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. 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, 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 [...]
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 [...]