South Korea is a sovereign state in the southern part of the Korean Peninsula. It is neighboured by China to the west, Japan to the east, and North Korea to the north. With an estimated population of 50 million, it covers a total area 98,480 square kilometres which includes partially forested mountain ranges separated by deep, narrow valleys. Its main exports are wireless telecommunications equipment, motor vehicles and computers. Korea was one nation under the Goryeo and Joseon dynasties until the end of the Korean Empire in 1910, when Japan began a 35-year period of colonial rule. Japan surrendered to the Allied Powers in 1945 and three years later the country split in two, beginning decades of conflict between North and South. The current president of The Republic of Korea (South Korea) is Park Geun-hye. She is the first woman to be elected as President in South Korea.
New-vessel prices on rise
Prices for new ships are rising as ship orders increase, helping shipbuilders in South Korea, the Yonhap news agency reports.
The price of a 280,000-tonne tanker began to rise in April, from US$80 million to the present quote of $83 million, Yondap quoted industry sources as saying.