Journalist

Lee Nak-yeong
  • HD Hyundai Chairman Chung Ki-sun visits Philippines to expand economic cooperation
    HD Hyundai Chairman Chung Ki-sun visits Philippines to expand economic cooperation Chung Ki-sun, chairman of HD Hyundai, visited the Philippines as part of a South Korean government economic delegation, seeking to deepen ties and expand economic cooperation between the two countries, the company said March 5. HD Hyundai said Chung paid tribute at a Korean War memorial, attended a Korea-Philippines business forum and inspected HD Hyundai Philippines Shipbuilding (HD Hyundai Philippines). On March 4, Chung visited the Korean War memorial at the National Heroes Cemetery in Manila and laid flowers. The Philippines was the first Asian country to organize a combat unit for the war and deployed the largest contingent, sending 7,420 troops, the company said. Earlier that morning, Chung attended the Korea-Philippines Business Forum, co-hosted by the Federation of Korean Industries and the Philippine Chamber of Commerce and Industry, where participants discussed detailed steps to expand bilateral economic cooperation. On March 5, Chung visited HD Hyundai Philippines in Subic Bay, touring a construction site for a new employee dormitory and the yard, and encouraging staff working there. Over lunch with local employees, he said, "I will take even more special care in areas such as housing, medical services and public safety so employees have no inconvenience," and added, "Above all, I ask that you put safety first and do your best in the work you have been entrusted with." HD Hyundai has continued business cooperation with the Philippines. HD Korea Shipbuilding & Offshore Engineering, the intermediate holding company for HD Hyundai's shipbuilding business, signed a lease in May 2024 with U.S.-based Cerberus Capital for part of a Philippine shipyard site and launched HD Hyundai Philippines. In September last year, HD Hyundai Philippines held a steel-cutting ceremony to begin building its first vessel, a 115,000-ton petrochemical product carrier. HD Hyundai Heavy Industries has won orders for a total of 12 naval vessels from the Philippines since 2016, the company said. In 2022, it established a local logistics support center and has been providing maintenance, repair and overhaul services for delivered ships, including frigates and patrol vessels. Chung said, "Beyond a simple business partnership with the Philippines, we have been serving as a key bridge to strengthen friendship between the Republic of Korea and the Philippines," adding, "We will continue to build deep trust with the Philippines with pride in representing Korea."* This article has been translated by AI. 2026-03-05 11:48:20
  • Young Poong to Review KZ Precision Shareholder Proposals, Plans to Put Legal Items to Vote
    Young Poong to Review KZ Precision Shareholder Proposals, Plans to Put Legal Items to Vote Young Poong said Thursday it will closely review shareholder proposals submitted by KZ Precision, a related party of Korea Zinc Chairman Choi Yun-beom, ahead of its 75th annual general meeting and plans to place on the agenda any items that comply with relevant laws. The company said it has pursued its own governance reforms and shareholder-value measures, contrary to KZ Precision’s claims. It cited last year’s cancellation of 1,030,500 treasury shares, a 10-for-1 stock split aimed at lowering the entry barrier for small investors, and cash and stock dividends totaling 33.6 billion won. Young Poong also said it has reflected shareholder views in management, including appointing Jeon Young-jun as an outside director who serves on the audit committee after accepting a proposal from ordinary shareholders.  Young Poong said it will maintain its shareholder-return stance this year. It plans to cancel all remaining 203,500 treasury shares in the first half, further reducing shares outstanding. The company said the move is intended to enhance shareholder value and reinforce its commitment to responsible management. It also said it will draw up a midterm roadmap for its dividend policy to improve predictability for shareholders and further refine its corporate value-up program. Young Poong said it will also accelerate governance-improvement efforts aimed at raising the corporate value of its key asset, Korea Zinc. The company said it believes Korea Zinc under Choi’s leadership continues to face concerns about potential damage to shareholder value, and it will do its utmost to normalize corporate value through sound governance and protect shareholder interests. Young Poong said it is working to strengthen competitiveness by restoring sales and improving profitability in its core smelting business, while continuing environmental investment to build an eco-friendly smelter. It said it will continue to focus on enhancing shareholder value based on responsible management and transparent decision-making. Separately, Young Poong said it filed a damages lawsuit on March 4 against KZ Precision and its Chairman Choi Chang-gyu and CEO Lee Han-seong, alleging they created the appearance of cross-shareholdings during a management control dispute at Korea Zinc and caused significant losses to Young Poong.* This article has been translated by AI. 2026-03-05 09:21:19
  • War Risk Insurance for Hormuz Shipping Seen Surging as U.S.-Iran Tensions Rise
    War Risk Insurance for Hormuz Shipping Seen Surging as U.S.-Iran Tensions Rise U.S. strikes on Iran have heightened tensions in the Middle East, fueling expectations that war risk insurance for ships transiting the Strait of Hormuz could rise sharply. The market is discussing a jump from about 0.01% of a vessel’s value to as high as 2% to 3%. If that happens, costs would spread beyond shipping lines to cargo owners, weighing on South Korean industry more broadly. According to the shipping industry on Tuesday, global reinsurers are reviewing whether to raise reinsurance rates for war risk coverage on vessels passing through the strait. Some observers had speculated that global marine insurers were pulling war risk coverage and halting related reinsurance. Industry sources said the issue is not a suspension but potential increases in reinsurance rates. War risk insurance is an add-on policy, separate from standard liability coverage, that ships typically buy when entering areas where conflict is possible. Premiums are generally calculated as a percentage of a ship’s value. While rates vary by vessel, they are typically about 0.01% in normal times, but can surge when military tensions rise. During last year’s Red Sea crisis, war risk premiums climbed to about 1% of ship value, nearly 100 times the usual level. For ships transiting the Strait of Hormuz, war risk reinsurance rates are currently said to be about 1% of vessel value. Depending on the risk level by port of call, rates could rise to 2% to 3%. For a ship valued at 100 billion won, that would mean up to 3 billion won in additional premiums. Industry officials said the burden would largely fall on shipping companies. While marine insurance contracts are signed directly between carriers and insurers, the terms are heavily influenced by reinsurers’ decisions. The industry expects higher premiums to push up ocean freight costs and, over time, raise crude oil import costs and add to energy price uncertainty. Analysts said countries like South Korea, which rely heavily on imported crude, are especially exposed to swings in transport costs on Middle East routes. President Trump early Tuesday mentioned providing military protection for tankers passing through the Strait of Hormuz and raised the possibility of insurance and guarantee support for energy transport vessels in the Gulf region through the U.S. International Development Finance Corp. Industry officials said the remarks appeared largely political and were unlikely to translate into policy. South Korea’s government is also monitoring the situation and preparing responses. The Ministry of Oceans and Fisheries and other agencies are checking in real time the locations and safety conditions of South Korean-flagged ships operating in Middle Eastern waters, according to industry officials. About 40 South Korean-flagged vessels are believed to be operating near waters around the Strait of Hormuz. They have moved to nearby safer waters as a precaution. Still, anxiety among crews remains significant, sources said. While most sailors are continuing their duties calmly, they are reporting heavy psychological stress amid uncertainty over how long the situation will last. “Given the limits on food and supply replenishment due to the nature of shipping, swift government action and support are needed to relocate vessels in the area,” one industry official said. “If tensions around the Strait of Hormuz drag on, we cannot rule out risks to ship safety and possible disruptions to crude oil transport.” 2026-03-04 18:05:02
  • Hanwha Ocean Says It Can Deliver First Canadian Submarine in 2032, Ahead of German Rival
    Hanwha Ocean Says It Can Deliver First Canadian Submarine in 2032, Ahead of German Rival Hanwha Ocean, part of a South Korean consortium with HD Hyundai Heavy Industries, said it has emphasized to Canada the potential for broader industrial cooperation as it competes for the Canadian Patrol Submarine Project, or CPSP. The Canadian Press reported on March 3 (local time) that Hanwha Ocean CEO Eo Seong-cheol said the company and the South Korean government view a submarine contract as the start of a deeper industrial relationship between the two countries. Hanwha Ocean and its consortium partner, along with Germany’s Thyssenkrupp Marine Systems, submitted final proposals to the Canadian government on March 2, the deadline. The bids included delivery schedules and investment plans tied to the contract. Eo told the outlet the deal would be a “major catalyst” for bilateral ties. He said the proposal includes investments across areas such as steel, artificial intelligence and space, and would create an average of 25,000 jobs a year from this year through 2044. Eo said the final proposal calls for delivering the first submarine in 2032 and four boats by 2035, and includes what the company described as a firm price estimate. Shipbuilding industry officials said that timeline is faster and more specific than the German bid, which they said pledged to deliver at least two submarines to Canada by 2034. “Hanwha’s proposal is not just a platform proposal,” Eo said. “It is a proposal that combines a clear and accurate delivery plan with a multigenerational industrial partnership, and it fully aligns with Canada’s defense industrial strategy.” He said Hanwha is also interested in other Canadian contracts and is reviewing cooperation in areas including ground defense programs, electronic and AI technologies, and Arctic-related capabilities. Eo cited partnerships with multiple Canadian companies to jointly carry out submarine-related work if it wins. “We have already built strong relationships with capable Canadian companies, and we will expand these partnerships regardless of the contract outcome,” he said. The Canadian Press also carried an interview with TKMS CEO Oliver Burkhard. Burkhard, referring to comments that Canada’s final selection will weigh how much benefit bidders provide to the Canadian economy and industry, said such demands were driven by the actions of Canada’s “southern neighbor,” and were putting pressure on bidders. On Canada’s desire for expanded manufacturing investment in Canada by South Korean and German automakers, he said it should not be assumed that “if there is no car production, it does not help Canada,” adding that everything should not be treated as if it belongs in one basket.* This article has been translated by AI. 2026-03-04 14:12:20
  • Tanker Charter Rates Double After Iran Strikes, Raising South Korea Energy Security Fears
    Tanker Charter Rates Double After Iran Strikes, Raising South Korea Energy Security Fears U.S. and Israeli airstrikes on Iran have sent global oil prices surging, and tanker freight rates have more than doubled, raising alarms over South Korea’s energy security. With heavy reliance on Middle Eastern energy, South Korea could face a shock comparable to the 1970s oil crisis if the conflict drags on, industry officials warned. According to the industry on Tuesday, the attacks pushed up international crude prices and natural gas prices in Asia and Europe. On ICE Futures, Brent crude for May delivery settled at $77.74 a barrel, up 6.7% from the previous session. Brent briefly climbed 13% intraday to $82.37, its highest level in more than a year since January last year. On the New York Mercantile Exchange, WTI for April delivery settled at $71.23 a barrel, up 6.3%. WTI also rose as much as 12% intraday to $75.33, the highest since June last year. Shipping costs jumped alongside crude. A VLCC (very large crude carrier) rate indicator for the Middle East-to-East Asia (MEG–China) route obtained by Ajou Economy showed the Worldscale (WS) index at 410.44 as of March 2. The corresponding daily time charter equivalent (TCE) was calculated at $423,736. That was nearly double the level just before the war on Feb. 27 (WS 224.72; TCE $218,154) and more than five times January’s level (WS 96.12; TCE $78,793) in about a month. Worldscale is the standard benchmark used to settle international tanker freight. A reading below 100 is generally seen as weak and above 100 as strong. Against that yardstick, a move above WS 400 is viewed as an extreme level reflecting war risk, not just a strong market. The market is increasingly concerned that tanker freight could rise more than tenfold from prewar levels as Iran’s closure of the Strait of Hormuz has effectively become a reality. Marine insurance, a major component of shipping costs, has continued to climb sharply, the report said. Experts said the fallout for South Korea could be significant because the country depends on the Middle East — where the Strait of Hormuz is located — for about 70% of its imported crude and up to 30% of its natural gas. If higher crude prices are compounded by rising transport costs, refiners’ import costs would jump, likely feeding into higher prices for petroleum and petrochemical products and higher power-generation costs, squeezing profitability across industries. The government plans to respond by releasing stockpiled oil and securing alternative supplies. It says it holds about 208 days’ worth of crude reserves, enough to manage short-term disruptions. But a prolonged closure of the Strait of Hormuz could change the picture. As the war lengthens, releasing reserves alone may not fully ease supply anxiety. The Korea International Trade Association said using detours instead of the strait could lift shipping costs by an additional 50% to 80% from current levels. Transit time and customs procedures could also add up to five days, and in past conflicts in the region, war-risk insurance premiums have been marked up as much as sevenfold. Oh Hyun-seok, a professor of international trade at Keimyung University, said, “The government says it still has room with its stockpiles, but it is not time to be optimistic.” He added, “If the strait is blocked, South Korea needs to diversify oil imports, and in the short term it needs tax adjustments, such as easing fuel taxes, to reduce the burden on companies and consumers.” 2026-03-03 18:03:25
  • HMM Union Threatens April General Strike Over Proposed Move of Headquarters to Busan
    HMM Union Threatens April General Strike Over Proposed Move of Headquarters to Busan HMM’s labor dispute over a proposed relocation of its headquarters to Busan is escalating toward a general strike. HMM’s onshore union said Tuesday it will take legal action and launch a general strike in April if the government and major shareholders push ahead with the move without an agreement with labor. In a statement, the union said it believes the government and major shareholders could move to finalize the relocation through a sequence of steps: a March shareholders meeting, an April board meeting and a May extraordinary shareholders meeting to confirm amendments to the company’s articles of incorporation. HMM’s largest shareholders are the Korea Development Bank and the Korea Ocean Business Corp., which hold 35.42% and 35.08%, respectively. To relocate the headquarters to Busan, HMM would need to amend its articles, which currently state the headquarters is in Seoul. The union said major shareholders may appoint three outside directors seen as friendly at the March regular shareholders meeting, then pass a proposal at the April board meeting to amend the articles to change the headquarters location, and finalize it at the May extraordinary shareholders meeting. “If the articles are changed while negotiations are under way, we will pursue legal action against the directors and seek an injunction to suspend the effect of the special resolution at the shareholders meeting or to block the relocation,” the union said. The union also argued the relocation push is politically driven. It said the stated goal of strengthening shipping competitiveness has been sidelined and that the move is being rushed in connection with a political timetable in a specific region. It said shipping companies base headquarters in the Seoul metropolitan area for management efficiency, citing access to information, talent recruitment and global networks, and warned a forced move that ignores industry realities would weaken competitiveness. The union raised job-security concerns, saying the relocation would disrupt the lives of hundreds of employees and their families and, without sufficient consultation and measures, could lead to staff departures and organizational instability. The union said it will begin phased actions. Starting March 11, it plans weekly rallies during commuting hours, followed by a March 26 news conference in front of the headquarters. On April 2, it plans a rally and union assembly to approve a general strike in front of Cheong Wa Dae Sarangchae. It said it is also considering increasing rallies to twice a week or daily depending on developments. “If the government ultimately ignores workers’ right to make a living and the company’s autonomy, we will move into full-scale action including a general strike,” the union said, adding that responsibility for any management disruption and industrial losses would lie with the government. The headquarters issue is being pursued in connection with the government’s plan to develop Busan as a “maritime capital.” With labor-management tensions rising, debate over whether, when and how the relocation would proceed is expected to continue.* This article has been translated by AI. 2026-03-03 14:54:21
  • VLCC Tanker Charter Rates Top $400,000 a Day After Iran War, Data Show
    VLCC Tanker Charter Rates Top $400,000 a Day After Iran War, Data Show U.S. and Israeli strikes on Iran have pushed daily charter rates for very large crude carriers above $400,000, as fears grow that Iran could block shipping through the Strait of Hormuz. Rates that had been in the low $200,000s surged to nearly double in a short period as Iran escalated its threats. Some analysts say rates could climb toward $800,000 a day if a blockade takes hold. According to a Middle East-to-East Asia (MEG-China) VLCC route indicator obtained by Ajunews, the Worldscale (WS) tanker index stood at 410.44 as of March 2. That implies a daily time-charter equivalent, or TCE, of $423,736. That is more than double the WS 224.72 and TCE $218,154 recorded on Feb. 27, just before the outbreak of war between the U.S.-Israel side and Iran, the data showed. In January, the WS index was 96.12 and the TCE was $78,793, meaning rates have risen more than fivefold in about a month. Worldscale is a standard benchmark used to settle international tanker freight, with 100 typically treated as the baseline. A reading above 400 is widely seen as an extreme level reflecting war risk rather than ordinary market strength. Iran said through the semiofficial ISNA news agency that “the Strait of Hormuz has been closed,” warning that “any vessel that attempts to pass will be burned by the Revolutionary Guards and the regular navy.” It added that it would ensure “not a single drop of oil” leaves. Market participants fear tanker freight could jump more than tenfold from prewar levels if the Hormuz route is effectively shut, as marine insurance — a major component of shipping costs — continues to rise sharply. About 20% of the world’s seaborne crude oil passes through the Strait of Hormuz, making it a strategic chokepoint. Some in the market say that if tensions persist, the WS index could approach 800 and daily charter rates could near $800,000. The surge in tanker costs is also adding upward pressure on energy prices in South Korea, which relies heavily on Middle Eastern crude. Higher Middle East-to-East Asia transport costs are likely to raise refiners’ import costs, and, together with rising global oil prices, could lift domestic prices for petroleum and petrochemical products and consumer inflation. A shipping industry official said the strait has not been “physically completely blocked,” but the risk of attack means shipping companies “effectively view it as a blockade.” The official added that WS 400 is “an extreme level beyond market common sense,” and that if war-related uncertainty continues, the shock could spread beyond shipowners to global logistics overall. 2026-03-03 12:03:22
  • British Ambassador tours Hanwha Oceans shipyard in Geoje
    British Ambassador tours Hanwha Ocean's shipyard in Geoje SEOUL, February 27 (AJP) - British Ambassador to Seoul Colin Crooks visited Hanwha Ocean’s shipyard in Geoje on Friday. According to the shipbuilder, Crooks inspected a diesel-electric Jang Bogo-class submarine currently under construction during a tour of the shipyard. Thursday's visit was made to review the status of cooperation, as Hanwha Ocean is participating in the Canadian Patrol Submarine Project (CPSP) through a strategic partnership with British defense firm Babcock. Hanwha Ocean has proposed the Jangbogo-III Batch-II submarine for the project, which is equipped with British-made torpedo launch tubes and an advanced weapons control system. Hanwha Ocean said its partnership with Babcock could help it better understand and meet the project's requirements, given that the British firm currently provides maintenance, repair, and operations services as well as naval support for the Royal Canadian Navy. Both companies also believe the partnership could boost their competitiveness by supporting Canada's push for localization, enhancing industrial capability, and ensuring the long-term reliability of submarine maintenance. Crooks said the partnership would lay an "important foundation" for expanding cooperation across defense-related sectors in the years to come. 2026-02-27 16:33:11
  • UK Ambassador Colin Crooks Visits Hanwha Ocean Shipyard in Geoje
    UK Ambassador Colin Crooks Visits Hanwha Ocean Shipyard in Geoje 콜린 크룩스(Colin Crooks) 주한 영국 대사가 27일 오전 한화오션 거제사업장을 방문해 장보고-III 배치-II 잠수함 건조 현장을 둘러보고 한·영 협력 현황을 점검했다. 한화오션은 이번 방문이 자사와 영국 밥콕이 전략적 파트너십을 바탕으로 캐나다 초계 잠수함 프로젝트(CPSP)에 함께 참여하는 가운데, 협력 진행 상황을 점검하기 위해 마련됐다고 밝혔다. 크룩스 대사는 잠수함 블록 제작 현장과 자동화 설비, 스마트 야드 기반 생산 시스템을 살펴봤다. 특히 건조 중인 장보고-III 배치-II 잠수함 현장을 둘러보며 관심을 보였다고 회사는 전했다. 한화오션이 캐나다 잠수함 사업에 제안한 장보고-III 배치-II에는 영국산 어뢰발사관과 무장 제어 체계, 잠수함 내 CO2 제거기 등을 탑재할 계획이다. 회사는 이번 방문에서 관련 진행 상황과 협조 사항을 공유하는 자리도 마련됐다고 했다. 한화오션은 양사 협력 모델이 캐나다의 요구 조건을 이해하고 반영하는 데 긍정적으로 작용할 것으로 기대하고 있다. 밥콕 캐나다는 2023년 한화오션과 기술협력협약(TCA)을 체결했으며, 현재 캐나다 해군의 유지·보수·운영(MRO)과 해군 지원 서비스를 맡고 있다. 한화오션은 한·영 협력 체계가 캐나다 정부가 중시하는 현지화를 통한 산업 기반 강화와 잠수함 장기 운용의 신뢰성 확보 측면에서도 경쟁력을 갖출 수 있을 것으로 보고 있다고 밝혔다. 크룩스 대사는 "한화오션과 밥콕 간 공동 수행 협약은 한국과 영국 양국 정부가 추진하고 있는 국방공동수출 업무협약을 구체화한 대표적인 사례"라며 "양국 기업 간 전략적 파트너십이 향후 다양한 방산 분야에서의 협력 확대를 이끄는 중요한 기반이 될 것"이라고 말했다. 정승균 한화오션 특수선해외사업단 부사장은 "한화오션과 밥콕사 양국 기업의 기술력과 해군 사업 수행 경험이 결합된 협력 구조는 캐나다 잠수함 사업에 있어 실질적이고 지속 가능한 해법이 될 것"이라며 "CPSP 사업을 통해 캐나다 해군 전력 강화는 물론 현지 산업 생태계 발전에도 기여할 수 있도록 최선을 다하겠다"고 전했다. 2026-02-27 15:21:21
  • POSCO Picks Eight Core Steel Products to Target Future Markets
    POSCO Picks Eight Core Steel Products to Target Future Markets POSCO said Thursday it has selected eight core strategic products aimed at securing a lead in future steel markets and has set up a “One Team” structure to strengthen its fundamental competitiveness. In early February, the company created new project teams for stainless steel for next-generation growth markets, PosMAC for renewable energy, high-manganese steel, and an electric-arc-furnace premium steel initiative. Those join four teams launched in December — energy plate, electrical steel sheet for power applications, Giga Steel and HyperNO — completing its “eight core strategic product technology development project teams,” which are now fully operating. POSCO said it has been building the project-team system since late last year to rebuild steel competitiveness and secure future growth engines, integrating management from technology development through production and sales. The eight teams are placed directly under the Pohang and Gwangyang steelworks so research results can be applied immediately on the production floor, the company said, as it seeks to expand high value-added steel products and capture future market leadership. POSCO said it will differentiate product groups between the two plants based on their R&D and production strengths. Pohang will focus on improving performance and developing energy steel used in oil and gas, power generation and renewable energy, in line with rising global electricity demand, aiming to become a leading producer of energy steel. Gwangyang, where automotive steel sheet is a mainstay, will strengthen competitiveness as a mobility-focused plant centered on new growth steel to secure leadership in autonomous driving and future mobility and to meet rising demand for low-carbon products. POSCO Group Chairman Jang In-hwa said in his New Year’s address that the company must “complete the portfolio of eight core strategic products, which are key to future industries, and strengthen market leadership.” POSCO also said it plans to take the lead in improving the domestic steel ecosystem in step with the government’s “steel industry advancement plan.” A company official said that amid an increasingly difficult business environment — including a flood of low-priced imports and global tariff barriers — POSCO will break down departmental boundaries to expand its portfolio around the eight products and solidify leadership in future industrial markets.* This article has been translated by AI. 2026-02-27 10:12:21