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Chinese Shipyards Dominate Global Orders as Korean Shipbuilders Focus on High-Value Projects

SEOUL, Jan. 27 (Korea Bizwire) — In 2024, seven of the world’s top 10 shipbuilders by order volume were Chinese, reflecting a shift in global shipbuilding dynamics as Chinese shipyards capitalized on volume-based strategies, according to data released on January 26 by UK-based Clarkson Research. The top four shipyards—New Times Shipbuilding, Hudong-Zhonghua Shipbuilding, Yangzijiang Shipbuilding, and [...]

Hyundai Heavy Faces Protracted Wage Dispute

SEOUL, Oct. 6 (Korea Bizwire) — Hyundai Heavy Industries Co., South Korea’s top shipbuilder, is likely to have a lengthy standoff with its labor union over this year’s wage deal, industry watchers said Sunday, adding a burden to its already struggling business. Hyundai Heavy has held 16 rounds of wage negotiations with the union since [...]

Daewoo Shipbuilding Delivers Drill Ship for Transocean

SEOUL, July 11 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co., a troubled shipbuilder in South Korea, said Tuesday that it has delivered a drill ship, the third of five offshore facilities scheduled for this year. Daewoo Shipbuilding won a 620 billion-won (US$539 million) deal to build the drill ship for Transocean of the United [...]

S. Korean Shipyards Estimated to Have Clinched Record New Orders in First Half

SEOUL, Jul. 3 (Korea Bizwire) — South Korean shipbuilders, led by Hyundai Heavy Industries Co., are estimated to have clinched a record number of new shipbuilding orders in the first half of the year, with their combined tally more than doubling from a year earlier, industry data showed Monday. Hyundai Heavy and other local shipyards [...]

Samsung Heavy Bags US$100 mln Order for 2 LNG Ships

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 [...]

Shipyard Workers Set to Stage Strike This Week

SEOUL, Jul. 18 (Korea Bizwire) — Workers at the country’s major shipbuilders will stage a joint strike this week, demanding that tough restructuring moves currently underway be scrapped. According to the sources, unionized workers at the country’s Big Three shipyards — Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries [...]

Shipyards’ Restructuring Faces Backlash from Workers

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 [...]

Daewoo Shipbuilding Pushes for Massive Restructuring

SEOUL, Aug. 31 (Korea Bizwire) — Daewoo Shipbuilding & Marine Engineering, South Korea’s No. 2 shipbuilder, is pushing for a massive restructuring drive next month, including the sale of assets worth up to 400 billion won (US$339.1 million), as it struggles to recover from huge losses, industry sources said Monday. Assets likely to be sold [...]

Korean Shipbuilders Expected to Log Record Losses This Year

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 [...]

S. Korea Keep Top Spot in Shipbuilding Orders in H1

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 [...]