South Korea News

When talk turns to fuel transition in the maritime sector, the conversation usually starts with: ‘yes, change is happening, but the majority of the world fleet continues to operate as it always has; with diesel fuel’ and ends with ‘change is being driven by a handful of pioneers: the big companies.’Enter Danish shipping giant A.P. Moller - Mærsk, one of the biggest and most innovative companies operating ships globally today, and its world’s first large methanol-enabled container vessel dubbed Ane Mærsk…

Political winds blowing a raft of new tariffs and incoming supply uptick suggests a volatile 2025 Bearish sentiment crept into the car carrier market in June after the European Union (EU) announced increased import tariffs for Chinese-made electric vehicles (EVs) up to as much as 45.3%. The EU tariffs, which came into play in November for a period of five years and were increased following an investigation into Chinese state subsidies to domestic car manufacturers, are weighing…

With the upcoming dissolution of the 2M Alliance in early 2025, JAXPORT is maintaining and growing its global container services through strategic partnerships with the world's top ocean carriers. New and modified service routes through JAXPORT will provide expanded global connectivity and access to new and emerging markets.Three primary changes are taking place beginning in February 2025.The Gemini Cooperation – an alliance between Maersk and Hapag-Lloyd – has added JAXPORT to a new…

Shipping is poised to play a vital role in APAC cross-border CCUS initiatives, with annual CO2 shipping volumes projected to reach 100 MtPA by 2050, according to a joint study by the Global Centre for Maritime Decarbonisation (GCMD) and Boston Consulting Group (BCG).The study has identified that shipping will play a key role in enabling CCUS initiatives, particularly when there is a large geographical mismatch between potential captured CO2 sources and sequestration hubs.The report…

The first jacket foundation for the substation of the Coastal Virginia Offshore Wind (CVOW) project has departed from the Danish Port of Esbjerg and is on its way to the United States to be installed at the country’s largest offshore wind farm.The first of three offshore jacket foundations, standing 60-meter-tall and weighing approximately 2,445.6 tonnes, has been shipped from the production site at the Port of Esbjerg where it was manufactured.The jacket foundation will serve…

Each year, as we prepare for the largest U.S. based maritime industry conference in New Orleans, we tend to look back on the state of the industry and initiatives that were announced from the conference that took place the year before. 2023 provided us with plenty to talk about. In September of 2023, while the International Maritime Organization (IMO) and the global shipbuilding industry were fixated on “emissions” and alternative fuels, U.S. Secretary of the Navy Carlos Del Toro held the opening meeting of the Government Shipbuilders Council.

Spoiler Alert: we already know what to do. Some of it just isn’t physically possible. Help isn’t going to come from South Korea.Just two days following Donald Trump’s historic election victory, positioning him to become just the second U.S. President to be elected twice, in separate, non-following terms, the headlines curiously turned to shipbuilding. Which is a nice thing, since the average American thinks very little about that industry on a daily basis. Digging deeper, it seems that America’s once dominant shipbuilding industry needs help…

Shell is stepping back from new offshore wind investments and is splitting its power division following an extensive review of the business that was once seen as a key driver of the company's energy transition strategy.The changes are part of a company-wide review launched in 2023 aimed at reducing costs as CEO Wael Sawan focuses on activities with the highest returns. In many cases that has meant reducing spending on low-carbon and renewable businesses and increasing the focus on oil…

A.P. Moller - Maersk has signed agreements with three yards for a total of 20 container vessels equipped with dual-fuel LNG engines.Combined, the vessels have a capacity of 300,000 TEU.All 20 ships will be equipped with liquified gas dual-fuel propulsion systems and vary in size from 9,000 to 17,000 TEU. Two 9,000 TEU and six 17,000 TEU vessels have been ordered from Yangzijiang Shipbuilding, six 15,000 TEU vessels have been ordered from Hanwha Ocean, South Korea, and six 15,000 TEU vessels have been ordered from New Times Shipbuilding…

A.P. Moller - Maersk has named its newest dual-fuel methanol container vessel A.P. Møller in honor of Arnold Peter Møller, the founder of A.P. Moller – Maersk.The newbuild is the ninth vessel in Maersk’s fleet capable of operating on methanol.A.P. Møller is part of a series of 18 large dual-fuel methanol vessels scheduled for delivery in 2024 and 2025. Built at Hyundai Heavy Industries in Ulsan, South Korea, the 16,592 TEU vessel is the eighth large dual-fuel methanol vessel to join the Maersk fleet in 2024.Arnold Peter Møller (1876-1965) and his father…

Alternative fuels could account for up to a fifth of A.P. Moller-Maersk's marine fuel consumption in 2030 as part of its goal to reach net zero by 2040, a senior company executive said on Thursday.The container shipping giant typically consumes between 10 and 11 million metric tons of fuel oil equivalent per year, of which 3% were alternative fuels last year, Emma Mazhari, vice president, head of energy markets, told reporters.The world's fleet moves more than 80% of global trade…

Singapore-based shipbuilder Strategic Marine has signed a contract with South Korea’s Yeosu Ocean for the construction of a StratCat 27 crew transfer vessel (CTV) for the country’s growing offshore wind market.Designed by Strategic Marine’s partner BMT, the CTV is capable of incorporating multiple propulsion and engine options, coupled with a larger asymmetric superstructure ensuring ample interior space for a large range of operational requirements.The hybrid-ready designed vessel will be tailored for Korean water conditions…

Concerns that Europe is facing a natural gas supply crunch this winter are overblown, with the liquefied natural gas (LNG) market already stepping up to avoid any shortfall, albeit at higher prices.European natural gas prices climbed to the highest level in two years last week, with the benchmark front-month contract at the Dutch TTF hub reaching 49.03 euros per megawatt hour on Nov. 22, equivalent to $14.97 per million British thermal units (mmBtu).Prices have rallied about 40% since mid-September amid fears that the remaining Russian pipeline supplies to Europe will be halted…

North Korea has likely received more than 1 million barrels of oil from Russia over an eight-month period this year in breach of U.N. sanctions, according to an analysis of satellite imagery published on Friday by the British-based Open Source Centre and the BBC.North Korean oil tankers have made more than 40 visits to Russia's Far Eastern port of Vostochny since March, the report on the research group Open Source Centre's website said."Dozens of high-resolution satellite images…

North Korea has likely received more than 1 million barrels of oil from Russia over an eight-month period this year in breach of U.N. sanctions, according to an analysis of satellite imagery published on Friday by the British-based Open Source Centre and the BBC.North Korean oil tankers have made more than 40 visits to Russia's Far Eastern port of Vostochny since March, the report on the research group Open Source Centre's website said."Dozens of high-resolution satellite images, AIS (Automatic Identification System) data and imagery released by maritime patrol missions tasked with monitoring North Korea’s U.N.-sanctions busting activities show North Korean tankers repeatedly loading at an oil terminal at the Russian port of Vostochny…

Australia will partner with India to boost investment in renewable energy, including solar manufacturing, battery and mineral processing, Prime Minister Anthony Albanese said in a meeting with his Indian counterpart on the G20 sidelines.Australia and India will also look to enhance defense and maritime security cooperation, Albanese said in a meeting with India's Prime Minister Narendra Modi in Rio de Janeiro on Tuesday.The two countries, along with the United States and Japan, are members of the Quad, which has sought to balance China's rising military and economic clout in the Indo Pacific r

As world-reaction to Donald Trumps presidential win continues to come in, South Korean Foreign Minister Cho Tae-yul said he is "strongly confident" the South Korea-U.S. alliance will continue to thrive under the incoming U.S. administration of President-elect Donald Trump.While there are many tendrils to the economic and defense alliance, in particular in recent years, South Korea's world-class shipbuilders have drawn increasingly close to their U.S. counterparts, as the U.S.

At least five cargoes of LNG have diverted from Asia to Europe in the past few days, drawn by higher gas prices on the continent after Russia's Gazprom halted supplies to Austria's OMV, data from analytics firm Kpler showed.On Saturday Gazprom halted supplies to top Austrian gas importer OMV after OMV threatened to impound some of the Russian state firm's gas as compensation for an arbitration it had won over a contractual dispute.Gazprom notified OMV of the planned halt on Friday…

Soaring costs, project delays and limited investment put targets out of reachAfter a year of canceled projects, broken turbines, and abandoned lease sales, the global offshore wind industry no longer has much chance to hit the lofty targets set by governments in the U.S., Europe and elsewhere ... with the exception of China.Reuters spoke to 12 offshore wind companies, industry researchers, trade associations, and government officials in six countries to come up with a global picture of the state of the industry and its outlook…

U.S., Japanese and South Korean naval forces exercised together in East Asian waters on Thursday in their most complex and final joint drills before President Joe Biden hands over one of his signature national security initiatives to Donald Trump.Led by the USS George Washington carrier and its jet fighters, the Freedom Edge naval exercise in waters south of the Korean peninsula and west of Japan's main islands comes after a pact brokered by Biden in 2023 in which Seoul and Tokyo…

Avance Gas has delivered the first very large gas carrier (VLGC) to BW LPG, marking the start of deliveries of total 12 vessels as part of $1.05 billion agreement signed earlier in 2024.Avance Gas concluded sale and delivery of the first VLGC, the 2015-built non-scrubber ship Chinook, to BW LPG on November 1, 2024.As part of the transaction, 1.35 million shares in BW LPG have been issued to Avance Gas corresponding to approximately 1% ownership share.The vessel is currently on…

Marine safety solutions provider VIKING Life-Saving Equipment and firefighting systems supplier FAIN have signed an exclusive worldwide agreement for VIKING to provide certified services for marine fire systems and equipment delivered and installed by FAIN.FAIN supplies the full spectrum of firefighting systems for marine use, including CO2, foam, DP, water-mist, sprinkler, alternative gases and more.Headquartered in Yangsan, South Korea, the company is a major supplier to shipyards in China…

South Korean President Yoon Suk Yeol spoke with Donald Trump on Thursday and congratulated him on winning the U.S. presidency on the "Make America Great Again" slogan as officials in Seoul worked to prepare for "significant" economic changes.Yoon and Trump held a 12-minute phone call and discussed the close security and economic ties of their two countries across all areas, a senior South Korean official said on Thursday.South Korea's ambassador to the United States also visited Trump's Mar-a-Lago home in Florida to meet with members of the president-elect's camp…