SEOUL, Sept. 8 (Korea Bizwire) — South Korea’s mid-sized shipbuilding sector is sliding toward collapse, even as opportunities for U.S.-Korea cooperation in naval and commercial shipbuilding expand under initiatives such as the MASGA project, a new report warns. According to a study released Sunday by the Korea Eximbank’s Overseas Economic Research Institute, orders secured by [...]
SEOUL, Sept. 5 (Korea Bizwire) — South Korea ranked second in new global shipbuilding orders in August after China, with overall order placements plunging 65 percent from a year earlier, industry data showed Friday. Global shipbuilding orders fell 65 percent on-year to 2.44 million compensated gross tons (CGT) last month, according to London-based Clarkson Research [...]
SEOUL, Sept. 2 (Korea Bizwire) — HD Korea Shipbuilding & Offshore Engineering (HD KSOE) Co., a subholding company of shipbuilding, oil refining and machinery conglomerate HD Hyundai Co., launched its first vessel construction project in the Philippines on Tuesday, the company said. The company held a steel-cutting ceremony at HD Hyundai Subic Shipyard in Subic [...]
BUSAN, Sept. 2 (Korea Bizwire) — South Korea’s state-run Korea Ocean Business Corporation (KOBC) said Monday it will roll out a pilot program this year that allows ordinary citizens to become shipowners through fractional investment. The initiative, to be conducted under existing securities and asset securitization laws, will issue profit-linked securities backed by vessels already [...]
SEOUL, Aug. 27 (Korea Bizwire) — Hanwha Group, South Korea’s chemicals-to-shipbuilding conglomerate, said Wednesday it will invest 7 trillion won (US$5 billion) in its shipyard in the United States, following President Lee Jae Myung’s recent summit with U.S. President Donald Trump. The investment aims to significantly boost production capacity at Hanwha Philly Shipyard in Philadelphia [...]
SEOUL, Aug. 26 (Korea Bizwire) — HD Hyundai Co., South Korea’s leading shipbuilding conglomerate, said Tuesday it has signed an initial agreement to create a joint investment program aimed at rebuilding the U.S. shipbuilding industry, as part of bilateral cooperation between Seoul and Washington. The memorandum of understanding (MOU) was signed in Washington on Monday [...]
SEOUL, Aug. 26 (Korea Bizwire) — Samsung Heavy Industries Co., a major shipbuilder in South Korea, said Tuesday it has signed a strategic partnership with the United States’ Vigor Marine Group to cooperate on maintenance, repair and overhaul (MRO) of U.S. naval support ships. The company said it will actively participate in the U.S. Navy’s MRO [...]
SEOUL, Aug. 25(Korea Bizwire) — Hanwha Ocean Co., a major South Korean shipbuilder, will invest an additional US$70 million “to expand” its shipyard in Philadelphia, according to the White House’s website Monday. Hanwha Group acquired Philly Shipyard for 140 billion won (US$100 million) last year to enter the U.S. shipbuilding market, with a long-term goal [...]
SEOUL, Aug. 20 (Korea Bizwire) — HD Korea Shipbuilding & Offshore Engineering (HD KSOE) Co. said Wednesday it has signed a 290 billion-won (US$207 million) agreement to purchase Doosan Enerbility Co.’s Vietnam subsidiary. Under the deal, HD KSOE will take over all shares of Doosan Vina owned by Doosan Enerbility, the South Korean shipbuilder said [...]
SEOUL, Aug. 14 (Korea Bizwire) — South Korea’s top container shipper, HMM Co., said Thursday it will buy back and cancel its own shares worth 2.14 trillion won (US$1.54 billion) as part of its shareholder return policy. In a regulatory filing, the company said it will repurchase roughly 81.8 million shares, or 7.98 percent of [...]