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SEOUL, South Korea (AFP) — The world’s biggest shipbuilder, South Korea’s Hyundai Heavy Industries, has reached a deal to acquire a majority stake in ailing number two Daewoo from the government, Seoul said Thursday. The world’s top three shipbuilders are South Korean — Samsung Heavy ranks third — but the industry has been hammered in recent years by overcapacity and plunging ship prices. Daewoo Shipbuilding & Marine Engineering has struggled in particular and has repeatedly […]
(Eagle News) — The South Korean bidder for the Navy’s acquisition of two frigates was already chosen during the administration of former President Benigno Aquino III. As such, Presidential Spokesperson Harry Roque said Special Assistant to the President Bong Go could not have intervened in the process, as erroneously insinuated by several media organizations. He said the winning bidder, Hyundai Heavy Industries, with a bid price of P15,744,571,584 for two frigates, was declared on June […]
SEOUL, South Korea (AFP) — Shares in Hyundai Heavy Industries plunged by nearly a third on Wednesday after the world’s largest shipbuilder by sales announced a plan to issue new stocks in a bid to shore up its ailing finances. The South Korean firm has struggled amid an industry-wide slump in recent years, as global demand slowed and competition from China intensified while overcapacity slashed prices. Hyundai announced on Tuesday the plan to raise 1.3 […]
by Jung Ha-Won SEOUL , South Korea (AFP) — After more than a decade of global dominance, South Korea’s shipbuilders face an unprecedented crisis that threatens the very survival of one of the flagship industries of Asia’s fourth largest economy. South Korea’s “Big Three” shipbuilders were once considered the holy trinity of Korea Inc. — controlling nearly 70 percent of the global market after seeing off their European and Japanese rivals in the 1980s and […]
