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...]

South Korea to Offer ‘Industry Crisis’ Funding to Hard-Hit Shipbuilding Regions

SEOUL, May 29 (Reuters) - South Korean Finance Minister Kim Dong-yeon said on Tuesday the government will designate five key shipbuilding centres on the country's south coast as "industry crisis" zones eligible for economic support. The areas include Dong-gu in the city of Ulsan, Geoje-si of Kyong-nam province and Jinhae-gu of Changwon, as well as Tongyeong and Mokpo in the … [Read more...]

Japan Overtakes South Korea in Ranking of Biggest Shipbuilding Nations

For the first time in nearly two decades Japanese shipbuilders have overtaken rivals in South Korea in terms of newbuild order backlog, industry data shows. According to Clarskon Research data released Wednesday, in December 2016 Japan had a backlog of 20.64 million compensated gross tonnes (CGT), surpassing South Korea's backlog of 19.91 CGT. China is still world's … [Read more...]

South Korea to Spend $10 Billion to Boost Local Shipbuilers

By Jiyeun Lee, Kanga Kong and Kyunghee Park (Bloomberg) -- South Korea, home to the world’s three biggest shipbuilders, plans to spend about 11 trillion won ($9.6 billion) by 2020 to help the industry amid a dearth of new orders and prolonged losses. The government intends to order more than 250 vessels and provide of about 6.5 trillion won in financing support to … [Read more...]

South Korea to Create State-Backed Ship Financing Company

By Joyce Lee and Cynthia Kim SEOUL, Oct 31 (Reuters) - South Korea said on Monday it plans to establish a state-backed ship financing company with an initial capital of 1 trillion won ($871.73 million) to help improve the financial health of Korean shipping companies. The government would provide financing of 6.5 trillion won ($5.67 billion) in total so that local … [Read more...]