Marine Link
Tuesday, February 20, 2018

Yoo Byungun News

Korea Ferry Businessman's Body Located

Yoo had been target of South Korea's largest manhunt; Failure of police to catch Yoo had been burden for Park government. The body of South Korea's most wanted man, linked to the sinking of a ferry in April that killed 300 people, was identified more than a month after being found in an orchard, police said on Tuesday, with his book and empty bottles of alcohol nearby. The police chief in charge of the case in a small city in the south of the country was sacked on Tuesday for not recognizing the book, or putting two and two together, and for not identifying the corpse earlier. Police said that DNA and fingerprint evidence from the heavily decomposed body found on June 12 showed it to be that of Yoo Byung-un, 73, the target for more than two months of South Korea's largest manhunt.

Korean Prosecutors Raid Home of Ferry's Owner

Prosecutors investigating the fatal sinking of a South Korean ferry have raided the home of Yoo Byung-un, the head of a family that owns the Chonghaejin Marine Co. Ltd, the company that operated the ship. Kim Hoe-Jong, a prosecutor on the case, said Wednesday's raid was part of a probe into "overall corruption in management". Of the 476 passengers and crew on board the Sewol, 339 were children and teachers on a high school outing to the holiday island of Jeju. Only 174 people have been rescued and the remainder are presumed to have drowned. The confirmed death toll on Wednesday was 150. South Korean prosecutors and agencies tend to adopt a blanket approach in raids, rather than targeting specific lines of inquiry.

Cause of S.Korea Ferry Businessman's Death Remains Unknown

Yoo's body too badly decomposed to determine cause of death; mystery surrounding final days of de-factor owner of doomed ferry deepens. Yoo's son arrested in latest capture of family members. South Korea's forensic agency said on Friday it was impossible to determine the cause of death of a businessman linked to a ferry that sank and killed 304 people in April, deepening the mystery surrounding the final days of Korea's most wanted man. An autopsy and DNA tests on the badly decomposed body of Yoo Byung-un revealed no evidence that he was poisoned, and there was also no indication of external trauma, forensic agency chief Seo Joong-seok told a news conference.

Ferry Family Boss Eludes South Korea Manhunt

Photo courtesy South Korea Coast Guard

South Korea's biggest and most bizarre manhunt, linked to a ferry disaster in which hundreds drowned, has come full circle at the compound of a sect known for its organic ice cream as police on Thursday used earth movers to search for tunnels. Police have raided the grounds of the Evangelical Baptist Church in Anseong, a two-hour drive south of Seoul, twice as they try to flush out church co-founder Yoo Byung-un, 73, South Korea's most wanted man since the Sewol ferry sank in April killing more than 300 people, mostly children from the same school.

South Korea's Bizarre Manhunt for Ferry Family Boss

South Korea's biggest and most bizarre manhunt, linked to a ferry disaster in which hundreds drowned, has come full circle at the compound of a sect known for its organic ice cream as police on Thursday used earth movers to search for tunnels. Police have raided the grounds of the Evangelical Baptist Church in Anseong, a two-hour drive south of Seoul, twice as they try to flush out church co-founder Yoo Byung-un, 73, South Korea's most wanted man since the Sewol ferry sank in April killing more than 300 people, mostly children from the same school. But, so far, Yoo, a businessman and photographer who was once jailed for fraud, has eluded capture in a case which has become an embarrassment for authorities already under pressure for their handling of the disaster.

South Korean, Linked to Ferry, Denied Asylum

A South Korean businessman and Christian sect leader, wanted on charges tied to a ferry disaster in which more than 300 passengers drowned, sought asylum at a Seoul embassy but was rejected, prosecutors said on Tuesday. Yoo Byung-un, 73, is wanted on charges of embezzlement, negligence and tax evasion stemming from his control of a web of business interests centred on an investment firm owned by his sons that owned the operator of the doomed Sewol that sank on April 16. "By international law, Yoo Byung-un is not a refugee but is a fugitive with an arrest warrant outstanding, so anyone who helps him flee will be deemed to be aiding his escape and will be firmly punished," a prosecutor said.

Lawyer: Korea Ferry Owners Accept Responsibilities

The family that has a major stake in companies that control the shipping operator whose ferry sank last week, likely to have killed hundreds, will take social and legal responsibility for the incident, its lawyer said. The lawyer did not say that the family was assuming liability for what he termed a "tragic accident" and said that the family had not been summoned by prosecutors. "Yoo and his family will take all legal and social responsibility for this tragic accident if they have to as major stakeholders of the company," Son Byoung-gi told Reuters. Yoo Byung-un is the founder of a company that went bankrupt in the 1990s and whose shipping assets now form part of Chonghaejin Marine Co. Ltd. that is owned by investment funds controlled by his two sons, Yoo Dae-kyun and Yoo Hyuck-ki.

HMM Looks for Profit in Q1

Photo: HYUNDAI Merchant Marine CO.,LTD

Hyundai Merchant Marine Co. (HMM) expects its profitability to improve slightly in the first quarter of next year on the back of an improvement in freight rates and its cost-cutting measures, reports Yonhap, quoting its chief executive Yoo Chang-keun. Yoo said the shipping firm will seek to replace outdated ships. "We are planning to place orders for five container ships and three or five oil tankers," he said. HMM returned to the black in the third quarter of the year from a year earlier largely thanks to cost-cutting efforts and asset sales.

Questions Linger About Ill-Fated S.Korea Ferry's Owners

Photo courtesy South Korea Coast Guard

The company that owned the South Korean ferry which sank last week, killing possibly hundreds of people, sprang out of a shipping to cosmetics empire founded by a businessman who was jailed for fraud and then went bankrupt. The founder of the predecessor company, Yoo Byung-un, once likened his 1997 bankruptcy proceedings to a captain going down with his ship. An investment vehicle run by his two sons and its shipbuilding affiliate are now the majority owners of Chonghaejin Marine Co. Ltd, the operator of the ferry that capsized.

S.Korea Ferry Boss's Driver Turns Self In

The driver of a South Korean businessman wanted over the sinking of a ferry that killed 304 people turned himself in on Tuesday, potentially unlocking the mystery of the businessman's final days after the country's worst maritime disaster in 44 years. Prosecutors in the port city of Incheon said the driver, Yang Hoe-jung, turned himself in at their office, which is leading the investigation into the role of businessman Yoo Byung-un in the sinking of the ferry Sewol. Yoo's body was found by a farmer in an orchard on June 12. The structurally defective and heavily overloaded ferry capsized and sank on a routine journey on April 16, killing 304 people, 250 of them teenagers from the same school on a class field trip. Twelve of their teachers were also killed.

Hyundai Merchant Marine, GS Caltex Ink Crude Oil Deal

Photo: Hyundai Merchant Marine

South Korean shipping company Hyundai Merchant Marine (HMM) has signed a long-term crude oil shipping contract with compatriot oil refiner GS Caltex. A press release from HMM said that the KRW190 billion (USD 180 million) contract will involve the transportation of 19 million tonnes of crude oil from Saudi Arabia and the Gulf from July 2019 to August 2024. Accordingly, HMM plans to deploy two 300,000 dwt Very Large Crude Carriers (VLCC) which were previously ordered last September. C.K. Meanwhile, HMM has continued its partnership with GS Caltex over 20 years in crude oil shipping business.

South Korea Police: Body May Be Ferry Disaster Fugitive's

South Korean police are trying to confirm the identity of a body they believe may have been the fugitive head of the family that owned the operator of a ferry that capsized in April, killing more than 300 people, a police official told Reuters. Yoo Byung-un is accused of embezzlement, negligence and tax evasion and has been the subject of a two-month nationwide manhunt. A reward of nearly half a million dollars has been offered. A police official said the body was found last month in a plum field in the southern city of Suncheon near a retreat where police have suspected Yoo may have been hiding, and that forensics examinations had found that the body's DNA resembled Yoo's. Further examination was underway, the official said.

Grieving South Korea Seeks Arrest of Ferry Owners

South Korean prosecutors are seeking the arrest of members of the family that owns the operator of a ferry that sank last month killing hundreds of school children, an avoidable tragedy that rocked the country to the core. Prosecutors may also seek the extradition of a son of the reclusive head of the family from the United States, an official said on Thursday. The Sewol, overloaded and travelling too fast on a turn, capsized and sank on a routine journey from Incheon on the mainland to the southern holiday island of Jeju. Of the 476 passengers and crew on board, 339 were children and teachers on a high school outing. Only 172 people have been rescued and the remainder are all presumed to have drowned.

Hyundai Heavy Bags Canadian Facility Order

Photo: Hyundai Heavy Industries

South Korean shipbuilding giant Hyundai Heavy Industries (HHI) has won a design contract worth about $500 million for a liquefaction unit to be used for Steelhead LNG’s Kwispaa LNG export project in Canada’s British Columbia, reported Yonhap. Hyundai Heavy will conduct a front-end engineering design (FEED) for the hull of the At-Shore LNG (ASLNG) and build the LNG liquefaction facility for Steelhead LNG Corp., the company said in a statement. The ASLNG facility, scheduled to begin operations in 2024 on the coast of Vancouver…

Families of S.Korea Ferry Dead March on Presidential Palace

Parents of children killed when a passenger ferry sank last month led a sombre march on South Korea's presidential palace in the early hours of Friday morning, where they demanded to meet with President Park Geun-hye. Clutching memorial portraits of their children, family members and grieving parents were prevented by riot police from nearing the palace, and instead sat in the middle of the road where they sobbed, wailed and shouted in anger. "Listen to us, President Park. Just give us ten seconds!," one family member said, using a portable address system. "Why are you blocking the way?," said another. Seated on the ground in the middle of the night, they wore beige blankets and huddled in rows on the cold floor.

Ex-chairwoman of Hanjin Under Scrutiny

Photo: Hanjin Shipping

The former chairwoman of bankrupt Hanjin Shipping Choi Eun Young  is under investigation for alleged insider trading BBC reports qoting South Korea's Financial Supervisory Service. She has come under scrutiny after it was revealed she sold all her shares in the firm days before it filed for a debt restructuring programme in April. Ms Choi and her two daughters sold shares worth 3bn won ($2.7m, £2.1m) in April. She left the company in 2014. The sell-off saved Ms Choi and family around S$1.35 million as Hanjin continued to sink amidst the global downturn in trade…

Second Diver Dies in Korea Ferry Search

Photo courtesy South Korea Coast Guard

A diver searching for bodies in a sunken ferry died on Friday after an accident, the coast guard said, as a car believed to be used by a fugitive businessman linked to the ship was reported found. The diver was pulled from the water where he was involved in the cutting open of the hull in the hope of reaching some of 16 people missing 45 days after the vessel sank, a coast guard official said. The man, in his forties, was bleeding from the face and unconscious when he was pulled to the surface and died in hospital, the official said. He was the second diver to die since the April 16 disaster.

Hyundai Merchant Sees More Losses

Photo: Hyundai Merchant Marine

South Korea's largest deep sea carrier Hyundai Merchant Marine expects to post losses through the first half of next year due to poor market conditions, reports Bloomberg quoting its CEO Yoo Chang-keun. “This year will be the year to strengthen our financials,” Yoo told Bloomberg. “We are targeting to make an operating profit in the third quarter of next year. By early next year, we expect much of the overcapacity in the market will be resolved. Yoo says that HMM is also making investments in overseas port operations…

New Korean Maritime Minister Urges for Safety

Yoo Ki-june (The ministry of oceans and fisheries)

South Korea's new maritime minister Yoo Ki-june urged all-out efforts to enhance maritime safety. Calling the tragic sinking of a passenger ferry last year the result of a failure by his ministry, Ki-june said that his ministry would work to be aggressive while pursuing its goals. "In the case of safety, we must thoroughly guard against any failure," he said. "Through a series of accidents, we have come up with a number of (safety) measures while also making significant improvements to the law and the system.

South Korean Teens: Left to Escape Sinking Ferry

Students testify no help came from crew; Coastguard rescuers were passive, only pulling passengers out. Crew in a state of panic, witness says. Six teenagers who survived South Korea's worst maritime disaster in 44 years told on Monday how classmates helped them float free as water flooded their cabins despite crew instructions to stay put even as their ferry sank, killing more than 300 people. The teenagers, whose names were withheld to protect their privacy, were giving testimony at the trial of 15 crew members, who face charges ranging from homicide to negligence for abandoning the sinking ship. "We were waiting and, when the water started coming in, the class rep told everyone to put on the life vests ...

HMM Meets Vietnamese Delegation

HMM CEO Yoo Chang-keun (second left), Vice Minister of Transport in Vietnam Nguyen Van Cong(third right) and other relevant parties are discussing various cooperative methods for port business in Vietnam. Photo: Hyundai Merchant Marine

 On June 29, Vice Minister of Transport in Vietnam, Nguyen Van Cong accompanied by delegates from Vietnam Maritime Administration (VMA) and Vietnam National Shipping Lines (Vinalines) visited Hyundai Merchant Marine(HMM).   The delegates arrived Korea on 26th at the invitation of Busan Port Authority (BPA).    HMM CEO, Yoo Chang-Keun and executives have attended the meeting, discussing various cooperative methods for port business in Vietnam.   The Vietnamese delegation was in Korea to attend Korea Maritime Week.  

ABS Korean Academy Features Offshore Training

ABS has expanded its Korean training activities to include offshore-related courses. According to ABS’ Hee-Jung Yoo, Busan Training Center, Korea, customized training programs can be scheduled in addition to the curricula offered at the Academy. Contact: KoreaAcademy@eagle.org (Source: ABS Energy News)

Saudi Deal for Tankers

It has been reported that a $301.3m contract for six tankers for National Chemical Carriers (NCC) has been signed in Riyadh. NCC board chairman Faisal Saud Al Saleh signed the contract with Su Eun Yoo, chairman of Shina Shipbuilding of Korea, for building six chemical tankers of 45,000 dwt. The new ships will be delivered in 2009-2010, according to Arab News. Source: Trade Arabia

Maritime Reporter Magazine Cover Feb 2018 - Cruise Ship Annual

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