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

Kim Hyo-joo jumps to No. 4 in women’s golf world ranking after Founders Cup win Kim Hyo-joo, the Fortinet Founders Cup champion on the LPGA Tour, climbed to No. 4 in the women’s world golf ranking after earning her eighth career victory. In the rankings released March 24 (Korean time), Kim rose four spots from No. 8 last week to No. 4, matching her career-high position for the first time since March 2015. Kim opened her season with a solo third-place finish at the LPGA Tour’s Honda Thailand, then captured her first win of the season in her third start at the Founders Cup. She won the title March 23 at 16-under 272, edging Nelly Korda of the United States by one stroke (15-under 273). It was Kim’s first LPGA Tour victory in a year, since the Ford Championship in March last year. Kim led from the opening round through the final round for a wire-to-wire win and reclaimed the Founders Cup title 11 years after first winning the event in 2015, her LPGA Tour debut season. Kim Sei-young, who tied for third at the Founders Cup, moved up one spot from No. 10 to No. 9 in the world ranking. Yoo Hae-ran stayed at No. 13 and Choi Hye-jin held at No. 15. Kim A-lim was No. 25, Hwang Yoo-min No. 31 and Ko Jin-young No. 37. Lim Jin-hee, who also tied for third at the Founders Cup, jumped 10 places from No. 49 to No. 39. The top three remained unchanged: Jeeno Thitikul of Thailand at No. 1, Korda at No. 2 and Charley Hull of Britain at No. 3.* This article has been translated by AI. 2026-03-24 17:12:00

Public servants required to alternate vehicle use SEOUL, March 24 (AJP) - Civil servants nationwide are required to alternate the use of their vehicles depending on the last digit of their license plates as part of measures to cope with energy shortages amid supply disruptions caused by the ongoing conflict in the Middle East. At a cabinet meeting with key aides at Cheong Wa Dae on Tuesday, President Lee Jae Myung said, "Public institutions should lead by example, and I ask civil servants to join an energy-saving campaign by reducing electricity use in their daily lives." Starting Wednesday, workers at public institutions will be required to leave their cars at home at least one day a week and use public transportation instead. Drivers of eco-friendly vehicles, such as electric and hydrogen cars, are exempt, and private-sector workers are also encouraged to participate. Such mandatory measures were last implemented in 2011, when oil prices exceeded US$100 per barrel. This would also be the first time since the 1991 Gulf War that they have been extended to the private sector. Citing increasing uncertainty over crude oil and natural gas supplies amid the prolonged conflict that began with U.S.-led airstrikes on Iran late last month, Lee said, "To respond to this serious crisis, the government should proactively move into an emergency mode." "Because petrochemical products are used everywhere, it is hard to predict when, where and what problems may arise," Lee said, urging aides to "thoroughly prepare and implement contingency plans with the worst-case scenario in mind." Referring to suspected price gouging among refiners, Lee warned that inflating prices to take advantage of rising oil prices must be "rooted out and strictly punished." He also urged officials to ensure a 25 trillion-won ($16.7 billion) supplementary budget is swiftly implemented and properly planned so the public can feel its impact. Its parliamentary approval is scheduled for early next month. 2026-03-24 17:06:38

Celltrion Expansion, HLB Tissue Bank License, Aribio Alzheimer’s Trial Update and More Celltrion to expand new drug-substance production in Songdo, investing 1.2 trillion won Celltrion said March 24 it will secure additional manufacturing capacity, including a major expansion at its headquarters campus in Songdo, Incheon, with investment exceeding 1 trillion won. The company said the plan is intended to meet rising global demand for biopharmaceuticals and strengthen manufacturing competitiveness. The investment will be carried out in phases from this year through 2030 and includes infrastructure expansion across the Songdo campus, a U.S. production base and domestic sites. At Songdo, Celltrion will invest 1.2265 trillion won to expand Plants 4 and 5 simultaneously, bringing total capacity to 180,000 liters. The new facilities will apply automation and smart-factory technology, the company said, enabling production ranging from small-batch, multi-product runs to large-scale manufacturing. It said the system is expected to support faster production of future biosimilars and new drugs. Celltrion also finalized the scale of an expansion at its Branchburg, New Jersey, facility to strengthen competitiveness in the U.S. market. It plans to increase capacity there from 66,000 liters to 75,000 liters, securing total drug-substance production capacity of 141,000 liters. The Branchburg site is expected to play a key role in local supply for the Celltrion Group and in expanding its contract manufacturing (CMO) business, the company said. Celltrion is also moving to strengthen drug-product production. A new drug-product facility being expanded at Songdo is nearing completion within the year and, once operational, will be able to produce 6.5 million liquid vials annually. Combined with the maximum output of the Plant 2 drug-product line, Songdo would have total capacity of 10.5 million vials, the company said. A new drug-product plant planned for an industrial complex in Yesan, South Chungcheong province, has secured its site and is scheduled to begin design work within the year. Celltrion said that once the Yesan plant is completed and Celltrion Pharm’s planned expansion of prefilled syringe (PFS) production is finished, the group would be able to internalize about 90% of its global drug-product needs. The company said it expects significant manufacturing cost savings compared with overseas drug-product CMO production. HLB Life Science wins tissue bank license, expanding human tissue graft business HLB Life Science said March 24 it has obtained a tissue bank license and will move ahead with expanding its human tissue graft business. The approval provides a foundation to handle human tissues including bone, cartilage, fascia and skin, the company said. The product HLB Life Science will distribute, “Freedom Inject Refill,” is an injectable acellular dermal allograft derived from human tissue. Using acellular dermis as its raw material, it is used to treat damaged tissue such as ligaments, tendons and muscles and to support surgical procedures, the company said. The company said the material is produced by removing cells and fat components from skin-derived tissue while preserving extracellular matrix components needed for tissue regeneration, including collagen. It is expected to be used broadly for reconstruction, regeneration and recovery of damaged soft tissue and joints. Initial supply targets include orthopedic surgery, neurosurgery, obstetrics and gynecology, and urology clinics nationwide, with distribution to be expanded gradually, the company said. Aribio says ADPD 2026 presentation supports reliability of global Phase 3 data for AR1001 Aribio said March 24 that Sharon Sha, a Stanford University professor and the global principal investigator, presented an update on the global Phase 3 program for its oral Alzheimer’s disease treatment candidate AR1001 at ADPD 2026 in Copenhagen. POLARIS-AD is a large global Phase 3 trial evaluating the efficacy and safety of AR1001 (30 mg, once daily) in patients with early Alzheimer’s disease. A total of 1,535 patients are enrolled across 13 countries in North America, Europe and Asia, making it the largest trial among oral treatments currently in development, the company said. In the presentation, Sha said, “The baseline demographic characteristics and cognitive and functional indicators in POLARIS-AD are similar to those in existing global registration trials, and no unexpected safety signals have been observed to date.” Sha also highlighted what Aribio described as AR1001’s mechanistic differentiation. “AR1001 has very high blood-brain barrier (BBB) permeability, and its selectivity for PDE5 is superior to PDE6 and PDE11, resulting in fewer side effects than drugs in the same class,” she said. Aribio said this could be a competitive advantage in a market where long-term use is required. Aribio said it plans to release top-line data from the global Phase 3 trial in the third quarter and is aiming to submit a new drug application to the U.S. Food and Drug Administration in the second half of the year. Hugel’s Wellage runs mobile pop-up events to deepen consumer engagement Hugel said March 24 that its clinical cosmetics brand Wellage expanded offline consumer outreach through hands-on events. In collaboration with Beauty+, Wellage held a three-day “moving pop-up” from March 19 to 21 at university campuses and around Seongsu-dong. The company said the event was designed to strengthen brand experience among its core targets, including college students and the MZ generation, and drew about 2,800 visitors over three days. Wellage ran trial programs for its flagship “Real Hyaluronic Blue 100 Ampoule” and its new “Real Hyaluronic Soothing Cream,” and held a participatory product-draw event to gather consumer feedback, the company said. Daewoong Pharmaceutical signs supply deal with TR for digital spirometry device “The Spiro Kit” Daewoong Pharmaceutical said March 24 it signed a supply agreement with TR for a digital spirometry device, “The Spiro Kit,” and will strengthen sales to clinics, hospitals and health screening centers nationwide. Under the agreement, TR will handle development and manufacturing, while Daewoong Pharmaceutical will oversee distribution, sales and marketing through its nationwide network, the company said. Daewoong described the deal as a strategic partnership combining a medical device developer’s technology with a pharmaceutical company’s sales infrastructure. TR is expected to secure stable sales channels and marketing capabilities, while Daewoong Pharmaceutical adds a digital medical device to its business portfolio, it said. The companies said the partnership is aimed at meeting rising demand for pulmonary function tests as South Korea’s national health screening system is revised. With pulmonary function testing (PFT) formally added to general health screenings starting this year, people ages 56 and 66 will have an opportunity to detect major respiratory diseases such as chronic obstructive pulmonary disease (COPD) earlier through screenings, the company said.* This article has been translated by AI. 2026-03-24 17:06:28

New Book Warns Digital Tech and AI Are Eroding Cognitive Independence Digital technology is quietly encroaching on the human brain, a new book argues, citing neuroscience data. In an era dominated by artificial intelligence and algorithms, the authors say people are trading convenience for the loss of control over their own thinking. BookLab recently published “Lending My Brain — Neuroscience to Reclaim the Sovereignty of Thought in the AI Era.” The book examines how reliance on search changes memory formation, how short-form content reshapes attention systems, and how GPS use affects spatial cognition and the hippocampus. It also offers practical strategies aimed at restoring cognitive skills. The book is co-authored by three experts in medicine, management and technology: Lim Gyu-seong, a gastroenterology and hepatology specialist and medical doctor who heads GenosisAI Healthcare; Kang Si-cheol, a management Ph.D. and AI technology adviser to Seoul Medical Center who serves as vice chairman of GenosisAI Healthcare; and Lee Hui-won, chairman of GenosisAI Healthcare, who has led development of third-generation Human Digital Twin technology. The authors argue that while people in the 21st century have unprecedented access to information, their ability to internalize it is rapidly weakening. Citing research on the so-called “Google Effect,” they say outsourcing memory to digital tools brings measurable changes to synaptic plasticity and long-term potentiation mechanisms, and that cognitive decline can damage creativity, critical thinking and judgment. They also focus on the imprint of algorithmic curation and short-form content on cognition. The book describes the neuroscience basis of filter bubbles and confirmation bias, and uses the “popcorn brain” and “dopamine loop” theories to explain how consuming videos in 15-second bursts can fragment attention. As a remedy, the authors propose “cognitive friction,” a strategy of deliberately introducing inconvenience to restore deeper thinking. They outline an “eight-week cognitive sovereignty recovery program” that includes reading paper books, allowing the default mode network to activate through idle time, remembering routes without a map, and writing by hand. The book broadens into a philosophical question about balancing technology and humanity. The authors urge readers to choose between passively receiving information and living as thoughtful creators, framing the central challenge as a shift from knowledge to wisdom and from cognitive offloading to cognitive sovereignty.* This article has been translated by AI. 2026-03-24 17:04:19

Deposit-Backed Loans Rise at South Korea’s Top Banks as Stock Leverage Persists 'Borrowing to invest' remains strong. Even as uncertainty persists after the Middle East situation, borrowing is rising not only through unsecured credit loans but also through loans backed by deposits. With tough government rules slowing growth in mortgage lending, leveraged stock investing is emerging as a new variable in managing household debt, analysts say. According to the financial sector on the 24th, the outstanding balance of deposit-backed loans at the five major banks — KB Kookmin, Shinhan, Hana, Woori and NH NongHyup — totaled 6.3069 trillion won as of the 20th. That is nearly 10% higher than 5.8446 trillion won in March last year and the highest level on record. The balance has continued to rise this year, reaching 6.2290 trillion won in January and 6.2690 trillion won in February. Deposit-backed loans allow borrowers to take out about 90% to 95% of the value of their deposits, depending on the bank. Interest rates are typically set at the deposit rate plus about 1 to 1.5 percentage points. The rapid increase is being attributed to the combination of strict lending curbs that have continued since last year and a strong stock market. Some borrowers are using deposit-backed loans — which are excluded from debt service ratio rules that reduce personal loan limits — to fill funding gaps, or to use them like a credit line for stock investing, analysts say. A commercial bank official said market volatility has increased since the Middle East situation, but many investors appear to see it as a buying opportunity. The official said demand seems to be rising because rates are relatively low and borrowers can respond by canceling the deposit if they cannot repay. Buying by retail investors has continued to expand despite heightened uncertainty. On the 23rd, foreign investors net sold 3.6984 trillion won on the Korea Exchange’s main board, pulling the index lower, and institutions sold 3.8172 trillion won. Individuals, however, net bought 7.0030 trillion won, the largest net purchase on record. Margin debt, a key gauge of leveraged investing, also remains near peak levels. Data from the Korea Financial Investment Association show the balance hit 33.7 trillion won on the 5th, then slipped to the 31 trillion to 32 trillion won range, but has held in the 33 trillion won range again since the 16th. Financial officials say stock-market leverage could become a new factor in household debt management as overall household lending begins to expand again, centered on deposit-backed and unsecured loans. As of the 20th, household loan balances at the five major banks totaled 766.2606 trillion won, up 395.1 billion won from the end of last month (765.8655 trillion won). Over the same period, mortgage loans fell 40.0 billion won to 610.6811 trillion won, suggesting other lending — including deposit-backed loans — drove the increase. Another financial sector official said demand to pull together funds is growing as investors seek to take advantage of increased volatility. But the official warned that loans taken for short-term investing can shift in size and repayment timing depending on market conditions, and said deposit-backed lending should be watched closely.* This article has been translated by AI. 2026-03-24 17:03:00

Baeksang Arts Awards set for May 8, adds musical category SEOUL, March 24 (AJP) - Baeksang Arts Awards, South Korea's premier honors for television, film, and theater, will expand its awarding categories by adding a musical category starting this year's event in May, the organizers of the annual event said Tuesday. The Baeksang ceremony's decision to adopt the musical category into its selection of awards divisions reflects the increasing popularity of stage performances in South Korea. According to the Korea Arts Management Service, Korea’s musical sector has grown steadily from 9,408 performances in 2023 to 10,983 in 2025, up 14 percent over two years. The move marks a structural shift beyond the traditional television, film and theater divisions, reflecting the rising commercial and cultural significance of musicals within South Korea’s entertainment industry. The 62nd edition of the awards event, scheduled for May 8 this year, will coincide with the 60th anniversary of Korean musicals, adding further significance to the introduction of the new category. This year’s ceremony will be held under the theme "The Stage," reflecting an expanded concept that encompasses television, film, theater and musical performances rather than a single physical stage. 2026-03-24 16:46:09

South Koreans told to join energy-saving campaign SEOUL, March 24 (AJP)-Leaving cars behind once a week and tightening garbage supply are emerging as everyday inconveniences for South Koreans, as prolonged Gulf tensions begin to disrupt factories. The government on Tuesday rolled out nationwide energy-saving measures, urging both public and private sectors to cut consumption as supply uncertainties deepen. A voluntary five-day vehicle rotation system was introduced for private cars, alongside 12 practical guidelines — from using public transport to maintaining indoor temperatures and switching to high-efficiency appliances. In the public sector, authorities will strengthen inspections of the mandatory vehicle rotation system already in place. Institutions that fail to comply may face warnings and other administrative measures. The government also called on the private sector to participate voluntarily. The move comes as energy supply uncertainties have increased due to instability in the Middle East. The same factors have also disrupted naphtha imports, prompting domestic petrochemical companies to cut production and worsening raw material supply conditions. At a plastic film manufacturing plant in Ansan, Gyeonggi Province, some production lines have been halted due to unstable polyethylene supply. Several companies have also reduced their workforce as operational pressures mount. The impact is beginning to reach everyday life. Companies supplying government-designated garbage bags have warned of delays in production and deliveries due to raw material shortages, while signs of supply disruptions are emerging in retail markets. The government said it will continue to closely monitor the energy supply situation and stressed the need for public participation in conservation efforts. 2026-03-24 16:44:25

KAIST researchers solve solar cell dilemma by achieving 25% efficiency and long-term stability SEOUL, March 24 (AJP) - Researchers at the Korea Advanced Institute of Science and Technology (KAIST) have addressed a long-standing trade-off in solar technology where increasing energy efficiency often leads to a shorter lifespan. The team succeeded in developing a high-efficiency perovskite solar cell that maintains performance over time by precisely controlling the internal structure of a protective surface layer. KAIST announced Tuesday that a joint research team led by Distinguished Professor Seo Jang-won from the Department of Chemical and Biomolecular Engineering and the Korea Research Institute of Chemical Technology (KRICT) developed a design for a two-dimensional (2D) protective film. This technology simultaneously enhances both the power conversion efficiency and the operational reliability of the cells. Perovskite solar cells are considered the next generation of high-efficiency photovoltaics due to their low production costs. However, their tendency to degrade when exposed to heat, humidity, or prolonged sunlight has remained a significant barrier to commercial use. To combat this, researchers typically apply a 2D layer on top of the primary 3D perovskite structure to reduce surface defects, but these layers often lack the structural integrity needed for long-term durability. The research team introduced a more robust 2D structure known as the Dion-Jabocson (DJ) phase. In this configuration, organic molecules act like strong adhesive, binding the perovskite layers tightly together. By carefully adjusting heat treatment temperatures and timing, the researchers were able to control the "n-value," or the number of stacked layers within the film, to create a more organized and stable internal arrangement. This precise control allowed for smoother charge movement, which boosted the cell's efficiency. The team confirmed through experiments that the structural rearrangement at the interface during heat treatment is what allows the 2D film to be customized for maximum performance. This process also ensures that the manufacturing results are highly reproducible. The resulting solar cells achieved a power conversion efficiency of 25.56 percent. Furthermore, the devices maintained high performance levels even under extreme testing conditions of 85 degrees Celsius and 85 percent relative humidity. The researchers also confirmed that the technology is effective when applied to large-area modules, signaling strong potential for mass production. "This study demonstrates that the conventional dilemma of choosing between efficiency and longevity can be solved through the structural design of a surface protective film," said Distinguished Professor Seo Jang-won. He added that because the technology remains stable despite minor changes in processing conditions, it will be highly beneficial for large-scale commercial manufacturing. The study, co-authored by KAIST doctoral student Lee Jae-hee and KRICT researcher Moon Chan-su, was published in the journal Joule on February 24, 2026. 2026-03-24 16:21:56

NH NongHyup Financial Adopts Five-Day Vehicle Rotation to Save Energy NH NongHyup Financial Group said on the 24th it has immediately introduced a groupwide five-day vehicle rotation system as the government raised its resource security alert due to the prolonged war in the Middle East. With uncertainty growing over energy supplies as Middle East conditions deteriorate, the government raised the resource security alert for crude oil to the “caution” level as of 3 p.m. on the 18th. Starting at midnight on the 25th, the public sector will begin a five-day passenger-car rotation system that restricts driving by day of the week based on the last digit of a vehicle’s license plate number. NongHyup Financial said it will apply the policy from the 24th to all affiliates, including the financial holding company, in line with the government’s energy-saving measures for public institutions. The rule covers both corporate vehicles and employees’ commuting vehicles. Exemptions apply to electric and hydrogen vehicles and to cases where travel is difficult, including people with disabilities, pregnant women and vehicles carrying infants. The group said it is also stepping up energy-saving and carbon-reduction efforts by turning off lights in office areas, shutting down unused electronic devices and encouraging stair use. Chairman Lee Chan-woo said the group has maintained an emergency response system for financial markets since the outbreak of the Middle East war. “All employees will join in saving energy and take the lead in overcoming this national crisis,” he said.* This article has been translated by AI. 2026-03-24 15:39:00