SEOUL, Jul. 18 (Korea Bizwire) — Samsung Heavy Industries Co. is seeking to cut its workforce and have employees return part of their salaries in order to cut costs, industry sources said Tuesday. Last year, the major South Korean shipyard unveiled a self-restructuring program that centers on cutting the workforce and having executives return part [...]
SEOUL, May 29 (Korea Bizwire) – Cautious optimism is spreading that South Korean shipbuilders may be able to pull out of a drawn-out slump on the back of rising new orders, industry sources said Monday. According to the sources, Samsung Heavy Industries Co., one of the country’s top three shipbuilders, has recently clinched a US$100 [...]
SEOUL, May 23 (Korea Bizwire) — Samsung Heavy Industries Co., a major South Korea shipyard, said Monday that it has clinched a US$100 million deal to build two LNG carriers. Under the deal with South Korean shipper Korea Line Corp., Samsung Heavy will build the ships by December 2019, the company said. The ships, which [...]
SEOUL, May 17 (Korea Bizwire) – South Korean shipbuilders and related firms sharply reduced the size of their workforces last year in the face of a drawn-out slump, industry data showed Tuesday. According to the data compiled by industry tracker Chaebul.com, the shipbuilding sector slashed its workforce by 8,670 last year, or a 14.8 percent cut. The figure includes regular and nonregular workers. South Korea’s major [...]
SEOUL, May 12 (Korea BIzwire) – South Korean shipbuilding companies including Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries are branching out into the Norwegian market, with the trio expected to attend this year’s Nor-Shipping, one of the biggest international shipping exhibitions in the world, which will be held in Oslo [...]
SEOUL, May 9 (Korea Bizwire) – Hyundai Heavy Industries Co. and Samsung Heavy Industries Co. have clinched orders valued at a combined US$1 billion to build very large crude carriers (VLCCs), industry sources said Tuesday. According to the sources, Hyundai Heavy has secured an order to build two VLCCs. The deal includes an option to [...]
GEOJE, SOUTH KOREA, May 4 (Korea Bizwire) – Many of the victims who were injured or killed during the crane accident which occurred at the Geoje Shipyard last Monday were subcontractors, according to Samsung Heavy Industries. Speaking to Yonhap News Agency earlier this week, the company revealed that most of the casualties were subcontractors, including [...]
SEOUL, April 28 (Korea Bizwire) – Samsung Heavy Industries Co., a major shipyard here, said Friday that its first-quarter earnings more than tripled from a year earlier on cost-saving measures. Net profit reached 58.7 billion won (US$51.6 million) in the January-March period, compared to a profit of 15.9 billion won a year earlier, the company [...]
GEOJE, March 7 (Korea Bizwire) –Companies, labor unions and municipalities are joining forces in a bid to revive a struggling industry and win orders for large shipyards in Geoje, South Gyeongsang Province. According to shipbuilding industry watchers and Geoje on Mar 6, Daewoo Shipbuilding & Marine Engineering (DSME) and Samsung Heavy Industries, which suffered a [...]
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 [...]