A North Korea-flagged tanker was caught violating UN sanctions as it engaged in what is believed to be a ship-to-ship transfer of fuel with an unidentified ship on March 2. The illicit operation was documented by a Royal Navy frigate which was operating in the East China Sea in cooperation with Japan, enforcing the UN sanctions against North Korea. “North Korea-flagged tanker Saebyol, which was transmitting on ship tracking systems as a fishing boat, was spotted alongside a v

South Korean shipbuilders came in second worldwide in terms of new orders in the first quarter of the year, industry data showed Monday. According to the data compiled by industry tracker Clarkson Research Institute, local shipyards garnered new orders totaling 1.62 million compensated gross tons (CGTs) in the January-March period, equating to 35 ships. Chinese shipbuilders took the top spot with 2.58 million CGTs, or 35 vessels. Italian firms came in third with 780,000 CGTs,

Japan’s Nippon Yusen Kaisha (NYK) has unveiled its plans to offer Green Bonds within the domestic market in May, thus becoming the world’s first shipping company to issue labeled Green Bonds in the shipping sector. The move is in line with NYK’s medium-term management plan “Staying Ahead 2022 with Digitalization and Green,” under which the company plans to integrate environmental, social, and governance (ESG) principles into management strategies. The proceeds of a green bond

At times when fear and loathing are amped-up it often pays to take a more dispassionate look at what is likely to happen, as opposed to what is feared will happen. The planned U.S. tariffs on steel and aluminium certainly had the effect of raising political and economic temperatures across the world amid fears that President Donald Trump is taking the first step in a global trade war that will end in a 1930s-style depression. However, there is still a long road to travel from

The fall of South Korea’s biggest container line Hanjin Shipping Co. is similar to the 2008 collapse of Lehman Brothers Holdings Inc. and has materially impacted the shipping industry, Seaspan Corp. Chief Executive Officer Gerry Wang said. Seaspan, the Hong Kong-based container-ship leasing company that has three vessels chartered to the distressed line, is evaluating all options and examining systemic risks resulting from Hanjin’s bankruptcy filing, Wang said in an interview