SEOUL, Dec. 5 (Korea Bizwire) – Russia’s state-owned shipping line Sovcomflot may award its oil tanker shipbuilding deal to a South Korean shipbuilder in the near future, with its management recently visiting Hyundai Heavy Industries Co. and Samsung Heavy Industries Co., industry sources said Monday. According to the report from global shipping industry tracker Tradewinds [...]
SEOUL, Dec. 1 (Korea Bizwire) – South Korea’s major shipyards have to pay off or refinance a combined 2.22 trillion won (US$1.89 billion) worth of corporate bonds due next year amid concerns over their worsening financial status, industry sources said Thursday. According to the sources, Daewoo Shipbuilding & Marine Engineering Co., one of the country’s [...]
SEOUL, Nov. 23 (Korea Bizwire) – The labor union at Hyundai Heavy Industries Co. on Wednesday threatened to launch a full-scale strike calling on the company to scrap its plan to spin off non-shipbuilding units, which it claims will lead to a sell-off. Last week, Hyundai Heavy, one of the country’s big three shipyards, announced [...]
SEOUL, Nov. 18 (Korea Bizwire) – Hyundai Heavy Industries Co., a major shipyard here, has cut its order target for the year, joining other smaller local rivals’ move to adjust their annual order targets amid a protracted slump, industry sources said Friday. According to the sources, Hyundai Heavy revised down its order target to US$9.49 [...]
SEOUL, Nov. 14 (Korea Bizwire) – Some 3,000 employees have quit their jobs from South Korea’s top three shipbuilders in the third quarter of the year as the industry underwent extensive restructuring programs to cope with global oversupply and low demand amid a global economic slowdown, industry sources said Monday. The country’s three biggest shipyards [...]
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 [...]
ULSAN, July 29 (Korea Bizwire) – Companies in the southeastern city of Ulsan, marked by major shipyards and manufacturing plants, are on a special operational routine from early July to help their employees beat the summer heat worsened by fiery working environments, officials said Friday. Hyundai Heavy Industries, a leading shipbuilder headquartered in the city [...]
SEOUL, Jul. 19 (Korea Bizwire) — Unionized workers at Hyundai Motor Co., South Korea’s top automaker, are set to walk off the job for four hours on Tuesday demanding a pay raise and better working conditions. Last week, a majority of the automaker’s some 48,000 unionized workers voted for a strike as their talks with [...]
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 [...]
SEOUL, Jul. 18 (Korea Bizwire) — Workers at the country’s major shipbuilders will stage a joint strike this week, demanding that tough restructuring moves currently underway be scrapped. According to the sources, unionized workers at the country’s Big Three shipyards — Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries [...]