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...]

Japan Takes South Korea to WTO Over Financial Support for Shipbuilders

By Tom Miles GENEVA, Nov 13 (Reuters) - Japan has launched a complaint at the World Trade Organization to contest what it says is illegal financial support given by South Korea to commercial shipbuilders, according to a WTO filing published on Tuesday. "The measures in question relate to the development, production, marketing, and/or sale or purchase of commercial vessels, … [Read more...]

Fund Manager Bets on Revival of South Korean Shipbuilders

By Heejin Kim and Kyunghee Park (Bloomberg) -- Park Hong-sik, a fund manager who correctly predicted the rally of South Korean technology stocks in 2017, has a new bet for this year: Shipbuilders. Four of the world’s five best-performing major shipbuilders this year are from South Korea, including Daewoo Shipbuilding & Marine Engineering Co., which has rallied 94 … [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...]

South Korean Shipyards in Tough Battle with Undercutting Chinese Rivals

By Mike Wackett in Busan (The Loadstar) - South Korean shipyards are in a battle with Chinese rivals, over construction of ultra-large container vessels, that they cannot win. That was the general consensus among delegates attending the 11th annual World Ocean Forum conference in Busan last week. In August, South Korea’s largest shipbuilder, Hyundai Heavy Industries … [Read more...]