The Korean Herald News

In particular, the nation’s shipbuilding companies’ exports to the European Union are equivalent to 19.7 percent of their total production, according to a report of the Hyundai Research Institute, says 'The Korean Herald'. Exports account for about 85 percent of the total sales for the shipbuilding sector. Hyundai Heavy Industries, the world’s largest shipbuilder, saw its shipbuilding orders remain unchanged at $1.5 billion (1.7 trillion won) between January and April, having plunged by 70 percent over the same period last year. In addition, major shipbuilders, including Hyundai Heavy Industries, are suffering from declining profitability as they strive to win production orders at lower bidding prices.

According to a report from the Korean Herald, the competition in the market for drillships is heating up with Hyundai Heavy Industries Co. threatening Samsung Heavy Industries Co.’s dominance. Hyundai Heavy has turned its eyes to the market in recent years. The company’s first drillship was delivered late last year and Samsung Heavy has lost its place at the top of the drillship market to Hyundai Heavy.   Source: The Korean Herald