KAMCO moves ship finance unit to Busan

Korea Asset Management Corporation (KAMCO) has relocated its ship finance unit to the Busan International Finance Centre, joining the ship finance divisions of the country’s state-owned policy banks and export credit agencies in the port city.
KAMCO, a government agency that aims to restructure or
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China to Ready Civilian Ships for Navy

By Reuters 2015-06-18 01:53:00

The Chinese government has approved a plan requiring civilian shipbuilders to ensure that new ships can be used by the military during an emergency, a state-run newspaper said on Thursday.

The plan will “enable China to convert the considerable potential of its civilian fleet into military strength”, said the China Classification Society, a shipping industry association, reported the official China Daily.

It will also improve the People’s Liberation Army’s “strategic projection and maritime support capabilities”, the report added.

“Modern naval warfare often requires the mobilization and deployment of a large number of ships while the mass production of naval ships in peacetime is not economically sensible,” said Cao Weidong, a researcher at the PLA Naval Military Studies Research Institute in the newspaper.

“Therefore, it is a common practice that shipbuilders reserve some military application platforms on their civilian vessels so they can serve the navy in wartime.”

The Technical Standards for New Civilian Ships to Implement National Defence Requirements is the result of a five-year research project by the shipping body and the military, the paper said.

It includes five types of ship – container, roll-on/roll-off, multipurpose, bulk carrier and break bulk, the paper said.

Other countries have in the recent past used their civilian shipping fleet to help in military emergencies, including Britain during the Falklands War in 1982.

China has ramped up defense spending to modernize its forces, the world’s largest, which are gaining experience in operating far from its coast, especially the navy.

In a defense strategy paper last month, China vowed to continue growing its “open seas protection” and criticized neighbors who take “provocative actions” on its reefs and islands.

China’s increasingly assertive moves to press sovereignty claims in the East and South China Sea have rattled the region and aroused concern in Washington, although the country says it has no hostile intent.

China has overlapping claims with the Philippines, Vietnam, Malaysia, Taiwan and Brunei in the South China Sea, through which $5 trillion in ship-borne trade passes every year.

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Malaysia’s Hijacked Tanker Found in Vietnam

By Reuters 2015-06-18 01:41:51

The small oil tanker that was hijacked off the southeast coast of Malaysia last week has been detected in Cambodian waters, according to local media reports on Thursday.

State news agency Bernama, quoting Malaysia’s Chief of Navy Admiral Abdul Aziz Jaafar, reported that the Orkim Harmony has been repainted and renamed.

“We have found the vessel and RMAF, MMEA and RAAF aircraft are tailing it from the air,” Jaafar told Bernama, referring to the Malaysian air force and maritime enforcement agency, and the Royal Australian Air Force.

Local newspaper the New Straits Times reported that a senior navy official who was directly involved in the search efforts said the lead was following a sighting of the ship by an Australian aircraft.

A spokesperson from the maritime enforcement agency declined to confirm the news reports. The agency will hold a press briefing at 0700 GMT Thursday.

A navy spokeswoman said she could not immediately comment.

The 7,300 dwt Orkim Harmony was hijacked on June 11 about 30 nautical miles from the Johor port of Tanjung Sedili carrying around 50,000 barrels of RON95 gasoline, in the second such incident in the same area this month.

The two hijackings have raised further concerns over piracy in Southeast Asia, maritime officials said on Monday.

Malaysian state oil firm Petronas told Reuters that the Harmony was carrying 6,000 tons of product from its Malacca refinery to Kuantan for distribution.

It said “all necessary measures are being taken to ensure undisrupted fuel supply to consumers in the East Coast region.”

Earlier this month, the 7,100 dwt oil tanker Orkim Victory carrying diesel loaded from Petronas was hijacked on June 4 in the same area and on the same route.

The Orkim Harmony is operated by Malaysia’s Orkim Ship Management. On board is a crew of 22 consists of 16 Malaysians, five Indonesians and one Myanmar national.

Vice Admiral Ahmad Puzi, the maritime enforcement agency’s deputy director general of the operations unit, told reporters on Monday that it would be difficult for the pirates to siphon off the gasoline from the Harmony as it was highly flammable and that they were likely looking for the proper facilities to do a ship-to-ship transfer.

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Malaysia’s Hijacked Tanker Found, Pirates Flee

By Reuters 2015-06-18 01:41:51

The small oil tanker that was hijacked off the southeast coast of Malaysia last week has been detected in Cambodian waters, according to local media reports on Thursday.

State news agency Bernama, quoting Malaysia’s Chief of Navy Admiral Abdul Aziz Jaafar, reported that the Orkim Harmony has been repainted and renamed.

“We have found the vessel and RMAF, MMEA and RAAF aircraft are tailing it from the air,” Jaafar told Bernama, referring to the Malaysian air force and maritime enforcement agency, and the Royal Australian Air Force.

Local newspaper the New Straits Times reported that a senior navy official who was directly involved in the search efforts said the lead was following a sighting of the ship by an Australian aircraft.

A spokesperson from the maritime enforcement agency declined to confirm the news reports. The agency will hold a press briefing at 0700 GMT Thursday.

A navy spokeswoman said she could not immediately comment.

The 7,300 dwt Orkim Harmony was hijacked on June 11 about 30 nautical miles from the Johor port of Tanjung Sedili carrying around 50,000 barrels of RON95 gasoline, in the second such incident in the same area this month.

The two hijackings have raised further concerns over piracy in Southeast Asia, maritime officials said on Monday.

Malaysian state oil firm Petronas told Reuters that the Harmony was carrying 6,000 tons of product from its Malacca refinery to Kuantan for distribution.

It said “all necessary measures are being taken to ensure undisrupted fuel supply to consumers in the East Coast region.”

Earlier this month, the 7,100 dwt oil tanker Orkim Victory carrying diesel loaded from Petronas was hijacked on June 4 in the same area and on the same route.

The Orkim Harmony is operated by Malaysia’s Orkim Ship Management. On board is a crew of 22 consists of 16 Malaysians, five Indonesians and one Myanmar national.

Vice Admiral Ahmad Puzi, the maritime enforcement agency’s deputy director general of the operations unit, told reporters on Monday that it would be difficult for the pirates to siphon off the gasoline from the Harmony as it was highly flammable and that they were likely looking for the proper facilities to do a ship-to-ship transfer.

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