South Korea unveils $35bn plan to boost capacity at 12 ports

South Korea is planning to invest a total of KRW41.8trn ($35.2bn) to expand capacity at 12 ports across the country over the next 20 years, reports said.

Ministry: Sewol Wreck to Be Transported to Mokpo on March 30

The wreck of the ferry Sewol, which was lifted last week following overnight salvage operations, is expected to embark for the Port of Mokpo, South Korea, on March 30, the country’s Ministry of Oceans and Fisheries (MOF) said.

South Korea Lifts Sewol Wreck

The South Korean government managed to lift the wreck of the ferry Sewol in the morning hours of March 23 following overnight salvage operations, according to the country’s Ministry of Oceans and Fisheries.

Hanjin Shipping Still in Talks on Charter Rate Cuts

South Korea’s cash-strapped company Hanjin Shipping has still not reached an agreement with shipowners on charter rate cuts, according to The Korea Herald.

Weather Hampers Sewol Salvage, Ops to Resume Next Week

The salvage teams are scheduled to continue their operations on the sunken Sewol ferry off South Korea’s southern coast next week, Channel News Asia cited the South Korea’s Ministry of Oceans and Fisheries (MOF).

Korean Banks Hit Hard by Shipbuilding Woes

After South Korea launched a KRW 11 trillion (USD 9.5 billion) worth fund for state-run banks, the country’s lenders could need more help to absorb the enormous shipbuilding losses, Bloomberg reported.

Samsung Heavy Industries Lays Out Restructuring Plans

South Korea’s Samsung Heavy Industries (SHI) has unveiled details of its self-restructuring plan which reveals that the financially troubled shipbuilder plans to make the necessary workforce cuts through an early retirement scheme and to require from its