Korea's Big Three Shipbuilders on Bumpy Road

The Korea Times
Monday, December 03, 2012

Recent studies by Korea's International Trade Association & Hyundai Research Institute see major exporters facing a tough year ahead.

The International Trade Association sees  major exporters facing a tough climate for exports next year amid declining demand in overseas markets, according to private think tanks and industry experts, reports The Korea Times. Three major downside risks are weighing on local firms ㅡ the appreciation of the Korean won, the economic recession in the eurozone and spreading protectionism.

In a report on the country’s industrial outlook for 2013, the Hyundai Research Institute (HRI) highlights the deepening woes of the country’s major shipbuilders. Korea is home to the world’s three largest shipbuilders ㅡ Hyundai Heavy Industries (HHI), Samsung Heavy Industries and Daewoo Shipbuilding and Marine Engineering. They have all posted sharp declines in their operation profits this year and the report suggests that the tough year will extend by another 12 months.

HHI decided recently to cut 10 percent of its executives in a preemptive measure to cope with worsening business environments. In November, the firm asked 100 employees to retire early in a bid to cut labor costs as it is suffering due to plummeting orders in the wake of the global economic downturn. These were the first voluntary redundancies since the company was founded in 1973.

Source: The Korea Times

 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Expansion Planned for Newport News Industrial

Huntington Ingalls Industries (HII) announced that its Newport News Industrial subsidiary will undergo a 52,000-square-foot expansion at its headquarters facility in Newport News.

BigLift Shipping Expands Heavy Lift Fleet

BigLift Shipping said it has ordered a third Happy S-type vessel. The new build vessel, to be named Happy Sun, will be identical to BigLift’s Happy Star and will

Austal Delivers Seventh EPF7 to US Navy

Austal Limited (Austal) informed that the U.S. Navy has accepted delivery of USNS Carson City (EPF 7) from Austal USA, during a ceremony held aboard the ship at Austal USA’s shipyard in Mobile,

News

Red River Closed after Barge Grounding

The Red River was closed Sunday from mile marker 40 to mile marker 42, after a barge reportedly ran aground and was protruding into the channel near mile marker 41, according to the U.

Norwegian Unions Say 755 O&G Workers Could Strike

About 755 Norwegian workers on seven oil and gas fields could go on strike from Saturday, hitting output from western Europe's top producer, if a new wage deal is not agreed before a Friday deadline,

Tanker Crewman Medevaced off Virginia

The U.S. Coast Guard medevaced an ailing crew member Saturday from a tanker off Virginia Beach.   Coast Guard watchstanders at the 5th District Command Center

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Port Authority Salvage Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0925 sec (11 req/sec)