Korean shipbuilding giants HD Hyundai Heavy Industries (HHI) and Hanwha Ocean will compete for an order worth 800 billion won for new-generation frigates. The shipbuilder that wins the order is expected to gain an advantage in bidding for major follow-up warship projects such as the Korea Destroyer
Daewoo Engineering, as part of a Korea-Vietnam economic delegation, signed a comprehensive cooperation MOU on renewable energy with Vietnamese construction development investment company Truong Thanh Development and Construction Investment Joint Stock Company (TTA), in Hanoi, Vietnam on June 23.The
The South Korea-Iraq Joint Committee, which has been suspended for the past six years, is set to resume this year. The government plans to support Korean companies to secure large projects underway in areas such as Bismayah New City in Iraq.The Ministry of Land, Infrastructure, and Transport announc
The Korean government has been deploying foreign workers to solve a labor shortage at shipyards in recent years, but it is causing some problems in the field.As thousands of foreign workers were hired by Korean shipbuilders in a short period of time, conflicts between existing workers and newly hire
A cross-strait conflict between Taiwan and China is creating new opportunities for the Korean shipbuilding industry. Taiwanese shipping companies and ship owners are turning to Korean shipbuilders instead of Chinese.On June 13, Samsung Heavy Industries was shortlisted for a container order from Taiw
HD HHI and Hanwha Ocean, two arch-rivals in the Korean defense industry, are set to go head-to-head to take an 80 trillion won (US$62 billion) Canadian submarine project and a frigate order for the Korean Defense Acquisition Program Administration (DAPA).HD HHI and Hanwha Ocean are both gearing up t
Hanwha Ocean is making an entry into the military ship maintenance, repair, and overhaul (MRO) business. The decision comes amid escalating tension in the Asia-Pacific region due to the recent U.S.-China conflict and an expected surge in the MRO market. The United States, which spends US$13.9 billio
HD Hyundai Heavy Industries, Hanwha Ocean, and Samsung Heavy Industries, collectively known as the Big 3 of South Korean shipbuilding, are set to begin substantive negotiations this month for an order of LNG vessels from QatarEnergy worth 14 trillion won (US$10.7 billion).According to industry sourc
Hanwha Ocean (formerly known as Daewoo Shipbuilding & Marine Engineering (DSME)) announced on Jan. 31 that three Russian clients have filed an arbitration with the Singapore International Arbitration Center, claiming damages worth 1.1599 trillion won (US$877.36 million).Hanwha Ocean had previously c
Pharmaceutical and biotech companies from Korea will be attending the “2023 Bio International Convention” held in Boston, Massachusetts, the U.S., from June 5 to 8. The convention is the largest biotech and pharmaceutical exhibition in the world and is organized by the Biotechnology Innovative Organ
Daewoo Engineering & Construction (E&C) announced on May 31 that Chairman Jeong Won-ju met with President Serdar Berdimuhamedow at the Presidential Palace in Ashgabat, Turkmenistan's capital on May 29 (local time).Chairman Jeong conveyed his gratitude for Turkmenistan's warm reception and ke
On May 25, HanAll Biopharma and Daewoong Pharma announced a joint development agreement on potential treatments for degenerative neurological diseases. The agreement centers on ATH-399A, a leading candidate for Parkinson's disease treatment, currently under development at NurrOn Pharmaceuticals.
At an extraordinary general meeting held on the morning of May 23, Daewoo Shipbuilding & Marine Engineering (DSME) passed all agenda items, including the change of the company's name to “Hanwha Ocean Co., Ltd.,” the amendment of the articles of incorporation, and the appointment of nine new dire
Hanall Biopharma announced on May 19 that it failed to achieve the statistical significance of the primary endpoint in a U.S. Phase 3 clinical trial (clinical name: VELOS-3) of HL036 (element name: Tanfanercept), a new drug for the treatment of dry eye disease.HL036 is a biologic drug jointly develo
Daewoo Construction announced(Daewoo E&C) on May 17 that it had signed a Memorandum of Understanding with Corio Generation, a global specialist in offshore wind power development, to maximize synergy in offshore wind power generation projects. The agreement was signed at Daewoo Construction's he
Daewoo Shipbuilding & Marine Engineering (DSME), which has become an affiliate of Hanwha Group, will be reborn as Hanwha Ocean on May 23.DSME held an extraordinary board meeting on May 8 and decided to propose an amendment to its articles of incorporation including the change of its corporate name a
Daewoo E&C will seek to enter the North American real estate development market with strong support from its majority shareholder, Jung Won-joo, vice chairman of Jungheung Group.According to a Daewoo E&C official, Jung along with the company’s overseas business team visited Toronto, Canada, and New
The author is an analyst for NH Investment & Securities. He can be reached at minjae.lee@nhqv.com -- Ed.For May, we maintain our Neutral rating on the construction sector and continue to recommend Samsung Engineering and Hyundai E&C as top picks. We advise focusing on constructors with overseas proj
The author is an analyst for NH Investment & Securities. He can be reached at pk.park@nhqv.com -- Ed.Daewoong logged 1Q23 OP of W31bn, slightly beating consensus. R&D and other SG&A expenses, which have been the main cause of margin erosion, are starting to improve and should normalize towards 2H23.
Daewoong Pharmaceutical announced that it signed an agreement to license its autoimmune disease drug candidate DWP213388 to Vitalli Bio, a subsidiary of Aditum Bio, a U.S. biotech investment company, at the Korea-U.S. Digital and Bio-health Business Forum held in Boston, the United States, on April