The Korean Register of Shipping has become the latest and last remaining major classification society that has promised to stop certifying Iranian ships, specifically those of the Islamic Republic of Iran Shipping Lines (IRISL) and National Iranian Tanker Company (NITC), in response to Western sanctions and pressure from groups like the U.S.-based United Against Nuclear Iran … [Read more...]
Chinese Captain Handed 30-Year Sentence for Korean Coast Guard Death
By Alastair Gale A South Korean court handed down a 30-year prison term Thursday to a Chinese fisherman for the killing of a Korean coast guard officer late last year. Prosecutors had sought the death penalty for Cheng Dawei, a 43-year-old fishing boat skipper, who reportedly confessed to stabbing Cpl. Lee Cheong-ho with a glass shard after an assault team boarded the … [Read more...]
DSME and China’s Rilin Group to Jointly Invest in North Korea [REPORT]
SEOUL (Dow Jones)--South Korea's Daewoo Shipbuilding & Marine Engineering Co. (042660.SE) and China's Rilin Group will jointly invest in constructing an industrial complex in North Korea's Hwanggeumpyong special economic district, The Dong-AIlbo reported Saturday citing the Korean firm. Daewoo Shipbuilding told the paper that it and Rilin Group will jointly construct a … [Read more...]
ABS To Strengthen Energy-Related Research In Korea
U.S. classification society ABS has laid out initial plans for strengthening its ties to the Korean maritime industry, announcing today the society will be opening up its first ever energy technology center in Busan in 2012. Called the ABS Korea Energy Technology (KETC), the center will focus on applied research to a broad range of current and future technological … [Read more...]
Daewoo Shipbuilding 2Q Net Down 3.6% On FX Losses, Operating Profit Surges
SEOUL (Dow Jones)--Daewoo Shipbuilding & Marine Engineering Co. (042660.SE), the world's No. 3 shipbuilder by sales, said Thursday its second-quarter net profit fell 3.6% due to foreign-currency losses as a result of the strong won. Net profit for the three months ended June 30 declined to KRW170.1 billion ($162 million) from KRW176.5 billion a year earlier, … [Read more...]