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Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering to Win Combined $1.5 Billion Deal

Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering to Win Combined $1.5 Billion Deal

SEOUL, Aug. 30 (Korea Bizwire) — Two South Korean shipbuilders — Samsung Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co. — are expected to win a combined US$1.5 billion deal, industry sources said Wednesday. According to industry tracker TradeWinds, the Mediterranean Shipping Co. (MSC) is working on an order for up to 11 [...]

Korean Shipbuilders Blindsided, Lose Contract to Chinese Rivals

Korean Shipbuilders Blindsided, Lose Contract to Chinese Rivals

SEOUL, Aug. 21 (Korea Bizwire) – The domestic shipbuilding industry was engulfed in a wave of low spirits as shipping publication “Tradewinds” and eBest Investment and Securities (eBest) both reported that French company CMA CGM had signed a letter of intent with two Chinese shipbuilding firms for nine container ships. The reason for the Korean [...]

Key Korean Industries’ Global Market Share Predicted to Drop in 10 Years

Key Korean Industries’ Global Market Share Predicted to Drop in 10 Years

SEOUL, Aug. 21 (Korea Bizwire) – “Provided the current situation remains the same going forward, [industries] excepting a few such as semiconductors, general machinery and weapons manufacturing will lose market share. In particular, the automotive, shipbuilding, petrochemical, textiles, home appliances, and communications devices industries will see their respective global market share drop in 2025 compared [...]

Shipbuilding, Automobile Industries Face Labor Disputes Amidst Economic Gloom

Shipbuilding, Automobile Industries Face Labor Disputes Amidst Economic Gloom

SEOUL, Jul. 7 (Korea Bizwire) — When it rains, it pours, as labor disputes are putting increased pressure on the automobile manufacturing and shipbuilding industries already sagging underneath the weight of slowing sales. The industry giants currently involved in labor negotiations include Hyundai Motor, Kia Motors and GM Korea, while Hyundai Heavy Industries, the world’s largest [...]

Ulsan’s Shipbuilding Job Center Marks Successful First Year Amid Tough Times

Ulsan’s Shipbuilding Job Center Marks Successful First Year Amid Tough Times

SEOUL, July 6 (Korea Bizwire) – Ulsan’s shipbuilding career support center recently marked its successful first year, having helped tens of thousands of jobseekers find employment in the field, center officials said on Wednesday. According to the career center, as of last month, employment benefits and job seeking support had been provided more than 71,000 times [...]

Hyundai Samho Attracts 400 Bln-Won Investment via Pre-IPO

Hyundai Samho Attracts 400 Bln-Won Investment via Pre-IPO

SEOUL, June 8 (Korea Bizwire) – Hyundai Samho Heavy Industries Co., a midsized shipbuilder here, said Thursday that it has attracted 400 billion won (US$355 million) in investment from a local private equity firm via pre-initial public offering.  The investment is higher than the originally planned 300 billion won, Hyundai Samho said, signaling that investors [...]

Creditors to Offer Fresh Financing to Daewoo Shipbuilding next Week

Creditors to Offer Fresh Financing to Daewoo Shipbuilding next Week

SEOUL, May 31 (Korea Bizwire) – Creditors of cash-strapped Daewoo Shipbuilding & Marine Engineering Co. are set to inject fresh funds into the embattled shipyard next week, later than earlier scheduled, due to the delay in the debt rescheduling scheme, industry sources said Wednesday.  According to the sources, the state-run Korea Development Bank-led creditors are [...]