Sinokor Merchant Marine

Sinokor sells two of six newbuildings to MSC for profit

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The post Sinokor sells two of six newbuildings to MSC for profit appeared first on Con...

https://container-news.com/sinokor-sells-two-of-six-newbuildings-to-msc-for-profit/

Seoul earmarks US$2.5 billion to boost vessel capacity of smaller box lines

As part of plans to grow the locally owned container shipping fleet, the South Korean government will set aside around US$2.5 billion to increase the fleets of SM Line and other South Korean feeder operators by 100,000 TEUs.

The kitty is targeted at SM Merchant Marine, commonly known as SM Line, Sinokor Merchant Marine, Korea Marine Transport Company (KMTC Line), Pan Ocean, CK Line, Namsung Shipping and Dongjin Shipping.

Currently, these companies have a combined boxship fleet of approximately...

https://container-news.com/seoul-earmarks-us2-5-billion-to-boost-vessel-capacity-of-smaller-box-lines/

Sinokor unit to develop logistics base in Gwangyang

Sinokor Merchant Marine’s logistics subsidiary Kookyang Logitech is investing US$38 million to develop a logistics facility in South Korea’s second-busiest container port, Gwangyang.

Founded in 1998, Kookyang Logitech operates logistics facilities at five South Korean ports and two inland bases. In February, Yeosu Gwangyang Port Authority selected Kookyang Logitech as the preferred bidder to operate a logistics facility in the western hinterland.

Kookyang Logitech expects to generate additional...

https://container-news.com/sinokor-unit-to-develop-logistics-base-in-gwangyang/

HMM and Sinokor sign up to nuclear power

HMM, Sinokor Merchant Marine, Wooyang Shipping and H-Line Shipping are exploring the development of nuclear-powered ships.

On 9 February, the four South Korean shipping companies signed an agreement with Gyeongju City’s municipal authorities, Korea Research Institute of Ships & Ocean Engineering, Korea Atomic Energy Research Institute and the Korean Register of Shipping to create small nuclear reactors, including molten salt reactors, for ships.

The Memorandum of Understanding (MoU) aims to...

https://container-news.com/hmm-and-sinokor-sign-up-to-nuclear-power/

Sinokor shows no anti-Russia stance

South Korean regional carrier Sinokor Merchant Marine is maintaining its Busan-Vladivostok liner service, bucking a trend of liner operators suspending services to Russia in the wake of the latter’s invasion of Ukraine.

The company said that there are low security risks as Vladivostok, in the Russian Far East, is far from the war zone.

Cargoes carried by Sinokor to Vladivostok are then received by Russia’s FESCO and Sakhalin Shipping Company. It has been surmised that if there are no longer ocean...

https://container-news.com/sinokor-shows-no-anti-russia-stance/

Korean antitrust body slaps $81m fine on price-fixing liner operators

The Korea Fair Trade Commission (KFTC) has fined 23 liner operators a total of $81m for ‘fixing’ freight rates on the South Korea to South-east Asia lane between 2003 and 2018.
Most of the major liner operators and a number of regional carriers were among those fined, including HMM, SM Line, Korea Marine Transport (KMTC Line), Pan Ocean, Sinokor, Maersk, Evergreen, Yang Ming, Wan Hai, SITC and Cosco.
KMTC received the heaviest penalty, …

The post Korean antitrust body slaps $81m fine on...

https://theloadstar.com/korean-antitrust-body-slaps-81m-fine-on-price-fixing-liner-operators/

Incheon collaborates with carriers offering Seoul shippers ad hoc sailings

South Korea’s Incheon Port Authority (IPA) has worked with compatriot intra-Asia carriers Sinokor Merchant Marine and Dong Young Shipping to offer extra loader sailings to South-east Asia for shippers exporting from the Seoul area.
The first sailing, on 2 December, saw Sinokor deploy the 1,500 teu Fortune Trader to Singapore, Jakarta, Hai Phong, Incheon and Busan, while Dong Young, a subsidiary of Namsung Shipping, deployed the 1,000 teu Pegasus Pacer to Hai …

The post Incheon collaborates with...

https://theloadstar.com/incheon-collaborates-with-carriers-offering-seoul-shippers-ad-hoc-sailings/

Wan Hai boosts vessel-acquisition budget and takes over Yokohama terminal

Wan Hai Lines is splashing out on more asset acquisitions as it looks to strengthen its competitiveness amid a firming container shipping market.
The Taiwan carrier now has a war chest of $320m to acquire more pre-owned ships.
In 2020, when freight rates began rising, Wan Hai earmarked $360m to buy second-hand ships to expand its fleet: 12 were purchased and, in November, Wan Hai allotted another $200m to acquire more tonnage. …

The post Wan Hai boosts vessel-acquisition budget and takes over...

https://theloadstar.com/wan-hai-boosts-vessel-acquisition-budget-and-takes-over-yokohama-terminal/

Seoul intervenes to divert box ship and ease Korean urea shortage

South Korean intra-Asia carrier Sinokor Merchant Marine has diverted a containership to Ulsan to facilitate the delivery of much-needed urea from China.
Diesel-fuelled vehicles in South Korea are required by law to use urea as an additive to cut emissions and, currently, a shortage is so serious that the government is rationing supplies.
The urea shortage was instigated by China’s power restrictions on manufacturing, which restricted its output of fertiliser and, ultimately, …

The post Seoul...

https://theloadstar.com/seoul-intervenes-to-divert-box-ship-and-ease-korean-urea-shortage/

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