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South Korea and Japan to Take ‘Public Fund-Supported Shipbuilding Industry’ Case to WTO

South Korea and Japan to Take ‘Public Fund-Supported Shipbuilding Industry’ Case to WTO

SEOUL, Nov. 7 (Korea Bizwire) — The Japanese government has moved forward with dispute settlement procedures at the World Trade Organization (WTO) regarding allegations that South Korea’s shipbuilding industry is being supported by government funds. Kim Deuk-hwan, the deputy spokesperson for the South Korean Ministry of Foreign Affairs, said at a regular briefing on Tuesday [...]

Fall of Ulsan’s Shipbuilding Industry Leads to Pressure on Local Tax Coffers

Fall of Ulsan’s Shipbuilding Industry Leads to Pressure on Local Tax Coffers

SEOUL, Oct. 12 (Korea Bizwire) — Due to the fall of the shipbuilding industry in Ulsan, tax collected in the city’s Dong-gu district has declined sharply, causing setbacks to various government projects. In addition, government officials may not be receiving overtime fees and other benefits that were paid in the past. According to the Dong-gu [...]

The Dark Side of the Shipbuilding Industry’s Struggles

The Dark Side of the Shipbuilding Industry’s Struggles

SEOUL, Aug. 3 (Korea Bizwire) — Of all the member states within the Organisation for Economic Co-operation and Development (OECD), South Korea has the highest suicide rate. Although it has fallen slightly in recent years, the rate has gone up again due to the slowdown in the shipbuilding sector in South Gyeongsang Province. According to [...]

Shipbuilding Subcontractors Ask Gov’t to Investigate Illegal Practices by Major Players

Shipbuilding Subcontractors Ask Gov’t to Investigate Illegal Practices by Major Players

SEOUL, Jul. 12 (Korea Bizwire) — Subcontractors of Daewoo Shipbuilding & Marine Engineering (DSME), Hyundai Heavy Industries, and Samsung Heavy Industries, the three largest players in the nation’s shipbuilding industry, have asked the Korea Fair Trade Commission (KFTC) to carry out an in-depth investigation into illegal practices among the ‘big three’. A single committee instigated [...]

Shipbuilding Industry Braces for Further Restructuring

Shipbuilding Industry Braces for Further Restructuring

SEOUL, Jul 2. (Korea Bizwire) — With the South Korean shipbuilding industry reeling from years of hardship, another wave of restructuring is expected to hit in the second half of the year. As the shipbuilding industry has been facing a long-term recession on a global scale, those who have worked in the industry have either [...]

S. Korea’s Shipbuilding Industry Shows Signs of Recovery: Regulator

S. Korea’s Shipbuilding Industry Shows Signs of Recovery: Regulator

SEOUL, May 15 (Korea Bizwire) — South Korea’s shipbuilding industry is showing signs of recovery after years of struggling with the global downturn, a senior financial regulator said Tuesday. Yoo Kwang-yeol, first senior deputy governor of the Financial Supervisory Service (FSS), urged shipbuilders to turn to high-end vessels, such as very large crude carriers, for [...]

South Korea’s First LNG-powered Merchant Vessel Unveiled

South Korea’s First LNG-powered Merchant Vessel Unveiled

SEOUL, Dec. 22 (Korea Bizwire) – The very first South Korean LNG-powered merchant vessel is expected to set sail next year. The Ministry of Trade, Industry and Energy and POSCO said on Thursday that the launch ceremony for the country’s first LNG-powered merchant vessel, ‘Green Iris’, will take place on Friday at Hyundai Mipo Dockyard [...]

University Shipbuilding Departments Shutting Down

University Shipbuilding Departments Shutting Down

CHANGWON, July 18 (Korea Bizwire) – As the shipbuilding industry in Korea suffers through a catastrophic slump, some universities in South Gyeongsang Province that offer majors related to shipbuilding are having difficulty maintaining their programs. Due to the recent economic downturn, the employment outlook in the shipbuilding industry, which was bright just a few short years [...]

Loss-making Shipyards Moving to Cut Workforces, Sell Assets

Loss-making Shipyards Moving to Cut Workforces, Sell Assets

SEOUL, May 2 (Korea Bizwire) — Loss-making South Korean shipyards, facing growing pressure from their creditors to cut costs amid an industrywide slump, are expected to ratchet up moves to cut their workforces and sell noncore assets, industry sources said Monday. Last month, the government picked five sectors to put under intensive restructuring as their [...]

Resurrection of the Shipbuilding Industry?

Resurrection of the Shipbuilding Industry?

SEOUL, Korea, Mar 7 (Korea Bizwire) – Samsung Heavy Industries won on February 14 a deal to build a floating liquid natural gas (FLNG) ship for Malaysia’s state-run oil company Petronas at the cost of US$1.47 billion. Given most container ships cost about $200 million apiece, this is more than seven times more expensive. Including [...]