Industry

  • Samsung Heavy wins first shipbuilding order in 11 months
    Samsung Heavy wins first shipbuilding order in 11 months ​ South Korea's Samsung Heavy Industries Co. said Friday it has clinched a deal from a European client to build two LNG (liquefied natural gas) carriers. It was the shipyard's first order in 11 months. The deal was estimated at 420 billion won (380 million US dollars). Monaco-based Greek outfit GasLog is coming in for up to six LNG carriers at Samsung Heavy, a deal that could be worth as much as $1.2 billion, according to Splash 24/7, an inter September 30, 2016
  • Hyundai shipyard proposes unpaid leave for office workers
    Hyundai shipyard proposes unpaid leave for office workers Hyundai Heavy Industries, the world's largest shipbuilder, said Monday that office workers at one of its three shipyards would be given an unprecedented unpaid leave as part of a cost-saving program. The troubled shipbuilder said that some 1,000 officers at Hyundai Samho Heavy Industries Co. in the southwestern port of Yeongam would embark on an unpaid leave program for at least three weeks from the first week of October. The program will be effecti September 26, 2016
  • Hyundai shipyard wins refund guarantee from banks
    Hyundai shipyard wins refund guarantee from banks ​ South Korea's Hyundai Heavy Industries has finally secured a refund guarantee from South Korean banks, paving the way for the world's largest shipyard to hunt for orders and build ships more actively than now. Due to concerns about heavy exposure to snowballing debts and bad loans in South Korea's shipbuilding and shipping sectors, banks have been reluctant to provide refund guarantees for new shipbuilding orders. Given that a shipowner September 22, 2016
  • Daewoo shipyard subsidiary wins $120 mln deal to design ships for US yard
    Daewoo shipyard subsidiary wins $120 mln deal to design ships for US yard A subsidiary of South Korea's troubled shipyard Daewoo Shipbuilding & Marine Engineering has clinched a 120 million US dollar deal from a US shipyard to design two ships. Daewoo Shipbuilding & Marine Engineering Co. said its unit, Daewoo Ship Engineering Company (DSEC), would design the two vessels with each capable of carrying 3,250 container boxes and 525 vehicles. Under the deal with NASSCO, a unit of General Dynamics, DSEC would also supply September 19, 2016
  • Hyundai shipyard expected to win $337 mln frigate order from Philippine
    Hyundai shipyard expected to win $337 mln frigate order from Philippine South Korean investors reacted positively Monday to reports that Hyundai Heavy Industries, the world's largest shipyard, is assured of a 337 million US dollar order to build two frigates for the Philippines. Hyundai Heavy has formally received a notice of award from the Philippine government to build two new frigates, IH Jane's 360, the news outlet for defence and security information, reported, adding the notice indicates a contract price of $3 September 5, 2016
  • Hyundai shipyard solves dispute with Norwegian company
    Hyundai shipyard solves dispute with Norwegian company Hyundai Heavy Industries, the world's largest shipbuilder, has agreed to acquire ownership of a semi-submersible drilling platform from a Norwegian offshore drilling rig company in return for repaying the first installment of 176 million US dollars. The agreement ended an arbitration case between Hyundai Heavy and Fred. Olsen Energy over the delayed delivery of the platform called "Bollsta Dolphin" which has been built at a Hyundai shipyar August 23, 2016
  • Hyundai Heavy wins Greek order to build two large crude carriers: Yonhap
    Hyundai Heavy wins Greek order to build two large crude carriers: Yonhap Hyundai Heavy Industries, the world's largest shipyard, has secured an order from a Greek shipping company to build two very large crude carriers or VLCCs, industry sources said Tuesday. The Korean shipbuilder clinched the deal, the first of its kind this year, the sources, estimating its value at 180 million US dollars. The ships will be delivered during the first half of 2018, the sources said. South Korean shipbuilders have been under severe financial strain sinc August 9, 2016
  • Prosecutors question Daewoo shipyards financial chief
    Prosecutors question Daewoo shipyard's financial chief South Korean prosecutors questioned the chief financial officer of Daewoo Shipbuilding & Marine Engineering Co. Friday over allegations he has been involved in an accounting fraud. Kim Youl-jung, 58, is suspected of covering up last year's operating losses estimated at 120 billion won (108 million US dollars ). Former and incumbent Daewoo executives have been accused of manipulating financial statements to cover up huge losses. Last week former CEO Ko August 5, 2016
  • Daewoo shipyard wins $180 mln order from Singaporean client
    Daewoo shipyard wins $180 mln order from Singaporean client South Korea's troubled shipyard Daewoo Shipbuilding & Marine Engineering has clinched a new 180 million dollar order from a Singaporean client to build two large oil tankers, company officials said Monday. The shipyard said the deal worth a total of 200 billion won ($180 million) was signed last Friday between Daewoo Shipbuilding head Jung Sung-leep and BW Group CEO Carsten Mortensen in Singapore. Daewoo Shipbuilding said it August 1, 2016
  • Hyundai Heavy wins deal to build New Zealand naval tanker
    Hyundai Heavy wins deal to build New Zealand naval tanker Hyundai Heavy Industries, the world's largest shipbuilder, said Monday it has signed a deal to built a naval tanker for New Zealand. Hyundai Heavy said the 23,000-ton new vessel, to be delivered by the end of 2019, would be ice-strengthened for Antarctic operations. New Zealand's media said the $346 million tanker would replace the 30-year-old tanker HMNZS Endeavour, which is due to retire in 2018. The replacement tanker will be able to refuel July 25, 2016