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 November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


Damen Crane Barge and Anti-Pollution Barge Delivered

Damen Shipyards Sharjah has delivered two barges, a Crane Barge 4920 and an Anti-Pollution Barge 2405, to BINCO, a contractor in the Middle East with over 30 years

DNV GL Approval for DSIC's LNG-fuelled VLCC Design

DNV GL has presented Dalian Shipbuilding Industry Company Limited (DSIC) with an Approval in Principle (AiP) certificate for a new LNG-fuelled very large crude

USN Issues Full Funding for LCS "Cooperstown"

As part of the Littoral Combat Ship (LCS), the US Navy has awarded to the consortium which includes Fincantieri, through its subsidiary Fincantieri Marinette Marine (FMM),


ACS Calls Krishnapatnam Port

HYUNDAI MERCHANT MARINE (HMM), the Korean conglomerate operating its ASIA CHENNAI SERVICE (ACS) made an ad hoc call at Krishnapatnam Port on November 26, 2015.   ACS

Australia, Japan Partner for Hydrodynamics Research

Australia and Japan have signed a cooperative research arrangement on marine hydrodynamics, the Chief Defence Scientist, Dr Alex Zelinsky, announced today.   “This

Cathelco Supply Equipment for Keppel Projects in Singapore

Press release -Cathelco have won orders to supply equipment for two projects which are being undertaken by Keppel yards in Singapore. The first is to provide marine

Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Ship Simulators Shipbuilding / Vessel Construction
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: 0.1948 sec (5 req/sec)