Daewoo Shipyard News

South Korean contract workers at the country's No.3 shipbuilder agreed on Friday to end their strike after accepting a much smaller wage hike than demanded as well as job guarantees, union officials and subcontractors said.Since late last month, about 100 sub-contractors pressing for an increase of 30% have occupied the main dock at the shipyard run by Daewoo Shipbuilding & Marine Engineering (DSME) in the southern city of Geoje.The shipyard is one of the world's biggest and the strike has led to delivery delays of eight vessels by as much as five weeks…

The South Korean government on Monday called on striking workers at Daewoo Shipbuilding & Marine Engineering (DSME) to end their month-long siege of a dock at the company's biggest shipyard, which has paralyzed production and is delaying delivery of new vessels.Finance Minister Choo Kyung-ho called the occupation "outright illegal" and pledged a "stern response based on law and order."The shipyard near the city of Geoje, off the country's south coast, is one of the world's largest.

Workers at South Korea's Daewoo Shipbuilding & Marine Engineering (DSME) voted on February 19 to strike to oppose Hyundai Heavy Industries (HHI)’ proposed takeover.According to labour union, the approval for the proposed strike heralds a bumpy road for a mega deal between HHI and the state-run Korea Development Bank (KDB).The decision to go on strike was supported by a majority of DSME workers in a meeting on February 19, Yonhap reported citing the workers’ 5,600-member union. The union said the precise date for the strike would be determined at a later point in time.Reports of potential strikes emerged earlier this month after Hyundai’s plans to acquire DSME were revealed in January 2019. KDB, a state policy lender which has a controlling 55.7 percent stake in the Daewoo shipyard.

Damen Shipyards Group has entered into a share purchase agreement with Daewoo Shipbuilding & Marine Engineering (DSME) for the acquisition of its majority share in Daewoo Mangalia Heavy Industries (DMHI). The Daewoo shipyard in Mangalia, Romania was established in 1997 as a joint venture between Daewoo and 2 Mai Mangalia Shipyard with Daewoo as majority shareholder. With the acquisition of the majority share in the shipyard in Mangalia, Damen takes the next step in strengthening its international shipbuilding and ship repair activities. The Mangalia shipyard is located on the Black Sea coast.

Ko Jae-ho, the former head of the ailing South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME), has been sentenced to 10 years in prison by a lower court in Seoul over accounting fraud, Yonhap News Agency reports. The Seoul Central District Court found Ko Jae-Ho guilty of manipulating the company's books in 2013 and 2014, when he was the CEO, and using them to raise bank loans. Ko Jae-Ho's punishment epitomises the decline of Daewoo, which was once one of the country's biggest conglomerates, or chaebol. "It seems that Ko was aware that there was extensive accounting fraud to make up for operating losses and achieve the operating profit target," the court said in its ruling.

South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co. posted a first-quarter loss after incurring more costs to finish some offshore projects. First-quarter operating loss came to 26.3 billion won ($22.8 million) , sharply narrowing from an operating loss of 1.06 trillion won in the last quarter of 2015, while sales plunged 21.6 percent on-year to reach 3.53 trillion won. Net profit came to 31.4 billion won (US$2.7 million) in the January-March period, compared with a loss of 1.12 trillion won in the previous quarter, the company said in a regulatory filing. The shipbuilder did not provide comparable figures on a yearly basis.

South Korea's No. 2 shipbuilder Daewoo Shipbuilding & Marine Engineering Co., will push for restructuring moves, including asset sales and a reduction in the number of executives, as it reels from massive losses, reports Yonhap. The shipyard will cut the number of executives by some 30 percent and slim down its structure. It also said it will push to sell assets, including its overseas affiliates that suffer continued losses and its headquarters in Seoul, to improve its financial footing. In a briefing on the shipbuilder's financial health to some 300 executives on Monday, DSME Chief Executive and President Jung Sung-leep said the company will liquidate most of the affiliates whose businesses are not involved in shipbuilding and offshore facilities.

In a word, Pieter Schelte is BIG. Founded in 1985, Swiss-based Allseas Group S.A. is specialized in offshore pipeline installation and subsea construction. The company employs more than 2,500 people worldwide and operates a fleet of specialized, in-house designed and developed pipelay and support vessels. The company is known for its daring and imagination in ship design and technological innovation. The newest Allseas vessel, Pieter Schelte, is a huge ship, composed of two super-tanker hulls connected by a wide central work platform or slot, much like a catamaran.

Bergen Group says it has decided to accelerate the process of reducing its involvement in the shipbuilding business in favor of a more dedicated focus on offshore related activities. As a part of this process, Bergen explains it has entered into an agreement to sell two of the remaining shipbuilding projects to the shipyard group Kleven located in Sunnmøre, Norway. The sale will release approximately NOK 80-90 million in already invested working capital in these two projects.

Seoul will not sell Daewoo Shipbuilding & Marine Engineering (DSME) to a foreign company to avoid any possible leakage of technologies reports 'Korea Times'. The response comes after a Russian consortium led by the state oil company OAO Rosneft recently expressed an interest in acquiring a stake in the world’s third-biggest shipbuilder by sales. The consortium also includes Gazprom, Russia’s state-run gas provider and Sovkomflot, Russia’s state-owned shipping company. The state-run Korea Development Bank owns a 31.46 percent stake in the Daewoo shipyard…

Hull modules for the huge container ships are being built in Shandong and delivered by barge to South Korea' Daewoo Shipbuiding yard. Twenty of the ships, which can each carry 18,270 20-foot containers and at 399.25 metres long, are being built for Maersk Line by South Korea's Daewoo Shipbuilding & Marine Engineering, reports the 'South Chilna Morning Post', which cites Peter Bertelsen, lead hull superintendent at Maersk Maritime Technology, as informing that  a lack of capacity…

Technip, in a consortium with Daewoo Shipbuilding & Marine Engineering (TDC) has been awarded by Petronas Floating LNG 1 (Labuan) Ltd, a services contract for engineering, procurement, construction, installation and commissioning for a floating liquefied natural gas (FLNG) facility of 1.2 million ton per year maximun capacity. The 300 meter-long and 60 meter-wide FLNG facility will be located offshore Malaysia. The contract is an Alliance between TDC, led by Technip, and Petronas. Technip’s portion is composed of project management services and lump sum for engineering. The detailed design of the topsides(1) will be executed by Technip’s operating centers in Kuala Lumpur, Malaysia, and Paris, France.

Crude Carriers Corp. (NYSE: CRU) announced that it took delivery of the M/T Waltz to be renamed M/T Aias (150,096 dwt), June 3, 2010. In addition, the 12-month fixed-price option to acquire the M/T Atlantas from Capital Maritime & Trading Corp. commenced on June 1, 2010. The M/T Aias, a modern, high-specification Suezmax-class oil tanker was built in 2008 at Universal Shipbuilding Corporation in Japan, the same yard as its sister ship M/T Amoureux which was delivered to the company on May 10, 2010. The vessel was acquired at a purchase price of $66.2m, a cost significantly below the average 10-year historical values and is the fourth vessel of the Company's fleet to be delivered.

According to a Jan. 21 report from Reuters, Korea Development Bank (KDB) has ended talks to sell a majority stake in Daewoo Shipbuilding, worth an estimated $5b, to South Korea's Hanwha Group on differences over financial terms. (Source: Reuters)

On Sunday, Jan. 11, the Wallenius Wilhelmsen M/V Tijuca made its maiden call at the Port of Tacoma. With a total length of just over 760 ft and a capacity of 7,500 autos, the Tijuca is among the largest in the Wallenius Wilhelmsen fleet. The vessel was delivered to Wallenius Wilhelmsen from the Daewoo Shipyard in South Korea on Dec. 19, 2008. It took on cargo in Japan before making its maiden voyage across the Pacific to its first North American discharge in Tacoma (assorted construction machinery and other breakbulk cargoes). Delivery: Dec.

Saab TransponderTech has together with its partner Saab Rousemont Marine received orders from Daewoo shipyard in Korea to supply Daewoo Hull Numbers 5178 / 5179 - Oak Maritime 105K TDW Crude Oil Tankers with AIS. These are the first AIS orders for newbuildings in Korea directly placed by a shipyard, and more are to come in the near future. Also, Consilium Marine has ordered five AIS transponders for National Iranian Tanker Company to be built at Dalian New Shipyard in China. These are the first AIS orders for newbuildings in China. Kongsberg Maritime, Nera, STN-Atlas and Kelvin Hughes have also recently placed orders with Saab TransponderTech for AIS transponders to be delivered in November.

Seabulk International, Inc. announced that it has agreed to purchase two 48,000-dwt product tankers from principals of World-Wide Shipping of Singapore. The tankers, the World Trumpet and World Trust, are modern double-hull vessels built in 2000 at the Daewoo Shipyard in Korea and suitable for worldwide trading. Delivery of the vessels is expected in March. They will be the first foreign-flag product tankers to join the Seabulk fleet. Seabulk currently has 10 product tankers operating in the domestic Jones Act market. "The international product market represents a new strategic direction for us," commented Gerhard E. Kurz, Chairman and Chief Executive Officer, "although it is really a natural extension of our domestic tanker business where we have been active for more than 25 years.

The events of September 11, 2001 will continue to have lingering effects on the world indefinitely. The most visible remnant in the maritime world is the drastically heightened sense of safety and security, as officials in countries around the globe seek to secure their borders from the threat of attack — either direct or covert — via ship. Many of the issues currently on the legislative fast track were already in the works pre-September 11. False crew documentation, enhanced vessel tracking and beefed-up harbor controls were much-discussed topic in previous years. As is the case more often than not, though, a disaster of some proportion is inevitably the impetus in moving from discussion to action.

Nordic American Tanker Shipping Ltd. has agreed to acquire a double hull suezmax vessel presently under construction in Daewoo shipyard in Korea. The newbuilding is expected to be delivered from the yard at the end of March this year, after which it is expected that the vessel will be employed in the spot market. The Company completed the transformation from a financial lease company into an operating company in mid October 2004. Since then, the fleet of the Company has doubled -- from three to six ships -- including the acquisition of this newbuilding.

RasGas’s LNG tanker fleet has grown to 12 with the addition of Al Daayen, built by Daewoo Shipbuilding & Marine Engineering Co, South Korea. Al Daayen was recently launched at Daewoo’s shipyard at a ceremony in which Khalid Sultan R al-Kuwari was the main guest. The name Al Daayen comes from an ancient village on Qatar’s east coast. Al Daayen is the fifth LNG tanker to be delivered to RasGas from the Daewoo shipyard. Owned by the Teekay Nakilat Corporation, a consortium of Teekay Shipping and Nakilat, Al Daayen has an LNG cargo capacity of 151,700 cubic metres. Under the terms of the time charter agreements, RasGas will use the vessel…

Seadrill has been awarded a contract by Husky Oil China Ltd. on the Chinese continental slope for the deepwater semi-submersible drilling rig West Hercules. The contract has a firm duration of three years with estimated contract value of approximately $580m, including mobilization fee. West Hercules is currently under construction at Daewoo Shipyard in South Korea and is scheduled for delivery in the second quarter 2008.

RasGas has expanded its LNG fleet with the recent launch of two vessels at Daewoo’s shipbuilding yard in South Korea, GulfTimes reports. With the addition of Al Marrouna and Al Areesh, RasGas’ LNG fleet strength will go up to 10. The two ships, owned by Teekay Nakilat Corporation, a consortium between Teekay Shipping and Nakilat, will have a cargo carrying capacity of 151,700m3 each. They will be on a long-term time charter with RasGas. Al Marrouna and Al Areesh will be the largest RasGas ships delivered to date. The ships will ferry LNG to the European and Far Eastern markets. Al Marrouna will be delivered to RasGas on October 31 followed by Al Areesh on January 2. Both ships will be operated by Teekay Shipping.

KCI Konecranes has received an order for a Goliath Gantry Crane from Korean Daewoo Shipbuilding & Marine Engineering Co. The new 900-ton crane will be delivered to the Daewoo shipyard in Okpo in November 2006. The order value is approximately $18 million, and part of the construction work will be undertaken by the shipyard itself. The new Goliath crane will enable Daewoo to lift and turn ship blocks weighing up to 800 tons. The crane is equipped with two 450-ton hooks and one 500-ton hook. It stands 100 m high, spans over 148 m and employs 64 wheels to travel down a 500 m runway.