SEOUL, Oct. 19 (Korea Bizwire) — South Korea plans to seek a structural change in the labor market of its shipbuilding industry, the finance ministry said Wednesday, amid growing criticism over shipbuilders taking advantage of subcontractors. “Recently, the overall conditions for our shipbuilding industry have been improving, with the number of orders rising following the [...]
SEOUL, March 15 (Korea Bizwire) — South Korea’s shipbuilding industry, which clinched a string of new orders early this year, is suffering from a shortage of manpower due to poor working conditions. Centered on the port cities of Busan and Ulsan where the shipyards are clustered, this year’s shortage of workers is estimated at up [...]
GEOJE, May 15 (Korea Bizwire) — The Korean Metal Workers’ Union and union members from Daewoo Shipbuilding and Marine Engineering Co. (DSME) submitted a petition to the Fair Trade Commission on Tuesday, claiming that the merger between Hyundai Heavy Industries Co. and DSME undermines free competition and would create an oligopoly in South Korea’s shipbuilding [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]