As pirates increasingly target cargo vessels in the Gulf of Aden, owners are struggling to pay escalating ransom demands — putting their crews at risk, an insurance executive told nearly 100 Korean ship owners and insurance brokers meeting here. Jonathan Doherty, North Asia regional manager for the Chubb Group of Insurance Companies, noted that each [...]

A South Korean cargo ship is thought to have sunk after colliding with a Panamanian vessel off the coast of Japan, the Korea Coast Guard said. The 4,200-ton Orchid Pia is missing with seven South Korean and nine Indonesian crew members, Jang Soo Pyo, a coast guard official, said today by phone. The South Korean [...]