Shipyard Fire Kills Four

Hyundai Mipo Dockyard, one of South Korea's smaller shipbuilders, said police were investigating a fire that killed four workers on a ship being built in Ulsan, southeast of Seoul. "Police and fire officers are investigating the cause of the fire, but it is still unknown," said a company official who declined to be identified. The fire broke out at 5 p.m. local time on Monday and killed four workers putting finishing touches to a 40,000 deadweight ton ship in dry dock at its shipyard in Ulsan. The fire lasted just 10 minutes and caused limited damage to the vessel, but it released poisonous gases suspected of killing the workers, he said. Local LG Investment and Securities company downgraded the company's share to "hold" from "buy" after the fire prompted concerns over safety issues and worries about on-time delivery. "The company is shifting to a full-fledged shipbuilding company from a repair firm and this kind of accident may have a negative impact on the firm," shipbuilding analyst Jang at LG told Reuters. Hyundai Mipo was to deliver the ship to Gypsum Transportation of Bermuda, but the fire delayed the plan, the Hyundai Mipo official said. Hyundai Mipo is the shipbuilding affiliate of Hyundai Heavy Industries. - (Reuters)