Green transition and a growing number of rules mean that South Korea's three biggest yards now dare to increase their order target for new ships in 2021. Some expect to bag almost 50 percent more orders, reports Yonhap.
The crew of South Korean tanker vessel Hankuk Chemi, which has been detained in Iran for almost a month, is free to leave the vessel and return home, says a spokesman for Iran's ministry of foreign affairs.
South Korea has deployed a warship to the Stait of Hormuz after the Islamic Revolutionary Guard Corps seized a South Korean-flagged tanker Monday, citing pollution. South Korea demands that the ship and its 20-man crew be released.
A merger of the two South Korean yards Hyundai Heavy Industries Holding and DSME has been cleared by the Chinese competition authority. The merger, announced in 2019, is still being reviewed by the EU.
In 2018, Danish shipping companies received state aid totaling around DKK 1.75 billion, according to fresh numbers from the country's tax ministry. Still, they heavily criticize South Korea's latest aid package for skewing competition. "There's a difference," says Danish Shipping.
It is "very worrying" that South Korea plans to help the country's shipping companies with USD 1 billion, says Danish Shipping, which fears that this could lead to further overcapacity in an already strained market. South Korea's biggest shipping line rejects this criticism.
Stock prices at the three major South Korean shipbuilders rose considerably over the past month. This is especially due to a wave of new orders, and the trend is expected to continue throughout the year, news agency writes.