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South Korea well behind China in first-half shipbuilding orders South Korean shipyards were well behind Chinese competitors in the global ranking of first-half orders as they suffer from an unprecedented business setback that prompted sweeping industry-wide restructuring, data showed Monday. Total new orders placed in the first half of this year worldwide fell sharply to 6.32 million compensated gross ton (CGTs) from 18.04 million CGTs a year earlier, according to research firm Clarkson Research Services. Over the same six-month pe July 4, 2016
Former Daewoo shipyard official arrested for embezzling $15 mln A former Daewoo shipyard official has been arrested for embezzling a company fund of 15 million US dollars as state auditors Wednesday revealed a massive accounting fraud to win an uninterrupted injection of liquidity from creditors. The Board of Audit and Inspection said in a report to financial regulators that Daewoo Shipbuilding and Marine Engineering, one of South Korea's three top shipyards, had indulged in window dressing worth 1.5 trillion won ($1.28 billion) i June 15, 2016
Daewoo shipyard workers endorse walkout, no timetable Unionized workers at Daewoo Shipbuilding and Marine Engineering endorsed a strike calling for job security Tuesday despite a warning from creditors that they could scrap a rehabilitation program for the ailing shipyard. The proposed walkout won 85 percent of votes cast by workers in a two-day vote Monday and Tuesday. Union leaders, however, have not revealed a timetable saying they were willing to seek a negotiated settlement with creditors and management. June 14, 2016
South Korean leader cites 'tears of Malmo' in shipbuilding industry President Park Geun-hye warned Monday that South Korea's shipbuilding industry would collapse like a shipyard in the Scandinavian city of Malmo if it fails to carry out "bold" restructuring, as shipyard workers vote over a proposed strike against any drastic redundancy. South Korea's economy has "no future" without "bold" corporate restructuring, Park said in a speech at parliament, adding the economy was in "a desperately danger June 13, 2016
Daewoo shipyard workers vote over proposed strike Unionized workers at Daewoo Shipbuilding and Marine Engineering, one of South Korea's three top shipbuilders, took a vote Monday over a proposed strike calling for job security. The vote by some 7,000 workers came after Daewoo Shipbuilding CEO Jung Sung-leep last week suggested the company should curtail facilities for offshore plants by up to 25 percent to ride out its liquidity crisis. Jung also supported the idea of separating Daewoo Shipbuilding's defense sec June 13, 2016
Hyundai Heavy shows turnaround in Q1 earnings Hyundai Heavy Industries, the world's largest shipbuilder, Tuesday reported a turnaround in its first quarter earnings, helped by reduced costs and gains in non-shipbuilding businesses. On a consolidated basis, the company swung to a net profit of 244.5 billion won (212 million US dollars) in the January-March period, from a net loss of 378 billion won a year ago. Over the same period, sales dropped 16 percent on-year to 10.27 trillion won, but the company registered a f April 26, 2016
[UPDATE] South Korean shipyard workers make joint appeal for help South Korean shipyard unions tossed away their traditional militancy Thursday, appealing for swift state support to avoid massive layoffs as their yards become almost empty with no new orders coming. A joint appeal came from the unions of Daewoo Shipbuilding & Marine Engineering, the world's second-largest shipbuilder, and Samsung Heavy Industries, South Korea's third-largest shipyard, both based on the southern island of Koje. " April 7, 2016
Daewoo shipyard predicts better performance this year Daewoo Shipbuilding & Marine Engineering, the world's second-largest shipbuilder, on Thursday promised to turn its troubled business around from the first quarter of this year. Daewoo Shipbuilding CEO Jung Sung-leep apologized for the company's record net loss of 5.13 trillion won (4.2 billion US dollars) last year. But he was optimistic, saying the lifting of international sanctions on Iran will open up new business opportunities. "I can say that Daewoo Ship March 10, 2016
Falling orders force Hyundai Heavy's temporary factory closure Hyundai Heavy Industries said Friday it would temporarily shut one of its two factories for offshore facilities by the end of March as new orders drop sharply amid a global business slump. The slide in oil prices led to a decline in new orders for facilities such as FPSO (Floating, Production, Storage and Offloading) units and oil rigs, a company spokesman said, declining to say when the factory would reopen. The company’s offshore engineering division won 1.17 billion January 22, 2016
Shipbuilding industry forecast to grow 0.8 percent in 2015 South Korea's shipbuilding industry will grow slightly on-year in 2015, a government-funded think tank said Thursday. The Korea Institute for Industrial Economics and Trade (KIET) forecast that the country's shipbuilding output will reach 11.90 million compensated gross tons (CGTs) next year, up 0.8 percent from 2014. In a report on the "prospects of the 2015 economy and industry," the institute said this year's output in the shipbuilding sector is expected to reach 11.80 November 27, 2014