SEOUL, March 13 (Korea Bizwire) – Hyundai Samho Heavy Industries Co., a mid-sized shipbuilder here, recently sold a semisubmersible rig obtained from a Norwegian shipping firm through a compromise arrangement, for US$370 million, industry sources said Monday. According to the sources, Hyundai Samho sought arbitration over Seadrill’s cancellation of the rig order, and both sides [...]
SEOUL, March 3 (Korea Bizwire) – Hyundai Heavy Industries Co., a major shipyard here, traded at a 52-week high on Friday on simmering expectations that the shipbuilding sector is on a recovery track and its plan to spin off non-shipbuilding businesses may boost its competitiveness. Hyundai Heavy closed at 167,500 won (US$146) on the Seoul [...]
SEOUL, Feb. 27 (Korea Bizwire) – Unionized workers at South Korean shipbuilder Hyundai Heavy Industries Co. staged a strike for the third consecutive workday Monday, opposing the firm’s decision to split the ailing company. The labor union said it has called on its 14,000 workers to stage an eight-hour sit-down starting at 8:00 a.m., continuing [...]
SEOUL, Feb. 23 (Korea Bizwire) – Labor union leaders at South Korean shipbuilder Hyundai Heavy Industries Co. declared an all-out strike Thursday over failed wage negotiations and a proposed split of the firm’s non-shipbuilding business. What union and company officials called the first full-fledged walkout in 23 years came after labor union leaders told all [...]
SEOUL, Feb. 21 (Korea Bizwire) – Hyundai Heavy Industries Co., a major shipyard in South Korea, has received an order to build two oil tankers, industry sources said Tuesday. Under the deal with a Greek shipowner, Hyundai Heavy will build two very large crude carriers (VLCC) with 320,000 DWT by the end of 2018, the [...]
SEOUL, Jan. 23 (Korea Bizwire) – Hyundai Heavy Industries Co. and its two local rivals — Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. — are estimated to have recovered last year from their worst-ever performance the previous year, industry sources said Monday. But their improved earnings may have come from their [...]
SEOUL, Jan. 20 (Korea Bizwire) – A series of new shipbuilding orders in recent weeks have raised hopes of recovery in South Korea’s troubled shipbuilding industry, boosted by rising oil prices and a global supply shortage of new ships. Samsung Heavy Industries Co. said this week that it had won a US$230 million deal to [...]
SEOUL, Jan. 12 (Korea Bizwire) – The brutal job-cutting in South Korea’s shipbuilding industry is expected to continue into this year, with the nation’s three largest shipbuilders expected to slash more than 4,000 jobs, according to industry sources Thursday. South Korean shipbuilders have been under serious financial strain since the 2008 global economic crisis amid [...]
SEOUL, Dec. 27 (Korea Bizwire) – South Korea’s top three shipbuilders are expected to suffer from tough business conditions in 2017 with their orders likely to reach levels similar to this year, industry sources said Tuesday. In the face of a global vessel glut and fiercer competition from Chinese rivals, the three shipyards — Hyundai [...]
SEOUL, Dec. 21 (Korea Bizwire) – South Korea’s arms procurement agency said Wednesday it has placed an order to build two 2,800 ton frigates ahead of schedule to support the ailing local shipbuilding industry. The Defense Acquisition Program Administration (DAPA) said it signed a contract worth 700 billion won (US$585.6 million) with Hyundai Heavy & [...]