SEOUL, May 20 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co., a troubled South Korean shipyard, is set to unveil a set of additional restructuring measures later in the day as the government and its creditors pressed it to map out stronger self-rescue measures, industry sources said Friday. The proposal, to be submitted to [...]
SEOUL, May 19 (Korea Bizwire) – South Korea’s major shipbuilders are pulling out of wind power generation projects as they are reeling from massive losses and a drawn-out slump in the global economy, industry sources said Thursday. Since 2009, local shipyards, led by Hyundai Heavy Industries Co., have been tapping the alternative energy business sector [...]
SEOUL, May 16 (Korea Bizwire) – Overseas operations of South Korea’s cash-strapped shipyards struggled with massive debts last year amid a protracted slump in the global shipbuilding industry, industry data showed Sunday. The combined debts of 34 overseas subsidiaries of the three major shipyards — Daewoo Shipbuilding & Marine Engineering Co., Hyundai Heavy Industries Co. [...]
SEOUL, May 9 (Korea Bizwire) – Debts owed by South Korea’s three major shipbuilders more than doubled over a period of five years ending in 2015 due to disadvantageous contract terms, according to their business reports Sunday. The combined borrowings by Hyundai Heavy Industries Co., Samsung Heavy Industries Co., and Daewoo Shipbuilding & Marine Engineering [...]
SEOUL, May 3 (Korea Bizwire) — Creditors of Samsung Heavy Industries Co. have called on the shipyard to map out a set of self-restructuring measures as the local shipbuilding segment is reeling from mounting losses and a protracted slump, industry sources said Tuesday. Last week, Hana Bank, the main creditor of Hyundai Heavy Industries Co., also [...]
SEOUL, May 2 (Korea Bizwire) — Loss-making South Korean shipyards, facing growing pressure from their creditors to cut costs amid an industrywide slump, are expected to ratchet up moves to cut their workforces and sell noncore assets, industry sources said Monday. Last month, the government picked five sectors to put under intensive restructuring as their [...]
SEOUL, Apr. 29 (Korea Bizwire) — Unionized workers of two major shipbuilders in South Korea are set on a collision course with top managers over how to restructure the embattled companies reeling from snowballing losses amid a longstanding business slump, sources said Friday. The labor union of Daewoo Shipbuilding & Marine Engineering Co. (DSME) is [...]
SEOUL, Apr. 27 (Korea Bizwire) — South Korean shipyards may be in big trouble, but they still lead the global market in terms of order backlog, industry data showed Wednesday, possibly suggesting their guaranteed survival at least for a few years to come. According to the data from global research firm Clarkson Research Services, the [...]
SEOUL, April 21 (Korea Bizwire) – Hyundai Heavy Industries Co., the world’s largest shipbuilder by order backlog, will cut more than 10 percent of its workforce this year as part of its restructuring efforts, industry sources said Thursday. The Ulsan, South Korea-based shipbuilder is planning to announce its detailed self-help measures, including the planned job [...]
JEJU, April 7 (Korea Bizwire) – A new system that allows windmills to provide a stable source of electricity and store the energy efficiently will be developed for the first time by Korean research teams. Jeju Island, LG Chemical, POSCO ICT, and Wind Synergy signed an agreement to cooperate on Energy Storage System (ESS) initiatives linked to [...]