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 [...]
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 [...]
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 [...]
SEOUL, June 5 (Korea Bizwire) – South Korea’s shipbuilders are expected to recover this year after suffering from a global industrywide slump in 2016, observers here said Sunday. Industry watchers said Samsung Heavy Industries Co. clinched deals worth US$4.8 billion coming into this year, which accounts for 74 percent of its annual target of $6.5 [...]
SEOUL, May 31 (Korea Bizwire) – President Moon Jae-in on Wednesday vowed to build a stronger maritime nation by bolstering its economic and military powers at sea. As part of the efforts, he promised to establish a public corporation to provide financial assistance to the nation’s ailing shipping and shipbuilding industries, and revive their global [...]
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 [...]
SEOUL, May 29 (Korea Bizwire) – Cautious optimism is spreading that South Korean shipbuilders may be able to pull out of a drawn-out slump on the back of rising new orders, industry sources said Monday. According to the sources, Samsung Heavy Industries Co., one of the country’s top three shipbuilders, has recently clinched a US$100 [...]
SEOUL, May 22 (Korea Bizwire) – Chinese shipbuilders have received orders from South Korean shippers to build 13 ships so far this year, while their South Korean rivals clinched deals from local shippers to build just seven ships, industry sources said Monday. According to related data, local shippers have placed orders so far this year [...]
SEOUL, May 17 (Korea Bizwire) – Cash-strapped Daewoo Shipbuilding & Marine Engineering Co., a major shipyard here, is set to receive 500 billion won (US$448 million) in fresh loans from its creditors later this month, industry sources said Wednesday. The financial aid, part of the second bailout fund drawn up by its creditors, will be [...]
SEOUL, May 17 (Korea Bizwire) – South Korean shipbuilders and related firms sharply reduced the size of their workforces last year in the face of a drawn-out slump, industry data showed Tuesday. According to the data compiled by industry tracker Chaebul.com, the shipbuilding sector slashed its workforce by 8,670 last year, or a 14.8 percent cut. The figure includes regular and nonregular workers. South Korea’s major [...]