South Korea News

Atlas Copco Gas and Process has reached two milestones this autumn by expanding its production operations in South Korea and North America. Atlas Copco Gas and Process Korea in Busan, South Korea has opened a new facility that will provide greater production capacity for different compressor technologies. In upstate New York, Atlas Copco Comptec LLC has added a large high bay space to an existing manufacturing facility, thereby increasing its production capabilities for centrifugal compressors.Established in 1981…

Hanwha General Insurance Co., Ltd. signed a memorandum of understanding (MOU) with CYTUR Inc., a company specializing in maritime and vessel cybersecurity, on October 23 to jointly pursue maritime cyber insurance business initiatives. The agreement aims to provide an integrated service combining maritime cyber insurance capabilities with vessel cybersecurity technologies and to actively develop South Korea's maritime cyber insurance market.As cyber threats targeting maritime supply chains…

Russia imported more than 176,000 tons of petroleum products from South Korean ports in July and August, easing the impact of a fuel crisis caused by Ukrainian drone strikes on Russian oil refineries, Ukraine's top sanctions official said on Tuesday.The supplies from South Korea made up 31% of Russian fuel imports in August, according to the official, Vladyslav Vlasiuk, citing what he said were reports that tankers, including ones under Western sanctions, were used for the deliveries."These…

President Donald Trump will announce on Wednesday plans for South Korea to invest $200 billion in US projects, including $54 billion to build the long-planned Alaska liquefied natural gas project, a White House official said.The announcement will detail the first major projects under a broader $350 billion strategic investment package South Korea made as part of a trade agreement with Washington last year. The $350 billion package includes $150 billion for shipbuilding and $200…

South Korea is reviewing options, including military measures, to support freedom of navigation in the Strait of Hormuz, the presidential office said on Friday, while denying media reports that the government had already decided on a deployment.Several South Korean media outlets, including JTBC and MBC, reported late on Thursday that Seoul was preparing to deploy military assets before the end of the year and could seek parliamentary approval this month.The reports said options under consideration included a maritime patrol aircraft…

Inmarsat Maritime, a Viasat company, and South Korean telecommunications services provider SK telink have signed an agreement to strengthen collaboration between the two companies to bring NexusWave services to shipowners seeking to enhance operational efficiency, resilience and crew welfare. It covers NexusWave implementation across car carriers, container ships, VLCCs, and other vessel types operated by the South Korean shipping companies, including HMM, SINOKOR and others.Building on a strategic relationship dating back to 2007…

South Korean shipping companies SK Shipping and H-Line Shipping will swap vessels and long-term contracts in a deal that will make SK Shipping Asia's largest LNG carrier operator, their owner Hahn & Co. said on Thursday.SK Shipping will receive 16 LNG vessels and related long-term contracts from H-Line Shipping in exchange for 12 tankers, long-term contracts and about $300 million in cash, Hahn & Co. said in a press release.After the transaction, SK Shipping will operate 32 LNG carriers and 14 liquefied petroleum gas (LPG) vessels…

The quest to rebuild U.S. shipbuilding capability quickly is premised on partnering with existing shipbuilding powers outside of China, with several recent announcements today solidifying the connection between the two allies.Four separate partnerships were recently announced, three today, underscoring a growing bilateral effort to rebuild America's maritime industrial base through investments in shipbuilding capacity, workforce development and advanced manufacturing technologies.The announcements, made in conjunction with the launch of the Korea-U.S.

South Korea will seek to launch its first nuclear-powered submarine by the mid-2030s, under a new program aimed at countering North Korea's submarine-launched nuclear and missile threats, officials said on Tuesday.Seoul has long sought to join an elite group of nations operating nuclear-powered submarines in a move that could reshape Asia's security landscape and escalate an underwater arms race."The nuclear-powered submarine, which will be built on the basis of a strong South Korea-U.S.

Diamond Gas Jade, a 174,000-cu.-m. Liquefied Natural Gas (LNG) carrier invested by a joint venture under U-Ming Marine Transport Corp., held its grand naming ceremony on May 19 at the Samsung Heavy Industries Geoje Shipyard. Built by Samsung Heavy Industries, Diamond Gas Jade is equipped with the latest energy-saving environmental technologies and a dual-fuel propulsion engine. Upon delivery, it will commence long-term LNG transportation operations supporting global energy logistics.U-Ming Marine's Board of Directors recently approved the construction of four 210…

South Korea is reviewing a phased contribution to efforts to ensure safe navigation through the Strait of Hormuz, Defense Minister Ahn Gyu-back said on Wednesday, signaling support steps short of military participation, Yonhap News Agency reported.Ahn told a press conference with South Korean media correspondents in Washington that he had conveyed Seoul’s position at a meeting with U.S. Secretary of Defense Pete Hegseth on Monday."We said at about this level that, fundamentally…

HD Hyundai Heavy Industries has signed a contract with the Swedish Maritime Administration to build a dedicated icebreaker — worth $348.9 million — marking the first time a Korean shipyard has won a contract in the global icebreaker market.Korea won on price competitiveness, delivery schedule, and technical capability.Once in service, the vessel will operate in the Baltic Sea — handling icebreaking, fleet navigation support, towing, and ice management.HD Hyundai Heavy Industries…

U.S. President Donald Trump called on allies over the weekend to help secure the Strait of Hormuz as Iranian forces continue attacks on the vital waterway amid the U.S.-Israeli war on Iran, now in its third week.Trump said his administration has already contacted seven countries, but declined to identify them. In an earlier social media post, he said that he hoped China, France, Japan, South Korea, Britain and others would participate.Iran has effectively shut the Strait, a narrow passage of water between Iran and Oman…

The new Liebherr BOS 45000 crane has been acquired by Eunsung O&C Co., Ltd., known for its expertise in ground improvement, foundation engineering and complex onshore and offshore infrastructure projects. The BOS 45000 will equip a jack-up barge that will install offshore wind turbines and carry out maintenance work in Asian waters. With vessel engineering and a lifting capacity of up to 1,200 tons at a maximum reach of 22 meters, the crane will deliver the power and precision required for large component installation…

Inchcape Shipping Services, a leader in port agency and maritime services, has announced the opening of its new office in Geoje, Korea. This expansion increases Inchcape’s footprint in South Korea to three offices—Seoul, Busan, and now Geoje, covering 23 ports nationwide.Geoje is a strategic hub for global shipbuilding and offshore projects, playing a critical role in the construction of LNG carriers, container vessels, naval ships, and offshore platforms. The city is central to international shipping and energy sectors…

All 267 people on board a South Korean passenger ferry that ran aground off the southwestern tip of the Korean peninsula on Wednesday were rescued, in an incident that revived memories of the major ferry disaster in 2014 in which 300 people died.Passengers and crew were taken from the stricken vessel, the Coast Guard said in a statement, and 27 sustained minor injuries.Most will be transported to the coastal city of Mokpo while 21 crew members will remain on the ship.South Korea's coast guard launched an investigation on Thursday into the incident…

Samsung Electronics, Hyundai Motor and other major South Korean manufacturers on Sunday unveiled domestic investment plans, as a U.S. trade deal raised concern investment in the U.S. could weaken manufacturing at home.Samsung Electronics will add a chip production line at its plant in the South Korean city of Pyeongtaek to meet rising demand amid the global boom in artificial intelligence, as part of the parent group's 450 trillion won ($310.79 billion) investments at home over the next five years…

South Korea and Singapore signed memorandums of understanding (MoU) on artificial intelligence and green shipping, South Korea's President Lee Jae Myung said at a joint press conference with Singapore's Prime Minister Lawrence Wong on Sunday after having a bilateral summit in Seoul.The two countries also agreed to cooperate on defense technology, Lee added.(Reuters - Reporting by Heejin Kim; Editing by Jamie Freed)

HD Hyundai’s Executive Vice Chairman Chung Kisun has been promoted to Chairman.Chung holds a bachelor's degree in Economics from Yonsei University and an MBA from Stanford University in the United States. He began his career in 2009 in the Finance Team of the Corporate Planning Division at HD Hyundai Heavy Industries. Since then, he has served as Head of Management Support at HD Hyundai, Head of Ship Sales at HD Hyundai Heavy Industries, and CEO of HD Hyundai Marine Solution.He currently serves as CEO of HD Hyundai…

China's sanctions on U.S.-linked units of shipbuilder Hanwha Ocean threaten to impact ambitious plans for shipbuilding cooperation between Seoul and Washington by disrupting supplies of Chinese equipment and materials, officials in Seoul said on Friday.Beijing announced the sanctions on Tuesday as the U.S. and China began charging additional port fees on each other's vessels, in the latest exchange in a protracted trade war ahead of a planned meeting of the two countries' leaders.South…

South Korea’s largest shipping company HMM has ordered 12 new 13,000 TEU-class eco-friendly container ships from Korean shipbuilders, as well as two very large container ships, for a total of $2.82 billion.The 12 containerships will be built by HD Hyundai Heavy Industries and Hanwha Ocean, and all of them will be LNG-fueled vessels, HMM said.The details for the other two very large containerships, reportedly ordered by the company, have not been disclosed.According to the company…

China's sanctions against five U.S.-linked affiliates of South Korean shipbuilder Hanwha Ocean are seen as a warning gesture without immediate impact, and Beijing is unlikely to gain much by expanding them, analysts said on Wednesday.The move, announced on Tuesday when the U.S. and China began charging additional port fees targeting each other's vessels, comes ahead of an expected meeting between U.S. President Donald Trump and Chinese leader Xi Jinping in late October to resolve…

South Korea’s Korea Institute of Machinery and Materials (KIMM) has developed and demonstrated the nation’s first 20kW-class anode-supported solid oxide electrolysis cell (SOEC) system, completing more than 3,000 hours of stable, continuous operation with electrical efficiency above 83%.The project marks a breakthrough for large-scale, low-cost clean hydrogen production, with strong potential applications in energy-intensive industries such as steelmaking, chemicals, and maritime.By using external industrial waste heat at around 200°C to generate steam…