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Hyundai Heavy shareholders OK spinoff plan amid labor union opposition

Shareholders of Hyundai Heavy Industries Co., South Korea’s major shipbuilder, gave the green light on Monday to the company’s overhaul scheme to split the troubled shipbuilder in an effort to regain financial health amid strong opposition from the labor union. The preliminary shareholder meeting, held earlier in the day, passed the proposal to separate the shipyard, once the world’s largest, into six independent businesses, the company said. The approval of the scheme will help the company push ahead with the plan to reorganize the ailing company into four different affiliates: ...

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Former chief of KDB questioned over Daewoo Shipbuilding crisis

A former head of South Korea’s state-run Korea Development Bank (KDB) was questioned by prosecutors Monday in connection to management troubles at cash-strapped Daewoo Shipbuilding & Marine Engineering Co. Hong Ky-ttack appeared at the Seoul Central District Prosecutors’ Office in southern Seoul to undergo questioning after a local civic group filed a complaint against him in June last year. People’s Solidarity for Participatory Democracy accused Hong, who led KDB from 2013 to 2016, of business malpractice for lending the shipyard money without thoroughly checking its financial situation. Hong’s predecessor Kang ...

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Hyundai Heavy union under fire for strikes amid poor sales

Union workers at Hyundai Heavy Industries (HHI) are under fire for staging a series of general strikes since May while the shipyard has suffered operating losses of several trillions of won over the past several years due to declining global demand. The order backlog of HHI’s Gunsan shipyard in North Jeolla Province is expected to be completely emptied after it delivers its last ship at the end of June. A number of subcontractors near the Gunsan shipyard have reportedly been closing their doors one after another since October. Of the ...

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Chinese Shipyards to Use Cruise Boat Building as Way to Overcome Current Downturn

A Chinese shipyard has won a cruise ship order for the first time. The nation’s shipbuilding industry that has been in a slump due to the global downturn is now turning its attention toward rapidly growing cruise boat market as a way to overcome the current situation. According to the Wall Street Journal on February 24, China State Shipbuilding Corp. received an order, jointly with Italy’s Fincantieri SpA, to build two cruise boats worth US$1.5 billion from Carnival Cruise Line of the United States. The boats will be delivered by ...

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MES Delivers 66,000 DWT Bulk Carrier

Mitsui Engineering & Shipbuilding Co., Ltd. (MES) completed and delivered a 60,000 dwt type bulk carrier M.V. “INDIGO BREEZE” (MES Hull No. 1926) at its Tamano Works on 22nd February, 2017 to ARIST MARITIME S.A., the Republic of Panama. This is the 22nd ship of our “neo60BC”, the third Eco-Ship line up of our “neo series”. Principal Particulars Special Features * The vessel has four (4) cranes and five (5) cargo holds, and keeps the superior usability of “Mitsui 56”. * The vessel achieves over 60,000 deadweight with Panamax beam ...

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Unionized workers of Hyundai Heavy stage all-out strike for 2nd day

Unionized workers at South Korean shipbuilder Hyundai Heavy Industries Co. launched an all-out strike for a second day on Friday demanding better working conditions and opposing the firm’s spin-off scheme. The labor union leaders told all 15,000 union members to stage an eight-hour walkout starting from 8 a.m. Still, a small number of unionized workers are expected to participate in the walkout. Only about 10 percent or some 1,500 unionized workers actually took part in Thursday’s strike, according to the labor union. Company officials said the walkout would not cause ...

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Hyundai Heavy Industries’ union launches three-day full strike

The entire union force of South Korea’s Hyundai Heavy Industries Co. (HHI) would lay their tools for three full working days from Thursday, their first collective walkout in 23 years, in protest to a sweeping restructuring plan that includes spinoff all non-shipbuilding operations as well as shutdown of a dock in Gunsan in southern coastal region. The entire 15,000 union workforce was ordered to go on a strike for eight hours from 8 a.m. Thursday. Another full-day is scheduled for Friday and Monday when shareholders meet to approve the management’s ...

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MVN Asset Management increases stake in Vard Holdings

MVN Asset Management has acquired another 317,900 shares of Vard Holdings at S$0.27 apiece, boosting its stake in the Singapore-listed yard group to 6.0388 per cent. In a filing to the Singapore Exchange on Thursday morning, Vard said that the transaction took place on Wednesday. This comes after MVN bought 806,000 shares of Vard on Wednesday. MVN first emerged as a significant shareholder in Vard on Jan 18 after buying over 1.19 million shares, lifting its stake then to 5.0188 per cent. This fuelled speculation that the London-based asset management ...

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Eco-Tanker Liberty Begins Sea Trials

On Monday, February 20, NASSCO shipbuilders took the Liberty to sea for the very first time for tests and trials. Designed with increased fuel efficiency and optimized performance in mind, once delivered the Jones Act ship will join the ranks as one of the most environmentally-friendly product tankers in the world. The Liberty is the third and final ship to be constructed as part of the ECO Class tanker program for SEACOR. Source: NASSCO

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Turkish governmet completes project at Karachi Shipyard

AkzoNobel Pakistan, the local arm of the world’s largest decorative paints company, has recently completed a project with the Karachi Shipyard and Engineering Works (KSEW) in collaboration with the Government of Turkey. The company provided technical assistance with supreme quality controls by deputing a specialised performance coating team. Dedicated to enriching individuals and communities through sustainable offerings and solutions, through AkzoNobel’s Planet Possible and the Human Cities initiative the paints giant provides specialised coatings as required by the manufacturers for defence needs. For all distinctive projects, AkzoNobel deputes permanent on-site ...

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Changing market situations force Damen Shiprepair & Conversion to review strategy

Damen Shiprepair & Conversion (DSC) has announced a reorganisation at three Dutch yards within its group. Staff members of Damen Shiprepair Rotterdam (DSR), Damen Shiprepair Van Brink (DSVB) and Damen Shiprepair Vlissingen (DSVl) were informed that the overall number of staff will be reduced by approximately 150 employees. Unfortunately, DSC has been forced to take these measures due to continued adverse market conditions. Large-scale market fluctuations are common for the ship repair sector – within which the Damen Shipyards Group has been active for over 40 years. The strategy of DSC focusses on diversification as well as developing new ...

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Sembcorp Marine releases 2016 results

Sembcorp Marine posted Group revenue of $3.54 billion for the year ended 31st December, 2016 (FY 2016) compared with $4.97bn previously. The Group reported an earnings turnaround in FY 2016 with EBITDA totalling $384 million while net profit was $79m. Operating cashflow was $669m in FY 2016 compared with negative cashflow of $867m in FY 2015. Turnover for Rigs & Floaters was $1.89bn for FY 2016, a 43% decline from the $3.32bn booked in the previous year due to lower revenue from drillships and other rigs. Deliveries included two jack-up ...

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Fincantieri And Ferretti Announce A Cooperation Agreement

Fincantieri and Ferretti Group announced that they have reached a cooperation agreement with the goal of developing commercial and industrial synergies between the two Italian companies, world leaders in their respective markets. The partnership was announced during the IDEX-NAVDEX in Abu Dhabi, one of the most important global exhibitions dedicated to the defence and security sector. The agreement relates to the security and defence sector and to the recreational yachting industry. In both areas, the two companies have complementary capabilities and expertise that can lead to significant synergies. The agreement ...

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Hyundai Heavy bags order to build 2 oil tankers

Hyundai Heavy Industries Co., a major shipyard in South Korea, has received an order to build two oil tankers, industry sources said Tuesday. Under the deal with a Greek shipowner, Hyundai Heavy will build two very large crude carriers (VLCC) with 320,000 DWT by the end of 2018, the sources said, adding that the two sides have been in negotiations since January this year. The value of the deal and other terms were not revealed, but an oil tanker with such a capacity is roughly priced at US$82 million. Earlier ...

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De Boer Remorquage SARL orders two custom tugs from Damen

Baggerbedrijf De Boer B.V. (Dutch Dredging B.V.) has ordered two custom, special-purpose tugs to be built at Damen Shipyards Hardinxveld in the Netherlands through the subsidiairy De Boer Remorquage SARL. The tugs are for a 10-year contract with Grand Port Maritime de Guyane in the ports of Cayenne and Kourou in French Guyana. Their primary functions will be assisting vessels entering and leaving port, and rendering help in the event of emergencies including fire-fighting. An important secondary role for both vessels will be assisting with maintenance dredging operations in both ...

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