SEOUL, March 3 (Korea Bizwire) – Hyundai Heavy Industries Co., a major shipyard here, traded at a 52-week high on Friday on simmering expectations that the shipbuilding sector is on a recovery track and its plan to spin off non-shipbuilding businesses may boost its competitiveness. Hyundai Heavy closed at 167,500 won (US$146) on the Seoul [...]
SEOUL, March 2 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co., a major shipbuilder here, said Thursday that it has clinched a 414 billion won (US$363 million) deal to build two liquefied natural gas (LNG) carriers. Under the deal with an unidentified customer, Daewoo Shipbuilding will deliver the vessels by August 2019, the company [...]
SEOUL, March 2 (Korea Bizwire) – An expected rise in demand for liquefied natural gas (LNG) is likely to boost demand for LNG carriers, which in turn will help South Korean shipbuilders clinch more LNG ships and related facilities, industry sources said Thursday. Earlier, Royal Dutch Shell, a global oil and gas firm, has said [...]
SEOUL, Feb. 21 (Korea Bizwire) – Hyundai Heavy Industries Co., a major shipyard in South Korea, has received an order to build two oil tankers, industry sources said Tuesday. Under the deal with a Greek shipowner, Hyundai Heavy will build two very large crude carriers (VLCC) with 320,000 DWT by the end of 2018, the [...]
SEOUL, Feb. 9 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co., a major shipyard in South Korea, said Thursday that it has signed a letter of intent with a U.S. firm to build up to seven floating storage and regasification units (FSRUs). Under the deal with Excelerate Energy, Daewoo Shipbuilding will receive an order [...]
SEOUL, Jan. 31 (Korea Bizwire) – South Korea’s IT industry is expected to bask in robust business performance this year, while automakers and shipbuilders face tougher conditions, a report showed Tuesday. According to the report compiled by the Korea Chamber of Commerce and Industry (KCCI), most sectors are faced with uncertainties at home and abroad, [...]
SEJONG, Jan. 25 (Korea Bizwire) – South Korea will accelerate its corporate restructuring drive in shaky industries like shipbuilding and steelmaking in 2017 in a bid to gain a foothold for the future industrial revolution, the government said Wednesday. At a ministerial-level meeting in Seoul chaired by Finance Minister Yoo Il-ho, the government reviewed action [...]
SEOUL, Jan. 20 (Korea Bizwire) – A series of new shipbuilding orders in recent weeks have raised hopes of recovery in South Korea’s troubled shipbuilding industry, boosted by rising oil prices and a global supply shortage of new ships. Samsung Heavy Industries Co. said this week that it had won a US$230 million deal to [...]
SEOUL, Jan. 19 (Korea Bizwire) – The Ministry of Trade, Industry & Energy announced Wednesday that it will invest 245.1 billion won ($208 million) this year to help Korea’s dwindling shipbuilding industry diversify and hopefully breathe life into the sector. The investment will be divided into four areas – R&D (5 billion won), commercialization (4.5 [...]
SEOUL, Jan. 12 (Korea Bizwire) – The brutal job-cutting in South Korea’s shipbuilding industry is expected to continue into this year, with the nation’s three largest shipbuilders expected to slash more than 4,000 jobs, according to industry sources Thursday. South Korean shipbuilders have been under serious financial strain since the 2008 global economic crisis amid [...]