SEOUL, Nov. 25 (Korea Bizwire) – Shareholders of Daewoo Shipbuilding & Marine Engineering Co. on Friday approved a proposed capital reduction scheme, paving the way for the troubled shipbuilder to receive financial aid from its creditors. The shipbuilder said its shareholders gave the nod to the 10-to-1 capital reduction for shareholders. Earlier, its creditors, led [...]
BUSAN, Nov. 24 (Korea Bizwire) – The date when new environmental regulations mandated by the International Maritime Organization take effect is rapidly approaching. Starting January 1, 2020, all ships must use fuel with a maximum sulphur content of 0.5 percent, a 3-percent cut from the current cap of 3.5 percent. The IMO also made it [...]
SEOUL, Nov. 23 (Korea Bizwire) – The labor union at Hyundai Heavy Industries Co. on Wednesday threatened to launch a full-scale strike calling on the company to scrap its plan to spin off non-shipbuilding units, which it claims will lead to a sell-off. Last week, Hyundai Heavy, one of the country’s big three shipyards, announced [...]
SEOUL, Nov. 23 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co., a major South Korean shipyard, has faced another call from a customer to delay ship delivery, adding to difficulties for the shipbuilder, industry sources said Wednesday. According to the sources, U.S. drilling firm Atwood Oceanics has asked Daewoo Shipbuilding to delay the delivery [...]
SEOUL, Nov. 18 (Korea Bizwire) – Hyundai Heavy Industries Co., a major shipyard here, has cut its order target for the year, joining other smaller local rivals’ move to adjust their annual order targets amid a protracted slump, industry sources said Friday. According to the sources, Hyundai Heavy revised down its order target to US$9.49 [...]
SEOUL, Nov. 16 (Korea Bizwire) – South Korea said Wednesday that it will push to build more ships powered by liquid natural gas (LNG) and develop the relevant technologies in an effort to go green amid looming strict emission rules. The move came a month after the International Maritime Organization adopted a landmark decision to [...]
SEJONG, Nov. 14 (Korea Bizwire) – South Korea’s southeast region (Busan, Ulsan, South Gyeongsang Province), also called the “Southeast Economic Belt”, which plays an essential role as the country’s major production hub and a locus for trade, has steadily lost momentum in recent years, announced Statistics Korea Monday. According to KOSTAT, the index of industrial [...]
SEOUL, Nov. 14 (Korea Bizwire) – Some 3,000 employees have quit their jobs from South Korea’s top three shipbuilders in the third quarter of the year as the industry underwent extensive restructuring programs to cope with global oversupply and low demand amid a global economic slowdown, industry sources said Monday. The country’s three biggest shipyards [...]
SEOUL, Nov. 8 (Korea Bizwire) – The world’s first icebreaking liquid natural gas (LNG) carrier set sail Tuesday, heading to the Arctic Sea for testing. The ship was manufactured by Daewoo Shipbuilding & Marine Engineering, who won the order from Russia’s state-run shipper Sovcomflot in March 2014. According to officials, the tanker is 299 meters [...]
SEOUL, Nov. 8 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co. is ratcheting up efforts to sell its assets to secure cash amid a protracted slump, industry sources said Tuesday. According to the sources, the troubled shipyard has recently named a preferred bidder for Welliv Co., one of its money-making units, which is involved [...]