The labor union of Daewoo Shipbuilding and Marine Engineering (DSME) is considering withdrawing from the Korean Metal Workers’ Federation (KMWF) amid intensifying labor-labor conflicts due to a prolonged strike by unionized workers at subcontractors in Geoje, Tongyeong, and Goseong.The DSME branch o
Hankook Technology said that the company and its subsidiary DSME Construction discussed participation in rebuilding Ukraine with a Ukrainian parliamentary delegation at the Korea International Trade Association (KITA) in Seoul on July 12.Hankook Technology and DSME Construction promised the delegati
Korea Shipbuilding & Offshore Engineering (KSOE) has won orders for 10 large liquefied natural gas (LNG) carriers worth a total of 2,869 billion won. The latest deal boosts the shipbuilder's order intake this year to 34 LNG carriers, the largest number in the world.KSOE announced on July 7 that
Korean shipbuilders' order intake in the first half of 2022 reached 9.79 million CGT valued worth US$26.5 billion, accounting for 45.5 percent of the global total of 21.53 million CGT. Korea regained the world’s No. 1 position in four years since 2018.The figure represents the highest order inta
Global orders for LNG carriers totaled 7,678,585 CGT (89 standard ships) in the first half of this year, according to Clarkson Research, a British shipbuilding and shipping market analysis agency. The figure represented a 416 percent increase from 148,6795 CGT or 18 standard ships in the first half
Daewoo Shipbuilding & Marine Engineering (DSME) announced on June 30 that it has canceled a contract for an LNG carrier under construction as the European shipowner failed to make the interim payment within the due date.Industry insiders believe that the vessel is an icebreaking LNG carrier to be us
Daewoo Shipbuilding & Marine Engineering (DSME) announced on June 16 that it has applied high manganese steel, developed by POSCO after 10 years of research, to a liquefied natural gas (LNG) fuel tank for the first time in the world.The two companies will build Korea’s unique LNG fuel tank ecosystem
Daewoo Shipbuilding & Marine Engineering (DSME) has become the first shipbuilder to win orders for Qatar's liquefied natural gas (LNG) carrier project.DSME announced on June 7 that it has landed orders for four LNG carriers with a cargo capacity of 174,000 cubic meters from a Korean consortium c
Daewoo Shipbuilding & Marine Engineering (DSME) announced on May 23 that it canceled a shipbuilding contract with a Russian shipowner on May 18.The contract is one of the three ice-breaking LNG carrier contracts they concluded in October 2020, which total 1.0137 trillion won. The first vessel was su
Daewoo Shipbuilding and Marine Engineering (DSME) announced on May 18 that it has canceled an order for an LNG carrier as the shipowner missed the payment deadline.DSME did not disclose the shipowner, but sources say that the client is Russia's state-run energy company Novatek. In October 2020,
Daewoo Shipbuilding & Marine Engineering (DSME) has developed a system that can remotely control the temperature and humidity in the cargo hold of a liquefied natural gas (LNG) carrier, the company announced on May 9.The shipbuilder has applied the cargo hold environmental monitoring and remote cont
As Qatar Energy signed its first LNG carrier charter contract with Japan's MOL, anticipation is growing among Korean shipbuilders for big LNG carrier orders from Qatar.Japan's MOL placed an order to build four LNG carriers with Hudong-Zhonghua Shipbuilding in China. The Japanese company will
Korea Shipbuilding & Offshore Engineering (KSOE), the shipbuilding holding company of Hyundai Heavy Industries Group, announced on April 15 that it has recently signed a contract with Liberian and Middle East shipping companies to build six 7,900 TEU container ships and two pure car and truck carrie
Daewoo Shipbuilding & Marine Engineering (DSME) announced on April 7 that it has obtained basic approval for a 70,000㎥ class liquefied carbon dioxide carrier from the American Bureau of Shipping (ABS).The super-large liquefied carbon dioxide carrier has received a lot of market attention since its d
Daewoo Shipbuilding & Marine Engineering (DSME) announced on March 15 that it has signed a memorandum of understanding (MOU) with Britain’s Babcock International for strategic cooperation in developing warship technologies.Babcock is a defense company that has been involved in building ships for cou
Korea Shipbuilding & Offshore Engineering (KSOE) and Daewoo Shipbuilding & Marine Engineering (DSME) garnered orders worth 2.5 trillion won during the Lunar New Year holiday.KSOE won orders for nine ships worth 704 billion won, while DSME landing orders for eight ships worth 1.84 trillion won.KSOE s
Korea Development Bank Chairman Lee Dong-gull said on Jan. 27 that the European Commission’s disapproval of the Hyundai Heavy Industries-Daewoo Shipbuilding & Marine Engineering merger is definitely nationalistic.“Although it is up to Hyundai Heavy Industries whether to file a suit, my stance is tha
As the planned merger between Hyundai Heavy Industries Group (HHI Group) and Daewoo Shipbuilding & Marine Engineering (DSME) has been canceled, DSME’s financial structure remains uncertain.DSME is presumed to have suffered a net loss of 1.3 trillion won in 2021. Sales fell nearly 40 percent in 2021
The European Union (EU) refused to endorse the combination of Korea Shipbuilding & Offshore Engineering (KSOE) and Daewoo Shipbuilding & Marine Engineering (DSME) on Jan. 13, expressing its concern that the merged company would monopolize the LNG carrier market.The EU said the marriage of KSOE and D
The authors are analysts of Shinhan Investment Corp. They can be reached at eoyeon.hwang@shinhan.com and younghoon.song@shinhan.com, respectively. – Ed. Lawsuit loss and concerns over EU antitrust veto already reflected in sharesIn December 2021, the Supreme Court ruled in favor of workers at Hyunda