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South_Korea

News on South Korea.

South Korean shipping companies apply for state lease scheme

11 small and medium-sized shipping companies have applied to the country's government for a state aid scheme in which the state buys ships and leases them back to the shipping companies again, reports Yonhap. The applications pertain ships for a triple-digit million dollar figure, according to the media.

South Korean shipbuilders back in first place

The shipyards in South Korea received the most orders for newbuilds in 2018. This puts the South Korean shipyards back in first place after having been beaten by their Chinese competitors in the past five years, according to numbers from Clarkson Research.

OECD to scrutinize state aid for South Korea's shipbuilding sector

Criticism of the South Korean government's subsidies to the country's shipbuilding and shipping sector have grown in scale this year with several massive aid packages. Later this week the OECD will meet to discuss what can be done. Certain countries are allegedly pushing for a tougher approach.

South Korea presents new large subsidy package for shipbuilders

Even though criticism from several western nations is intensifying, the South Korean government has announced a new massive aid package for the country's struggling but vital shipbuilding sector. OECD will review the issue of state subsidies at meeting next week.

This is how much state aid HMM could get in 2018

In 2018 alone, liner company HMM will receive a triple-digit million dollar figure from the South Korean state, reports media Pulse. South Korea's state aid for shipping companies and shipbuilders is met with fierce criticism from bodies such as the EU.

45-month order drought starting to hurt in South Korea

South Korea's – and thus the world's – largest shipyard has not secured new offshore orders in more than three and a half years, and, in line with the country's two other large shipyards, intense efforts to cut costs are now underway. However, protests and strikes are challenging those measures.

Large-scale walkout at world's biggest shipbuilder

Dissatisfaction is simmering in the South Korean shipbuilding sector, where 12,000 employees have now walked out at Hyundai Heavy Industries. Large-scale layoffs in the offshore unit have triggered the protests.

Daewoo Shipbuilding's profit in big dive

The South Korean shipbuilder's bottom line took a dive in the second quarter compared to last year, when one-off gains boosted the group's results. And a sale of a loss-making unit will hurt the third quarter figures.

Hyundai Heavy misses order target big-time for H1

The South Korean shipbuilder hit significantly below the target for order intake in the first half of the year. The setback is attributed to a big slide in offshore facility projects, says the company. Hundreds of workers strike Friday.

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