South Korea
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Americas
‘Stand firm behind Hanjin Shipping right away,’ Gerry Wang tells Seoul
The founder of Seaspan has weighed into the ongoing maelstrom seen in Korean shipping telling Splash in an exclusive interview…
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Asia
Korea Shipowners’ Association warns on heavy impact were HMM and Hanjin to fold
The Korea Shipowners’ Association has estimated that if Hanjin Shipping and Hyundai Merchant Marine were to go bankrupt, 5,400 jobs…
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Americas
No deal: Gerry Wang refuses to budge on Hanjin charter renegotiations
The chairman of Hanjin Group has met with its lead tonnage provider Seaspan this week, but has failed to get…
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Asia
Korea Development Bank in the firing line for its handling of DSME
Politicians in Seoul are demanding an inquiry into state-run Korea Development Bank’s (KDB) handling of troubled shipyard Daewoo Shipbuilding &…
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Asia
Hyundai Mipo sells stake in KCC for $140m
As part of restructuring initiated by parent Hyundai Heavy Industries (HHI), Hyundai Mipo Dockyard (HMD) is selling all its shares…
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Asia
DSME accounting fraud totalled $1.27bn, first arrest made
State auditors in Seoul have unearthed a KRW1.5trn ($1.27bn) accounting fraud at beleaguered Daewoo Shipbuilding & Marine Engineering (DSME). DSME,…
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Asia
Former Hanjin Shipping boss avoids arrest
A court in Seoul threw out a prosecution request yesterday for an arrest warrant for a former Hanjin Shipping boss…
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Asia
Workers at DSME vote to go on strike
Around 85% of 7,000 unionised workers at Daewoo Shipbuilding & Marine Engineering (DSME) have voted in favour of industrial action…
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Asia
STX hit by hefty arbitration rulings
Troubled South Korean yard STX Offshore & Shipbuilding has had to fork out sizeable penalties to overseas owners for late…
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Asia
Seoul financial watchdog refuses to rule out HMM/Hanjin merger
A mega merger story that refuses to die down has reemerged in South Korea today. Lim Jong-ryong, chairman of the…
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Asia
Arrest warrant sought for former Hanjin Shipping chairman
Prosecutors on Sunday sought the arrest warrant of the ex-chairman of Hanjin Shipping, who has been hit with insider trading…
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Asia
South Korea’s president calls for ‘bone-crushing’ shipbuilding restructuring
South Korean president Park Geun-Hye warned today the nation’s shipbuilders will have to endure plenty more pain. Addressing parliament, Park…
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Asia
HMM completes charter negotiations, readies boxship orders
Hyundai Merchant Marine (HMM) today announced that the company has reached a de facto agreement regarding its charter negotiations with…
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Asia
Tsakos Energy Navigation in for Sungdong LR1s
Posidonia is finishing with more Greek ship orders. Sungdong Shipbuilding & Marine Engineering, exhibiting at the Greek show, has contracted…
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Asia
Rates cut to record low as Seoul braces for another 80,000 yard redundancies
Daewoo Shipbuilding and Marine Engineering, Samsung Heavy Industries and Hyundai Heavy Industries are reported to be getting ready to cut…
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Asia
Angelicoussis pens orders for DSME VLCCs and LNG carriers
Posidonia wouldn’t be Posidonia without a Greek putting pen to paper for a headline grabbing newbuild contract. John Angelicoussis, who…
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Asia
Minister invites Korean investment in Greece
Dimitrios Mardas, Greece’s deputy minister of foreign affairs, used today’s Korean-Hellenic Maritime Cooperation Forum to invite Korean investment in his…
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Asia
Korea aims to be world’s third-largest shipping industry despite billion-dollar losses
South Korea’s shipping industry brought in revenues of $34.5bn during 2015, some $7.8bn behind the 2012 figure due to the…
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Asia
Investigators raid DSME over suspected accounting fraud
Prosecutors raided Daewoo Shipbuilding & Marine Engineering (DSME) again as they sought to ramp up investigations into alleged accounting fraud…
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Asia
Seoul earmarks $9.5bn to save its maritime industries
Seoul waded in to save its beleaguered shipbuilding and shipping sectors in a dramatic and controversial move that could spark…
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