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S. Korea’s Top 3 Shipbuilders to Cut over 4,000 Jobs This Year

S. Korea’s Top 3 Shipbuilders to Cut over 4,000 Jobs This Year

SEOUL, Jan. 12 (Korea Bizwire) – The brutal job-cutting in South Korea’s shipbuilding industry is expected to continue into this year, with the nation’s three largest shipbuilders expected to slash more than 4,000 jobs, according to industry sources Thursday.  South Korean shipbuilders have been under serious financial strain since the 2008 global economic crisis amid [...]

Ulsan’s Industrial Complex Suffers amid Economic Slump

Ulsan’s Industrial Complex Suffers amid Economic Slump

ULSAN, South Korea, Jan. 11 (Korea Bizwire) – The Onsan National Industrial Complex in Ulsan, a key city for shipbuilding and petrochemical industries, is suffering its worst financial crisis since its establishment in 1974. According to local sources, some 30 factory sites have been put up for sale since last year, and it is the [...]

S. Korea Places Order to Build 2 Frigates to Support Shipbuilding Sector

S. Korea Places Order to Build 2 Frigates to Support Shipbuilding Sector

SEOUL, Dec. 21 (Korea Bizwire) – South Korea’s arms procurement agency said Wednesday it has placed an order to build two 2,800 ton frigates ahead of schedule to support the ailing local shipbuilding industry. The Defense Acquisition Program Administration (DAPA) said it signed a contract worth 700 billion won (US$585.6 million) with Hyundai Heavy & [...]

Capital Injection Into Daewoo Shipbuilding to Be Completed This Month

Capital Injection Into Daewoo Shipbuilding to Be Completed This Month

SEOUL, Dec. 13 (Korea Bizwire) – Embattled Daewoo Shipbuilding & Marine Engineering Co. is expected to receive 2.8 trillion won (US$2.39 billion) from its creditors this month, averting a delisting from the local stock market, industry sources said Tuesday.  Last month, the creditors, led by the state-run Korea Development Bank (KDB), decided to provide the [...]

Russian Shipper May Place Order for Four Oil Tankers with Korean Firm

Russian Shipper May Place Order for Four Oil Tankers with Korean Firm

SEOUL, Dec. 5 (Korea Bizwire) – Russia’s state-owned shipping line Sovcomflot may award its oil tanker shipbuilding deal to a South Korean shipbuilder in the near future, with its management recently visiting Hyundai Heavy Industries Co. and Samsung Heavy Industries Co., industry sources said Monday.  According to the report from global shipping industry tracker Tradewinds [...]