South Korean Shipyards Struggling As Offshore Strategy Fails

  By Rose Kim, Jungah Lee and Michael S. Arnold (Bloomberg) -- The deep-ocean strategy is coming back to bite South Korean shipyards. Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. -- South Korea’s Big Three shipbuilders -- ventured into offshore oil rigs starting around 2010. The goal was to avoid … [Read more...]

World’s Largest Shipbuilder Reports $2 Billion Loss in 2014

South Korea's Hyundai Heavy Industries, the world's largest shipbuilder, has reported operating loss of KRW 3.25 trillion in 2014, or about USD $2.96 billion. The operating loss in 2014 is compared to a profit of KRW 802 billion in 2013. Full-year revenues hit KRW 52.58 trillion (US$47.9 billion) in 2014, down 3% from KRW 54.19 trillion in 2013, the company said. The … [Read more...]

Hyundai Heavy’s Next-Generation Drillship Design Receives ABS Approval in Principle

The American Bureau of Shipping says it has awarded approval in principle (AIP) for Hyundai Heavy Industries' next-generation HD12000 heavy duty, wide beam drillship designed for ultra-deep water and harsh conditions. The drillship, which can accommodate a 20,000-psi blowout preventer system, has been designed in full compliance with the ABS Guide for the Classification of … [Read more...]

CSCL Globe – Introducing the New World’s Largest Containership

Move over Triple-E's, there's a new big dog in town. Hyundai Heavy Industries Co. in Ulsan, South Korea has just named the new title-holder for the world’s largest containership; a 19,000 TEU giant for China Shipping Container Lines (CSCL) named CSCL Globe. CSCL Globe measures 400.0 m in length, 58.6 m in width and 30.5 m in depth, and will be deployed on the Asia-Europe … [Read more...]