[A rendered image provided by the Ministry of Oceans and Fisheries]
The Ministry of Oceans and Fisheries revealed a 26.8 billion won ($21.9 million) project on Monday to develop an electric car ferry ship by 2023 for commercial operation a year later. The ship will have a capacity of more than 100 passengers, 20 vehicles and cargo. Currently, there are about 165 diesel-fueled costal car ferries in operation.
"We hope that by succeeding this project, we will preempt the global electric ship market and lead innovative growth in the marine sector," an oceans ministry official was quoted as saying.
The Korea Research Institute of Ships & Ocean Engineering, a state research center, will lead a consortium with the Korea Electrotechnology Research Institute and other groups. The project also involves research bodies such as the Korea Institute of Science and Technology and the University of South-Eastern Norway.
Along with the electric cargo ship, the ministry will develop a mobile power provision system capable of providing power to electric ships as well as small islands scattered across the country's western and southern coastal areas
The electric cargo ship will become South Korea's bridgehead to the global electric ship industry that is projected to reach 15.6 billion in 2030, according to global market research firm Markets and Markets.
The global demand for eco-friendly vessels has increased due to strengthened rules imposed by the International Maritime Organization (IMO), a U.N. maritime safety agency. To make ships more power effective and eco-friendly, ship makers are adopting new technologies such as electric ships, hydrogen fuel cell vessels and hybrid-type ships.
Park Sae-jin
Experienced journalist and editor at AJU PRESS specializing in multilingual news. I cover international diplomacy, geolpolitics, and policy, consistently delivering highly accurate, compelling reporting for a worldwide audience.
Copyright ⓒ Aju Press All rights reserved.
Related News
-
Eunghee Woo Advocates for National Budget Support for Yeongam County Projects
Eunghee Woo, the mayor of Yeongam County, visited the National Assembly to secure national budget support for key local projects for 2027. During the visit, Woo requested funding for projects directly impacting residents, including improvements to the agricultural water supply system and the development of specialized local industries. He also urged for measures to stabilize local finances amid concerns about potential reductions in general grants due to the establishment of a new future response fund. According to Yeongam County, Woo met with key lawmakers, including Seo Sam-seok, chair of the National Assembly's Agriculture, Food, Rural Affairs, Oceans and Fisheries Committee, Jeon Jin-sook, and Lee Kwang-jae, chair of the Special Committee on Budget and Accounts, to discuss national budget support for local projects and improvements to local finance systems. This visit was timed with the National Assembly's review of next year's budget, aiming to secure necessary national funding for enhancing local infrastructure and strengthening agricultural competitiveness and future industry development. Yeongam County has requested national budget support for seven projects, including funding for the design of a new Yeongam Police Station, modernization of the Yeongam Bus Terminal, the restructuring of the agricultural water supply system in the Mi-am area, expansion of research and storage facilities for the region's signature Daebong persimmon, establishment of an eco-friendly ship system, creation of the National Yeongam Forest Healing Center, and development of a historical park commemorating the Yeongam Anti-Japanese Farmers Movement. Woo explained the urgency of these projects to Seo and Jeon, emphasizing the need for stable agricultural production and increased farmer incomes, and requested their support at the national level. In particular, he proposed that the Mi-am agricultural water supply restructuring project be selected as a new initiative for 2027, with funding for preliminary design included, to address the imbalance in agricultural water supply in a region prone to drought. He also requested support to enhance the competitiveness of Daebong persimmons, which face price drops due to concentrated harvests, stressing the need for stable storage, processing, and export facilities. Additionally, Woo called for funding for feasibility studies and basic planning for the National Yeongam Forest Healing Center, which would leverage the area's excellent forest resources and local agricultural products. Beyond securing national budget support for local projects, Woo raised concerns about the stability of local finances. He urged Lee Kwang-jae to reconsider the restructuring of general grants due to the establishment of the future response fund. With recent declines in tax revenue leading to reduced grants, local governments face increased financial burdens. If general grant resources are also cut, it could hinder the provision of essential services and the execution of local projects. Woo emphasized the importance of stable general revenue, particularly for rural areas with relatively weak tax bases, as financial demands continue to rise in response to population decline and aging. He proposed maintaining the current general grant resources and distribution system, regardless of the future response fund's establishment. If restructuring is unavoidable, he suggested delaying implementation by one year and developing financial support measures for local governments, as well as forming a government-wide task force involving local governments to discuss the direction of the reforms. This visit to the National Assembly is noteworthy not only for seeking national budget support for local projects but also for advocating for a stable financial framework for local governments. Eunghee Woo stated, "I will work hard until the National Assembly's budget review is complete to ensure that projects improving the daily lives of residents and preparing for Yeongam's future are reflected in next year's national budget. I will also strive to secure national funding for necessary projects and maintain the autonomy and stability of local finances." Meanwhile, Yeongam County plans to continuously monitor the inclusion of budgets for key local projects during the National Assembly's review of the 2027 government budget and will continue discussions with relevant ministries and the National Assembly. The county aims to focus its administrative efforts on securing national funding for enhancing agricultural infrastructure, developing specialized local industries, and improving residents' living conditions.* This article has been translated by AI.
-
Nvidia Faces Uncertain Future After CEO Jensen Huang's Departure
"It takes 20 years to build a reputation, but five minutes to ruin it." This saying from Warren Buffett rings true as Jensen Huang, the CEO of Nvidia and the so-called 'AI Emperor,' exits amid controversy. Huang's 33-year journey, which began in a family restaurant in Portland, Oregon, has come to an abrupt end just over a week after the news broke. While the saying 'nothing lasts forever' holds, Huang's departure is particularly shocking given his remarkable success and peak influence.Nvidia's status as a leading global company is well-known. Until recently, it boasted a market capitalization exceeding $5 trillion and dominated 80-90% of the GPU market, a cornerstone of the AI era. World leaders and top executives lined up to meet Huang, including prominent figures from South Korean companies such as Samsung's Lee Jae-Yong, SK's Chey Tae-Won, Hyundai's Chung Eui-sun, and LG's Koo Kwang-mo, all eager to win his favor or establish partnerships.What Lies Ahead for Nvidia in the Post-Huang Era?All eyes are now on Nvidia's future without Huang, its founder and absolute authority. The AI industry, partner companies, rivals, and the capital markets are all keenly interested in where Nvidia will head next. Many draw comparisons to Apple after Steve Jobs, given the similar profound influence and charisma both leaders had in their respective industries.Steve Jobs resigned as Apple's CEO in August 2011 due to health issues and passed away in October of the same year. He named Tim Cook as his successor, who had already been acting as CEO during Jobs' declining health. Consequently, Apple's early years under Cook relied heavily on the iPhone ecosystem Jobs had established. Although the company faced concerns about innovation stagnation until around 2014, it managed to regain its footing by expanding into services and wearables, despite criticisms regarding its delayed response to the AI era.In contrast, Nvidia faces a different scenario following Huang's exit. Investment banks have noted two key differences between Apple and Nvidia post-Jobs. First, Nvidia lacks a clear successor; while Apple had Tim Cook, Nvidia currently has Colette Kress, the Executive Vice President and CFO, appointed as interim CEO. It remains uncertain whether a new CEO will emerge from within the company or be recruited externally. Additionally, Huang's position at Nvidia was absolute, as he was the founder and the sole leader of a flat organization with 60 direct reports. It is unclear whether a new CEO can maintain the same level of authority and charisma.Secondly, the nature of their businesses differs. The iPhone ecosystem generates ongoing consumer demand, while GPUs are capital goods that require annual advancements in speed and performance. If Nvidia fails to innovate, customers may switch to competitors. Companies like AMD, Broadcom, and various Chinese semiconductor firms are already eyeing Nvidia's market share.Stock Drops 4% as Market Takes Wait-and-See ApproachDespite Huang's departure, many believe Nvidia's position will remain strong. This optimism is based on the lengthy chip design process and the fact that much of the revenue for the next one to two years is already secured. Nvidia's unique ecosystem, known as 'CUDA,' also fuels this optimism. If GPUs are likened to car engines, CUDA serves as the control system that maximizes engine efficiency. Although competitors like AMD can produce GPUs, they still struggle to catch up with Nvidia due to CUDA's advantages.It has been just a day since Huang's resignation was announced, and the market remains divided between pessimism and optimism. Nvidia's stock price fell less than expected, considering the shock of the news. On November 12, shortly after the board announced Huang's resignation, the stock plummeted over 14% during trading but closed down only 4.34%. In after-hours trading, it rose by $1.65 (0.99%) to $167.84. The market capitalization did not drop below the $4 trillion mark.Wall Street interprets Nvidia's relatively modest stock decline as a signal to 'wait and see.' The stock had already adjusted about 30% since its peak in October, and Huang's potential departure was widely anticipated, leading to the perception of a 'forewarned crisis.'However, this situation is far from settled. The market may react significantly to Nvidia's earnings report on November 17 and the subsequent appointment of a permanent CEO. Long-term, the critical question will be how Nvidia's growth roadmap, established under Huang, will evolve. Will the next-generation architectures following Vera and Rubin continue to be competitive? How will Nvidia respond to price wars in the inference market? And will Huang's management style, which artificially stimulated AI demand, remain effective?Impact on South Korean Semiconductor CompaniesThe developments in Nvidia's governance are also of great interest to South Korean semiconductor companies, as the changes could represent either a crisis or an opportunity. However, current projections suggest that the situation will not pose a significant short-term threat to the South Korean memory industry. Nvidia has already secured 12 months' worth of orders for HBM, which it supplies. Some analysts even suggest that this could present a long-term opportunity. If Nvidia's dominance is shaken, leading to a multi-player landscape with AMD, Broadcom, and Google TPU, South Korean semiconductor firms, as the leading HBM producers, could gain greater bargaining power.Of course, there are also opposing scenarios. If Nvidia reduces its financial support, investments in data centers by NeoCloud and AI startups could decline, leading to decreased demand for HBM.Nvidia Without Its Captain... What Lies Ahead?Great companies often have exceptional founders. However, not all great companies maintain their greatness after the departure of their founders, whether voluntary or involuntary. In the U.S., companies like Boeing, Intel, McDonald's, and BP have experienced fluctuations following the sudden exits of their CEOs. Samsung also struggled to find direction after the passing of Lee Kun-hee.Even without a captain, a train continues to run, thanks to inertia. Nvidia is likely to operate smoothly for a while after Huang's departure. The influx of orders remains steady, and the AI market's position is unlikely to change drastically in the near term. Huang's design and establishment of the AI ecosystem at Nvidia are extensive and robust.The challenge arises when the power of inertia wanes. At that moment, the train may come to a halt. Even if inertia persists for a while, Nvidia may face crossroads where it struggles to determine its path. Before the momentum created by Huang's legacy fades, who will take the helm of the 'great ship' Nvidia? Can the new CEO navigate the barriers and crossroads that lie ahead? This is the point the market is closely watching. The true test for Nvidia will come at that moment.* This article has been translated by AI.
-
Incheon Port Welcomes Over 200,000 Cruise Visitors, Achieving Record High
This year, the number of visitors arriving at Incheon Port via cruise ships has surpassed 200,000, marking the highest record since the port's opening.According to the Incheon Port Authority on November 12, as of the end of last month, Incheon Port recorded 99 cruise arrivals and 197,687 passengers. This surpasses the previous record of 95 arrivals set in 2013, and the number of passengers has exceeded the 183,909 recorded in 2014. A total of 113 arrivals are expected by the end of the year, with passenger numbers projected to reach 210,000.Additionally, on November 8, the cruise ship Visio from Tianjin Dongfang International Cruise Company docked at Incheon Port, bringing the cumulative number of passengers to 200,303, achieving the 2026 target of 200,000 ahead of schedule.The Visio is a 100,000-ton cruise ship that carried 1,161 passengers and 574 crew members. It departed from Tianjin, stopped in Jeju, and arrived at Incheon Port at 10 a.m. Passengers toured Incheon and Seoul before departing back to Tianjin at 10 p.m.In response to the surge in cruise arrivals since late last year, the port authority has strengthened terminal operations and security personnel, and improved facilities to create a smoother experience for travelers. They have also collaborated with customs, immigration, and quarantine (CIQ) agencies to enhance passenger flow and reduce processing times, while working with Incheon City and other relevant organizations to support passenger transportation and tourism guidance.Next year, the number of Fly and Cruise homeport voyages linked to Incheon International Airport is expected to increase to 18, a 64% rise from this year's 11 voyages. The Fly and Cruise homeport utilizes the proximity of the port and airport, making Incheon Port a starting and ending point for cruise travel. Compared to brief stops at various destinations, the number of embarking and disembarking passengers is more than double, leading to significant economic benefits from accommodation and tourism.The port authority anticipates a total of 132 arrivals next year, expecting to achieve the highest performance since the port's opening for the second consecutive year.Park In-seo, president of the Incheon Port Authority, stated, "Achieving the highest cruise performance since the opening of Incheon Port by the end of October is a result of collaboration among shipping companies, CIQ agencies, and local governments. We will not stop at this record but will accelerate improvements in passenger processing and baggage handling to ensure that cruise passengers explore all corners of Incheon next year with the 18 homeport voyages."* This article has been translated by AI.