SEOUL, Nov. 25 (Korea Bizwire) – South Korean shipbuilders are seeking to sell assets and cut costs, as they struggle with massive losses stemming from a protracted industry slump and rising costs, industry sources said Wednesday. The country’s big-three shipyards — Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries [...]
SEOUL, Oct. 25 (Korea Bizwire) — South Korea’s top three shipbuilders are expected to post a combined operating loss of more than 7 trillion won (US$6.2 billion) in 2015 amid an industrywide slump, data showed Sunday. Market data showed the country’s top three shipbuilders — Samsung Heavy Industries Co., Hyundai Heavy Industries Co. and Daewoo [...]
ULSAN, Sept. 23 (Korea Bizwire) – Unionists from subcontractors of Hyundai Heavy Industries (HHI) will stage a campaign against HHI chairman Chung Mong-joon’s bid for election as FIFA chairman in Switzerland, where the headquarters of the International Labor Organization (ILO) are located. The Ulsan branch of the Korean Confederation of Trade Unions and trade unions from HHI [...]
SEOUL, Sept. 2 (Korea Bizwire) — Hyundai Heavy Industries(HHI), South Korea’s leading shipbuilder, may participate in a project to build fleet support ships for India’s Navy, further expanding its presence in Asia’s third-largest economy, industry sources said Wednesday. According to the sources, India’s Ministry of Defense is anticipated to place an order for five fleet [...]
SEOUL, Aug. 10 (Korea Bizwire) — South Korea’s major shipyards, led by Hyundai Heavy Industries, are expected to log record losses this year as they struggle with money-losing projects to build offshore facilities and a decline in new orders, industry sources said Monday. The country’s big three shipbuilders — Hyundai Heavy, Daewoo Shipbuilding & Marine [...]
SEOUL, Jul. 3 (Korea Bizwire) — South Korean shipbuilders, led by industry leader Hyundai Heavy Industries Co., have secured the largest amount of new orders in the first six months of the year to retain the top slot, while the global shipbuilding industry saw new orders halve, industry data showed Friday. According to the data [...]
SEOUL, June 10 (Korea Bizwire) — The number of executives at South Korea’s conglomerates have declined in the first quarter, a report showed Wednesday, as many businesses here scrambled to cut back costs amid a protracted economic slowdown. The number of high-ranking executives at 268 firms affiliated with 30 local conglomerates stood at 10,486 in [...]
SEOUL, May 26 (Korea Bizwire) – Hyundai Heavy Industries (HHI) recently set a milestone with the delivery of its 2,000th ship. The achievement is an unprecedented record, unmatched by shipyards in Europe and Japan with more than 100 years of shipbuilding history. On May 25, HHI announced that it became the world’s first shipbuilder to deliver [...]
SEOUL, May 8 (Korea Bizwire) — Hi-FIN, an energy-saving propeller attachment, is gaining massive popularity from ship owners. Developed in-house by Hyundai Heavy Industries, the installation works to improve propulsion power by producing a vortex swirling in the opposite direction to the vortex made by a ship’s propeller, which is a main contributor to fuel [...]
SEOUL, May 7 (Korea Bizwire) – The trade union of Hyundai Heavy Industries (HHI) exercised its right to stop working after a worker fell into a manhole due to lack of safety facilities. On May 6, the trade union announced the work stoppage order to its workers for the first time. According to the union, a [...]