China Consortium Signs Sewol Salvage Deal

A consortium of companies led by China’s  state-run Shanghai Salvage Co. has officially signed a contract with the government of South Korea to raise the Sewol ferry which sank on April 16, 2014 off Jindo Island, killing 304 passengers and crew, South Korea’s Ministry of Oceans and Fisheries (MOF) said.

The contract was signed following two weeks of negotiations which started on July 15 after MOF had chosen the consortium as the preferred bidder, beating 27 other companies that applied for the tender.

The parties agreed on a KRW 85.1 billion (USD 73 million) contract value, payable in three phases. The first payment will be made after the completion of loss prevention and oil recovery procedures. The second tranche will be paid after the ferry is lifted and docked at the designated location, and the third installment will be made after the ferry is brought ashore for demolition.

The 6,825-ton ferry sank in 44 meters of water notorious for its strong currents and low underwater visibility. Shanghai Salvage will use two 10,000 ton cranes and around 200 workers to lift the ferry, including around 100 divers.

South Korea announced plans to salvage the sunken ferry back in April, following public protests that marked the first anniversary of the tragedy, and increasing demands from the families of the victims for the ferry to be raised.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Feb 2017 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 1 2 3 4 5

9th Annual Coasts and Marine Structures 2017 Conference

Discover Best Practise Strategies for Design, Planning, Construction and Asset Management

To remain competitive, Australian port operators must plan, design, manage and maintain their assets more creatively and proactively to meet future demands and drive profitability.

With this in mind, the Coast and Marine Structures Summit 2017 will focus on key considerations relevant to ensuring your existing assets are maximised and prepared to accommodate bigger vessels.

Hear from 20+ global experts including Maritime/Coastal Engineers, Contractors, Port Authorities and more, including GHD (USA), Indonesian Port Corporation (Asia), G-Group Consulting (New Zealand), Ausenco (Australia), Port Authority NSW (Australia), to name a few.

By attending this 2-day conference, you’ll learn about:

– Innovative planning and design of ports to create efficiencies that drive profit
– Best practice asset management strategies and new PIANC design principles for bulk terminals
– Proactive asset management and maintenance to improve durability and maximise and extend asset lifecycles
– Alternative material and protection techniques trialled and tested in the US and Europe
– Strategies to shift organisational culture and mindset from asset management to asset maintenance
– How you can leverage technology to increase the efficiency of your marine structures
– Case studies on retrofitting, expanding and upgrading your ports in cost-effective ways

More info

read more >

Focusing on Solutions

The maritime industry is experiencing the most aggressive regulatory change in history, with the adoption of a global sulphur cap of .5%…

read more >

European Shipping Week 2017

European Shipping Week is intended to be a platform where policy-makers from the main EU institutions will meet and engage with European…

read more >

Seatrade Cruise Global

For more than 30 years, Seatrade Cruise Global has been the leading international exhibition and conference serving the cruise industry…

read more >