Journalist
Lee Hugh
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Korea's HMM joins wave of force majeure as Iran war disrupts Strait of Hormuz SEOUL, March 11 (AJP) -South Korea’s flagship container carrier HMM has joined a wave of force majeure declarations sweeping global shipping as the Iran war disrupts maritime traffic through the Strait of Hormuz, one of the world’s most critical trade and energy chokepoints. The company told shippers Wednesday that maritime security near the strait had deteriorated sharply due to the outbreak of war, hostile acts and attacks on commercial vessels, forcing it to impose restrictions on cargo services to the Middle East and Red Sea region. HMM said it would immediately stop accepting new bookings for cargo loaded at, or bound for, ports in the Arabian Gulf (Persian Gulf), the Red Sea and the Horn of Africa. Even for cargo already booked, shipments that have not yet been loaded will not be transported under current conditions, the company said. For cargo already in transit to or from affected areas, HMM said it would exercise its rights under bill-of-lading terms. Containers may be rerouted or discharged at the nearest safe port depending on operational conditions. The company also announced a transport disruption fee of $1,000 per container to cover additional costs such as cargo handling, storage and route changes. An HMM official said the measures were unavoidable. “Security conditions on the route have deteriorated rapidly due to the Iran war,” the official said, adding that the steps were necessary to protect the safety of ships, crews and cargo. The move comes as the conflict between the United States, Israel and Iran has triggered one of the most severe disruptions to Gulf maritime trade in decades. The Strait of Hormuz, linking the Persian Gulf with global sea lanes, handles roughly one-fifth of the world’s oil shipments and serves as a key artery for container trade between Asia, the Middle East and Europe. Industry data shows vessel traffic through the waterway has dropped sharply since the conflict erupted on Feb. 28 as missile and drone attacks on commercial vessels forced carriers to suspend services or divert ships. Major shipping lines including Maersk, CMA CGM, COSCO and Hapag-Lloyd have halted bookings or invoked force majeure provisions on shipments to several Gulf destinations. Force majeure is a contractual clause that allows companies to suspend or delay obligations when extraordinary events such as war or attacks on infrastructure prevent them from fulfilling contracts. The disruption is spreading beyond container shipping into global energy and petrochemical supply chains. Taiwan’s Formosa Petrochemical Corp. (FPCC) has declared force majeure on shipments of petrochemical products such as ethylene and propylene after delays in feedstock supplies caused by disruptions in the Strait of Hormuz, according to Reuters. Energy producers across the Gulf have taken similar steps. QatarEnergy, Bapco Energies in Bahrain and Kuwait Petroleum Corp. have invoked force majeure or emergency measures as attacks and shipping disruptions affect exports. Analysts say the growing use of the clause highlights how quickly geopolitical shocks in the Middle East can ripple through global supply chains. The maritime crisis is also pushing up operating costs for shipping companies. Prices for very low sulphur fuel oil (VLSFO) have climbed above $650 per metric ton, while marine gasoil has surged past $1,000, reflecting rising war-risk premiums and route diversions. According to shipping data provider Kpler, more than 140 container ships are currently sheltering inside the Persian Gulf, unable to safely transit the strait. The United States has moved to stabilize maritime insurance markets by launching a $20 billion reinsurance backstop to cover war-risk losses for vessels operating in the region after major insurers withdrew coverage. With shipping disruptions now spreading across container trade, energy markets and industrial supply chains, analysts warn the conflict could create prolonged bottlenecks in global logistics if the Strait of Hormuz remains unstable. 2026-03-11 13:19:04 -
T’way Air Says Top Shareholder Sono International Will Subscribe to Full Rights Offering Allocation T’way Air said its top shareholder, Sono International, will subscribe to 100% of the 26.85 million common shares allocated to it in the company’s rights offering for existing shareholders, which runs for two days from March 11-12. The airline said the decision reflects Sono International’s firm confidence in T’way Air’s mid- to long-term vision and future growth value. It added that, despite volatility in the domestic and global economic environment, the top shareholder’s full participation is intended to support shareholder value and responsible management. T’way Air said it will focus the funds raised on securing key future growth engines. Starting in the second half of this year, it plans to add A330-900NEO aircraft to strengthen fleet competitiveness. The carrier also said it will continue expanding long-haul routes, including to Europe, North America and Australia. The company said it will also invest in upgrading its flight safety systems and improving service quality, with the goal of building passenger infrastructure at a global level. The capital increase is expected to help improve T’way Air’s financial structure. A T’way Air official said, “Through this capital increase, we will strengthen T’way Air’s financial stability and lay the groundwork for a bigger leap to become a global airline.”* This article has been translated by AI. 2026-03-11 12:03:20 -
Jeju Air Opens 2026 Hiring for Entry-Level Office Jobs Jeju Air said Wednesday it is accepting applications for entry-level office positions for the first half of 2026. The airline plans to hire in six areas: information security, branch transportation, ramp operations, crew scheduling, flight crew administration and flight training administration. Applicants must apply through Jeju Air’s recruitment website and complete an online competency test. Candidates who advance will go through two rounds of interviews and a pre-employment medical exam before final selections are made. Applications are open to four-year college graduates and those expected to graduate in August, with submissions due by 5 p.m. March 19. Jobs will be based in Seoul or Incheon. Applicants must meet minimum scores on recognized English tests such as TOEIC or OPIc and must be eligible for overseas travel. * This article has been translated by AI. 2026-03-11 11:40:14 -
Asian stocks advance as foreign investors return to Korean chipmakers SEOUL, March 11 (AJP) — Asian stocks opened higher on Wednesday despite mixed signals from Wall Street, as markets remained jittery over conflicting messages from Washington and shifting remarks by U.S. President Donald Trump on the trajectory and duration of the Middle East war. As of 10:55 a.m., South Korea’s benchmark KOSPI rose 3.43 percent to 5,722.17, while the tech-heavy KOSDAQ gained 2.48 percent to 1,165.94. In Tokyo, the benchmark Nikkei 225 climbed 1.92 percent to 55,289.74 in early trading, with semiconductor-related shares attracting buying after strong gains by U.S. chipmakers overnight, led by Intel, AMD and Micron. Shares of NAND flash maker Kioxia Holdings surged 7.23 percent to 21,000 yen. Taiwanese shares also moved higher, with the TAIEX rising 2.03 percent to 33,438.19. In Hong Kong, the Hang Seng Index advanced 0.35 percent to 26,049.87. Foreigners returned to Seoul, buoyed by overnight reward programs from Korea's most influential corporate names. Overseas investors turned net buyers on Tuesday, purchasing 1.034 trillion won ($770 million) worth of shares on the KOSPI market. Most of the inflows were concentrated in semiconductor blue chips. Foreign investors bought 778.9 billion won worth of Samsung Electronics shares and 709.2 billion won of SK hynix, bringing total purchases in the two stocks to more than 1.4 trillion won. The move marked a notable shift after foreigners had dumped more than 20 trillion won worth of Samsung Electronics shares since mid-February, returning to major semiconductor stocks after roughly a month of heavy selling. The buying likely reflects portfolio adjustments ahead of potential U.S. tariff hikes, as well as bargain hunting in semiconductor blue chips that had fallen sharply in recent weeks. Samsung Electronics rose 1.81 percent to 191,300 won, while SK hynix gained 1.49 percent to 952,000 won in Wednesday morning trading. Samsung Electronics said it plans to cancel about 87 million treasury shares — roughly 82.5 percent of its 105.43 million holdings as of end-2025 — in the first half of this year, worth about 15.6 trillion won based on the March 10 closing price. The move is part of its 10 trillion won share buyback program announced in November 2024 to address its valuation discount. Separately, SK Inc., the holding company of SK Group with memory giant SK hynix under its umbrella, decided to cancel about 14.69 million treasury shares, or 80 percent of its holdings, by January next year. The cancellation is valued at roughly 5.1 trillion won based on the latest closing price. Still, it remains too early to conclude that the rebound will be sustained. U.S. stocks ended mixed Tuesday as uncertainty surrounding the Strait of Hormuz resurfaced despite falling oil prices. Remarks by Trump about a possible early ceasefire and discussions among G7 nations about releasing strategic petroleum reserves pushed oil prices lower, but geopolitical risks from the ongoing war remain an overhang for markets. Automakers also advanced, with Hyundai Motor up 2.57 percent to 538,500 won and Kia rising 3.98 percent to 167,400 won. Hyundai Mobis added 2.13 percent to 432,000 won. In the battery sector, LG Energy Solution gained 2.18 percent to 375,000 won. Defense and shipbuilding stocks maintained strength, with Hanwha Aerospace up 1.51 percent to 1,477,000 won, HD Hyundai Heavy Industries rising 3.26 percent to 602,000 won, and HD Hyundai Electric advancing 3.19 percent to 971,000 won. Financial shares rallied as well. KB Financial Group jumped 5.83 percent to 156,000 won, Samsung Life Insurance rose 5.44 percent to 223,000 won, and Shinhan Financial Group gained 3.92 percent to 92,700 won. Among other large caps, Samsung Biologics rose 3.33 percent to 1,645,000 won, SK Square climbed 3.79 percent to 575,000 won, Samsung C&T gained 5.49 percent to 288,000 won, Naver advanced 2.95 percent to 227,000 won, and Korea Zinc rose 4.92 percent to 1,705,000 won. Shares of retail giant Emart rose 4.5 percent to 95,600 won after the company said its board approved a share swap with Shinsegae Food to acquire the remaining 26.91 percent stake and make the food affiliate a wholly owned subsidiary. Shinsegae Food will be delisted following the deal. The Korean won was trading at 1,469.2 per dollar, little changed from the previous close of 1,469.3. 2026-03-11 11:19:01 -
Samsung shares head north on record R&D, buyback plan in AI chip push SEOUL, March 11 (AJP) - Shares of Samsung Electronics headed north as investors welcomed the South Korean tech behemoth’s record spending — amounting to nearly a third of last year’s revenue of over $200 billion — to advance chipmaking capabilities in the AI-driven era while sharing the memory boom with shareholders. According to its 2025 business report disclosed Tuesday, the company invested a record 37.7 trillion won ($28.3 billion) in research and development last year and set aside 16 trillion won to retire around 87 million treasury shares during the first half. As of 10:00 a.m. Wednesday, shares were up 2.55 percent at 192,500. The 2025 R&D spending marked a 7.8 percent increase from 2024, while capital expenditure on semiconductor and display facilities rose to 52.7 trillion won, about 5 trillion won more than initially planned. Samsung said the massive investment was aimed at preemptively addressing demand for next-generation semiconductors such as High Bandwidth Memory (HBM) and high-capacity DDR5, key components powering artificial intelligence data centers. The company recently began mass production of HBM4 base dies and plans to expand supply of HBM4 this year to meet surging demand from major global technology firms. Notably, Alphabet has joined Samsung’s top five customers amid the rapid expansion of AI infrastructure investments by big tech companies. Samsung also reported strong financial performance last year. Annual revenue reached 333.61 trillion won, up 10.9 percent from a year earlier, while operating profit jumped 33.2 percent to 43.6 trillion won. Revenue exceeded 330 trillion won for the first time, marking the company’s highest annual sales on record. Shareholder returns are also being strengthened. Samsung plans to cancel about 87 million treasury shares, valued at roughly 16 trillion won based on the March 10 closing price, as part of efforts to enhance shareholder value. The semiconductor recovery and improved earnings also lifted employee compensation. The average annual salary rose 21.5 percent to a record 158 million won last year, compared with 130 million won in 2024. To promote longer-term performance-based management, the company granted 35.29 million performance share units (PSUs) to around 128,000 employees. As of the end of last year, Samsung’s domestic workforce stood at 128,881, with the average tenure rising to 13.7 years. The company said it plans to continue creating jobs for young people through its traditional open recruitment program in the first half of the year. 2026-03-11 11:11:40 -
Mercedes-Benz Korea Launches In-Car App for Service Center Bookings Mercedes-Benz Korea said on the 11th it has launched an “Onboard Service Application” that lets drivers book service-center appointments through the vehicle’s central display. The company said the service is the first of its kind in the imported-car segment. It follows the official website and mobile app as another option aimed at improving digital convenience. Through the in-car screen, drivers can check the vehicle’s current service status. If the system identifies needed maintenance, it provides a suggested service along with an online booking notification. The app is available for vehicles equipped with second- or third-generation MBUX infotainment systems or later. If digital service activation requirements are met, the application is automatically installed via an over-the-air update.* This article has been translated by AI. 2026-03-11 11:07:30 -
Hyundai Rotem Earns Top CDP Water Security Rating Hyundai Rotem said it has received top marks from CDP, a global sustainability assessment organization, for its environmental management performance. The company said Wednesday it earned the highest “Leadership A” rating and received an Excellence Award for water security at the 2025 CDP Korea Awards, held Tuesday at the Ambassador Seoul Pullman in Seoul. CDP, formerly known as the Carbon Disclosure Project, evaluates major companies’ responses to climate change and water management by requesting and assessing management information on behalf of financial institutions worldwide. It is widely used by global investors and companies as an environmental disclosure platform. CDP grades companies each year across eight levels, including Leadership A, Leadership A- and Management B. It gives a grand prize to the top-scoring company and top excellence awards to the second- and third-ranked firms. Companies that earn Leadership A- or higher receive an excellence award. Hyundai Rotem said it moved up two grades from the previous year to reach Leadership A, its first time receiving the top rating since it was included in CDP’s environmental management assessment in 2022. The company said it operates internal standards stricter than legal requirements to minimize water pollutants at its worksites. It said it continuously monitors discharged water quality and tracks water use and reuse. Hyundai Rotem said it plans to set a mid- to long-term plan to cut water pollutants and strengthen its water-risk management system. Over the longer term, it said it will introduce advanced wastewater treatment and build a process to reuse low-concentration wastewater. To support carbon-neutral management, the company said it installed solar power facilities last year at its Changwon plant, a key domestic production base. The plant produces 929 MWh of renewable energy annually, enough to fully charge a small electric vehicle with a 42 kWh battery about 22,000 times. Hyundai Rotem said it aims to convert all worksites to 100% renewable energy by 2040. “We earned the highest rating in the CDP assessment as a result of companywide efforts to manage water resources to protect ecosystems,” a Hyundai Rotem official said. “We will continue to advance water management and expand renewable energy use to contribute to a sustainable society.”* This article has been translated by AI. 2026-03-11 11:03:19 -
Hyundai Motor Group overtakes Volkswagen in profitability, claims global No. 2 spot SEOUL, March 11 (AJP) - Hyundai Motor Group surpassed Volkswagen Group in annual operating profit for the first time last year, securing the No. 2 position among global automakers in a milestone that underscores the South Korean conglomerate's rising dominance in an increasingly competitive industry. The group, which encompasses Hyundai Motor Company, Kia and premium line Genesis, posted a combined operating profit of 20.55 trillion won ($13.99 billion) in 2025, comfortably eclipsing Volkswagen's 8.9 billion euros (15.19 trillion won). Toyota Group retained the top spot with an operating profit of 4.31 trillion yen (39.97 trillion won). Hyundai Motor Group sold 7.27 million vehicles worldwide last year, ranking third in global sales behind Toyota at 11.32 million units and Volkswagen at 8.98 million units. General Motors trailed in fourth with 6.18 million units, followed by Stellantis at 5.48 million. The group's operating profit margin stood at 6.8 percent, more than double Volkswagen's 2.8 percent, and second only to Toyota's 8.6 percent. Despite shouldering about 7.2 trillion won in U.S. tariff-related costs — split between Hyundai Motor at 4.1 trillion won and Kia at 3.1 trillion won — the group's tariff burden was lighter than that of Toyota, which paid about 1.2 trillion yen. Hyundai Motor Group offset tariff headwinds through local production adjustments, market diversification and swift inventory drawdowns. Industry analysts attributed the group's outperformance to its agility in balancing electrified and internal combustion lineups while tightening cost controls across its global operations. Revenue for the group totaled 300.4 trillion won last year, dwarfed by Volkswagen's 321.9 billion euros but supported by margins that have steadily widened over the past several years. 2026-03-11 10:59:35 -
North Korea conducts another missile test from new destroyer SEOUL, March 11 (AJP) - North Korea has conducted another test‑firing of strategic cruise missiles from its new destroyer, state media reported on Wednesday. According to the state-run Korean Central News Agency (KCNA), leader Kim Jong‑un observed the test through a monitor the previous day, accompanied by his daughter Ju‑ae. The test comes less than a week after a similar test conducted at a shipyard in Nampo and also coincides with the annual joint military exercises between South Korea and the U.S., which are currently underway. KCNA said the missiles from the multipurpose destroyer Choe Hyun flew along the West Sea for roughly 10,000 seconds before hitting their designated targets, with Kim expressing "his great satisfaction over the verified reliability of the national integrated control system of strategic weapons and the superiority of the destroyer's integrated combat system." Kim was quoted as saying, "The components of our war deterrent are now being included in the very sophisticated operational system in an effective and accelerated manner continuously and the country's nuclear forces have made a switch to the phase of multifaceted operation." He also vowed to enhance the country's naval capabilities with more warships in the future. In April last year, North Korea unveiled the Choe Hyon, named after a comrade of its regime founder Kim Il‑sung during his days as a partisan fighter. The 5,000-ton destroyer is believed to be capable of carrying nuclear weapons. North Korea is also building another destroyer, which is expected to be completed by early October, in time for the 81st anniversary of the founding of the country's key ruling organ, the Workers' Party of Korea. 2026-03-11 10:56:29 -
Hanwha to Debut L-SAM Missile Defense System at Belgium’s BEDEX Arms Show Hanwha will showcase South Korea’s long-range surface-to-air missile interceptor, known as the L-SAM, at the BEDEX defense exhibition in Belgium, aiming to expand sales in the global market. Hanwha Aerospace and Hanwha Systems said Wednesday they are taking part in BEDEX in Brussels from March 12-14, marking the first participation by a South Korean company. The exhibition, being held in Belgium for the first time, is set to draw major defense firms including Rheinmetall, KNDS and Raytheon, among other European and global companies. Hanwha said it is moving early to establish a foothold in Western Europe by exhibiting in Belgium, home to NATO headquarters. Belgium is pursuing a layered air defense network as a top defense priority. Hanwha Aerospace plans to display the L-SAM interceptor missile and launcher, while Hanwha Systems will exhibit a multifunction radar, the Cheongwang laser air defense weapon and a laser armored vehicle under development. Often described as a South Korean version of THAAD, the L-SAM is a long-range surface-to-air missile system designed to hit and destroy ballistic missiles at altitudes above 40 kilometers using a hit-to-kill method. Development was completed in 2024, and mass production began last year. Hanwha said the system can intercept fast, medium-range ballistic missiles descending from high altitude, enabling rapid response. The company also plans to emphasize its ability to support quick fielding tailored to local requirements as European countries accelerate efforts to strengthen missile defense networks. Hanwha Aerospace will also introduce the Chunmoo multiple rocket launcher to Western European customers. The system’s European operators have expanded beyond Poland to include Estonia and Norway. At the exhibition, Hanwha will display a Chunmoo launcher and four types of guided rockets with ranges of 80 kilometers to 290 kilometers. “Belgium is a key hub for European security, hosting NATO headquarters and major European Union institutions,” a Hanwha official said. “Building on Hanwha’s standing as a strategic partner to NATO, strengthened through exports such as the K9 self-propelled howitzer, we will actively seek cooperation to present our air defense and ground firepower capabilities in Europe and contribute to strengthening the defense capabilities of NATO member states.”* This article has been translated by AI. 2026-03-11 10:39:49