SEOUL, Jan. 19 (Korea Bizwire) – South Korea’s Navy will receive a new diesel-electric air-independent propulsion submarine Friday capable of staying underwater more than 10 days, the state arms agency said. The Defense Acquisition Program Administration (DAPA) plans to deliver the Hong Beom Do submarine to the Navy in a ceremony at the shipyard of Hyundai Heavy Industries in Ulsan. Named after a respected independent fighter during Japan’s [...]
SEOUL, Jan. 17 (Korea Bizwire) — Hyundai Heavy Industries Co., a major South Korean shipbuilder, said Wednesday that it has clinched a deal worth 50 billion won (US$46 million) to supply 21 engines to power plants in Indonesia. Under the deal with Indonesia’s state power utility, PT PLN, Hyundai Heavy will supply 21 HiMSEN engines [...]
SEOUL, Dec. 1 (Korea Bizwire) — Hyundai Heavy Industries Co. said Friday it has won orders to build 17 out of 27 very large ore carriers placed by South Korean shipping lines, while Chinese shipbuilders have secured or are in the process of getting contracts for the remaing ships. The shipping companies that won the [...]
SEOUL, Oct. 25 (Korea Bizwire) — Hyundai Electric and Energy Systems Co., a unit of top shipbuilder Hyundai Heavy Industries Co., said Wednesday that it has set up a company in Thailand to strengthen its presence in the Asian region. The new energy solutions unit, along with another one in Singapore, will help the company [...]
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, Sept. 7 (Korea Bizwire) — South Korea on Thursday launched a new 1,800-ton submarine, characterizing it as a “strategic dagger” to strike precisely at a range of targets. The launch of the diesel-electric submarine wrapped up the Navy’s KSS-II acquisition program, which began in 2000, for the introduction of nine 1,800-ton 214-class submarines. “It’s [...]
SEOUL, Aug. 21 (Korea Bizwire) – The domestic shipbuilding industry was engulfed in a wave of low spirits as shipping publication “Tradewinds” and eBest Investment and Securities (eBest) both reported that French company CMA CGM had signed a letter of intent with two Chinese shipbuilding firms for nine container ships. The reason for the Korean [...]
SEOUL, Aug. 2 (Korea Bizwire) — Hyundai Robotics said Wednesday that it has secured a more than 20 percent stake in its listed affiliates in a move that made it eligible to become the holding company of Hyundai Heavy Industries Group. The company said it acquired the stocks through an open takeover offering that raised [...]
SEOUL, Jul. 30 (Korea Bizwire) — Expect crowded beaches and airports as major industries in the Ulsan area have begun official their official summer vacation. Depending on their line of work, however, the mood of some workers may be gloomier than usual. The shipbuilding industry’s well publicized struggles in the face of plummeting demand has [...]
SEOUL, Jul. 24 (Korea Bizwire) – South Korea’s major shipyards, led by Hyundai Heavy Industries Co., are projected to have racked up solid profit during the second quarter of the year, aided by the increased delivery of ships, cost-cutting measures and a rise in new orders, industry sources said Monday. According to the data compiled [...]