Thousands of union members at Hyundai Heavy Industries voted in favor of a wage agreement with management, as the company reported a net loss widened to 572.3 billion won in the fourth quarter of 2017, from 351.8 billion won in the red a year earlier, due to declining order backlogs.
South Korean shipyards, including HHI, SHI, and DSME, have set higher order goals for 2018, in line with expectations for an overall improvement in the shipbuilding sector. The country’s shipbuilding industry is hit by a decrease in new orders in the last years, as a result from global economic downturn.
At a ceremony held on last week at Port of Ras Tanura, Bahri raised the Saudi flag on ‘Shaden’, the country’s fifth Very Large Crude Carrier for 2017. Bahri claims to be currently the only transportation and Logistics company in the world to have a 41-strong VLCC fleet.
Korea lines announced they have ordered the construction of two very large ore carriers at Hyundai Heavy Industries. The new VLOCs are expected to be delivered by the first quarter of 2020 and they are considered the largest of Korea Line’s fleet.
South Korea’s major shipyards have report weaker than expected earnings for the third quarter of the year, due to rising costs and the construction of low-priced ships amid reduced new orders. South Korean shipbuilding has been suffering a financial pressure since the 2008 global economic crisis.
South Korea’s largest shipbuilder Hyundai Heavy Industries has agreed with workers to establish a rotational paid leave scheme, amid decreasing rate in ship orders and industry downturn.
Hyundai Heavy Industries is asking 5,000 workers to take unpaid leave from September, as it faces a decreasing rate in ship orders until June 2018. The world’s largest shipbuilder, seeks to “persuade” 30 percent of its workforce to take time off from work without pay, in order to maintain competitiveness amid industry downturn.
A significant rise on vessel orders is expected in South Korean shipyards, during the second half of 2017, as numerous contracts are to be signed soon. According to earlier data, 79 ships- or 2.83 million compensated gross tons- were secured during the first half of 2017, which also represents a rise from previous year.
Hyundai Heavy Industries announced that it won 39 ships worth $2.3 billion for January – April period, which is the largest ship orders for the comparable period in three years. The company said that the contacts are result of its eco-friendly shipbuilding solutions and restructuring efforts resulting in healthier fiscal soundness.
Hyundai Heavy Industries (HHI) has announced that Royal Inauguration Ceremony of King Salman Global Maritime Industries Complex was held at Ras Al-Khair, Saudi Arabia, on November 29.
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