South Korea's government will help the nation's shipping companies place orders for about 200 ships over the next three years to help the country's ailing shipping and shipbuilding industry, South Korea's Ministry of Oceans and Fisheries announced this week, as reported by Yonhap. The plan is part of a mid-term restructuring plan unveiled for South Korea's shipping and … [Read more...]
United States, South Korea Revise Trade Deal with Quotas on Korean Steel
By Hyunjoo Jin and Joyce Lee SEOUL, March 26 (Reuters) - The United States and South Korea agreed to revise a trade pact sharply criticized by U.S. President Donald Trump, Seoul said on Monday, with U.S. automakers winning improved market access and Korean steelmakers hit with quotas but avoiding hefty tariffs. The planned changes in the U.S.-Korea Free Trade Agreement … [Read more...]
Korean Carrier to Customers: We’re Not Sinking
By Mike Wackett (The Loadstar) - Another South Korean shipping line under financial pressure has had to write to customers to dispel market rumors of a second box carrier crash. According to Alphaliner, intra-Asia liner and chemical tanker and logistics operator Heung-A has written to shippers to reassure them that its recent decision to terminate services on a number of … [Read more...]
Trump Warns China After Seoul Seizes HK-Flagged Tanker Selling Oil To North Korea
by Philip Wen (Reuters) - China on Friday denied reports it has been illicitly selling oil products to North Korea after U.S. President Donald Trump said he was not happy that China had allowed oil to reach the isolated nation. Trump said on Twitter the previous day that China had been “caught” allowing oil into North Korea and that would prevent “a friendly solution” to … [Read more...]
Korea Coast Guard Fires Warning Shots to Fend Off Swarming Chinese Fishing Boats
By Hyonhee Shin SEOUL, Dec 20 (Reuters) - South Korea's coast guard said it fired 249 warning shots over a group of Chinese fishing boats "swarming around" one of its patrol ships in South Korean waters, prompting a call for restraint from Beijing. South Korean coast guard vessels regularly chase Chinese boats suspected of fishing illegally in South Korean waters, at times … [Read more...]