SEOUL, May 3 (Korea Bizwire) — South Korean shipbuilders have been exploring opportunities to enter the U.S. Navy’s maintenance, repair and overhaul (MRO) market, aligning with the United States’ efforts to revitalize its declining shipbuilding industry through collaboration with its Asian allies. HD Hyundai Heavy Industries Co. (HHI) and Hanwha Ocean Co. are pursuing partnership [...]
SEOUL, March 22 (Korea Bizwire) — Major South Korean shipyard Hyundai Heavy Industries Co. said Tuesday it has successfully sold green bonds worth US$300 million to overseas investors. The five-year green bonds carry an interest rate equaling to the yield on five-year U.S. Treasuries plus a spread of 0.95 percentage point, 0.20 percentage point lower [...]
SEOUL, Jan. 26 (Korea Bizwire) — Hyundai Heavy Industries Co., South Korea’s leading shipbuilder, said Tuesday it will raise 1 trillion won (US$907 million) by listing its shares on the main bourse this year for its environment-friendly business. Hyundai Heavy said it will issue new shares equivalent to a 20 percent stake in the company [...]
SEOUL, Feb. 1 (Korea Bizwire) — It is expected that a merger between Hyundai Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co. will create massive synergy not only in the South Korean shipbuilding industry, but also in maritime defense. Both companies are listed as major manufacturers of naval vessels and submarines, in charge [...]
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, Jan. 30 (Korea Bizwire) — South Korea’s Hyundai Heavy Industries Group is seeking to buy its smaller rival, Daewoo Shipbuilding & Marine Engineering, industry sources said Wednesday, in what could be a major shakeup in the sector. The country’s top shipbuilder is in talks with state-run Korea Development Bank (KDB), a creditor bank that [...]
ULSAN, Nov. 1 (Korea Bizwire) — Despite the economic downturn in the shipbuilding industry, the employees of Hyundai Heavy Industries Co. are holding a flea market event to help underprivileged neighbors, marking the 25th straight year that the event has taken place. Hyundai Heavy Industries kicked off the “Donation of Love” campaign at Dong-gu, Ulsan [...]
SEOUL, Oct. 12 (Korea Bizwire) — Due to the fall of the shipbuilding industry in Ulsan, tax collected in the city’s Dong-gu district has declined sharply, causing setbacks to various government projects. In addition, government officials may not be receiving overtime fees and other benefits that were paid in the past. According to the Dong-gu [...]
SEOUL, March 7 (Korea Bizwire) — South Korean shipbuilders beat their global rivals in February ship orders, bagging more than half of all orders placed, data by Clarkson Research Services showed Wednesday. Local shipbuilders received orders to build 17 vessels in total, accounting for 52.3 percent of overall ship orders placed globally, the research firm [...]
SEOUL, Mar. 5 (Korea Bizwire) — Hyundai Heavy Industries Co. said Sunday it will use robots to build ships for the first time in the industry to improve efficiency and cut costs. The world’s largest shipbuilder has recently completed a year of testing of a robotic system that automatically shapes a vessel’s 3-D curved surface [...]