South Korea to Combine World’s Two Biggest Shipbuilders in $2 Billion Deal

By Hyunjoo Jin SEOUL, Jan 31 (Reuters) - Hyundai Heavy Industries, the world's biggest shipbuilding group, has announced a share swap deal worth 2.1 trillion won ($1.98 billion) to take over second-ranked Daewoo and create a global heavyweight controlling over 20 percent of the market. The move comes as the worldwide shipbuilding sector recovers from a global economic … [Read more...]

Hyundai Heavy Seeks Stake in Rival DSME -Official

SEOUL, Jan 30 (Reuters) - South Korea's Hyundai Heavy Industries Group, the world's biggest shipbuilder, is interested in buying a stake in second-ranked rival Daewoo Shipbuilding & Marine Engineering, a Hyundai official told Reuters on Wednesday. The comments follow the group's holding firm saying on Monday it planned to sell part of its stake in refiner Hyundai Oilbank … [Read more...]

Empty Shipyard and Suicides as “Hyundai Town” Grapples with Grim Future

By Hyunjoo Jin and Heekyong Yang ULSAN, South Korea, Aug 13 (Reuters) - When Lee Dong-hee came to Ulsan to work for Hyundai Heavy Industries five years ago, shipyards in the city known as Hyundai Town operated day and night and workers could make triple South Korea's annual average salary. But the 52-year-old was laid off in January, joining some 27,000 workers and … [Read more...]

LNG-Fuelled Very Large Ore Carrier Design Receives Class Approval

South Korean shipbuilder Hyundai Heavy Industries (HHI) has received approval in principle from classification society Lloyd's Register for a LNG-powered Very Large Ore Carrier.   The VLOC concept was developed through a joint project between Lloyd's Register, Hyundai Heavy, Anangel, as the shipowner, and LNG supplier Woodside. The goal of the project is to … [Read more...]

Hyundai Heavy to Build Five More VLOCs for Polaris Shipping

South Korean shipbuilder Hyundai Heavy Industries (HHI) has announced that it has signed a $400 million contract to build an additional five Very Large Ore Carriers (VLOCs) for Polaris Shipping. The newbuild order is the result of an option exercised following the contract for ten VLOCs of the same class with Polaris Shipping on September 25. The original order … [Read more...]