Industry

  • Creditors consider $2.6 bln cash injection into Daewoo shipyard: Yonhap
    Creditors consider $2.6 bln cash injection into Daewoo shipyard: Yonhap Creditors of Daewoo Shipbuilding & Marine Engineering Co. are looking at an option to map out another rescue package worth up to 3 trillion won (2.6 billion US dollars) for the cash-strapped shipbuilder, as the company is feared to face a deepening liquidity shortage amid a plunge in new orders, industry sources said Wednesday. In late 2015, the creditors, led by the state-run Korea Development Bank, announced a rescue package worth 4.2 trillion won, a March 15, 2017
  • Shareholders endorse Hyundai shipyards spin-off in turbulent meeting
    Shareholders endorse Hyundai shipyard's spin-off in turbulent meeting Protestors clash with police outside Hyundai Heavy Industries shareholders' meeting on Monday. Hyundai Heavy Industries, the world's largest shipyard, was allowed to spin off non-shipbuilding operations controlled by a holding company Monday at a turbulent shareholders meeting disrupted by protests from workers calling for job security. With Monday's approval, Hyundai Heavy would focus on shipbuilding, offshore drilling, and engine making in the southeastern indust February 27, 2017
  • Hyundai shipyards union launches its first full strike in 23 years
    Hyundai shipyard's union launches its first full strike in 23 years ​ The union of Hyundai Heavy Industries, the world's largest shipyard, launched a full strike Thursday for the first time in 23 years in protest at delayed wage negotiations and the planned spin-off of non-shipbuilding operations. The strike comes on the heels of widespread concerns among shipyard workers and community people over the shipbuilding group's desperate campaign to ease a protracted business slump through a sweeping overhaul of it February 23, 2017
  • Samsung Heavy wins $1.27 bln offshore facility order from BP
    Samsung Heavy wins $1.27 bln offshore facility order from BP ​ ​ South Korea's embattled shipbuilding community heaved a sigh of relief Thursday on the news that Samsung Heavy Industries Co. has won a 1.27 billion US dollar order to build an offshore facility, marking the first mega deal this year. The deal with BP Plc came as South Korean shipbuilders have been struggling with a protracted slump especially in the field of offshore facilities, with oil companies reducing spending and rig owners canceling orders or aski January 5, 2017
  • Italian shipbuilder Fincantieri selected as preferred bidder for STX France
    Italian shipbuilder Fincantieri selected as preferred bidder for STX France ​ Italian shipbuilder Fincantieri, which maintains a strategic partnership with a Chinese company, has been selected as the preferred bidder for STX France, a subsidiary of South Korea's insolvent shipbuilder, according to a bankruptcy court. Since STX Offshore and Shipbuilding, once South Korea's fourth-largest shipbuilder, was placed under receivership in May last year, the court has pushed for the sale of key STX assets at home and abroad. The Seoul Central Distri January 4, 2017
  • Hyundai shipyard wins $700 mln deal from Iranian firm
    Hyundai shipyard wins $700 mln deal from Iranian firm ​ South Korea's embattled shipbuilder Hyundai Heavy Industries said Sunday it has secured a 700 million US dollar deal to build 10 vessels for an Iranian firm. It was the first shipbuilding order by the Iranian company following the lifting of international sanctions on Tehran in January. Hyundai will provide technical cooperation for the development of Iran's shipbuilding industry. The Hyundai shipyard will build four container ships and six December 11, 2016
  • Russian shipper may place shipbuilding order with Korean firms: Yonhap
    Russian shipper may place shipbuilding order with Korean firms: Yonhap 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 and industry sources, top management from Sovcomflot held a series of meetings with the two Korean shipyards l December 5, 2016
  • Hyundai Heavy and Aramco to build joint shipyard in Saudi Arabia
    Hyundai Heavy and Aramco to build joint shipyard in Saudi Arabia ​ Hyundai Heavy Industries, the world's largest shipbuilder, has agreed to build a joint shipyard with Saudi national oil giant Aramco by 2021. The joint shipyard has been pushed by Saudi Arabia as part of efforts to diversify its economy beyond oil. Riyadh has developed non-oil industries, using state spending on projects including a shipbuilding and repair complex in the kingdom. Hyundai Heavy is among a number of foreign firms involved in Saud December 1, 2016
  • Investors react positively to Hyundai Heavys sweeping business overhaul
    Investors react positively to Hyundai Heavy's sweeping business overhaul A sweeping corporate overhaul pushed by Hyundai Heavy Industries, the world's largest shipyard, received a favorable response in the market Wednesday, triggering expectations on an early turnaround in its embattled business. Hyundai's board endorsed plans Tuesday to reorganize the group's bloated structure into six separate entities, to focus on shipbuilding, offshore plant and vessel engines after spinning off five other divisions covering electro ele November 16, 2016
  • Hyundai shipyard allowed to own Eddas accommodation vessel
    Hyundai shipyard allowed to own Edda's accommodation vessel ​ South Korea's top shipbuilder Hyundai Heavy Industries has acquired the ownership of a newly built accommodation service vessel from Norway's Edda Accommodation through arbitration, reports said Tuesday. The vessel, which was to be named Edda Fortis, was ordered in March 2014 with delivery originally scheduled for June 2015. Edda canceled its order worth 200 million US dollars in April, citing extensive delays. Edda asked Hyundai to return $69 million in advan November 15, 2016