china

Antarctica: Chinese Ship on Fire 97 Saved

A Chinese factory fishing ship caught fire Wednesday just off the coast of Antarctica and 97 crew members were rescued by a nearby Norwegian vessel as Chile's military mobilized to prevent any environmental damage.

The crew members abandoned the burning Kai Xin and were taken aboard the Juvel about 34 miles (55 kilometers) from Chile's Bernardo O'Higgins research base near the northern tip of the Antarctic peninsula, Chilean officials said.

The ship was not immediately at risk of sinking, and nearby vessels could tow it away from the Antarctic coast if necessary, officials said. (more…)

China Turns Graveyard From Goldmine Hurting Ship Makers: Freight

For shipbuilders such as STX Group, China was once a goldmine. Now it’s a graveyard. China’s lower appetite for commodities undermined the group’s plan to sell its shipping line, wiping out a combined $435 million of investor wealth at the South Korea-based conglomerate’s three main companies this week. That also threatens the group’s ability to repay $1.2 billion of debt by the end of the year. (more…)