Big brothers’ survival strategies [Shipbuilding]
Amid newbuilding order drought, major shipbuilders are weathering the crisis with differentiated strategies. Hyundai Heavy Industries recently completed the world’s first FPSO-dedicated dock, called ‘H Dock’. It invested a total of KRW 1...
2009-04-10 06:17:08
Keppel specialises Philippine yards [Shipbuilding]
Keppel Shipyard says it is trying to replicate the operational specialisation of its Singapore yards in the Philippines as it moves to focus its Cebu yard solely on shipbuilding. Keppel, which has three yards in the Philippines, is downsizing its wor...
2009-04-09 16:42:18
Hanwha to sue KDB over aborted DSME sale [General]
South Korea's Hanwha Group plans to file a lawsuit this month to reclaim a deposit seized by a state-run bank after the group's aborted deal to buy a shipbuilder, industry sources said Thursday. Hanwha had been selected by the Korea Development Bank ...
2009-04-09 16:35:34
GO Marine into the black: Operating profit [Finance]
GO Marine Engineering & Shipbuilding of South Korea recently announced that it has attained revenue of KRW 33.972bn ($25.7m) for 2008, up 1,400% against a year earlier. The shipbuilder’s operating profit for the year came to KRW 2.524bn, up from...
2009-04-09 15:34:28
21C Shipbuilding posts remarkable results [Finance]
21st Century Shipbuilding of South Korea revealed in a regulatory filing on April 8th that it has achieved revenue of KRW 519.87bn ($393m) and operating profit of KRW 115.22bn for 2008. The results are up 64.7% and 1,752% respectively against 2007...
2009-04-09 15:16:53
Big3 output soars [Shipbuilding]
Suffering from severe order drought, South Korea’s major shipbuilders are building more vessels than last year on the basis of ample order backlog and facility expansion. Big three, namely Hyundai Heavy Industries, Samsung Heavy Industries and D...
2009-04-09 11:37:01
Suspend IPO plans [General]
The IPO hopes of China Shipbuilding Industry Corp (CSIC), one of the country's largest shipyards, are being obstructed by the deteriorating shipbuilding industry worldwide, an industry supervisor said. "The possibility of CSIC to get listed in 2009 i...
2009-04-09 10:49:37
Drydocks looks beyond Offshore marine sector [Offshore]
Shipbuilding giant Drydocks World-SE Asia is looking for business beyond the offshore and marine sector to keep its four yards busy, says chief executive Denis Welch. Although the offshore and marine sector will continue to grow in the long term...
2009-04-09 10:15:45
Daewoo CEO leads cost cutting movement [Finance]
Daewoo Shipbuilding and Marine Engineering chief executive Nam Sang-tae is to return 20% of his 2008 salary as a gesture to encourage executives and staff to reduce costs by Won500bn ($369m) in 2009. DSME management and executives will return 10%...
2009-04-09 07:30:56
Croatia stands firm on shipyard sale [General]
European Union candidate Croatia says it is ready to confront Brussels over the sale of its shipyards, even if it makes it impossible to conclude its accession talks this year. Croatia has five Adriatic shipyards, four of which have piled up huge ...
2009-04-09 07:22:03
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