South Korean yard giant DSME managed to remain in the black in the third quarter, reports news bureau Yonhap. The yard is significantly better off than last year after a rescue package from the South Korean government in the spring.
The three top South Korean shipbuilders have for the second consecutive month bagged more orders for new ships than their competitors in China. But the Chinese yards have still won more orders overall in 2017.
Shipyards in South Korea have surpassed China again in terms of receiving the most orders for new ships and platforms. The major South Korean yards have been in the doldrums in recent years, but 2017 has been positive so far.
The 14 carriers in a new South Korean collaboration, constituting the South Korean government's attempt to strengthen several of the country's ailing carriers, seems to have received a tepid response from participants, according to Alphaliner.
South Korea's new president is allegedly prepared to go further than his predecessor in efforts to aid the country's crucial maritime industry. Part of the plan is establishing the Korea Maritime Promotion Agency. The EU has previously criticized the country's involvement in the maritime sector.
Hyundai Heavy Industries defies the otherwise positive developments noted among South Korea's shipbuilders with a bottom line that plunged almost 50 percent in Q2. This setback is caused by a lack of orders for expensive newbuilds, says the company according to local news agency.
Daewoo Shipbuilding & Marine Engineering has, according to several sources, delivered a positive operating profit for the first half of 2017. This comes after several years of deficits, divestments, and layoffs.
Hyundai Merchant Marine reports increased transport between Asia and the US West Coast and is optimistic about higher volumes in the third quarter this year, says the carrier, which partners with Maersk Line and MSC.
Shipbuilder Hyundai Heavy Industries has now published figures revealing improvements booked in 2017 which has so far been significantly better than the dreadful year 2016. The orderbook grew 67 percent in the second quarter compared to the same period last year.
Several new orders for South Korea's three top shipyards kindle a growing optimism in the country's strained shipbuilding sector. One factor is a surge in demand for VLCC newbuilds, reports news agency.
Police in South Korea have raided Polaris Shipping's offices in Seoul and Busan. Investigators are hoping to find new information concerning the cause of the tragic accident in April in which the carrier's vessel, Stellar Daisy, sank in the South Atlantic.
20 new vessels are on the way to smaller South Korean carriers, with the majority being constructed in China. This is a shift from previous years, where South Korean yards dominated shipbuilding for South Korean carriers.