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S. Korean Shipbuilders Fare Well on Surge of LNG Carrier Orders

S. Korean Shipbuilders Fare Well on Surge of LNG Carrier Orders

SEOUL, Dec. 9 (Korea Bizwire) – South Korea’s major shipyards have shown decent performances this year on the back of a surge in orders to build LNG carriers, industry data showed Sunday. For the year up to Thursday, 52 orders for LNG carriers were received by local entities, with Hyundai Heavy Industries Co. bagging the [...]

Shipbuilder Woes Caused by Drop in Work, Compounded by Labor Standoff

Shipbuilder Woes Caused by Drop in Work, Compounded by Labor Standoff

SEOUL, Sept. 2 (Korea Bizwire) — South Korea’s major shipbuilders’ troubles caused by drop off in work are being exacerbated by an ongoing labor-management standoff that may further complicate efforts by shipyards to get back on track, industry watchers said Sunday. Hyundai Heavy Industries Co. (HHI), Samsung Heavy Industries Co. and Daewoo Shipbuilding and Marine [...]

S. Korea Designates Ulsan, Other Restructuring-hit Regions as Emergency Industrial Zone

S. Korea Designates Ulsan, Other Restructuring-hit Regions as Emergency Industrial Zone

SEJONG, May 29 (Korea Bizwire) — South Korea has designated Ulsan, Geoje, Mokpo and several other regions, home to the country’s shipbuilders and related industries, as an emergency response zone to provide job support and tax incentives as these areas are reeling from high unemployment, the commerce ministry said Tuesday. The designation came as local [...]

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 [...]