On May 30, 2023, a ship carrying a cargo of Purified Terephthalic Acid (PTA) caught fire near Ulsan, South Korea. A fire that started inside an Eagle Bulk Shipping bulk carrier on Tuesday in South Korea has prompted an investigation. At 09:50 local time, the 64,000-dwt Cape Town Eagle (built-in 2015) was involved in an accident in Ulsan's harbor.

PTA was being transported via bulk carrier carrying 5,700 tonnes of material. A fire broke out in the cargo hold of the bulk carrier Cape Town Eagle in Ulsan Port, Korea, around 1000 Seoul time on May 30, 2023.

The fire began in cargo hold No. 4 during the loading of PTA, according to Eagle Ship Management in Singapore. The captain of the ship flying the flag of the Marshall Islands promptly notified the port authority and started emergency procedures on board.

Immediately, the crew got to work extinguishing the flames. Firefighters from the neighborhood also helped. As such, no seamen sustained any injuries. Official information regarding the fire and the ship's damage has not yet been released. The bulker will now be examined to see the extent of any damage, and an investigation has been opened to determine what caused the mishap.

According to the ChemAnalyst database, PTA Prices have been rising in the South Korean market due to the region's decreased manufacturing. A few PTA facilities were already closed for maintenance in May, such as Hanwha Impact Corporation in Daesan, which was closed from May 1 until May 31, 2023.

ChemAnalyst concluded by predicting that "The breakout of fire on Eagle Bulk ship in South Korean port may further impact the pricing for PTA." As a result, it is now projected that the price of PTA in the South Korean market will continue to rise for at least a week.