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Employees at Shipbuilders Down 22.1% in Feb. on Industry-Wide Crisis

Employees at Shipbuilders Down 22.1% in Feb. on Industry-Wide Crisis

SEOUL, March 11 (Korea Bizwire) — The number of employees at local shipbuilders plunged 221. percent in February from a year earlier due to an industry-wide crisis, data showed Sunday. According to data compiled by the Ministry of Employment and Labor, in February the number of employees at local shipbuilders was 37,800 lower than the same month a year earlier, marking the 11th [...]

S. Korean Yards Hold Largest Order Backlogs Among Global Shipbuilders

S. Korean Yards Hold Largest Order Backlogs Among Global Shipbuilders

SEOUL, Jan. 29 (Korea Bizwire) — South Korea’s leading shipyards had the top three order backlogs among global shipbuilders at the end of 2017 due mainly to work received before the worldwide drop in demand, industry data showed Sunday. According to Clarkson Research’s latest World Shipyard Monitor, Daewoo Shipbuilding and Marine Engineering Co. (DSME) Okpo, [...]

Outlook for South Korean Shipbuilders Turns Positive as Demand for LNG Carriers Expected to Increase

Outlook for South Korean Shipbuilders Turns Positive as Demand for LNG Carriers Expected to Increase

SEOUL, Oct. 16 (Korea Bizwire) – Hyundai Heavy Industries, Daewoo Shipbuilding and Marine Engineering and Samsung Heavy Industries, the top shipbuilders in the country, are struggling from lack of work caused by falling demand for new vessels. According to recent industry data, however, that could change in the not-too-distant future thanks to a projected rise [...]

Another Tough Year Lies Ahead for S. Korean Shipyards

Another Tough Year Lies Ahead for S. Korean Shipyards

SEOUL, March 7 (Korea Bizwire) – After suffering record losses last year, South Korean shipbuilders may have to brace for yet another tough year based on a prolonged global slump stemming from low oil prices and tougher competition with Chinese rivals, sources said Monday. The nation’s big three shipyards — Hyundai Heavy Industries Co., Daewoo [...]

S. Korea’s Top 3 Shipyards Log 8 Tln Won Operating Loss in 2015

S. Korea’s Top 3 Shipyards Log 8 Tln Won Operating Loss in 2015

SEOUL, Jan. 7 (Korea Bizwire) – South Korea’s big three shipbuilders probably posted a record operating loss in 2015, stung by a combination of a prolonged industry slump, a series of order cancellations and a delay in the construction of offshore facilities, data showed Thursday. According to the industry data, the top three shipyards — [...]

Loss-Making Shipyards Struggling to Sell Assets, Cut Costs

Loss-Making Shipyards Struggling to Sell Assets, Cut Costs

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 [...]

Offshore Facilities Turn Out Loss-making Business for Korean Shipbuilders

Offshore Facilities Turn Out Loss-making Business for Korean Shipbuilders

SEOUL, July 29 (Korea Bizwire) – South Korea’s major shipbuilders, led by Hyundai Heavy Industries Co., logged worse-than-expected losses in the second quarter, largely due to the delivery of low-priced ships and a delay in the construction of loss-making offshore facilities, data showed Wednesday. The country’s big three shipyards racked up a combined loss of [...]