ULSAN, South Korea, Jan. 11 (Korea Bizwire) – The Onsan National Industrial Complex in Ulsan, a key city for shipbuilding and petrochemical industries, is suffering its worst financial crisis since its establishment in 1974. According to local sources, some 30 factory sites have been put up for sale since last year, and it is the [...]
SEOUL, Jan. 5 (Korea Bizwire) – Samsung Heavy Industries Co., a major shipyard here, said Thursday that it has won a US$1.27 billion deal to build an offshore facility, marking the first mega deal of the year for South Korean shipbuilders struggling to bring in new orders. Under the deal with BP Plc, Samsung Heavy [...]
SEOUL, Jan. 4 (Korea Bizwire) – South Korea’s shipbuilding industry is due to be outdone by Japan for the first time in 17 years in order backlog, tentative data from a global research firm indicated Wednesday, overturning its dominance that at one time was 10 times bigger than that of its neighbor. Estimates from Clarkson [...]
SEOUL, Dec. 28 (Korea Bizwire) – About 300 office workers of embattled Daewoo Shipbuilding & Marine Engineering Co. (DSME) will go on a month-long unpaid leave in January as part of efforts to cut costs, sources said Wednesday. They will be the first batch of DSME’s 4,700 desk-job employees who will take turns on unpaid [...]
SEOUL, Dec. 27 (Korea Bizwire) – South Korea’s top three shipbuilders are expected to suffer from tough business conditions in 2017 with their orders likely to reach levels similar to this year, industry sources said Tuesday. In the face of a global vessel glut and fiercer competition from Chinese rivals, the three shipyards — Hyundai [...]
SEOUL, Dec. 21 (Korea Bizwire) – South Korea’s arms procurement agency said Wednesday it has placed an order to build two 2,800 ton frigates ahead of schedule to support the ailing local shipbuilding industry. The Defense Acquisition Program Administration (DAPA) said it signed a contract worth 700 billion won (US$585.6 million) with Hyundai Heavy & [...]
SEOUL, Dec. 13 (Korea Bizwire) – Embattled Daewoo Shipbuilding & Marine Engineering Co. is expected to receive 2.8 trillion won (US$2.39 billion) from its creditors this month, averting a delisting from the local stock market, industry sources said Tuesday. Last month, the creditors, led by the state-run Korea Development Bank (KDB), decided to provide the [...]
SEOUL, Dec. 5 (Korea Bizwire) – Russia’s state-owned shipping line Sovcomflot may award its oil tanker shipbuilding deal to a South Korean shipbuilder in the near future, with its management recently visiting Hyundai Heavy Industries Co. and Samsung Heavy Industries Co., industry sources said Monday. According to the report from global shipping industry tracker Tradewinds [...]
SEOUL, Dec. 2 (Korea Bizwire) – Global oil prices have rallied this week, and may settle above the US$50 level in the near future, a boon for Korean shipbuilders still struggling with falling new orders, industry sources said Friday. Oil prices continued to rise on Thursday extending their rally to a second consecutive day after [...]
SEOUL, Dec. 1 (Korea Bizwire) – South Korea’s major shipyards have to pay off or refinance a combined 2.22 trillion won (US$1.89 billion) worth of corporate bonds due next year amid concerns over their worsening financial status, industry sources said Thursday. According to the sources, Daewoo Shipbuilding & Marine Engineering Co., one of the country’s [...]