The labour union at Hyundai Heavy Industries, demanded from the company to provide job guarantees to its employees if it wants to go ahead with the takeover of Daewoo Shipbuilding & Marine Engineering. Namely, during January, Korea Development Bank, DSME’s largest shareholder, signed an MoU with Hyundai Heavy Industries to sell its stake.
Hyundai Heavy Industries expressed its interest on buying, the second-placed, Daewoo Shipbuilding and Marine Engineering Co Ltd (DSME). If the purchase was to proceed, HHI would control more than 20% of the global market, according to Reuters. Also, Korea Development Bank, the biggest shareholder of DSME, reported that it has signed a conditional deal with Hyundai Heavy Industries Group to sell Daewoo shares.
The 2018 has been a better-than-expected year for South Korean shipbuilders, with an increase in new orders and especially in LNG ships. The combined new orders won by the shipyards in 2018 are almost up 20% compared with last year.
Daewoo Shipbuilding & Marine Engineering (DSME) was fined 10.8 billion won ($9.59 million) by the Fair Trade Commission for abusing its power against its contractors between 2013 and 2016. The FTC also stated it will file a charge against the shipbuilder with the prosecution, saying DSME’s practice was an abuse of its power as the ordering body.
South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) has signed a deal for the construction of an additional LNG carrier, reaching this year’s orders for the company to 18.
HMM finalised the contracts for its twenty eco-friendly mega containerships. Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries will construct seven and five 23,000 TEU containerships, for delivery in the second quarter of 2020. HHI will build eight 15,000 TEU containerships, for delivery in the second quarter of 2021.
MOL announced that on 11 September, a naming ceremony for an ice-breaking LNG carrier, which was jointly ordered by MOL and COSCO, took place at Daewoo Shipbuilding & Marine Engineering. The newbuild vessel was named “Vladimir Vize” and is the sister vessel of the “Vladimir Rusanov”.
South Korea’s three biggest shipbuilders are struggling to achieve their order targets for this year, as these were announced in early January 2018. So far in 2018, HHI, the world’s largest shipbuilder, has attained 38% of its annual order target, SHI 28%, and DSME 44% of its annual target.
South Korean shipbuilder DSME announced that it has launched the world’s first LNG carriers using a full re-liquefaction system that completely re-liquefies the evaporative gas generated from LNG carriers. The company also delivered the world’s first LNG cargo ship with partial liquefaction system in 2016.
South Korean DSME, one of the largest shipbuilders in the world by orders, could achieve US$9.1 billion in sales this year, according to the company’s CEO. DSME is currently making efforts to secure orders for offshore facilities for the rest of the year, which if realized, could help the company exceed the target.
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