U.S. Treasury Secretary Scott Bessent for talks this week, just days before an August 1 deadline expires to avoid punishing tariffs.Speaking at the airport before departing for Washington, Koo said he would propose at Thursday's meeting a "program" South Korea had prepared and consult on areas where they could cooperate in the mid-to-long term, such as shipbuilding.South Korea's Hanwha Group…

South Korea and the United States havehttps://www.marinelink.com/news/hanwha-build-usflagged-lng-carrier-528214 been discussing a shipbuilding tie-up that could include investments to modernize U.S. shipyards and more help to repair the U.S. naval fleet as Seoul seeks better tariff terms, government and industry sources said.U.S. President Donald Trump, who has made revitalizing the aging U.S. shipbuilding industry a priority to keep up with China, has repeatedly raised the idea…

Fincantieri expanded its global innovation network with the launch of a new Innovation Antenna in South Korea, aiming to deepen ties with the region’s fast-growing maritime and high-tech ecosystem.Announced during the Scaleup Summit Seoul 2025, the initiative is part of Fincantieri’s broader open innovation strategy and follows the company’s first Innovation Antenna established in Silicon Valley last year. The new hub, located in Seoul’s tech district, is designed to connect Fincantieri with Korean startups…

Maritime leaders from the UK and Korea have advanced the regulatory and commercial future of Maritime Autonomous Surface Ships (MASS), following a technical workshop led by Lloyd’s Register (LR), the Korea Research Institute of Ships & Ocean Engineering (KRISO), and the UK’s National Physical Laboratory (NPL). Held at KRISO’s Daejeon headquarters, the workshop brought together 27 experts, including representatives from the British Embassy in Seoul, to accelerate joint strategies…

South Korean shipbuilder Hanwha Ocean aims to boost its revenue from overseas military vessels to around 4 trillion won ($2.91 billion) by 2030 and hopes to pick up more repair orders from the U.S. Navy, a senior executive told Reuters.The Asian country is a major global shipbuilder and trade talks with the U.S. on tariffs brought up possible cooperation in the sector after U.S. President Donald Trump signed an executive order to restore U.S. shipbuilding.Hanwha Ocean, formerly Daewoo Shipbuilding…

China's Foreign Ministry said on Thursday (April 24) that its structure in disputed waters is a legitimate fishery breeding facility and compliant with both domestic and international law.The South Korean government had earlier expressed "deep concern" over China erecting a sea structure off the west coast of the Korean Peninsula, Seoul's foreign ministry said on Thursday.“China is willing to work with South Korea to continue to strengthen dialogue and communication and properly handle relevant issues,” said Guo Jiakun, China’s Foreign Ministry spokesperson during a briefing in China.The structure in a disputed area of the Yellow Sea, known in South Korea as the West Sea, has raised alarm bells in Seoul over concerns China could be seeking to stake claims in the Provisional Maritime Zone,

South Korea's trade and industry minister Ahn Duk-geun said on Wednesday that potential cooperation with Washington in the shipbuilding sector is a "very important card" in negotiating with the U.S. over its tariffs.U.S. President Donald Trump spoke to South Korean interim leader Han Duck-soo late on Tuesday to discuss shipbuilding and potential energy deals in what Trump labelled a "great call", a day before a 25% tariff on its Asian ally was due to kick in."Since President Trump and the Trump administration are showing great interest in shipbuilding cooperation…

South Korean authorities found about one tonne of suspected cocaine on Wednesday on board a ship docked at a port, a customs service spokesperson said, in what appears to be the largest haul of smuggled drugs in the country's history.Korea Customs Service and Coast Guard found more than 50 boxes of suspected cocaine, each weighing roughly 20 kg, on a bulk ship docked at a port in Gangneung city on the east coast of the Korean Peninsula, the spokesperson said.They searched the ship after receiving information from the U.S.

South Korea has deployed a large stationary floating platform in a disputed section of the Yellow Sea, escalating tensions with China over a contested maritime zone where both countries' exclusive economic zones (EEZs) overlap. The move, described by Seoul as a "reciprocal measure," comes in response to a growing Chinese presence in the area, which includes numerous offshore structures that China claims are for fish farming.The deployment was confirmed Wednesday by South Korean Oceans Minister Kang Do-hyung during a parliamentary session.