Industry

  • Hyundai shipyard for offshore facilities remains vacant with no orders
    Hyundai shipyard for offshore facilities remains vacant with no orders A giant crane remains unused in the Hyundai Heavy Industries dockyard for offshore facilities in Ulsan. SEOUL -- A dockyard mounted with giant cranes, including one from a closed Swedish shipyard, was left empty after Hyundai Heavy Industries, the world's largest shipbuilder, sent the last part of an offshore module for fixed platforms in an oilfield northwest of Abu Dhabi. Hyundai Heavy said an accommodation platform built for a crude oil production facility for Nasr August 21, 2018
  • Hyundai shipayrd swings to second-quarter net loss
    Hyundai shipayrd swings to second-quarter net loss SEOUL -- Hyundai Heavy Industries, the world's largest shipbuilder, shifted to a net loss in the second quarter of this year due to the high price of steel plates for shipbuilding and costs for a retirement program. Hyundai Heavy said in a regulatory filing that it posted a net loss of 233.7 billion won ($207 million), compared with a net profit of 182.8 billion won a year earlier. In the April-June period, the shipbuilder posted an operating loss July 23, 2018
  • Samsung shipyard swings to second-quarter net loss
    Samsung shipyard swings to second-quarter net loss ​SEOUL -- Samsung Heavy Industries, one of South Korea's three major shipbuilders, swung to a net loss in the second quarter of this year on increased costs and unexpected one-off losses caused by the delayed delivery of a drillship. Samsung Heavy said in a regulatory filing Monday that it posted a consolidated net loss of 142.7 billion won ($126.3 million) in the April-June period, compared with a net profit of 22.7 billion won a year earlier. In the April-June period, t July 23, 2018
  • Hyundai Heavy proposes unpaid temporary lay-off for offshore plant workers
    Hyundai Heavy proposes unpaid temporary lay-off for offshore plant workers SEOUL -- Hyundai Heavy Industries, the world's largest shipyard, has proposed an unpaid leave of absence for workers at its idle dockyard for offshore plants, rejecting the union's request for redeployment to ensure job security. The temporary lay-off came at negotiations between management and union leaders on Thursday when the 12,000-member union went on a six-day strike. As yet, the strike has not seriously affected Hyundai Heavy's overall operation because man July 20, 2018
  • Shipyards urge steelmakers to freeze steel plate prices
    Shipyards urge steelmakers to freeze steel plate prices SEOUL -- South Korean shipbuilders made desperate calls for a freeze in the prices of steel plates, saying they cannot endure any further hikes due to falling sales and profitability. In a statement on Monday, the Korea Offshore and Shipbuilding Association urged steelmakers to keep the prices of thick steel plates for shipbuilding unchanged until shipyards head off their crisis. In the first half of this year, steelmakers raised thick steel plate price July 16, 2018
  • Daewoo shipyard wins order from Greek shipping firm MGM
    Daewoo shipyard wins order from Greek shipping firm MGM SEOUL -- Daewoo Shipbuilding & Marine Engineering, one of South Korea's three top shipbuilders, has clinched a new deal to build a liquefied natural gas (LNG) floating storage and regasification unit for Maran Gas Maritime (MGM), a Greek shipping company. The shipbuilder said Wednesday that the floating storage regasification unit (FSRU), a special type of ship used for LNG transfer, would be delivered to MGM, the gas shipping unit of the Angelicoussis Shipping Gr July 4, 2018
  • Samsung shipyard wins $240 mln order to build two special ships
    Samsung shipyard wins $240 mln order to build two special ships SEOUL -- Samsung Heavy Industries, one of South Korea's three major shipbuilders, received a $240 million order from an unidentified Europe-based company to build two special ships which will be delivered by January 2021. The shipyard said in a regulatory filing on Friday that the type of ships and other information would not be disclosed at the request of the shipowner. In a separate notice, Samsung Heavy said it would extend the delivery date of June 29, 2018
  • Hyundai Heavy decides to shut down dockyard for offshore facilities
    Hyundai Heavy decides to shut down dockyard for offshore facilities SEOUL -- With no more work to do, Hyundai Heavy Industries, the world's largest shipyard, made an inevitable choice Friday to close its dockyard for offshore plants, admitting it has failed to win any orders due to competition with Chinese and Singaporean rivals.. Hyundai Heavy CEO Kang Hwan-goo said that a drydock in the industrial city of Ulsan for offshore facilities such as floating production storage and offloading (FPSO) units would be shut down after it sent the la June 22, 2018
  • Hyundai Heavy receives domestic order to build eight large container ships
    Hyundai Heavy receives domestic order to build eight large container ships SEOUL -- Hyundai Heavy Industries, the world's largest shipbuilder, received an order from a South Korean shipper to build eight large container ships as part of a government scheme to rehabilitate domestic shipbuilders which have been put under painful restructuring to reduce their debt. Hyundai Merchant Marine, the country's top shipping company controlled by creditors, said Monday it sent out orders for 20 very large container ships to Hyundai Heavy Industries, Dae June 4, 2018
  • Samsung shipyard wins $364 mln order from AET of Singapore to build four tankers
    Samsung shipyard wins $364 mln order from AET of Singapore to build four tankers SEOUL -- South Korean shipbuilder Samsung Heavy Industries has secured a $364 million order from AET of Singapore to build four tankers which transport oil from offshore oil fields to storage tanks. The shipyard said Friday that the deal calls for delivery of four shuttle tankers by 2020 to AET, part of Malaysia's MISC. Brazilian state oil and gas company Petrobras runs Suezmax shuttle tankers on long-term charter from AET. The four vessels to be bu June 1, 2018