The maritime industry of South Korea shrank in 2016 due to the bankruptcy of Hanjin Shipping, suggests the Ministry of Oceans and Fisheries, according to Yonhap.
It noted the annual turnover of the country’s maritime industry to be 116.9 trillion won ($109.73 billion) in 2016, down 7.9% when compared to 2015.
“The contraction in the industry appears to be attributable to the bankruptcy of Hanjin Shipping Co.,” notes Ministry Official Song Myeong-dal.
Hanjin filed for receivership at the Seoul Central District Court On August 31, 2016; on February 17, 2017, the company was declared bankrupt by South Korean courts, with a court order to be liquidated.
South Korea’s maritime industry is made up of nine sectors; namely the construction and repair of vessels and offshore plants sector (43.9%), shipping and port faculties business (38.7%) and the equipment manufacturing sector (8.2%).
There were 17,854 companies were in business within the entire maritime sector in 2016, with approximately 40% (7,261) found in the shipping and port sector.
Some 4,981 firms are operating in the vessels and offshore plants-related sector, with 1,919 companies in the equipment manufacturing sector.
There were around 200,000 workers were employed in South Korea’s maritime industry at the end of 2016.
Photo credit: Ministry of Land, Infrastructure, Transport and Tourism
Published: 2 April, 2018
‘Economics of the shipping market will be the key driver enabling methanol to be adopted at a higher pace going forth over next couple years as market begins to return to more normal rates,’ states COO.
Integr8 Fuel injunction varied by Singapore Court to allow former employees to start work at Hartree Group in December 2022 following failure to produce evidence on biofuels development plans.
Variability of sources can affect the stability and performance of biofuel bunkers produced from these feedstocks, in turn leading to difficulties in meeting regulations and industry standards, shares Bryan Quek.
Top three positive movers in 2022 were Bunker House Petroleum Pte Ltd (+7), Eastpoint International Marketing Pte Ltd (+5), and Eng Hua Company (Pte) Ltd (+6); newcomer Sinopec Fuel Oil (Singapore) gets 19th spot.
Livestock carrier also involved in earlier bunker claim with Glander International Bunkering due to remaining unpaid fuel bill of approximately USD 116,000, according to court documents obtained by Manifold Times.
A blend of standard MGO and biodiesel, MGO B20 is distributed at the company’s floating kiosk CNC 5 which is located off the buoy of West Coast Pier; PS Energy has been stamped with globally recognised ISCC.