According to a June 18 report from Reuters, the United States is monitoring a North Korean ship for weapons and has deployed anti-missile assets to the Pacific in case Pyongyang launches more missiles, U.S. officials said. The U.S. Navy is monitoring a vessel called Kang Nam at sea under new U.N. sanctions that bar North Korea from exporting weapons, including missile parts and nuclear materials, they said. (Source: Reuters)
According to a Reuters report, the UN Security Council agreed to a Chinese request to remove sanctions on four ships that had been blacklisted for ties to Pyongyang after China secured assurances the vessels would not use North Korean crews. The ships were among 31 vessels sanctioned by the 15-member council on March 2 because they were owned by North Korean shipping firm Ocean Maritime Management Company (OMM).
European Union (EU) and South Korean officials meet next week to try to settle a row over alleged subsidies to Korean shipyards and avert an EU threat to take the dispute to the World Trade Organization. Negotiators meet in Brussels on Monday and Tuesday. It could be the last chance for an amicable solution of the row over the EU's allegations that Seoul pays its shipbuilders illegal subsidies, subsidies which it says threaten the existence of European competitors
Combined orders received by South Korean shipbuilders totaled 12.72 million gt for 227 ships in 1999, up 127.2 percent from a year earlier, according to the Korea Shipbuilders' Association said. New orders received in December alone totaled 3.71 million GT for 66 ships, the association said in a statement. Ships completed in 1999 amounted to 9.48 million gt for 163 ships, up from 7.28 million gt for 143 ships a year earlier, it said
Ninety North Korean vessels were granted certificates to enter Japanese ports in the eight months since a new law that bans entry of any ship without insurance took effect, according to a Daily Yomiuri report. The law on liability for oil pollution damage, which came into force on March 1, requires vessels of 100 tons or larger to be insured before docking in Japan. It had been viewed as a de facto economic sanction
According to the Washington Post, Pirates captured a South Korean-flagged fishing vessel off the coast of Somalia on Tuesday and efforts by a U.S. Navy ship and a Dutch vessel to intervene were abandoned when members of the South Korean crew were threatened with guns and the ship slipped into Somali territorial waters, the Navy said. It was the latest in a series of incidents off the coast of Somalia. On March 18, two U.S
South Korea’s major shipping companies benefited in 1999 from freight rate hikes and lower foreign debt service costs resulting from the won’s surge against the dollar, analysts said. However, they said, expectations of rising shipping capacity following more deliveries of new ships would weigh down the growth of revenues for shipping firms this year. Container shipping rates rose about six percent on average last year, which is in line with the country’s recovering exports, one analyst said
A South Korean ship manufacturer is mulling a project to develop a large-scale shipyard in the coastal central province of Khanh Hoa that should be able to build giant vessels of up to 400,000 DWT, a local official said. A source from the provincial Service of Planning and Investment said South Korea’s STX Shipbuilding Co., a member of STX Group, has proposed to develop a shipyard costing $500m at Van Phong Bay. The proposal has received preliminary support from the provincial
Taiwan’s Evergreen Marine Corp. has authorized one of its huge container ships to berth at Shahid Rajaei port in southern Iranian province of Hormozgan, reports Press TV. Ebrahim Idani, director general of Hormozgan Ports and Maritime Department, was quoted by Iranian media as saying on Tuesday that the fifth-generation container ship, Ever Legion, has started its journey from China’s Shanghai port and will call at various ports in Hong Kong, Taiwan, Malaysia
Danish shipper Maersk Line, part of A.P. Moller-Maersk, said it is no longer considering Hyundai Merchant Marine for membership in the group, reports Reuters. This is a major blow to the troubled Korean shipping company. Membership in 2M Alliance would have guaranteed HMM a steady income during one of the industry’s worst down-cycles and cut annual operating expenses by sharing ships, networks and port calls.
The United Nations Security Council said on Saturday it had lifted sanctions on five ships that were blacklisted in March for ties to North Korea's arms trade. The ships were among 31 vessels sanctioned by the 15-member council on March 2 because they were linked to Ocean Maritime Management
The United Nations Security Council lifted North Korean sanctions on five ships after China secured assurances that the vessels would no longer use North Korean crews, a council diplomat said on Sunday. The ships were among 31 vessels sanctioned by the 15-member council on March 2 because they
Bankrupt South Korean shipping company Hanjin will sell its operations of the Port of Seattle’s Terminal 46 to Switzerland-based Mediterranean Shipping COmpany (MSC) subsidiary Terminal Investment Limited (TIL), reports AP.
South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering Co., Ltd. (DSME) and the Industrial Development and Renovation Organization of Iran (IDRO) have signed an outline agreement to cooperate on developing the shipbuilding Industry in Iran.
China said on Wednesday South Korea's coast guard should not have been operating in part of the sea where one of Seoul's patrol boats sank last week during an operation to crack down on a group of Chinese fishing boats. South Korean coast guard vessels regularly chase Chinese boats for
The Seoul Central District Court has approved a divestment of Hanjin Shipping's Asia-US network and the bankrupt carrier has encouraged Maersk Line to bid on the assets, according to The Korea Economic Daily. It was reported that the ailing Korean shipping company recently
Kongsberg Maritime has been chosen to supply a full integrated automation solution including the first delivery of its advanced new Fuel Gas Supply System (FGSS) for a newbuild 50,000 DWT LNG Fuelled bulk carrier, ordered by South Korean ship owner, Ilshin Shipping Company
Reuters report quoting South Korea government sources that the country is planning to establish a state-backed ship financing company with an initial capital of 1 trillion won ($871.73 million) to help improve the financial health of Korean shipping companies.
Following its bankruptcy filing, Hanjin Shipping Co.’s fleet has shrunk to about a tenth of its size after the South Korean container line returned most of its chartered vessels to owners, reports Bloomberg. All but three of the remaining 14 ships are either stranded or have
Taiwan's shipping lines aren't looking quite so young and fresh as they were earlier, reports Bloomberg. While the global container industry has embarked on a spree of pairings and menages-a-trois over the past 12 months, Taiwan's shipping lines have remained proudly single.
Three containerships of the bankrupt Korean shipping firm Hanjin Shipping were sold at an auction in Rotterdam for a total of USD 392 million, according to Dutch media fd.nl and Nieuwsblad Transport. The 13,000 TEU ships were auctioned on behalf of creditor HSH Nordbank.
Japanese shipyards are on the verge of overtaking Korean shipyards in remaining order backlogs and market share, reports Business Korea. South Korean and Japanese shipbuilders recorded a backlog of 20.46 million CGT and 20.06 million CGT early this month, respectively
Hyundai Merchant Marine says still in talks to join 2M; joining an alliance was precondition for HMM debt relief. Doubts about the future of Hyundai Merchant Marine Co Ltd surfaced on Friday after Denmark's Maersk Line said the South Korean shipping firm was no longer being considered for the
South Korean shipper Hyundai Merchant Marine Co Ltd (HMM) said on Sunday it has agreed with the 2M shipping alliance to form a cooperative relationship named "2M+H Strategic Cooperation". HMM had previously been in talks to join the vessel-sharing alliance
During the City Trade Mission to Seoul, Antwerp Port Authority signed a Memorandum of Understanding with KITA, the Korea International Trade Association. With 77,000 member companies KITA represents Korea's international trading community.