SEOUL, Sept. 7 (Korea Bizwire) — South Korean shipbuilders far outstripped their Chinese rivals in terms of new orders in August, retaining their top spot for the fourth straight month, industry data showed Tuesday. Local shipbuilders led by Hyundai Heavy Industries Co. won a combined 780,000 compensated gross tons (CGTs) in new orders last month, [...]
SEOUL, Jan. 30 (Korea Bizwire) — South Korea’s Hyundai Heavy Industries Group is seeking to buy its smaller rival, Daewoo Shipbuilding & Marine Engineering, industry sources said Wednesday, in what could be a major shakeup in the sector. The country’s top shipbuilder is in talks with state-run Korea Development Bank (KDB), a creditor bank that [...]
SEOUL, Jan. 8 (Korea Bizwire) — South Korean shipyards, for the first time in seven years, ranked No. 1 in 2018 in terms of annual orders secured, industry data showed Tuesday. According to the data compiled by global research firm Clarkson Research Institute, local shipbuilders clinched new orders totaling a combined 12.63 million compensated gross [...]
SEOUL, Nov. 13 (Korea Bizwire) — South Korea’s embattled shipbuilding giants may conduct a wave of year-end layoffs in line with self-rescue measures agreed upon with creditors, industry sources said Tuesday. Stung by snowballing losses from tumbling orders and heavy debt, Daewoo Shipbuilding and Marine Engineering Co. (DSME), Samsung Heavy Industries Co. and Hyundai Heavy [...]
ULSAN, Jan. 5 (Korea Bizwire) – With the South Korean shipbuilding industry left reeling by changing economic fortunes, the population of the well-known shipbuilding neighborhood of Dong District in Ulsan is dwindling fast. Data from the Ministry of the Interior and Safety and Ulsan Metropolitan City released on Friday revealed the number of South Korean [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]