Wins New

Report: SPP Group to Build 15

According to a Reuters report, South Korea's SPP Group (www.spp.co.kr) won new shipbuliding orders for a cumulative 15 ships -- reportedly seven of them bulk carriers -- for $660m.

Aker Finnyards: Negotiations with Employee Reps Concluded

Since the beginning of 2005 Finland's three largest shipyards in Helsinki, Rauma and Turku have been working as one company, the new Aker Finnyards. As a part of the restructuring, negotiations were started on November 9 with the employee representatives to improve the productivity of the yards. The formal negotiations have now been concluded, and the number of employees that will be affected will be approximately 315.

Hyundai Heavy Reports Q3 Results

According to Reuters, Hyundai Heavy Industries Co. reported a net profit in the third quarter because of more profitable orders and one-off gains from an accounting change. Earnings at South Korean shipbuilders, which dominate the global market, are set to improve due to falling steel plate prices and a more stable South Korean won. But analysts are concerned vessel prices could weaken in the coming quarters due to sluggish global trading volumes and as Chinese shipyards boost capacity

Hanjin Shipping Sees $59.3M Loss

Hanjin Shipping said it saw a net loss of 74.5 billion won ($59.3 million) in 2000 against a 36.8 billion won net profit in 1999. A Hanjin official said the depreciation of the won against the dollar last year was behind the loss, costing the company around 260 billion won. The won shed 11 percent against dollar in 2000. Hanjin, a shipping unit of South Korea's Hanjin Group, posted a recurring loss of 97.5 billion won last year, against a 61

Marine Construction Policy Builds Expertise, Service into Coverage

Construction is a complex business. Equipment can break down; employees can be injured; a project can go awry in unexpected ways. Add a marine element to the work underway, and the pitfalls that a contractor must navigate to manage risk become even more challenging. Marine contractors have long understood that they need specialized coverage and have sought out ocean marine insurance carriers with the expertise to help them

New Leadership at Fugro

Fugro GeoServices announced several recent promotions within the company, including two key management appointments: Ted Hampton, president and Adam Jackson, senior vice president. Mr. Hampton is a licensed geologist and former vice president of the company. He replaces longtime leader Mr. Tom Hamilton, who will retire this spring after nearly 30 years with Fugro. Together, Mr. Hamilton and Mr. Hampton led the formation of Fugro GeoServices in 1999 to provide oil and gas clients in the Gulf

Hyundai Heavy Will Miss Profit Target

Hyundai Heavy Industries, the world's largest shipbuilder, will not meet its full-year profit target after reporting a half-year net loss of 53.1 billion won ($41.68 million), mainly due to a write-off. "Our net profit will be around 100 billion won or slightly less because we have to clean up losses coming from the cancellation of shares at Hyundai Petrochemical," a spokesman said. The original earnings target was 300 billion won.

Hanjin Expects Profit

South Korea's Hanjin Heavy Industries expects to post 2000 net profit of 12.8 billion won ($10.16 million) last year from 91.1 billion in 1999. Sales last year totaled 1.92 trillion won, up 22.9 percent from a year ago, and generated current profit, or earnings before taxes (EBT), of 11.3 billion won, it said in public notices to the Korea Stock Exchange. The company attributed the profit fall partly to an increase in shipbuilding costs and realization of asset re-evaluation loss from its

Daewoo Ship, STX Offshore Lead Advances Among Korean Shipyards

According to a Nov. 1 report from Bloomberg, STX Offshore & Shipbuilding Co., the world’s fourth-largest shipyard, led advances among South Korean shipbuilders in Seoul trading on expectations that growing global trade will prompt more orders. STX Offshore gained 8.1 percent to 28,550 won, the highest price since August 2008, at the 3 p.m. close of trade in Seoul. Daewoo Shipbuilding & Marine Engineering Co., the world’s second-largest shipyard, climbed 3

Korea's Daewoo Wins Offshore Drill Platform Order

Daewoo Shipbuilding & Marine Engineering (DSME) wins US$1.94-billion order. Daewoo Shipbuilding & Marine Engineering says it has won a 2.2 trillion won ($1.94 billion) contract to build five fixed drilling platforms for an unnamed Africa-based firm. The South Korean shipbuilder said in a regulatory filing that the contract was expected to be completed by April, 2016. Source: Reuters