The Korea Times

Hanwha Ocean faces mounting costs from blocked icebreaker delivery to Russia

Hanwha Ocean is saddled with hundreds of millions of dollars in financial burden, as a fleet of six icebreaking liquefied natural gas (LNG) carriers remain undelivered at a domestic shipyard due to sanctions on Russia’s Arctic project, according to industry sources and a report. The specialized vessels, built for Moscow’s high-stakes Arctic energy expansion venture, have turned into a costly asset for Hanwha Ocean, leaving the Korean shipbuilder with few viable options beyond waiting indefinitely for new buyers or selling the ships at steep discounts. The company secured a massive order to construct six highly sophisticated Arc7-class LNG carriers for the Arctic LNG 2 project pushed by Russian gas producer Novatek. Under the project, Hanwha Ocean was supposed to deliver three of the vessels for Sovcomflot, the largest shipping firm in Russia, and three for Japan’s Mitsui O.S.K. Lines. All were scheduled for delivery by the end of July 2023 for the Arctic project, according to a report by the Oxford Institute for Energy Studies. However, Russia’s invasion of Ukraine and subsequent

Jun 17, 2026By Lee Min-hyung

Hanwha Ocean faces mounting costs from blocked icebreaker delivery to Russia

Companies

Hanwha raises KAI stake to 9.04%, becomes No. 2 shareholder

Hanwha Group has increased its stake in Korea Aerospace Industries (KAI) to 9.04 percent, further strengthening its presence in the nation's aerospace and defense sector. Hanwha Aerospace said Tuesday in a regulatory filing that it secured a 6.5 percent stake in KAI, achieving ahead of schedule its previously announced plan to invest 500 billion won ($331 million) in the company by the end of this year. Hanwha Systems also expanded its holdings in KAI to 1.53 percent through an additional 125 billion won investment. Combined with the 1.01 percent stake held by Hanwha Aerospace USA, Hanwha Group now owns a total of 9.04 percent of KAI, making it the company's second-largest shareholder after the state-run Export-Import Bank of Korea, which holds a 26.41 percent stake. Also on Tuesday, Hanwha Aerospace's board approved an additional 500 billion won investment to acquire more KAI shares by year-end. Based on KAI's closing price of 154,900 won, the purchase would raise Hanwha Aerospace's stake to about 9.81 percent, bringing Hanwha Group's combined ownership in KAI to more than 12 percent. H

Jun 16, 2026By Lee Min-hyung

Hanwha raises KAI stake to 9.04%, becomes No. 2 shareholder

Companies

Toyota Motor Korea launches RAV4 with bolstered hybrid lineup

YEONGJONG ISLAND, Incheon — Toyota Motor Korea has launched the all-new RAV4 flagship SUV, introducing a bolstered eco-friendly lineup that features a new motorsport-inspired plug-in hybrid (PHEV) variant aimed at capitalizing on the surging demand for hybrid vehicles here, the Japanese carmaker said Tuesday. The revamped six-generation RAV4 highlights the automaker’s willingness to shift its focus away from traditional gasoline models into hybrid and PHEV options. The highlight of the latest model is the addition of the PHEV GR Sport trim, which blends Toyota’s Gazoo Racing motorsport identity with SUV practicality. The performance-oriented trim boasts specialized tuning to minimize microscopic vibrations and body roll during cornering, complemented by the carmaker’s Electric Power Steering mapping that delivers an intuitive, firm steering response. The emphasis on hybrid technology reflects Toyota’s cautious approach to the absolute electric vehicle transition in Korea. The automaker is well-positioned to absorb residual demand for Japanese vehicles in the domestic market, pa

Jun 16, 2026By Lee Min-hyung

Toyota Motor Korea launches RAV4 with bolstered hybrid lineup

Companies

Korean firms express relief for eased uncertainties over US-Iran peace deal

Prospects of an imminent peace agreement between the United States and Iran have injected a wave of optimism into Korea's petrochemical, aviation and key manufacturing industries, as uncertainties surrounding oil prices and global logistics are expected to ease in the short term. The breakthrough comes as U.S. President Donald Trump said Saturday that a formal peace memorandum of understanding is slated for signing on Friday. Trump also said the Strait of Hormuz, a vital maritime chokepoint for global oil and cargo shipments, would be fully reopened immediately after the signing ceremony. The development has eased concerns over prolonged geopolitical risks for Korea's petrochemical industry, which has borne the brunt of the Middle East conflict among Korea's industries. The Hormuz blockade had severely disrupted the supply of naphtha, a key petrochemical feedstock, forcing domestic naphtha cracking centers (NCCs) to cut operating rates to as low as 50 percent and declare force majeure to overseas customers. Though structural challenges, including oversupply from Chinese rivals, remain, ma

Jun 15, 2026By Lee Min-hyung

Korean firms express relief for eased uncertainties over US-Iran peace deal

Companies

Surging SK shares complicate owner's property division suit

The high-stakes property division suit between SK Group Chairman Chey Tae-won and his former wife Roh Soh-yeong are heading into a critical juncture, as a dramatic surge in SK Inc.'s stock price has introduced fresh legal complications over how marital assets should be valued and divided. The Seoul High Court is scheduled to hold a second mediation session on Monday in the retrial of the property division case, which was remanded by the Supreme Court last year. Both sides are widely expected to appear in person — their first face-to-face courtroom encounter in roughly two years and two months since the final appellate hearing in April 2024. At the heart of the dispute is the stock value of SK Inc., the holding company of SK Group. When the appellate court closed arguments in April 2024, shares were traded at around 160,000 won ($105). They have since surged to approximately 600,000 won, driven by mounting expectations surrounding the expansion of the group's artificial intelligence (AI) ecosystem and the strong rally of its cash-cow chipmaker, SK hynix. The timing question is now lega

Jun 14, 2026By Lee Min-hyung

Surging SK shares complicate owner's property division suit

Companies

Airlines on high alert over strengthening dollar, prolonged oil price hike

Korea’s aviation industry is facing severe headwinds, as a combination of high oil prices and a weakening Korean won is feared to slow down major airlines' earnings recovery. According to estimates by market tracker, FnGuide, the nation’s five major listed airlines are forecast to report combined operating losses of around 823.6 billion won ($542 million) in the second quarter. The weakening local currency and rising fuel costs have directly weighed on airlines' profitability, as fuel expenses typically account for about 30 percent of an airline's total operating costs. For instance, Korean Air and Asiana Airlines consume an estimated 42.05 million barrels of jet fuel this year. This means a mere $1 fluctuation per barrel triggers a direct impact of approximately $42.05 million on their combined bottom lines. The average price of Singapore kerosene, a benchmark for jet fuel, spiked from $89.03 per barrel in February to $151.73 per barrel in May. This is a surge of around 70 percent following the outbreak of armed conflicts in the Middle East in late February. The won-dollar exchange r

Jun 14, 2026By Lee Min-hyung

Airlines on high alert over strengthening dollar, prolonged oil price hike

Companies

LS Eco Energy supplies telecom cables to Hyundai Rotem

LS Eco Energy has made its first delivery of railway telecommunication cables to Hyundai Rotem, securing a meaningful supply track record for the firm’s entry into the global train manufacturers’ supply chain, the LS affiliate said Thursday. The cables — supplied by LS Eco Energy’s Vietnamese production subsidiary, LSCV — will be deployed in hydrogen-powered trams currently being developed for public transit systems in Daejeon and Ulsan. These specialized cables serve as critical components that link trains’ control systems with communication networks, enabling the real-time transmission of vital operational data. Given their direct impact on train safety and reliability, railway cables must meet exceptionally stringent durability and quality standards. As parts for railway systems are supplied mostly by highly reliable partners, securing such a supply track record serves as a major competitive milestone for the company. Following the latest deal, LS Eco Energy has established a strategic foothold to expand its high-value special cable business. The company expects to secure s

Jun 11, 2026By Lee Min-hyung

LS Eco Energy supplies telecom cables to Hyundai Rotem

Companies

Coupang pledges legal action against record $409 mil. fine over massive data breach

Coupang was slapped with a record-high fine of 624.7 billion won ($409 million) for a massive data breach involving more than 33 million users, marking the largest privacy penalty in Korea, a regulatory authority said Thursday. The penalty is roughly equivalent to the e-commerce giant's operating profit of 679 billion won reported last year. According to the Personal Information Protection Commission, the company was fined 423.6 billion won over the data breach and an additional 201.1 billion won for the unauthorized collection of users' online activity records and other violations. A joint government-civilian investigation led by the Ministry of Science and ICT concluded that the individual responsible for the breach gained access to the personal information of approximately 37.5 million users. The latest figure is higher than the 33.7 million accounts identified in February, indicating that additional affected users were uncovered during the subsequent investigation. The scale of the breach surpasses the previous record from an SK Telecom data leak last year in which 23.2 million users

Jun 11, 2026By Lee Min-hyung

Coupang pledges legal action against record $409 mil. fine over massive data breach

Companies

Hyundai's self-driving chief highlights execution over development

The future of competition in artificial intelligence (AI), autonomous driving and software-defined vehicles (SDVs) will be determined not by who develops technologies first, but by who can bring them to market fastest, safest and at scale, said Park Min-woo, head of Hyundai Motor Group’s Advanced Vehicle Platform (AVP) Division. Park characterized the industry’s competitive paradigm with a single word: execution. “The future will not be decided by who invents a technology first, but by who can deliver reliable, scalable products that people can trust and use safely,” Park said in an intra-company interview. “Research alone is not enough. The real challenge is elevating technology to a level where customers have confidence in it.” A key objective for the carmaker’s software initiative lies in internalizing capabilities in core autonomous driving software, while accelerating commercialization through what he calls an “execution-first” approach. Park, who also serves as CEO of 42dot, the group’s self-driving software development unit, stressed that data utilization will b

Jun 10, 2026By Lee Min-hyung

Hyundai's self-driving chief highlights execution over development

Companies

Incheon airport immigration on high alert ahead of BTS concert in Busan

The Incheon Airport Immigration is on high alert over an anticipated surge in international arrivals ahead of the upcoming BTS concert in the nation’s southeastern port city of Busan. The two-day concert, which kicks off Friday, will attract a huge number of foreign tourists, so the organization has expanded the number of immigration officers on duty for four days starting Wednesday. The immigration office is in charge of overseeing the entry and departure of foreigners at Incheon International Airport. According to data from the authority, the number of foreigners entering through the airport on Thursday is estimated to reach around 48,660, up 15 percent from the previous week. The office plans to deploy additional supervisory and guidance staff throughout inspection halls around the airport and conduct advance monitoring of foreign passenger arrivals by flight to reduce crowding and improve passenger flow. “We remain highly vigilant over the possible influx of foreign tourists and are making concerted efforts to minimize waiting times at immigration checkpoints,” an official from

Jun 10, 2026By Lee Min-hyung

Lee Min-hyung

Read more

Hanwha Ocean faces mounting costs from blocked icebreaker delivery to Russia

Hanwha raises KAI stake to 9.04%, becomes No. 2 shareholder

Toyota Motor Korea launches RAV4 with bolstered hybrid lineup

Korean firms express relief for eased uncertainties over US-Iran peace deal

Surging SK shares complicate owner's property division suit

Airlines on high alert over strengthening dollar, prolonged oil price hike

LS Eco Energy supplies telecom cables to Hyundai Rotem

Coupang pledges legal action against record $409 mil. fine over massive data breach

Hyundai's self-driving chief highlights execution over development

Incheon airport immigration on high alert ahead of BTS concert in Busan

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