South Korea’s Ministry of Oceans and Fisheries unveiled an ambitious plan that they said will ensure the continued global competitiveness of the Busan port. It plans to invest a total of $10 billion including the creation of a new container complex that will be among the largest in the world.
Detailing the Global Hub Port Construction Strategy, the ministry asserted that it is necessary to preemptively strengthen the competitiveness of Busan to continue to attract global shipping companies. It points to the investments at ports such as in China and Singapore where they are enlarging terminals, building smart ports, and pursuing eco-friendly initiatives.
Busan ranks among the busiest container ports and handles three-quarters of South Korea’s domestic container volume. It is also a key transshipment hub accounting for 97 percent of the volume. Since 2015, Busan has been the world’s second-largest transshipment port according to data from the ministry.
The plan however also recognizes that Busan Port is facing some operational difficulties. It points to challenges with inter-berth transshipment and inefficiency in berth management as there are multiple terminal operators. Announcing the initiative, they also said the port must respond to the larger size of vessels and the changes in the landscape of shipping industry alliances.
They have determined a transition to a mega port and improvement of the port’s operational structures are required. The goal is to solidify its status as a global hub port and to raise its competitiveness as well as streamline operations.
The $10 billion investment will fund the creation of the Jinhae New Port alongside Busan. It will rival the size of Singapore’s under-development Tuas Port with the ministry reporting the new Korean port will have a total of 66 berths, It will be able to handle future vessels with a capacity of 30,000 TEU and increase container yard space by 1.5 times versus the current facility.
The plan calls for a single operator for the first phase of the new port which will consist of nine berths and be able to handle over 6 million TEU annually. The size was planned to coincide with the current 6.5 million TEU handled by The Alliance at Busan currently. Further, the ministry will offer incentives of up to nearly $7 million to ensure that the terminal operators of the existing new port are integrated.
Other elements of the investment call for the creation of an expanded overseas logistic center and a port hinterland complex to attract global logistics companies. South Korea plans to expand from five international offices promoting the port to eight locations by 2027 and 16 by 2032. They will focus on the eastern U.S., Southeast Asia, and Europe to promote the port and attract shipping and logistics companies.
The ministry will also promote an eco-friendly port conversion. They plan to transition to 25 percent renewable power by 2032 and 100 percent by 2050.
Minister of Oceans and Fisheries Kang Do-hyung emphasized the importance of strengthening the port and addressing changes in the shipping industry. He said reorganizing the supply chain presents opportunities and would also protect South Korea from regional and global changes.
The crewmembers of an Indian fishing vessel claim that an LPG tanker ran down their boat and sank it off southern India, then continued on its way to its next port of call.
On Wednesday morning, the fishing vessel Paralogamatha was anchored about 25 nautical miles off the coast of Colachel, a small fishing port on the southern tip of the Indian Subcontinent. At about 0430 hours, the LPG tanker Nus approached and hit the anchored boat, sinking it quickly, the survivors said.
Good Samaritan fishing vessels rescued all nine members of the Paralogamatha’s crew, but the Nus continued on its commercial voyage without stopping to render aid, according to the district fishermens’ association for Kanyakumari.
??????????? ????? ??????????????.. ?????????? ??????????? ??????????.. ????????????? ???????? ?????????????#Kanniyakumari #Colachel #Fishermans #Boat #NewsTamil #NewsTamil24x7 pic.twitter.com/A3y9WLQrtV
— News Tamil 24×7 (@NewsTamilTV24x7) December 11, 2024
The tanker Nus‘ last received AIS signal suggests that it was in the area of the collision on Wednesday morning, just off Tamil Nadu. Its transmission declared the vessel’s destination as Sohar, Oman, and the fishermens’ group called on authorities to arrange for the ship’s arrest on its arrival.
Nus (ex name BW Challenger, Cape Gas, Portofino Gas) is a 1992-built LPG tanker with a questionable history. It is listed as a Comoros-flagged vessel, but its Equasis records show that this was reported as a false flag in April 2024 – the month before Nus changed names. Without a valid flag on its record, it may be (or may have been in the recent past) a stateless vessel. Its last class certificate was also withdrawn in May.
The Nus is managed by a company registered in the Dubai Multi Commodities Centre, a free trade zone in the UAE that has become a hub for trading in sanctioned energy commodities. Its history shows that it has operated primarily in East Asia, Southeast Asia and the Subcontinent for at least the last five years.
Ørsted is expanding the use of the partnership model to Taiwan’s developing offshore wind energy sector by selling a half interest in its under construction Greater Changhua 4 project to Cathy Life. The largest direct investment in an offshore wind farm made by a life insurer, the deal is valued at $1.64 billion and is a further demonstration of investor interest in the sector.
The Greater Changua offshore wind cluster located between about 21 and 37 miles offshore in Taiwan’s northwest quadrant, is the largest and farthest offshore wind farm in Taiwan in terms of installed capacity and distance from the shore. It is divided into four sectors with the second phase also split into two subsectors. When completed, it will provide 1.82 GW of power.
As of the beginning of 2024, Ørsted reported that 107 turbines out of the total 111 wind turbines in Sections 1 and 2 were completed, with nearly 85 percent of them connected to the grid, representing approximately 700 MW, making it the largest grid-connected capacity for a single wind farm in Taiwan. Sections 1 and 2A are now completed with 2B and 4 expected to be completed by the end of 2025.
Ørsted has already partnered for the 605 MW Greater Changhua 1 which is co-owned with Caisse de dépôt et placement du Québec (CDPQ) and Cathay Financial Holdings, with a combined ownership stake of 50 percent. Under the newly announced deal, Taiwan’s leading life insurance company, Cathy Life, will acquire a 50 percent stake in Section 4’s 583 MW capacity. Taiwan-based semiconductor company TSMC will offtake all power generated by Great Changhua 2b and 4 with a 20-year fixed-price corporate power purchase agreement.
The two companies will partner on the investment in the development of the wind farm. Ørsted will continue to have operation and maintenance responsibilities.
The project is unique as it has also won broad support from nine international banks, three local private banks, and three state-owned banks. It is also the first time that the state-owned First Commercial Bank has taken a role. The financing package for Changhua 4 will also be supported by guarantees from six export credit agencies.
Private equity and other investors have shown strong interest in 2024 in the offshore wind sector, especially in acquiring stakes in mature development projects. It reduces Ørsted’s risk and capital requirements which the company reports it is being used to develop other projects. Other developers are following a similar model to spur the development of the industry.
Norway’s pioneering fuel cell company Teco 2030 which was seen as a leader in maritime fuel cell applications confirmed in a stock exchange that the company is insolvent. The collapse began last month with the bankruptcy of segments of the business which now cites the lack of investor support for the broader hydrogen industry for its demise.
“The board of directors of the company has this evening decided to file for bankruptcy. The board decision is unanimous and is due to the fact that there is no longer a realistic opportunity to raise sufficient capital to continue operations,” Teco 2030 wrote in a brief filing with the Oslo Borse late on December 10.
The company is reported to have lost nearly $30 million since it was spun off as an independent company from Teco Marine Group in 2021. It was started in 2019 with a focus on marine applications of fuel cells and won important grants and several early projects. It had produced the first demonstration models of its stack design for PEM hydrogen fuel cells.
Teco 2030 was to participate in the conversion project launched in 2024 exploring Samskip’s 2015-built vessel Samskip Kvitnos, a 4,900 dwt RoRo cargo vessel, slated for the addition of hydrogen propulsion. The company had also signed a letter of intent in 2023 with Pherousa Green Shipping to develop and supply fuel cells for new generation bulkers.
“We are incredibly sad for everyone in the group who has lost their jobs, and those who have supported us financially who are losing theirs. But it comes to a point where we have turned over every stone,” CEO Tore Enger told the Norwegian media outlet E24.
Enger said Teco 2030’s challenges were indicative of a wider slowing of support for the entire hydrogen and green sector. He told reporters that investment had come to a halt across Norway and Europe in green projects. He said interest had declined from both private investors and states. Teco 2030 he said would require at least $35 million more in investment to get its factory running.
He said the market has slowed for the industry and that states are not providing enough support to drive the development of the technology. He highlighted others including Equinor that has also scaled back on its green programs.
Norway’s Tax Administration had moved with bankruptcy proceedings against several of the company’s subsidiaries in late October and early November. At the time, the parent company said it was limited to those companies but as the issues spread last month it called it a “sensitive time.”
Teco 2030 had struggled for much of 2024 with declining finances. It had announced a reorganization plan, but media reports said at times the company was only able to pay 75 percent of employees’ salaries. Creditors include the property owners of its offices and production facility in Narvik. The leaseholder had called a corporate guarantee on the lease when the subsidiary was unable to pay.
On June 26, 2025—right around the corner—the International Maritime Organization’s (IMO) Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships (Hong Kong Convention) will enter into force. This landmark agreement is crucial for ensuring that the ship recycling industry operates safely and sustainably, aiming to protect both workers and the environment from the dangers posed by hazardous materials on ships.
Without proper management, hazardous materials can lead to acute and chronic illness as well as environmental pollution, including oil spills, leakage of toxic substances, and contamination of soil and water. These issues can harm marine life, local ecosystems, and even drinking water supplies.
Each year, approximately 500 ocean-going commercial vessels reach the end of their service life and undergo the process of shipbreaking (i.e., the dismantling of ships for recycling). In accordance with the HKC, vessels over 500 gross tonnage (GT) are required to maintain an Inventory of Hazardous Materials (IHM). This inventory details all hazardous substances on board, such as asbestos and heavy metals, thereby enabling safe and compliant handling and disposal during the ship dismantling process.
As the HKC comes into force, all ships greater than 500 GT will need to have an IHM prepared and approved by the date of implementation. This requirement applies to vessels flagged under countries that are parties to the HKC, and flag Administrators are expected to enforce adherence to it. The HKC outlines specific hazardous materials that must be inventoried and managed, including asbestos, heavy metals, chromium-6, and polychlorinated biphenyls (PCBs). Proper identification and handling of these substances will mitigate the risks associated with their disposal during recycling.
Regrettably, the history of ship recycling has been marred by numerous accidents. These incidents highlight the urgent need for stringent safety measures and compliance with regulations stipulated by the HKC. The IHM, integral to the HKC, plays a crucial role in mitigating risks associated with hazardous materials. It establishes best practices widely accepted in the shipping and recycling industries.
IHM inventories should be conducted at various stages of a ship’s life:
Experienced hazardous materials (HAZMAT) certified inspectors carry out these assessments and can guide shipowners on compliance. If hazardous materials are identified, remediation can be implemented under expert supervision, including the removal and replacement with non-hazardous alternatives.
As the HKC approaches its enforcement date, it represents a leap forward in improving the safety of ship recycling processes and protecting both workers and the marine environment. By ensuring all vessels possess a comprehensive IHM, the maritime industry can foster a safer, more responsible approach to ship disposal, ultimately benefiting society at large. Monitoring hazardous materials throughout a ship’s lifecycle is essential for minimizing health risks and adhering to environmental regulations. The HKC, together with the implementation of IHM, underscores the commitment of the shipping industry to sustainable practices and the well-being of communities worldwide.
Pim Versteegt is the Technical Manager at SGS Search, managing the quality and maintenance of Inventory of Hazardous Materials (IHM) surveys. Under his guidance, SGS Search has conducted hundreds of IHM surveys globally and actively ensures the ongoing compliance and updates for over 400 vessels.
Captain Jos Geene, with more than three decades of experience in the dredging and offshore industry, plays a key role in shaping the SGS IHM program (including IHM maintenance). Additionally, he provides global support to SGS Inspectors, contributing to the high standards of the maritime industry.
Ersi Zacharopoulou, MSc (Eng) is the Development Manager of SGS, Europe, Africa and Middle East Marine Services, where she leads efforts to promote environmental compliance projects for the shipping industry. Additionally, she is a member of the Technical Chamber of Greece.
Lisa Drake, PhD manages marine environmental services in the Americas for SGS, the world’s leading testing, inspection and certification company. She—along with a global team of experts—guides this work in more than 600 ports worldwide.
The opinions are the authors’ alone and do not necessarily reflect the views of SGS.
The widely used digital maritime platform RightShip which tracks safety and sustainable practices has agreed with the bulker industry to revise the timeline for increasing its safety inspection program. Two months ago, the group cited safety concerns saying that it was responding by lowering the age of a vessel to trigger inspections and expanding the regime to wider segments of the industry.
While one of the key segments of merchant shipping, and one of the largest categories, the average age of bulkers is increasing, and with it comes more safety risks. In addition, like all parts of the industry, bulkers are under pressure to increase their performance and sustainable operations. The group reported that its data showed the average of bulkers has reached 14.7 years and is continuing to rise. Construction of new bulkers has also lagged other segments which are aggressively adding new tonnage.
RightShip in October announced it had decided in a two-step process to lower the age of a vessel to start inspections from 14 to 12 years in 2025 and 10 years in 2026. It also reported that the inspection requirement would also be extended to cover smaller vessels under 8,000 dwt, which had been exempt until recently.
Despite saying it had consulted with the industry, the proposal was met with widespread complaints. INTERCARGO, which represents a large portion of the operators, issued a statement expressing “deep concern” saying that it required more consultation and time to prepare for the accelerated timeline.
After discussions with INTERCARGO as well as the International Chamber of Shipping and the Union of Greek Shipowners, RightShip confirmed it was refining the approach to align with the operational realities. It said however the fundamentals of the changes designed to reinforce the shared commitment to safety remain in place.
“Our updated approach directly addresses some of the key stakeholder concerns, balancing inspection workloads, and providing flexibility while maintaining rigorous safety standards,” said Christopher Saunders, Chief Maritime Officer at RightShip. “We’ve also committed to enhanced transparency in our processes to offer greater clarity through industry dialogue going forward.”
The 10-year trigger to start inspections remains, but RightShip expanded the timeline to four steps starting at 13 years in October 2025 (instead of 12 years in March 2025) and by January 1, 2027 (instead of March 31, 2026) reaching 10 years. They said this would give vessel owners and operators more time to adjust budgets, train crew, and plan for the inspections. Vessels will now have 12 months’ notice before the changes start and it is also providing a three-month inspection buffer.
The expansion to require vessels of less than 8,0000 dwt to undergo similar inspections remains in the program. RightShip emphasizes that this will make the safety standard more consistent across the global dry bulk and general cargo fleet.
“Safety is a collective journey,” said Steen Lund, CEO of RightShip. “This phased rollout is a step forward in working toward zero harm in maritime operations while ensuring a realistic transition period for our stakeholders. We look forward to continuing our dialogue and working with the industry to improving and advocating for higher safety standards.”
INTERCARGO issued a statement welcoming the revision. Chairman Elect John Xylas also highlighted an agreement with RightShip for regular structured consultations. He said it would ensure that dry bulk owners and operators would contribute in the development of industry initiatives that promote safety and sustainability.
Police in Asbury Park, New Jersey have reported a huge cluster of drones arriving from offshore, including more than a dozen that appear to have tracked a Coast Guard motor lifeboat.
Rep. Chris Smith (R-NJ) reported Tuesday that about 50 drones arrived from seaward over Asbury Park on Sunday night. As many as 30 additional drones followed a 47-foot USCG fast response boat as it operated just off the coast, he said.
Gov. Phil Murphy has assured the public that the drones pose no threat, but in questioning before a congressional panel on Tuesday, a top FBI official said that law enforcement has no knowledge of who the operator of the drone swarm might be. “We just don’t know, and that’s the concerning part,” assistant FBI director Robert Wheeler told the panel.
Large-scale drone sightings have been reported all over New Jersey in recent weeks, including some at sensitive military sites and near critical infrastructure. Bystanders have reported flying unmanned craft of unusually large size, exceeding the scale of normal commercial UAVs.
The drones do not come from any nearby military base, officials at Naval Weapons Station Earle and the Picatinny Arsenal have confirmed. The Pentagon has not announced plans to shoot down any of the flying objects, and is presently watching and waiting.
“At this time we have no evidence that these drones are coming from a foreign entity or the work of an adversary. We will continue to monitor what is happening, but at no point were our installations threatening,” said Pentagon spokeswoman Sabrina Singh.
U.S. Northern Command – responsible for air defense for the U.S. mainland – also indicated that it has no plans to intervene. “USNORTHCOM conducted a deliberate analysis of the events, in consultation with other military organizations and interagency partners . . . at this time we have not been requested to assist with these events,” the command said.
Open-source intelligence analysts have noted that some of the largest reported “drones” display marking lights that are identical to those on known aircraft, like the F-35B and the AgustaWestland AW-139 helicopter – both capable of hovering in midflight and maneuvering like a quadcopter.
In an interview on Fox, Congressman Jeff Van Drew claimed to have knowledge that the drones were Iranian, and that they came from a “mothership” located off the East Coast. Iran does possess an array of drone systems, and it has created two dedicated drone motherships – but both of these vessels are visible on satellite imaging in the anchorage at Bandar Abbas, 6,000 nautical miles east of Asbury Park (and much further by navigable routes).
hey @Congressman_JVD
— MT Anderson (@MT_Anderson) December 11, 2024
Looks like both Iranian drone carriers were in the anchorage in Bandar Abbas as shown on Sentinel 2
Just in case you think they can cover the ~11,000km in 3 days, they are visible, in the same location, on Sentinel 1 SAR today 11 December 2024
be better https://t.co/7nKtlM6q63 pic.twitter.com/lUwvoYVGBc
QatarEnergy concluded a time charter agreement with a joint venture between Japan’s Mitsui O.S.K. Lines and China’s COSCO Shipping LNG as the last step in its historic multi-year shipbuilding program. The deal calls for six more QC-Max LNG carriers, the largest vessels of their kind in the world.
When the newbuilds are completed. QatarEnergy will have commitments for a total of 128 LNG carriers supporting the expansion of its LNG production and export operations. A total of 104 conventional size LNG carriers are being built between China and South Korea with the first of the ships beginning delivery this year. In addition, they will have 24 QC-Max vessels each with a capacity of approximately 271,000 cbm.
QatarEnergy and its partners have emphasized the greater efficiency of these massive gas carriers while saying they will still have access to most major ports. COSCO said the vessels will have enhanced fuel efficiency and reduced emissions making them among the most advanced in the industry. It was previously reported that each vessel will measure 1,128 feet (344 meters) with a design draft of just over 39 feet (12 meters).
It had been rumored for months that they were shopping the final order between yards in South Korea and China. The order for six of the Max vessels is going to Hudong-Zhonghua Shipbuilding, a subsidiary of China State Shipbuilding Corporation (CSSC). The same shipyard had received the prior orders which had been increased in April 2024 to a total of 18 vessels. The prior orders were reported to have delivery dates paced between 202 8 and 2031.
The agreement also extends the partnership between the two companies. MOL and COSCO in 2022 executed a contract for seven conventional-size LNG carriers (174,0000 cbn) which will operate on long-term charters to QatarEnergy. COSCO has benefitted from the newbuild program contributing to its expansion. The Chinese shipping company is also a joint-venture partner with China LNG Shipping for two additional vessels for QatarEnergy.
“We are proud to have forged very important partnerships and business relations with many companies and joint ventures including today’s new partnership with MOL and COSCO Shipping,” said Qatar’s Energy Minister and CEO of QatarEnergy His Excellency Minister Al-Kaabi.
Many leading shipping companies joined with QatarEnergy in executing the massive construction program. Qatar in 2020 reported it had made the largest ever reservation for newbuilds anticipating at least 100 vessels. The development of the new LNG field is still to give Qatar leadership as the largest LNG exporter after having vied the past few years with the United States and Australia for the largest volumes.
Most of the vessels being built with be for fleet expansion. QatarEnergy however confirmed that some of the vessels would replace older carriers in a modernization of its existing fleet.
Vessels have been repeatedly warned of the dangers while transiting the Singapore Strait but the latest report includes a rare instance of violence against the crew. Ambrey is reporting that a crewmember was stabbed and taken ashore to a hospital overnight on Wednesday, December 11.
Most of the incidents in the Singapore Strait are attempted robberies of spare parts or other equipment from vessels most often underway. Usually, they are small groups of people at most armed with knives and when spotted or confronted the boarders flee.
However, according to last night’s report, two boarders were seen aboard a tanker underway transiting eastbound through the Phillip Channel. Ambrey in an update said that the robbers had knives and one crewmember was stabbed repeatedly before the boarders left the vessel. The incident has not yet been confirmed by the regional authorities.
ReCAAP (Regional Cooperation Agreement on Combating Piracy and Armed Robbery against Ships in Asia) set up 20 years ago to promote and enhance cooperation to suppress piracy and armed robbery against ships in Asia has highlighted an increased number of attacks. The reports show more violent incidents than in the past.
So far in 2024, it has already received reports of 86 incidents and 10 attempts this year. That compares with 100 reports in all of 2023. This year it tracked 17 cases where the crew was threatened, held hostage temporarily, or rarely injured versus nine reports of this level in 2023.
Last week, ReCAAP tracked three instances where vessels were boarded either in the Singapore or Malacca Strait. One report indicated that the perpetrators were armed with knives but no one was reported injured. In two of the reports, it indicates that equipment was stolen. Also in December, a bulk carrier was boarded in the Malacca Strait. In that report, it says a crewmember was tied up by the perpetrators who stole engine spare parts.
More than half the incidents reported since January 2024 (55 total) were in the Singapore Strait. ReCAAP continues to advise ships to exercise enhanced vigilance when transiting in the area. It also calls on the
littoral states to increase patrols and enforcement in these areas.
Hungary as the current presidency of the Council of the European Union announced today, December 11, the adoption of the 15th round of sanctions over the past three years aimed at disrupting Russia’s oil trade and revenue sources. The package is reported to focus on the shadow tanker fleet dramatically increasing the number of crude oil and gas tankers listed as well as entities supporting the trade and supplying Russia with drones.
“The adopted sanctions constrain the activity of additional vessels of third states operating to contribute or support actions or policies supporting Russia’s actions against Ukraine,” Hungary wrote on social media shortly. The package, which is the only one passed while Hungary was leading the council, had been stalled over last-minute political maneuvers after the European Parliament previously called for the action and the foreign ministers reported their support for expanding the restrictions.
Final details of the new package will be released after the foreign ministers of the member countries meet to approve the package. That is expected to happen on next Monday, December 9.
The final number of tankers being included in the package varies by report, but it appears to be between 45 and 50 vessels. The EU previously listed 27 vessels but had been under pressure to expand its efforts. Last month, the UK enacted its largest package of sanctions to date noting that it had reached 73 oil tankers which it noted was ahead of the U.S. which had listed 39, and the European Union which sanctioned 19 tankers.
Media reports are suggesting the EU’s next package will give it the highest total with approximately 80 vessels blocked for actions undermining the G7 imposed price cap on Russian crude. Several firms supporting the tanker trade will also be listed as well as reports of 30 other entities and 50 individuals in the 15th package.
While the sanctions and the limits on access to ports, supplies, and insurance are having an impact on the fleet, it remains a small faction of the shadow fleet. Estimates put the number between 600 and 800 vessels operating outside international regulations to support the Russian oil trade as well as Iran and Venezuela. China and India are the largest buyers with reports saying Russia between 2022 and mid-2024 has received approximately $500 billion in oil revenues.
For the first time, the EU will also be listing several Chinese companies. The reports said the companies including at least one in Hong Kong have been linked to efforts supplying drones and equipment to the Russian military.
Adoption of the package had been delayed by political maneuvers. Some countries were reported to be pushing for wider restrictions on Russian oil and gas. The Czech Republic was able to maintain its exemption for six months for Russian oil products coming through Slovakia. However, the news outlet Politico reports it has seen a letter sent to the EU by 10 countries calling for new restrictions on Russia’s natural gas trade in 2025 as well as aluminum and nuclear fuel.
Experts predict the council will become more aggress after Hungry relinquishes the leadership to Poland on January 1. The council presidency rotates at six-month intervals among the member countries. Poland will lead the council for the first half of the year followed by Denmark, which is one of the most vocal critics of the shadow fleet citing the dangers it faces with the uninsured vessels transiting into and out of the Baltic.
