Korea Shipbuilding & Offshore Engineering (KSOE) and Samsung Heavy Industries have already won more orders than they did for the whole of 2020.KSOE, the holding company in the shipbuilding sector of Hyundai Heavy Industries Group, won orders for a total of 12 ships for 1.36 trillion won on May 28 an
Korean companies are entering the wind power market in earnest amid rising interest in wind power.POSCO Group is planning to cooperate with Denmark’s Orsted, the world's largest offshore wind power generation company. Orsted is pushing for a 1.6 GW offshore wind power project in Incheon, Korea.
Daewoo Shipbuilding & Marine Engineering (DSME) announced on May 12 that it has won an order for a wind turbine installation vessel (WTIV) from Enti Inc. in Monaco. The contract amount is 368.2 billion won. The WTIV will be built at DSME's Okpo Shipyard and delivered to the client in the third q
Unionized Hyundai Heavy Industries (HHI) workers initiated this year’s second strike on April 23. In this company, this year’s collective bargaining and wage negotiations have already failed twice and the workers are calling for additional negotiations.An unusual point is that the union is divided i
Korean shipbuilders are in the final stage of negotiations on a US$4.6 billion offshore plant construction project.Brazil's state-run oil company Petrobras are reportedly having last-minute negotiations on the price of two floating production storage and offloading (FPSO) units with two Korean s
With the global shipbuilding market slumping due to COVID-19, Korean shipbuilders won orders 10 times more than 2020 in the first quarter of 2021.Their order intake amounted to 5.32 million CGTs (126 ships), more than half of the global total of 10.24 million CGTs in the first quarter, said Clarkson
Daewoo Shipbuilding & Marine Engineering (DSME) announced on March 22 that it has obtained approval in principle (AIP) for the DSME rotor sail system from Norway's DNV, an international accredited registrar and classification society.This rotor sail system can cut fuel costs as a cylindrical col
Hyundai Heavy Industries Co. (HHIC) suffered a triple whammy on March 17 -- a raid by the prosecution, a strike by the company’s labor union and a sit-in protest by unionists of Daewoo Shipbuilding & Marine Engineering (DSME), a company in the process of acquisition by HHIC.HHIC’s main office in Uls
Hyundai Heavy Industries Group is planning to transfer its LNG ship building technology to the medium-sized shipbuilders including STX Offshore & Shipbuilding and Hanjin Heavy Industries. This is to submit the demonopolization plan to the European Commission, which is conducting a business combinati
DSME Construction Co., a subsidiary of KOSDAQ-listed Hankook Technology, announced on Feb. 22 that it has signed a memorandum of understanding (MOU) with BOPS and LT Sambo for a golf resort development project in Bohol of the Philippines.Under the agreement, the three organizations forged a strategi
The author is an analyst of Shinhan Investment Corp. He can be reached at eoyeon.hwang@shinhan.com. -- Ed. 2021outlook: Operating profit of KRW59.4bn (-58.5% YoY)Korea Shipbuilding & Offshore Engineering (KSOE) is expected to post sales of KRW16tr (+7.7% YoY) and operating profit of KRW59.4bn (-58.4
The author is an analyst of KB Securities. He can be reached at newday@kbfg.com. -- Ed. KSOE to carry out IPO of HHI this year— Korea Shipbuilding & Offshore Engineering (KSOE) announced after market close that it will move forward with the domestic IPO of its subsidiary Hyundai Heavy Industries (HH
Hyundai Heavy Industries Group has decided to push for an initial public offering of its unlisted affiliate Hyundai Heavy Industries Co. within 2021. The business group is planning to raise 1 trillion won through the IPO and invest the funds in future projects such as eco-friendly and self-sailing s
Korea Shipbuilding & Offshore Engineering (KSOE), a shipbuilding holding company of Hyundai Heavy Industries Group, has revised its contract with Korea Development Bank (KDB) to extend the deadline for its acquisition of Daewoo Shipbuilding & Marine Engineering (DSME). The extension was inevitable d
Daewoo Shipbuilding & Marine Engineering (DSME) announced on Jan. 21 that it has won approval-in-principle (AIP) from the ABS of the United States for the application of a solid oxide fuel cell (SOFC) system to very large crude carriers (VLCCs).Solid oxide fuel cells are a low-carbon, high-efficienc
Korea's three major shipbuilders -- Korea Shipbuilding & Offshore Engineering (KSOE), Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering (DSME) -- are jumping into the offshore wind power business. As the government is pushing for Green New Deal projects, they are seeking to g
Korean shipbuilders made an impressive comeback in the fourth quarter of 2020 by bagging new orders worth US$13.9 billion.The large order intake represented a dramatic turnaround from the order drought that the shipbuilders had suffered until the end of the third quarter due to the COVID-19 pandemic
The marriage between Hyundai Heavy Industries and Daewoo Shipbuilding & Marine Engineering (DSME) has cleared a major hurdle by obtaining unconditional approval from China. Now, it needs to get permits from authorities in Korea, the European Union and Japan.Korea Shipbuilding & Offshore Engineering
Korea’s Big Three shipbuilders -- Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering, and Samsung Heavy Industries -- are enjoying an increase in order intake at the year-end. Analysts say that their outlook for 2021 is bright as ordering inquiries are growing about liquefied natural
Daewoo Shipbuilding & Marine Engineering (DSME) announced on Dec. 10 that an ROK Navy diesel submarine built by DSME has broken the world record for the longest continuous operation among submarines of its kind.DSME has carried out an operational evaluation of the Dosan Ahn Changho (SS-083), Korea