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, Aug. 6 (Korea Bizwire) – With the KOSPI stalling due to a series of poor earnings reports, short selling hit a record during July, hinting that investors have a negative outlook on the future of the Korean economy. According to the Korea Exchange on July 5, the average daily value of short selling in the KOSPI was [...]
Seoul, Mar. 3 (Korea Bizwire) — Samsung Heavy Industries has won a contract to build the world’s largest container ships from Japan’s MOL (Mitsui O.S.K. Lines) for 609.2 million dollars, said the company on March 2. Samsung Heavy Industries is due to build, by 2017, four 20,000 TEU class container ships whose deck size will equal that of [...]
SEOUL, Nov. 20 (Korea Bizwire) — A merger between Samsung Heavy Industries and Samsung Engineering has been shelved due to opposition by institutional investors including the National Pension Service. As the big investors exercised their stock buyback rights, the companies saw their merger cost soar and decided to call it off. Some analysts suggested that this [...]
SEOUL, Oct. 22 (Korea Bizwire) – Samsung Heavy Industries said on October 21 that it has developed a robot that can clean the bottom water-immersed part of the ship. As the new robot can replace the expensive re-docking job performed before delivering the ship to the client, it is expected to save a lot of cost for the [...]
SEOUL, Sep. 2 (Korea Bizwire) – Two Samsung Group companies Samsung Heavy Industries and Samsung Engineering have decided to merge with each other in a board of directors meeting on September 1. The two companies will exchange shares at the ratio of 1 to 2.36. Samsung Heavy Industries will grant 2.36 shares to Samsung Engineering shareholders for every share [...]
SEOUL, Korea, Mar 7 (Korea Bizwire) – Samsung Heavy Industries won on February 14 a deal to build a floating liquid natural gas (FLNG) ship for Malaysia’s state-run oil company Petronas at the cost of US$1.47 billion. Given most container ships cost about $200 million apiece, this is more than seven times more expensive. Including [...]
SEOUL, South Korea, Oct 09 (Korea Bizwire) – Korea’s non-profit organization WorldShare has joined hands with Samsung Heavy Industries to build a library and a community well in the suburban town of Matola, near the Mozambican capital Maputo. According to the charity on October 8, it signed an agreement with the city officials and [...]