GEOJE, Feb. 28 (Korea Bizwire) — The city of Geoje in South Gyeongsang Province held a meeting with residents on Tuesday to discuss issues surrounding the takeover of Daewoo Shipbuilding & Marine Engineering Co. Currently, more than 9,700 people work at Daewoo Shipbuilding’s Geoje Okpo Shipyard. Including employees of partner firms, more than 17,000 workers [...]
SEOUL, Feb. 26 (Korea Bizwire) — Unionized workers at Daewoo Shipbuilding & Marine Engineering Co. went on strike Tuesday in a show of opposition to the planned sale to Hyundai Heavy Industries Co. Last week, workers at Daewoo Shipbuilding approved a walkout against the proposed deal. The shipbuilder’s union said its workers at the Geoje [...]
SEOUL, Feb. 19 (Korea Bizwire) — The proposed merger between Hyundai Heavy Industries (HHI) Co. and Daewoo Shipbuilding and Marine Engineering (DSME) Co. is expected to double the value of their outstanding orders for LNG ships to over US$12 billion, industry data showed on Tuesday. Hyundai Heavy, the world’s largest shipbuilder, is set to formally [...]
SEOUL, Feb. 12 (Korea Bizwire) — Hyundai Heavy Industries Co., the world’s largest shipyard by sales, is set to buy its smaller local rival Daewoo Shipbuilding & Marine Engineering Co., the state-run Korea Development Bank said Tuesday. KDB said Samsung Heavy Industries Co., a major South Korean shipyard, has stated its intention not to join [...]
SEOUL, Feb. 8 (Korea Bizwire) — Samsung Heavy Industries Co., a major South Korean shipyard, is unlikely to join the race to take over Daewoo Shipbuilding & Marine Engineering Co., as its parent Samsung Group is not interested in further expanding its shipbuilding business, industry sources said Friday. Last month, the state-run Korea Development Bank [...]
SEOUL, Jan. 31 (Korea Bizwire) — The state-run Korea Development Bank said Thursday that it has signed a temporary memorandum of understanding (MOU) with Hyundai Heavy Industries Co., the world’s largest shipbuilder by sales, to sell its controlling stake in rival Daewoo Shipbuilding & Marine Engineering Co. On Wednesday, Hyundai Heavy expressed its intent to [...]
SEOUL, April 4 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co., a leading South Korean shipbuilder, said Wednesday it has clinched a deal to build two oil carriers for an unidentified company in North America. The shipbuilder said it is set to deliver the very large crude carriers to the shipping firm by the first quarter of 2020, without elaborating on the value [...]
SEOUL, Jan. 16 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co., a major South Korean shipbuilder, said Tuesday it has been holding negotiations with Romania over the sale of the European country’s largest shipyard. Romania’s state-owned company 2 Mai S.A. Mangalia shipyard informed Daewoo Shipbuilding on Jan. 5 of its intention to exercise its [...]
SEOUL, Oct. 16 (Korea Bizwire) – Hyundai Heavy Industries, Daewoo Shipbuilding and Marine Engineering and Samsung Heavy Industries, the top shipbuilders in the country, are struggling from lack of work caused by falling demand for new vessels. According to recent industry data, however, that could change in the not-too-distant future thanks to a projected rise [...]
SEOUL, Aug. 14 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co., a troubled shipbuilder here, said Monday that it posted a profit for the second straight quarter in the second quarter, largely thanks to cost-cutting measures and increased delivery of offshore facilities. Net profit reached 1.26 trillion won (US$1.1 billion) in the April-June period, [...]