High Shipping Costs Are Here to Stay, Says Bloomberg
By Henry Ren (Bloomberg) Stubbornly high shipping expenses for businesses are getting sealed into contracts for the next 12 months, forcing companies to pass the extra costs on to consumers....
A fire onboard a ship under construction at Daewoo Shipbuilding & Marine Engineering’s Okpo shipyard killed one and injured seven others on Tuesday, according to South Korea’s Yonhap News.
The fire broke out in a tank of an 85,000-ton liquified petroleum gas carrier under construction at the world’s number two shipyard in Geoje, South Korea, the report said. The victims were in the tank with about 130 people when the fire broke out, Yonhap reported.
In August, two shipyard workers died and seven others were injured when a fire broke out onboard an 84,000-ton LPG carrier under construction at DSME in Okpo. That fire was reportedly caused by a welding spark inside the vessel during its construction.
Tuesday’s incident comes as DSME continues to struggle with its financial footing amid the downturn in the offshore rig building market, sparked by low oil prices. In October, creditors of DSME promised 4.2 trillion won ($3.7 billion) in bailout funds to help the shipyard ease concerns about its cash position as it works to complete offshore projects over the next year.
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