In 2018, Danish shipping companies received state aid totaling around DKK 1.75 billion, according to fresh numbers from the country's tax ministry. Still, they heavily criticize South Korea's latest aid package for skewing competition. "There's a difference," says Danish Shipping.
It is "very worrying" that South Korea plans to help the country's shipping companies with USD 1 billion, says Danish Shipping, which fears that this could lead to further overcapacity in an already strained market. South Korea's biggest shipping line rejects this criticism.
Stock prices at the three major South Korean shipbuilders rose considerably over the past month. This is especially due to a wave of new orders, and the trend is expected to continue throughout the year, news agency writes.
South Korean shipyard merger leads employees to strike again. The latest strike comes ahead of a general assembly at which the merger must be approved. A court has barred employees from interrupting the meeting.
The government in South Korea will increase its support for its strained shipbuilders by USD 60 million. The funds will be earmarked for expanding the yards' presence in, among other sectors, the market for LNG vessels, reports Yonhap.
The South Korean government extends its support for cities affected by the decline in the country's shipbuilding industry. Revitalization of the economy is being delayed, says the South Korean industry ministry.
South Korea's Fair Trade Commission says that foreign regulators will likely keep a close eye on the merger between Hyundai Heavy Industries and Daewoo Shipbuilding & Marine Engineering. The new company's market share could weaken competition, notes the commission.
Daewoo Shipbuilding & Marine Engineering is about to be acquired by a competitor, and this has made the yard's employees herald walkouts. The employees fear that the acquisition will result in large-scale layoffs.