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World’s First Icebreaking LNG Carrier Sets Sail for Arctic

World’s First Icebreaking LNG Carrier Sets Sail for Arctic

SEOUL, Nov. 8 (Korea Bizwire) – The world’s first icebreaking liquid natural gas (LNG) carrier set sail Tuesday, heading to the Arctic Sea for testing.  The ship was manufactured by Daewoo Shipbuilding & Marine Engineering, who won the order from Russia’s state-run shipper Sovcomflot in March 2014.  According to officials, the tanker is 299 meters [...]

Daewoo Shipbuilding’s Asset Sales Gather Pace

Daewoo Shipbuilding’s Asset Sales Gather Pace

SEOUL, Nov. 8 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co. is ratcheting up efforts to sell its assets to secure cash amid a protracted slump, industry sources said Tuesday.  According to the sources, the troubled shipyard has recently named a preferred bidder for Welliv Co., one of its money-making units, which is involved [...]

Daewoo Shipbuilding Sells Headquarters Building for 170 Bln Won

Daewoo Shipbuilding Sells Headquarters Building for 170 Bln Won

SEOUL, Oct. 26 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co., a major shipyard here, said Wednesday that it has sold off its headquarters building in downtown Seoul for 170 billion won (US$150 million) to a local asset manager.  The shipyard will lease the building for the time being, according to the shipbuilder.  The [...]

Daewoo Shipbuilding Launches 2nd Submarine for Indonesian Navy

Daewoo Shipbuilding Launches 2nd Submarine for Indonesian Navy

GEOJE Island, South Korea, Oct. 24 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co., a major South Korean shipbuilder, launched a 1,400-ton diesel submarine on Monday for the Indonesian navy, a company official said.  The submarine is the second of the three submarines being built under a 2011 deal worth US$1.1 billion. In March, [...]

McKinsey’s Competence Under Fire After Questionable Recommendations to DSME

McKinsey’s Competence Under Fire After Questionable Recommendations to DSME

SEOUL, Oct. 18 (Korea Bizwire) – Global consulting firm McKinsey & Company is again facing criticism with the disclosure that it provided business consulting services to Daewoo Shipbuilding & Marine Engineering (DSME) three years ago, advising the company to focus on its offshore plants – the very business that lead to DSME’s demise.  McKinsey is [...]

Daewoo Shipbuilding Denounces Critical McKinsey Report

Daewoo Shipbuilding Denounces Critical McKinsey Report

SEOUL, Oct. 13 (Korea Bizwire) – A recent report by McKinsey & Company that Daewoo Shipbuilding & Marine Engineering (DSME) is least likely to survive among the big three shipbuilding companies has brought about strong opposition from DSME.  DSME, Hyundai Heavy Industries, and Samsung Heavy Industries retained McKinsey as a consultant back in June, to [...]

University Shipbuilding Departments Shutting Down

University Shipbuilding Departments Shutting Down

CHANGWON, July 18 (Korea Bizwire) – As the shipbuilding industry in Korea suffers through a catastrophic slump, some universities in South Gyeongsang Province that offer majors related to shipbuilding are having difficulty maintaining their programs. Due to the recent economic downturn, the employment outlook in the shipbuilding industry, which was bright just a few short years [...]