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U.S., South Korea launch joint search for aircraft lost in Korean War

April 6 (UPI) — The United States and South Korea began a joint investigation Monday to locate the wreckage of at least three U.S. aircraft that crashed off South Korea’s northeastern coast during the Korean War, officials said.

The four-week survey of the Gangneung and Yangyang areas of northeastern Gangwon Province seeks to trace the wreckage of a fighter plane and two transport aircraft, ahead of underwater investigations scheduled for August, South Korea’s Ministry of Defense said in a statement.

The joint survey is being conducted by the Pentagon’s POW/MIA Accounting Agency and South Korea’s Ministry of National Defense Agency for KIA Recovery and Identification, which will collect materials, including information from local residents, as well as confirm the availability of medical decompression chamber facilities essential for underwater operations.

“Since 2024, I have been coming to Korea for three years to work with MAKRI to find traces of the heroes who fought in the war,” U.S. Marine Staff Sgt. Jordyn King, deputy team leader of the Pentagon’s DPAA investigation team in South Korea, said in a statement.

“During the one month given to us, we will carefully gather materials so that we can achieve good results in the future underwater investigation.”

Seoul said the survey covers three aircraft crash sites, including that of a transport plane that crashed on Nov. 15, 1952, after departing Gangneung Air Base for Pohang with nine people, including a South Korean service member, on board.

The plane suffered engine trouble mid-flight and crashed into the sea.

A second site is waters near Yangyang County, where a U.S. aircraft crashed on Feb. 21, 1952. The third is in waters near Gangneung, where a transport plane with 17 people on board crashed on Oct. 16 of that same year after suffering a mechanical problem.

“Just as we recover the remains of South Korean troops killed in action, we will spare no support in helping to find the war dead and missing of the U.S. military who helped us,” Lt. Col. Kim Seong-hwan, acting head of MAKRI, said in a statement.

The announcement comes months after the two agencies signed a memorandum of understanding in Arlington, Va., committing to the recovery and identification of remains of soldiers who were classified as missing during the Korean War of 1950-1953, which ended with an armistice.

According to a DPAA release announcing the signing in August, the agreement enhances cooperation and collaboration between the two agencies, while streamlining efforts to locate, excavate and identify the remains of fallen service members.

More than 1.8 million Americans served in the Korean War of 1950-1953, about 37,000 of whom were killed, more than 92,000 wounded and roughly 8,000 were listed as missing, according to Pentagon statistics.

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South Korean Prosecutor refuses oath at inquiry, tensions rise

Prosecutor Park Sang-yong submits a written explanation for refusing to take the witness oath during a parliamentary inquiry at the National Assembly in Seoul. Photo by Yonhap News Agency

April 5 (Asia Today) — A senior South Korean prosecutor refused to take an oath before a parliamentary inquiry, escalating tensions between the prosecution and lawmakers and raising the possibility of coordinated action within the prosecution.

Park Sang-yong, a deputy chief prosecutor leading an investigation into alleged illegal financial transfers to North Korea, declined to be sworn in as a witness during a National Assembly inquiry into allegations of politically motivated prosecutions under the previous administration.

Under South Korean law, witnesses may refuse to take an oath if their testimony could expose them to criminal liability.

Park submitted a seven-page written explanation to the committee chair and left the hearing after about 38 minutes. He later said the inquiry itself was unconstitutional and illegal, arguing that participating would amount to cooperating with an improper process.

“The law allows a refusal to take the oath if justified, yet I was prevented from following that procedure,” Park said after leaving the session.

Justice Minister Jeong Seong-ho criticized the move as “highly inappropriate,” saying it undermined accountability. The acting prosecutor general also expressed regret, calling the incident unacceptable.

The dispute stems from an investigation into alleged payments to North Korea involving a South Korean company. Park has also faced separate allegations of misconduct during the probe, which are under investigation by prosecutors.

Within the prosecution, signs of collective action have emerged. Members of the investigative team reportedly created a group chat, fueling speculation about a coordinated response to the inquiry.

Legal experts warned the standoff could weaken the effectiveness of the parliamentary probe and deepen concerns over institutional conflict between the legislature and prosecution.

Some analysts said the episode reflects broader tensions over the independence of investigative authorities and the limits of parliamentary oversight.

— Reported by Asia Today; translated by UPI

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Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260405010001293

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S. Korea to deploy ‘Korean Iron Dome’ system by 2029

A launch vehicle of the Terminal High Altitude Area Defense (THAAD) system is seen at a U.S. military base in Seongju, North Gyeongsang Province, South Korea, 05 March 2026. File. Photo by YONHAP / EPA

April 3 (Asia Today) — South Korea will accelerate deployment of its long-range artillery interception system, known as the Korean Air and Missile Defense system, aiming to bring it into service by 2029, two years ahead of schedule.

The Defense Acquisition Program Administration said Thursday it approved a revised development and deployment plan during a Defense Acquisition Program Committee meeting.

Under the plan, the military will use prototypes to speed up deployment, advancing the timeline from the original target of 2031. The project was accelerated in response to North Korea’s expansion of long-range artillery capabilities.

The government plans to invest 842 billion won (about $630 million) in research and development for the system through 2030.

The system, under development by the Agency for Defense Development, is designed to intercept North Korea’s long-range artillery fired in large volumes at low altitudes and short ranges. Officials have said the system is intended to outperform Israel’s Iron Dome by engaging a greater number of incoming targets simultaneously.

Separately, the committee also approved plans to procure SM-3 ballistic missile interceptors from the United States by 2031 at a cost of 753 billion won (about $565 million). The missiles will be deployed on the King Jeongjo-class Aegis destroyers.

Additional measures approved include improvements to tactical information-sharing systems for joint South Korea-U.S. maritime operations, as well as a broader 2026-2030 defense industry development plan.

— Reported by Asia Today; translated by UPI

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Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260403010001025

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Samsung joins U.S. Navy project as Korean shipbuilders expand

The christening ceremony of South Korea’s 500th liquid natural gas carrier for export at Samsung Heavy Industries Co. on the southeastern Geoje Island, South Korea. File. Photo by YONHAP / EPA

April 1 (Asia Today) — Samsung Heavy Industries has joined a U.S. Navy vessel development project, marking another step forward for South Korea’s shipbuilding industry in the American defense market following similar moves by Hanwha.

Samsung Heavy Industries said Wednesday it has begun conceptual design work for the Navy’s Next-Generation Logistics Support Ship program in partnership with U.S. shipbuilder General Dynamics NASSCO and Korean engineering firm DSEC. The project is scheduled to run through March 2027.

The program involves developing small, highly maneuverable vessels to support the Navy’s distributed maritime operations strategy, which emphasizes dispersed forces and flexible logistics. More than 13 ships are expected to be built under the initiative.

Samsung Heavy Industries will focus on hull design and technical support, using a 400-meter test tank at its research facility to improve efficiency and performance.

The announcement follows a move by Hanwha’s shipbuilding unit, which recently confirmed its participation in a separate U.S. Navy program. Industry analysts say a broader Korea-U.S. shipbuilding cooperation framework is beginning to take shape as major South Korean companies expand their presence in U.S. defense projects.

A company official said the NGLS program will serve as a foundation for expanding cooperation with the U.S. partner shipyard and accelerating efforts to secure tangible results in the American market.

In parallel with the design project, Samsung Heavy Industries is preparing to bid jointly with a U.S. shipyard for maintenance, repair and overhaul contracts. The company is also pursuing certification under the Navy’s ship repair agreement program, which would allow it to compete for future maintenance work.

The company is further strengthening collaboration in advanced manufacturing technologies, including artificial intelligence-based automation and robotics, through a research center established with San Diego State University. Plans include expanding cooperation to build a shipbuilding supply chain in the United States and train skilled workers.

The latest developments suggest South Korea’s shipbuilders are moving beyond commercial vessels into defense-related projects in the United States, broadening their global footprint and deepening bilateral industrial ties.

— Reported by Asia Today; translated by UPI

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Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260401010000142

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Iran’s top envoy says S. Korean ships can transit Strait of Hormuz only after coordination with Tehran

Iranian Ambassador to South Korea Saeed Koozechi speaks during a press conference at the Iranian Embassy in Seoul on Thursday. Photo by Yonhap

Iran’s top envoy to Seoul said Thursday South Korean ships can pass through the Strait of Hormuz, but only with prior coordination with Tehran, saying that his country has asked Seoul to provide details of the vessels stranded in the key waterway amid the ongoing conflict.

Iranian Ambassador to South Korea Saeed Koozechi made the remarks in a press conference, as 26 South Korean ships with about 180 crew members aboard remain stranded in the shipping lane effectively blocked by Iran following attacks by the United States and Israel.

Koozechi also said that Iran considers South Korea a non-adversarial country.

“There are no problems with the vessels,” he said through an interpreter. “But in order for them to pass through, you need coordination, prior consultations with the Iranian military and government.”

Koozechi went on to say that Tehran had asked Seoul to provide the details of the stranded ships during the phone talks between their foreign ministers on Monday, without specifying whether the request was meant to start negotiations on the ships’ passage.

“Iran is acting in good faith and is willing to allow South Korean ships to transit the Strait of Hormuz, but the process will depend on receiving the relevant information and the vessels list. Once they are provided, we will consider it,” he said.

When asked to confirm Iran’s request, Seoul’s foreign ministry said it was a request for cooperation on safety measures in the event of a humanitarian situation on the anchored vessels, and not related to their transit.

“We have not negotiated (with Iran) on (the passage) of vessels,” a ministry official said, adding that it has received no such request from Tehran, nor has it provided any details of the ships.

In the phone talks with his Iranian counterpart, Foreign Minister Cho Hyun called on Tehran to ease tensions and ensure safe navigation through the vital waterway for global energy supplies.

Cho also requested Iran’s cooperation regarding the safety of stranded South Korean vessels and their crew, but the issue of permitting their transit was reportedly not addressed.

While Iran sees South Korea as a non-hostile country, restricting activities of ships engaged in business with U.S. companies has been unavoidable as part of its self-defense measures, the ambassador said.

“Imposing restrictions on them is only natural,” Koozechi said. “Blocking their activities and enforcing economic restrictions is Iran’s right to self-defense.”

Thursday’s press event featured a photo exhibition and documentary screening at the Iranian Embassy in Seoul. The materials highlighted the impact of U.S.-Israeli attacks on Iran, including images of destroyed buildings and footage of children killed in an airstrike at an elementary school and their grieving families.

Copyright (c) Yonhap News Agency prohibits its content from being redistributed or reprinted without consent, and forbids the content from being learned and used by artificial intelligence systems.

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Report: Russia paid North Korean workers via ‘scholarships’

1 of 2 | People look at pictures of North Koreans missing in North Korea during an exhibition held as part of the 2025 Seoul World Convention on North Korean Human Rights in front of Seoul City Hall in Seoul, South Korea, 24 October 2025. The convention, held under the theme ‘Let Them Be Free!’, took place from 22 to 24 October. Photo by JEON HEON-KYUN / EPA

March 25 (Asia Today) — Russia funneled about 50 billion won ($33.4 million) to North Korean workers under the guise of scholarships, according to a report released Tuesday by a South Korean human rights group.

The Citizens’ Coalition for North Korean Human Rights said the arrangement allowed Pyongyang and Russian entities to evade U.N. Security Council Resolution 2397, which bars the hiring of new North Korean workers abroad and requires the repatriation of those already deployed.

According to the report, a Russian university identified as Sozheistvie received 2.7 billion rubles ($33.34million) in support from 76 Russian companies between October 2023 and June 2025 and distributed the funds to North Korean laborers who were presented as foreign students.

The group said the workers were formally registered in language, technical or vocational training programs, but were in practice assigned to full-time construction, logging and industrial jobs.

Based on an analysis of the university’s financial records, the report said individual payments ranged from about 330,000 won to 4.7 million won, or about $220 to $3,135, per worker – far above the average scholarship paid by Russian higher education institutions, which it said was about 70,000 won, or roughly $47, per student in 2024. (Xe)

The report said the wages were ultimately confiscated by North Korean authorities and routed into accounts linked to institutions involved in weapons development and regime maintenance, including agencies associated with uranium mining, nuclear and ballistic missile programs, arms exports and internal security.

It also said North Korean military-linked companies and firms tied to Office 39, a key regime finance network, remain active in Russia despite international sanctions.

The findings were based on in-depth interviews with eight North Korean defectors, including former workers in Russia, witnesses and former managers with direct knowledge of the labor system, the group said.

— Reported by Asia Today; translated by UPI

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Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260325010007833

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Ukraine says captured North Korean soldiers granted POW status

Yoo Yong-weon, a lawmaker of South Korea’s ruling People Power Party, speaks during an interview with Yonhap News Agency about his recent meetings with two North Korean soldiers captured by Ukraine at the National Assembly in Seoul, South Korea, 07 March 2025. The two photographs Yoo is holding were taken from his meetings with the soldiers in Kyiv on 25 February 2025. Photo by YONHAP / EPA

March 24 (Asia Today) — Ukraine’s Defense Ministry has told a South Korean civic group that two captured North Korean soldiers are recognized as prisoners of war and are being protected under the Geneva Convention on the treatment of POWs.

According to a reply disclosed Tuesday by an emergency committee campaigning for the soldiers’ transfer, the Ukrainian ministry said the men are being guaranteed contact with the outside world, access by international monitors and human rights organizations, and other protections required under international humanitarian law.

The ministry also said the principle of non-refoulement, which bars forced return to a country where a person may face harm, is being taken into account in their treatment.

The statement aligns with remarks made March 6 by South Korean Foreign Minister Cho Hyun, who said he had received assurances from his Ukrainian counterpart that the soldiers would not be repatriated to North Korea or Russia. (Yonhap News)

The civic group, however, said the two men remain in a military detention facility under the authority of Ukraine’s Defense Ministry and still hold legal POW status, leaving open the possibility that they could become subjects of negotiations between governments.

The group said the soldiers should be shifted from military custody to an internationally protected status. It called for their transfer to a civilian protection facility and urged direct involvement by the U.N. refugee agency, the U.N. human rights office and the International Committee of the Red Cross.

It also proposed that procedures begin to determine whether the two soldiers should receive refugee status or another form of international protection.

Photo made available by the Emergency Committee for the Free Repatriation of North Korean Soldiers shows a reply from Ukraine’s Defense Ministry regarding two captured North Korean soldiers. /Provided by the committee

— Reported by Asia Today; translated by UPI

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Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260324010007333

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South Korean banks tighten corporate guarantees amid risks

An illustration shows slowing growth in South Korean banks’ payment guarantees alongside a rising won-dollar exchange rate. Graphic by Asia Today and translated by UPI

March 22 (Asia Today) — South Korea’s four largest banks are tightening corporate payment guarantees as exporters face mounting pressure from U.S. tariffs and a prolonged period of high exchange rates.

The combined value of guarantees issued by KB Kookmin Bank, Shinhan Bank, Hana Bank and Woori Bank reached 79.2 trillion won (about $59 billion) at the end of last year, up 3.9% from a year earlier, according to financial industry data.

The increase marks a sharp slowdown compared with double-digit growth in previous years, reflecting a more cautious approach by banks amid rising economic uncertainty.

Banks have scaled back new guarantees as U.S. tariff policies weigh on export profitability and a weaker won raises costs for companies. The won-dollar exchange rate has hovered around 1,500 won, adding further pressure on corporate balance sheets.

Payment guarantees, commonly used by exporters, allow companies to secure financing or complete trade transactions by relying on a bank’s credit backing. If a company defaults, the bank assumes the repayment obligation.

Industry data show that firm guarantees – where the amount is fixed and the bank assumes the debt – rose 8.5% to 60.9 trillion won (about $45 billion), while contingent guarantees fell 8.8% to 18.3 trillion won (about $13.7 billion).

Analysts said banks are favoring lower-risk transactions and reducing exposure to more complex contingent guarantees, which are harder to manage.

The slowdown also reflects weaker demand. Large exporters, which drove much of last year’s trade growth, often do not require bank guarantees, while rising delinquency risks have prompted lenders to focus on balance sheet stability.

Looking ahead, growth in guarantees is expected to remain subdued as geopolitical tensions in the Middle East and global logistics disruptions continue to weigh on trade.

A prolonged period of high exchange rates could further increase risks, as most guarantees are denominated in foreign currencies, meaning their value rises in won terms even without new issuance.

Experts say stabilizing the foreign exchange market and expanding trade finance support will be key to preventing broader financial strain on companies.

— Reported by Asia Today; translated by UPI

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Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260323010006560

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South Korean game firms expand hit IPs into offline experiences

Visitors explore themed zones at the “Cookie Run in Lotte World Aquarium: Ocean Adventure” exhibition in Seoul. Photo by Asia Today

March 19 (Asia Today) — South Korean game companies are increasingly taking popular intellectual property beyond screens, launching immersive offline experiences to deepen engagement and diversify revenue.

The shift reflects efforts to reduce the industry’s reliance on new game releases, which can drive sharp swings in earnings. By combining well-known titles with venues such as aquariums and theme parks, companies aim to boost profitability while strengthening brand loyalty.

Experiential offerings typically include photo zones, merchandise sales and live events, creating both direct revenue and indirect benefits by encouraging players to return to games. Industry officials say the approach also opens the door to expansion into animation, performances and theme parks.

Devsisters will host “Cookie Run in Lotte World Aquarium: Ocean Adventure” from Thursday through June 7, transforming multiple floors of the aquarium into nine themed zones. The event blends eight signature Cookie Run characters with marine life, offering visitors an interactive storyline.

The exhibition also introduces an augmented reality stamp tour, allowing visitors to play mini-games on their smartphones and receive rewards such as character voice messages. Merchandise tied to the franchise will be sold on-site.

The company plans additional tie-ins, including a collaborative program at the “Sky Run,” a 123-floor vertical marathon at Lotte World Tower on April 19.

Nexon is pursuing a similar strategy with “MapleStory in Lotte World,” running through June 14 in Seoul’s Songpa district. The event features a themed “Maple Island” zone, along with recreations of in-game locations such as Henesys and Arcana.

Visitors can import or customize their in-game characters at dedicated experience zones. The event also includes retro gaming areas and themed products such as a “Red Potion” drink inspired by in-game items.

Other major firms are following suit. Krafton has operated pop-up stores based on “PUBG: Battlegrounds,” while Netmarble has hosted events featuring its “Kungya Restaurants” franchise.

“As pop-up stores, exhibitions and collaborations expand, game-based cultural content will become more diverse,” an industry official said.

— Reported by Asia Today; translated by UPI

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Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260319010005893

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Fire at Korean car parts factory kills 14, injures nearly 60

1 of 2 | Firefighters search for missing people at a car parts plant after a large fire engulfed the building in Daejeon, South Korea, Friday. Photo by Yonhap/EPA

March 21 (UPI) — A fire at a Daejeon, South Korea, car parts factory Friday has killed at least 14 people and injured dozens more.

There were nearly 60 injured in the fire in a three-floor plant. The Ministry of the Interior and Safety said that some of the injured had inhaled smoke, and some were injured when they jumped from the building. It said 25 were seriously injured, but it didn’t say if any were in life-threatening condition. There were 170 people inside when the fire erupted.

Nam Deuk-woo, fire chief of the city’s Daedeok district, said almost all of the bodies were found inside a third-floor space that had been used as a gym locker room, The New York Times reported. Some bodies were so badly burned it will take DNA testing to identify them.

Nam said workers recovered more than 220 pounds of highly reactive chemicals from the site before firefighters could spray water on the fire, and some witnesses have reported that there was an explosion when the fire began.

All of those missing have now been found, The Guardian reported.

Officials said they are still investigating the cause of the fire.

Firefighters said they couldn’t enter the structure earlier for fear of collapse.

They used unmanned robots Friday to cool the structure and do a safety inspection before they were able to go in and search for missing workers.

Daejeon is in central South Korea.

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British steel curbs add pressure on South Korean exports

Coast Guard officials inspect the area in the aftermath of a fire at the POSCO steel factory in the city of Pohang, South Korea. Photo by YONHAP / EPA

March 20 (Asia Today) — South Korea’s steel industry faces mounting pressure as Britain moves to tighten import restrictions, adding to growing trade barriers in the United States and Europe. Britain said it plans to cut steel import quotas by 60% and raise the tariff on volumes above the quota to 50% from 25%, with the new measures set to take effect July 1.

The tougher British measures have raised concerns about weaker exports and shrinking profitability for South Korean steelmakers. South Korea exported 640,000 metric tons of steel to Britain last year, accounting for 2.3% of its total steel exports, according to the industry ministry.

South Korean companies including POSCO and Hyundai Steel have shipped products such as heavy steel plate to Britain. POSCO said it is reviewing the situation and plans to respond after Britain releases more details on the affected products and volumes. The industry ministry said the move could violate World Trade Organization rules and the Korea-Britain free trade agreement, which provides for tariff-free steel trade, and pledged to work with London to limit damage to Korean companies.

The British action comes as other major markets also harden their trade defenses. The United States raised tariffs on imported steel and aluminum to 50% in June 2025. The European Union is also pursuing a tougher steel regime that would cut tariff-free import volumes by 47% and double out-of-quota duties to 50%.

The broader protectionist shift has already hurt Korean producers. Industry officials say companies are increasingly reliant on government trade talks as barriers rise across major export markets.

— Reported by Asia Today; translated by UPI

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Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260320010006218

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S. Korean refiners boost output to prevent fuel shortages

Drivers pump gas into their cargo trucks at a gas station in Incheon, South Korea, 13 March 2026. The government implemented a temporary fuel price cap system the same day to ease cost burdens amid supply concerns linked to the Middle East crisis. YONHAP / EPA

March 18 (Asia Today) — South Korea’s four major oil refiners are ramping up production and delaying maintenance to stabilize domestic fuel supply amid rising global energy risks, industry officials said Tuesday.

The move comes as refining margins approach $30 per barrel, far above the industry break-even level of about $4 to $5, signaling what analysts describe as a “super cycle.”

Despite strong profitability, refiners said the decision reflects a priority on supply stability as concerns grow over potential fuel shortages linked to Middle East tensions and disruptions in the Strait of Hormuz.

GS Caltex has postponed major maintenance at its Yeosu refinery by about two months to May, opting to keep production running during the current high-margin period. Such maintenance typically lasts about 40 days and costs hundreds of billions of won.

Industry officials said the delay was driven not only by profitability but also by the need to ensure stable supply, including naphtha, a key feedstock for petrochemical production.

Naphtha prices have surged to about $1,009 per ton, roughly double the level seen a year earlier.

Refiners said maintaining high operating rates will also support petrochemical companies by ensuring a steady supply of raw materials.

SK Energy said it will continue operating at full capacity while complying with the government’s oil price cap policy. Authorities are monitoring refinery inventories and shipments in real time through a joint task force.

S-Oil and HD Hyundai Oilbank are also prioritizing domestic supply in line with government measures limiting exports of gasoline and diesel.

Industry sources said other refiners may follow GS Caltex in adjusting maintenance schedules, as shutting down facilities during a period of elevated margins would reduce efficiency.

Analysts said refiners are seeking to balance strong earnings with their role in preventing a domestic fuel crisis as geopolitical tensions persist.

— Reported by Asia Today; translated by UPI

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Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260317010005107

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Iran war fuels S. Korean tanker bet as shipping heir’s strategy pays off

The homepage of South Korean shipping company Sinokor Merchant Marine (Janggeum Shipping) is shown in this screenshot. Captured by Asia Today from Sinokor website

March 16 (Asia Today) — A bold bet by a South Korean shipping heir on ultra-large oil tankers is paying off handsomely as the war involving Iran disrupts global energy markets and drives tanker demand sharply higher.

Bloomberg reported that Sinokor Merchant Marine, a major South Korean shipping company, positioned itself to profit from the crisis after securing a large fleet of very large crude carriers (VLCCs) months before the conflict escalated.

The strategy was led by Jeong Ga-hyun, a director at Sinokor Petrochemical and the son of Sinokor Chairman Jeong Tae-soon, according to the report.

Bloomberg described the move as an unprecedented large-scale bet in the global tanker market, executed well before the outbreak of the Iran conflict.

Tankers deployed to Gulf before war

On Jan. 29, weeks before the war erupted in late February, Sinokor reportedly deployed at least six empty VLCCs to the Persian Gulf, positioning them to wait for cargo.

After disruptions in the Strait of Hormuz pushed tanker demand and charter rates sharply higher, the strategy began generating massive returns.

The Strait of Hormuz is one of the world’s most critical energy chokepoints, handling roughly 20% of global oil shipments.

Tanker rates surge to $500,000 a day

With oil exports disrupted and storage facilities across the Middle East filling rapidly, oil producers have increasingly turned to tankers as floating storage units.

According to Bloomberg, Sinokor is now chartering vessels for about $500,000 per day, roughly ten times last year’s average tanker rates.

Industry estimates suggest that by late February the company controlled around 150 VLCCs, representing roughly 40% of available tankers not already tied up in sanctions or long-term contracts.

Quiet heir behind massive shipping strategy

Jeong is known in the shipping industry as the low-profile heir to one of South Korea’s major maritime families.

Bloomberg reported that he rarely appears publicly and is known internally for a military-style management approach. Industry anecdotes even describe him challenging employees and business partners to arm-wrestling contests.

Oil supply disruptions reshape tanker market

The Iran war has dramatically altered global oil transportation patterns, forcing ships to reroute and increasing the need for offshore storage.

Under those conditions, Sinokor’s aggressive tanker acquisition strategy is now being viewed as one of the biggest winners of the crisis, Bloomberg said.

WSJ: Sinokor among winners of Hormuz crisis

The Wall Street Journal earlier identified Sinokor as one of the companies benefiting from the Strait of Hormuz tensions.

According to the newspaper, the company purchased dozens of oil tankers and deployed some of them to the Gulf region even before the conflict intensified.

Sources told the Journal that Sinokor is leasing several vessels to ADNOC, the United Arab Emirates’ state-owned oil company, to be used as floating storage facilities.

These vessels can earn up to $500,000 per day in charter fees, the report said.

As land-based storage in Gulf oil-producing countries approaches capacity, producers have increasingly stored crude at sea. Drilling firms in Iraq and Kuwait have even slowed production due to storage shortages.

The WSJ also noted that Greek shipping magnate George Prokopiou adopted a similar strategy, sending at least five tankers to the Strait of Hormuz through his company Dynacom, which is reportedly earning up to $440,000 per day – about four times pre-war rates.

— Reported by Asia Today; translated by UPI

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Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260316010004394

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Survey: Nearly half of S. Korean students study with AI

A graphic illustrates survey results showing how South Korean high school students use artificial intelligence for studying. Graphic by Asia Today and translated by UPI

March 11 (Asia Today) — Nearly half of South Korean high school students are using artificial intelligence to help them study, a survey showed, as the government moves to expand AI education in public schools.

According to a survey conducted by education company Jinaksa of 3,525 high school students nationwide, 47.7% said they use AI for studying at least once a week.

The most common usage frequency was once or twice per week at 25.2%. Another 14.4% said they use AI three times or more each week, while 8.1% reported using it almost daily.

Meanwhile, 22.7% said they never use AI for studying, and 29.6% said they use it only once or twice a month.

Students most frequently used AI to ask for explanations of unfamiliar concepts, accounting for 49.7% of responses. Other common uses included help solving problems at 29.0%, summarizing notes or reading passages at 27.9% and requesting feedback on answers at 17.4%.

The findings suggest students are not using AI simply to find correct answers but increasingly treat it as a question-based learning tool that explains concepts and helps guide problem-solving.

Education officials are also expanding artificial intelligence education in public schools.

The Ministry of Education said it has designated 1,141 elementary, middle and high schools nationwide as “AI focus schools” in cooperation with 17 regional education offices.

These schools will integrate AI-related lessons across subjects and expand interdisciplinary programs that combine artificial intelligence with existing curricula. Schools will also strengthen ethics education to encourage responsible use of AI and provide activities such as AI clubs and hands-on learning programs.

The ministry plans to gradually expand the program to 1,500 schools by 2027 and 2,000 schools by 2028.

Woo Yeon-cheol, director of the admissions strategy research institute at Jinaksa, said students are increasingly using AI as a form of “digital tutoring.”

“Students are not simply using AI to complete assignments,” Woo said. “They are using it to ask questions about concepts they do not understand and to check the direction of problem solving.”

He added that the ability to ask questions anytime and receive immediate explanations is helping AI become a new learning support tool.

Woo also noted that even as the government moves to expand AI-based education in schools, students have already been adapting quickly to AI-driven learning environments outside the classroom.

— Reported by Asia Today; translated by UPI

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Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260311010003167

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North Korea denounces ‘muscle-flexing’ US-South Korean military exercises | Military News

North Korea’s Kim Yo Jong said the annual ‘Freedom Shield’ exercises could lead to ‘unimaginably terrible consequences’.

Kim Yo Jong, the powerful sister of North Korean leader Kim Jong Un, has accused the United States and South Korea of “destroying the stability” of East Asia, as the two countries start their annual 10-day joint military exercises on the Korean Peninsula.

“The muscle-flexing of the hostile forces near the areas of our state’s sovereignty and security may cause unimaginably terrible consequences,” Kim Yo Yong said on Tuesday, according to the state-run Korean Central News Agency (KCNA).

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“The enemies should never try to test our patience, will and capability,” Kim said.

“We will watch to what extent the enemy violates the security of our state and what it is playing at,” she continued.

Kim’s remarks follow the start of the joint Freedom Shield exercises on Monday, which will run for 10 days and involve 18,000 South Korean and US military personnel.

The military manoeuvres are designed to “enhance the combined, joint, all-domain, and interagency operational environment, thereby strengthening the Alliance’s response capabilities,” United States Forces Korea said.

This year’s Freedom Shield will involve 22 field training drills, according to South Korea’s Yonhap News Agency, which is fewer than half the number carried out last year.

Kim added on Tuesday that there was no justification to hold the exercises, which have been called a “defensive” action by Washington and Seoul in the past.

“No matter what justification they may establish and how the elements of the drill may be coordinated, the clear confrontational nature of the high-intensity large-scale war drill staged by the most hostile entities in collusion at the doorstep of [North Korea] never changes,” she said.

“The recent global geopolitical crisis and complicated international events prove that all military manoeuvres of the field warfare troops, to be conducted by the enemy states, assume no distinction between defence and attack, training and actual warfare,” she continued, in an apparent reference to the US-Israel war on Iran.

South Korea and North Korea have technically been at war since 1953, when an armistice agreement paused fighting but did not formally end the armed confrontation.

North Korean leader Kim Jong Un said in 2024 that he would no longer pursue reconciliation with South Korea, although it remains Seoul’s long-term goal.

An official at South Korea’s Ministry of Unification told Yonhap that Kim’s remarks on Tuesday were relatively muted by North Korean standards.

The statement did not refer directly to the US or threaten to use nuclear weapons, the official said, speaking on condition of anonymity.

“Kim appears to have limited her response to merely pinpointing the South Korea-US exercise, taking the current security situation into account,” the official told Yonhap.

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