Journalist

AJP
  • Korea unveils first domestically built KF-21 fighter jet
    Korea unveils first domestically built KF-21 fighter jet SEOUL, March 25 (AJP) - South Korea rolled out the first mass-produced KF-21 Boramae fighter jet on Wednesday, marking a major milestone in the country’s decades-long push to develop the domestically built 4.5-generation supersonic fighter. President Lee Jae Myung, who attended the ceremony at Korea Aerospace Industries (KAI) in Sacheon, described the rollout as a historic step toward strengthening self-reliant defense capabilities. “South Korea has finally secured weapons developed with our own technology and determination to protect peace not only on land and sea, but also in the skies,” Lee said. “This marks a proud achievement for self-reliant national defense,” Lee said, calling the moment a “historic milestone” for the nation. About 500 attendees joined the ceremony, including test pilots of the KF-21, defense industry officials, air force cadets, students from the aviation science high school and diplomatic representatives from 14 countries. The KF-21 Boramae is a 4.5-generation supersonic fighter jet developed by KAI in cooperation with the Republic of Korea Air Force and the Agency for Defense Development under the KF-X (Korea Fighter eXperimental) program. Lee emphasized that the KF-21 represents decades of national ambition. “This fighter, designed with our own technology and built by our own hands, embodies our long-standing aspiration for self-reliant defense,” he said. He also highlighted the long development process, noting that the project dates back to 2001 when then-President Kim Dae-jung first announced plans to develop a domestically produced fighter jet. “This historic achievement did not come easily,” Lee said. “For 25 years, our researchers and military personnel overcame countless challenges and turned what once seemed impossible into reality.” He added that the KF-21’s success goes beyond strengthening national defense saying that the jet has already drawn strong interest from overseas even before its rollout. Lee also noted that South Korea has already demonstrated its defense capabilities through exports such as the K9 self-propelled howitzer and the Cheongung air defense missile system. The KF-21 is expected to be deployed to the South Korean Air Force later this year. According to government and industry officials, the fighter jet is drawing interest from several countries, including the United Arab Emirates, Saudi Arabia, the Philippines and Poland, in addition to Indonesia, which has already signed on as a development partner. With the KF-21 rollout, South Korea has become the eighth country or region to successfully develop a 4.5-generation or higher supersonic fighter jet, joining the United States, China, Russia, Japan, France, Sweden and a European consortium. 2026-03-25 17:14:46
  • Hanwhas stealth KAI stake signals opening salvo in battle for Koreas fighter
    Hanwha's stealth KAI stake signals opening salvo in battle for Korea's fighter SEOUL, March 25 (AJP) - The widening Gulf conflicts have caused disruption across markets but are simultaneously delivering a windfall for South Korea’s defense sector, galvanizing acquisition appetite around Korea Aerospace Industries (KAI), the country’s sole aircraft platform maker. Adding to its renewed strategic appeal, KAI rolled out its first mass-produced KF-21 Boramae fighter jet on Wednesday. Hanwha Aerospace disclosed in its latest business report that it holds a 4.41 percent stake in KAI, or 4.86 million shares. Including an additional 0.58 percent held by affiliate Hanwha Systems, the group’s total stake stands at 4.99 percent — just shy of the 5 percent threshold that would trigger stricter disclosure requirements. The precision of that stake has fueled market speculation. By stopping short of the reporting threshold, Hanwha appears to be pursuing a calculated strategy to secure influence while avoiding early scrutiny. Industry officials describe the move as a classic case of “stealth accumulation,” often seen as a prelude to a larger acquisition attempt. The market widely interprets the stake as an opening move toward a potential takeover. If realized, such a deal would allow Hanwha to build an integrated defense structure spanning platforms and core systems — a long-standing gap in its portfolio. Hanwha has steadily expanded its defense footprint in recent years. It has built strength in land systems through Hanwha Aerospace, precision-guided munitions and radar through Hanwha Systems, and naval capabilities through its 2023 acquisition of Hanwha Ocean. Yet aircraft platforms remain the missing piece — an area dominated by KAI. As the country’s only aircraft platform manufacturer, KAI produces the KF-21 fighter, FA-50 light combat aircraft and Surion helicopters. Hanwha, by contrast, has largely remained a component supplier, providing engines and radar systems while relying on KAI for system integration and export negotiations. “Securing a stake in KAI could transform this dependence into a partnership and, over time, allow Hanwha to internalize platform technologies,” said Jeong Kyung-woon of the Korea Association of Military Studies. However, Hanwha is unlikely to move unchallenged. LIG Nex1 is also reviewing participation in a potential KAI acquisition and has reportedly formed a task force, including options for a consortium with LS Group, both of which tracing their origin to LG Group family tree. The combination would bring together missile systems, radar and communications with LS’s strengths in armored vehicle components. Still, financial capacity remains a key differentiator. LIG Nex1, despite record sales exceeding 4 trillion won ($2,667 billion) in 2025, holds roughly 1 trillion won in cash, compared with more than 10 trillion won held by Hanwha Aerospace — underscoring a clear gap in acquisition firepower. KAI itself remains effectively state-controlled despite being publicly listed. The Export-Import Bank of Korea holds a 26.41 percent stake, while the National Pension Service owns 8.20 percent. Privatization has been discussed for decades but repeatedly delayed due to political sensitivities and valuation concerns. Hanwha’s current position could make it a leading contender should the government decide to divest. Although the policy bank has said it has no immediate plans to sell, it has left open the possibility of consultation with the government — keeping the door ajar. Recent moves suggest Hanwha may already be preparing. Hanwha Systems’ sale of its stake in Hanwha Ocean, reportedly worth about 1.7 trillion won, is seen as a step to secure funding for a larger strategic acquisition. The intensifying competition reflects broader shifts in the defense industry, where demand for advanced aircraft, missiles and space-based capabilities is rising alongside geopolitical tensions. As warfare expands beyond traditional domains, control over aerospace platforms is increasingly emerging as the decisive factor shaping the next generation of defense power. Hanwha Aerospace rose 4.9 percent to close at 1,400,000 won, while LIG Nex1 jumped 14.5 percent to 734,000 won. 2026-03-25 17:01:22
  • Little-known Korean tanker bet pays off as Hormuz crisis turns VLCCs into liquid gold
    Little-known Korean tanker bet pays off as Hormuz crisis turns VLCCs into liquid gold SEOUL, March 24 (AJP) - A little-known South Korean shipowner has emerged as one of the biggest winners of the Persian Gulf crisis, as a wartime chokehold on the Strait of Hormuz transforms oil tankers into highly profitable floating storage — and draws takeover interest from the world’s largest container carrier. Janggeum Maritime, the tanker arm of Sinokor Merchant Marine Group, has struck an investment deal with Geneva-based Mediterranean Shipping Company (MSC), under which the global shipping giant is seeking to acquire a 50 percent stake in the firm. The two sides have signed an agreement and filed for merger approval with South Korea’s Fair Trade Commission, as well as regulators in Greece and Cyprus. Details of the deal including financial terms were not disclosed. The deal comes as Janggeum Maritime rides an extraordinary windfall from a market dislocation triggered by war in the Middle East. With the Strait of Hormuz effectively crippled following U.S.-led strikes on Iran in late February, crude exports from key Gulf producers have plunged while onshore storage capacity has rapidly filled. That imbalance has pushed global oil majors and traders to charter very large crude carriers (VLCCs) as floating storage units, sending demand — and earnings — sharply higher. Floating storage in the region has surged from around 10 million barrels before the conflict to more than 50 million barrels, according to Reuters. Over the same period, crude exports from eight Middle Eastern countries dropped from 25.13 million barrels per day to 9.71 million barrels. Janggeum Maritime moved early. The company had aggressively expanded its fleet of secondhand VLCCs ahead of the conflict — a strategy that is now paying off. Since late December, Sinokor has been linked to the purchase of 29 VLCCs built between 2010 and 2016, paying between $68 million and over $100 million per vessel, well above benchmark valuations, according to a Lloyd’s report. The acquisitions included eight vessels from John Fredriksen’s Frontline, six from Belgium’s CMB.Tech, three from the UK’s Zodiac Maritime, and two from New York-listed International Seaways. Other reported sellers include Greece’s Marinakis Group, George Economou’s TMS Tankers and Chandris Group. Industry insiders say the nature of those purchases offered an early clue. “Buying older VLCCs — especially without scrubbers — is a strong signal they’re intended for storage rather than transport,” a shipping source said. “Fuel efficiency matters less when vessels are anchored.” That strategy was reinforced in late January, when the company pre-positioned at least six empty tankers in the Persian Gulf. When the conflict escalated on Feb. 28 and shipping routes tightened, oil companies scrambled to secure storage — and Janggeum was already in place. The payoff has been dramatic. The company is now estimated to be earning about $500,000 per day per vessel from floating storage leases — up from $30,000–40,000 a year ago, $70,000–80,000 in late February, and even above the roughly $400,000 currently earned on key Middle East–Asia transport routes. With MSC entering the picture, Janggeum Maritime is now looking beyond opportunistic gains. The tie-up is aimed at diversifying into broader shipping operations by leveraging MSC’s global container network, potentially transforming the tanker-focused firm into a more integrated maritime player. Janggeum Maritime declined to comment on its fleet acquisitions and VLCC strategy. MSC did not respond to requests for comment. 2026-03-24 17:23:37
  • KITA launches Korea-India Exchange Committee to boost business cooperation
    KITA launches Korea-India Exchange Committee to boost business cooperation SEOUL, March 24 (AJP) - The Korea International Trade Association (KITA) announced Tuesday that it has launched the Korea-India Exchange Committee in Seoul to strengthen bilateral economic cooperation. The committee will operate through two groups: an India committee within KITA comprising 28 Korean companies either operating in or seeking entry into India, and a Korea committee under the Confederation of Indian Industry (CII), made up of Indian companies interested in expanding into South Korea. Founded in 1895, CII is India’s largest private-sector business organization, representing more than 360,000 member companies. Around 30 representatives attended the launch ceremony, including KITA Chairman Yoon Jin-sik, Indian Ambassador to South Korea Gourangalal Das, and officials from participating firms such as Meta Biomed, Shinhan Bank, LG Electronics, YG-1, Jusung Engineering, Hana Bank, Hyundai Motor, and Hyosung Heavy Industries. In his opening remarks, Yoon described India as a rapidly growing global manufacturing hub. “India is the world’s fourth-largest economy and is expected to enter the top three within the next three years,” he said. “We hope the Korea-India Exchange Committee will serve as a practical communication channel at the private-sector level and play a key role in elevating bilateral economic cooperation.” Ambassador Das also emphasized the potential for stronger bilateral ties, noting that South Korea is an important strategic partner for India, particularly in manufacturing and advanced technology sectors such as semiconductors, shipbuilding and defense. During an expert session, Korea Institute for International Economic Policy (KIEP) researcher Kim Kyung-hoon presented on recent trends in Korea-India economic cooperation. Kim highlighted India’s role as a key production base for automobiles, smartphones and home appliances, while noting that South Korea’s exports and investment in India remain at about 30 percent and 20 percent, respectively, compared with Vietnam. “This paradoxically suggests significant potential for expanding economic cooperation between the two countries,” he said. The committee plans to co-host the 9th Korea-India Business Forum with CII in the second half of this year to strengthen business partnerships and discuss trade and investment cooperation. KITA also said it will enhance support for Korean companies operating in India through its New Delhi office, which serves as the secretariat for the Korean Chamber of Commerce in India. The office will share information on local regulations and help relay business difficulties — including customs, certification and incentive delays — to the government. 2026-03-24 13:14:23
  • President Lee vows self-reliant defense amid Middle East tensions
    President Lee vows self-reliant defense amid Middle East tensions SEOUL, March 23 (AJP) - President Lee Jae Myung said Monday that self-reliant defense is the core of South Korea’s integrated defense strategy, citing increasingly complex and fluid global security conditions. “Self-reliant defense is the most important core of integrated defense,” Lee said while presiding over the 59th Central Integrated Defense Council at the Cheong Wa Dae in Seoul. The council, held annually, brings together senior officials across various national defense sectors to assess the country’s integrated defense posture and discuss ways to strengthen it. This marked the first such meeting since Lee took office. Lee stressed that ensuring public safety, maintaining everyday stability and safeguarding national continuity are the fundamental responsibilities of the government. “The most critical aspect of national security is ultimately our integrated defense capability, and at its core lies national defense,” he said. He emphasized that defense must remain a sovereign responsibility. “It is something we must never entrust to others, a core responsibility we must ultimately bear ourselves,” Lee said. “We must be able to protect ourselves under any circumstances without relying on external assistance.” Lee highlighted South Korea’s defense capabilities, noting that the country’s annual defense spending is about 1.4 times North Korea’s gross domestic product and that it ranks fifth globally in military strength. “With an economy among the top 10 globally and a defense industry envied worldwide, we have sufficient capacity to defend ourselves without external support,” he said. He called on officials to strengthen preparedness and maintain confidence, urging them to build systems capable of ensuring national defense under any conditions. Lee also underscored the importance of coordination among civilian, military, police and emergency response sectors. Regarding global tensions, including the conflict involving the United States, Israel and Iran, Lee described the international situation as “highly complex and fluid.” He warned that threats now extend beyond conventional military risks to include cyberattacks, terrorism, climate-related crises and disasters. “In such an environment, all elements of defense must respond in a unified and coordinated manner in times of emergency,” he said. 2026-03-23 17:24:32
  • BTS Live: Global fans throng merchandise booths as BTS prepares return
    BTS Live: Global fans throng merchandise booths as BTS prepares return SEOUL, March 21 (AJP) - Fans from across the globe gathered at official BTS merchandise booths in central Seoul on Saturday, marking a festive prelude to the first major performance by the group following a prolonged hiatus. The process for purchasing items, including a new lightstick for the seven-member group, was governed by a strict reservation system to manage crowds and prevent unauthorized resale. Lana Ro, 25, from Russia, bought two lightsticks—one for herself and one for her friend. Having followed the group for three years, she focused on the specific design of the items. "I bought a special edition of the lightstick just now," she said. She also selected apparel in various colors. "These are T-shirts in different colors. I bought one white and one red," she said. The scene near the stalls remained orderly as fans of different ages and nationalities waited to buy exclusive merchandise ranging from apparel to limited-edition collectibles. While there were no long lines due to the reservation system, the area remained active with fans taking photos and exchanging small gifts. Adriana, an American teaching in Seoul for six months, was among those who secured a large volume of products. She moved through the area holding a full load of items in both hands, representing the diverse demographic that has traveled to the capital for the event. The atmosphere remained focused on the shared experience of the fandom and the tactile connection to the group through these products. Ami Ostrovskaia, 23, from Russia, has been a fan of the group for six years. On Saturday, she limited her purchase at the booth to a single item. "I only bought a lightstick today. We will go to the pop-up store in Shinsegae Department Store," she said. For Ostrovskaia, who was interested in a wider range of apparel, the cost of the clothing kept her from a shopping spree. Each T-shirt at the booth is priced at 59,000 won. Ostrovskaia expressed a particular interest in the designs featuring the members, but had to hold back due to her budget. "I like the T-shirt with black-and-white photos of the seven members. I want to have each one of them, but I don’t have enough money," she said. Despite the financial considerations, she described her connection to the group as a personal support system. Showing a tattoo related to her fandom, she explained the role the members have played in her life. "I think it’s because they’re always saving me when I go through really rough times. They’re always there to help me, to listen to me," she said. The booths are scheduled to remain open throughout the evening as the city prepares for the start of the performance. 2026-03-21 19:31:39
  • Last tanker to clear Hormuz before closure arrives in Korea
    Last tanker to clear Hormuz before closure arrives in Korea SEOUL, March 20 (AJP) - A crude oil tanker that narrowly passed through the Strait of Hormuz before Iran’s closure has arrived in South Korea on Friday, raising concerns over potential supply disruptions. The government and the refining industry are bracing for a worsening supply situation, viewing the vessel as the last shipment to clear the strait before the blockade took effect. According to industry sources, the tanker Eagle Vellore arrived at the Port of Daesan in Seosan, South Chungcheong Province, between 5 p.m. and 7 p.m. on Friday. The Malaysia-flagged very large crude carrier (VLCC) departed from Iraq’s southern port of Al-Basra in late February, carrying crude oil for HD Hyundai Oilbank, and managed to escape the Strait of Hormuz just before Iran imposed its blockade. The vessel left Al-Basra on Feb. 26 and was transiting the strait two days later, when U.S. and Israeli airstrikes on Iran took place. Despite warnings from Iran’s Islamic Revolutionary Guard Corps that passage through the strait would not be allowed, the crew accelerated to full speed and managed to exit the waterway shortly before it was effectively sealed off. With the strait now closed, the Eagle Vellore is believed to be the last crude carrier to have passed through the route. The tanker is carrying about 2 million barrels of crude oil, roughly equivalent to South Korea’s daily oil consumption. The shipment, contracted by HD Hyundai Oilbank, will be unloaded and stored in tanks before being refined at the Daesan petrochemical complex. With around 70 percent of South Korea’s crude imports passing through the Strait of Hormuz, prolonged disruption is expected to significantly affect supply. Domestic refiners are already facing a near halt in tanker arrivals from April, leaving them little choice but to rely on existing inventories for the time being. The government has secured 24 million barrels of crude oil from the United Arab Emirates, but it is expected to take considerable time before the shipments arrive in Korea. In response, Seoul is also exploring the possibility of resuming imports of Russian crude oil for the first time in nearly four years since April 2022. The government is additionally weighing the release of 22.46 million barrels of strategic reserves in coordination with the International Energy Agency, though it remains cautious about taking that step. 2026-03-20 17:18:09
  • Korea stays out of joint statement by US allies condemning Iran
    Korea stays out of joint statement by US allies condemning Iran SEOUL, March 20 (AJP) - South Korea signaled strategic caution by staying out of a joint statement by key U.S. allies, condemning Iran over its effective closure of the Strait of Hormuz while stopping short of committing to the U.S. call for naval support in the region. warships to the crippled waterway. A foreign ministry official said Friday that Seoul is “well aware of the situation” regarding the joint statement by the United Kingdom, France, Germany, Italy, the Netherlands, Japan, and Canada condemning Iran, adding that the government “plans to review the matter while taking various factors into consideration.” The statement was initially issued by six countries. Canada joined later. “We condemn in the strongest terms recent attacks by Iran on unarmed commercial vessels in the Gulf, attacks on civilian infrastructure including oil and gas installations, and the de facto closure of the Strait of Hormuz by Iranian forces,” the seven countries said in the statement. They warned that such disruptions to international shipping and the global energy supply chain pose “a threat to international peace and security,” and urged Iran to immediately cease attacks on civilian infrastructure, including oil and gas facilities. The statement also called for an end to attacks on commercial vessels, as well as the laying of mines and the use of drones and missiles. In addition, the countries expressed readiness to “contribute to appropriate efforts to ensure safe passage through the Strait,” while saying they would welcome participation from other countries. The Strait of Hormuz, through which roughly 20 percent of global oil shipments pass, is a critical maritime chokepoint. Tensions have surged as Iran, currently in conflict with the United States and Israel, moves to restrict traffic in the area, raising concerns over a global energy crisis. The joint statement is widely seen as an effort to ease tensions with U.S. President Donald Trump, who has reportedly voiced frustration over allies’ reluctance to deploy naval assets. Notably, however, the statement did not include any commitments related to military support, such as dispatching warships. Foreign Minister Cho Hyun also declined to disclose details of diplomatic communications, saying “it is difficult to reveal the contents of discussions conducted through diplomatic channels.” Speaking at a parliamentary session on Tuesday, he gave an ambiguous response when asked whether the United States had formally requested the deployment of naval forces. “It could be seen as a request, or not,” Cho said. He said the government would prioritize national interests and the safety of its citizens. However, as other U.S. allies move swiftly to align with Washington, questions remain over how long South Korea can maintain this cautious posture. The pressure comes after Trump said on Truth Social on March 14 that he would ask five countries to send warships to the region to keep the Strait of Hormuz “open, safe and free,” before later expanding the request to include two more. 2026-03-20 15:09:16
  • GULF CRISIS: Hormuz as much insurance chokepoint as energy lifeline
    GULF CRISIS: Hormuz as much insurance chokepoint as energy lifeline SEOUL, March 19 (AJP) - The Strait of Hormuz is not just a chokepoint for global energy flows, but for insurance that is turning pricier every day from the protracted suspension and growing risk. Ships do not pass through Hormuz simply because sea lanes are physically open. They move only when insurers are willing to price and underwrite the risk. That makes U.S. President Donald Trump’s proposal to provide war-risk insurance more than a shipping support measure. It is an attempt to stabilize the commercial logic that keeps oil flowing. In that sense, the emerging blockade is not purely military. It is financial as well — shaped as much by underwriting decisions as by missiles or mines — and increasingly dependent on who controls the information used to assess risk. U.S. President Donald Trump’s proposal to offer war-risk insurance for ships transiting the Strait of Hormuz is being presented as an effort to keep oil and cargo moving. But the move also reveals a deeper reality: in a modern maritime crisis, control over insurance — and over the information used to price danger — can matter almost as much as control over the waterway itself. The Strait of Hormuz is usually described in military terms, as a narrow corridor vulnerable to missiles, drones and naval confrontation. Yet shipping executives and insurers note that trade through the strait depends not only on naval protection but also on whether underwriters are willing to cover the voyage. In that sense, Hormuz is not just a military chokepoint. It is also an insurance chokepoint. That helps explain why Trump’s push matters even if it does not fundamentally remake the market. War-risk insurance is typically underwritten through a network of private insurers and reinsurers, many of them operating through Lloyd’s of London. Premiums are rarely withdrawn outright at the first sign of danger. More often, they are repriced sharply as risks rise, and that repricing can become a powerful barrier to trade. The shift is already visible in the numbers. Hormuz is fast turning into one of the world’s most expensive waterways as war-risk premiums surge multiple times over prewar levels. For some tankers, a single transit now carries insurance costs in the hundreds of thousands — or even millions — of dollars. According to broker Marsh, premiums for war damage coverage in the region have risen from about 0.25 percent of a vessel’s value to as high as 1 to 1.5 percent, with some deals even higher. For tanker operators, the question is no longer just whether a ship can physically pass through the strait, but whether the economics of doing so still make sense. From the perspective of the insurance industry, Trump is stepping into an existing market rather than creating a new one. “Every large loss already needs reinsurance,” a Korean Re executive said. Most vessels transiting Hormuz already rely on some layer of reinsurance from global players. The U.S. plan, in that sense, would sit on top of an existing structure rather than replace it. Still, the proposal matters because insurance is not simply a matter of capital. It is also a matter of confidence. Underwriters price risk based on the information they trust, and the marine insurance market has long relied on London as one of its central benchmarks for judging danger. The issue is not merely whether risk exists, but whether it can still be measured with enough confidence for commerce to continue. That is where the current crisis points to something larger than shipping. Much of the insurance market’s pricing power has historically rested on access to trusted information, whether from commercial intelligence, maritime monitoring or the broader Western security ecosystem. Insurers do not usually gather battlefield intelligence on their own. They inherit risk signals from the system around them. If those signals become less reliable, the implications spread quickly. Premiums rise not only because ships are in more danger, but because the market becomes less certain about how to interpret that danger. In that sense, the Strait of Hormuz is becoming a test not only of naval deterrence but of informational credibility. That, in turn, links the insurance story to a broader geopolitical question: alliance cohesion. Recent political signals have raised questions about the state of transatlantic coordination. U.K. Prime Minister Keir Starmer said Britain was not involved in the initial U.S. strikes on Iran and would not join offensive operations, while officials in London indicated they were not part of final U.S. deliberations. Even without any public breakdown in intelligence cooperation, such signals can feed doubts about whether the benchmarks that underpin global risk pricing still hold. If London is no longer fully aligned with Washington, the informational edge long associated with London-centered underwriting could come under pressure. Seen from Seoul, Trump’s insurance initiative looks more symbolic than transformative. A Korean Re executive said the impact on the global market would likely be limited, perhaps easing premiums slightly at the margin but not changing the basic fact that most vessels are already covered through existing structures. The deeper problem is that no government backstop can fully resolve a crisis of immeasurable risk. Public support can help absorb losses. It cannot by itself restore confidence if the market believes the threat environment is too unstable to price. “In a war, you cannot say with confidence that coverage will remain stable,” the executive said. South Korea is not entirely removed from these dynamics. Samsung Fire & Marine Insurance holds a significant stake in Canopius, a major insurer operating within the Lloyd’s market, making it the only Korean firm with direct exposure to this system. A Samsung Fire & Marine Insurance official said, “We are closely monitoring the current situation, but so far, neither Canopius nor we have received any reports of losses or claims.” What is unfolding in Hormuz, then, is not just a story about ships, missiles or insurance contracts. It is a story about who gets to define risk in a crisis — and how that power can shape the flow of global trade. The waterway remains a geopolitical battleground. But it is also something else: a market test of whether insurers, governments and allies still share the same picture of danger. If they do not, the real disruption may come not only from attacks at sea, but from the quiet recalculations made in underwriting rooms far from the Gulf. 2026-03-19 17:04:30
  • UAE pledges priority oil supply to Korea amid global supply concerns
    UAE pledges priority oil supply to Korea amid global supply concerns SEOUL, March 18 (AJP) - The United Arab Emirates (UAE) has pledged to prioritize crude oil supply to South Korea amid global supply uncertainties, Seoul’s presidential office said Wednesday. Presidential Chief of Staff Kang Hoon-sik, who returned earlier in the day from a visit to the UAE as a special envoy of President Lee Jae Myung, told a briefing that Abu Dhabi had assured Seoul it would be given top priority in crude shipments. “The UAE made it clear that no country will receive oil ahead of South Korea. Korea is their number one priority in crude supply,” Kang said. The two sides also agreed to allow South Korea to make emergency crude purchases from the UAE whenever necessary, he added. As part of the agreement, Seoul secured an additional 18 million barrels of crude oil through multiple supply channels. Of the total, 6 million barrels will be transported by three UAE-flagged tankers, while another 12 million barrels will be shipped via six South Korean vessels. An additional tanker carrying naphtha is currently en route to South Korea, Kang said. The latest deal follows an earlier emergency purchase of 6 million barrels from the UAE, bringing the total secured volume to 24 million barrels. The move comes amid rising tensions involving Iran, which have heightened concerns over the security of maritime traffic through the Strait of Hormuz — a critical chokepoint for global oil shipments. The escalating geopolitical risks have fueled uncertainty in global energy markets, prompting countries heavily reliant on Middle Eastern crude to secure alternative or emergency supplies. South Korea, which depends on imports for the vast majority of its energy needs, is particularly vulnerable to disruptions in Middle Eastern supply routes. The UAE has long been one of Seoul’s key crude suppliers, with bilateral energy cooperation further strengthened through strategic projects such as the Barakah nuclear power plant. Kang said the agreement is expected to help stabilize the domestic oil supply amid ongoing uncertainties. Beyond short-term supply measures, the two countries also agreed to strengthen long-term cooperation to guard against potential disruptions in energy supply chains. They plan to sign a memorandum of understanding (MOU) on crude supply chain cooperation in the near future, which will include efforts to explore alternative supply routes and enhance joint response mechanisms in times of crisis. 2026-03-18 14:21:25