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Prolonged strike may hamper KDB’s move to sell off DSME

A protracted strike by subcontracted workers of Daewoo Shipbuilding & Marine Engineering (DSME) is emerging as a new stumbling block in state-run Korea Development Bank’s (KDB) efforts to find a new buyer for the loss-making shipbuilder, raising fears of additional losses and tarnished credibility. KDB is DSME’s main creditor and largest shareholder with a 55.7 percent stake. The strike stretched into the 49th day on Wednesday, with negotiating parties making little progress over the workers’ demand for a 30-percent increase in wages and a 300-percent increase in bonuses to cope ...

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GTT entrusted by DSME with the tank design of six new LNG carriers

GTT announces that it has received, in the second quarter of 2022, an order from its partner the Korean shipyard DSME for the tank design of six new LNGCs[1], including four vessels on behalf of an Asian ship-owner, and two on behalf of the gas shipping company Marangas. GTT will design the tanks of these six LNG carriers, with a total LNG tank capacity of 174,000 m3 per ship. Each tank will be fitted with the GTT NO96 GW or GTT NO96 L03+ membrane containment system. Deliveries of the vessels ...

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Digitalisation driving change in shipbuilding

Digital systems, autonomous operations, and smart software offer scope to transform most industrial sectors, like the automobile industry for example. But shipping generally lags, and shipbuilding is even further behind the curve due to the various risks involved. Should this continue, the traditional shipping industry may be unable to keep up with the increasing competition from disruptive new players who use digital technology to suit ever-increasing demands on shipbuilding and design. So, where should we focus our efforts to expedite a new digital era in global shipbuilding? Although API-based data-sharing ...

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S.Korea shipyard workers willing to end strike if lawsuits dropped

Contract shipyard workers striking at Daewoo Shipbuilding & Marine Engineering 042660.KS (DSME) are willing to end their strike and accept a wage increase offered by the company if lawsuits seeking damages from the strikers are dropped, a union official representing the strikers told Reuters on Thursday. About 100 workers for subcontracting companies have occupied DSME’s main dock in the south coast city of Geoje since last month demanding a 30% pay increase, causing delays to deliveries of new vessels. In recent negotiations, strikers said they lowered their demands to a ...

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Striking S.Korea shipyard workers in talks to end siege, deliveries delayed

Striking contract workers and Daewoo Shipbuilding & Marine Engineering 042660.KS (DSME) have made some progress in talks over wage hikes, the two sides said on Wednesday, seeking to avoid the use of force to end a siege of the shipyard. About 100 sub-contractors have occupied DSME’s main dock in the south coast city of Geoje since last month demanding a 30% pay increase, halting work at the yard that the company has said have led to delivery delays. DSME and the Korean Metal Workers’ Union, which represents the strikers, said ...

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GTT Receives An Order From Hyundai Samho Heavy Industries For The Tank Design Of Two New LNG Carriers

GTT announces that it has received, in the second quarter of 2022, an order from its partner the Korean shipyard Hyundai Samho Heavy Industries for the tank design of two new LNGCs[1], on behalf of a European ship owner. As part of this order, GTT will design the tanks of the vessels, which will offer a cargo capacity of 174,000 m3 each and will be fitted with the Mark III Flex membrane containment system, a technology developed by GTT. Deliveries of the vessels are scheduled for the first quarter of ...

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South Korea’s Yoon says ‘illegal’ shipyard strike cannot be tolerated, ‘waited long enough’

South Korea’s President Yoon Suk-yeol on Tuesday (July 19) condemned an “illegal” strike at Daewoo Shipbuilding & Marine Engineering (DSME), raising the possibility of government intervention to break it. Mr Yoon’s remarks come amid heightening tensions at DSME’s shipyard near the south coast city of Geoje, where some 100 DSME sub-contractors launched a strike late in June and occupied the shipyard’s main dock, demanding a 30 per cent pay raise. The company, the country’s third-biggest shipbuilder, has said the dispute had cost it more than US$400 million (S$560 million) by ...

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DSME subcontractors face mounting pressure to end strike

The ongoing strike by over 150 unionized subcontractors of Daewoo Shipbuilding & Marine Engineering (DSME) is rapidly losing ground, as indicated by a court-ordered fine that delegitimized the collective action, according to industry watchers, Monday. The ruling by the Tongyeong unit of Changwon District Court in South Gyeongsang Province is the latest blow to the strike that began June 2, compounded further by a number of the shipbuilder’s partner firms being pushed to the brink of collapse. The court ruled July 16 that striking subcontractors occupying a dock at DSME’s ...

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End occupation of ship in DSME dry dock, court tells workers

Daewoo Shipbuilding & Marine Engineering (DSME) workers were ordered by a court to end their occupation of the company’s dry dock. On Friday, the Changwon District Court approved a request for an injunction filed by DSME, which requested workers on strike to stop occupying a ship in dry dock at its Okpo shipyard, on Geoje Island, South Gyeongsang. Since June 2, 150 workers contracted to work for DSME, and under the Korea Metal Workers Union, have been on strike. They are demanding a 30 percent wage increase. The Korea Metal ...

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Oman’s ship repair yard posts first-ever net profit

Asyad Dry Dock (formerly known as Oman Dry-Dock Company) has turned a first-ever profit since its establishment just over a decade ago as the country’s first ship repair and maintenance yard Oman Investment Authority (OIA), the investment arm of the Omani government, made the announcement in its newly published Annual Report for the June 2020 – December 2021 period. Asyad Dry Dock is a subsidiary of Asyad Group, the government’s logistics and supply chain business, which in turn is affiliated to OIA. “Asyad Dry Dock registered net profits for the ...

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Hyundai Heavy Industries: Partial Strikes, Steel Plate Price Hikes Expected to Hit Earnings

We maintain our 12m TP of KRW135,000 (12m fwd BVPS x 2.05x target P/B) for HHI. Our TP remains unchanged, as downward revisions to earnings estimates due to an expected earnings shock in 2Q22 offset a change to 12m fwd period, fluctuations in 1y MSB yield (RFR) and 30y KTB yield (TGR) and change in beta. We maintain BUY, as the recent stock price decline has provided 16.9% upside (vs. Jul 13 closing price). 2Q22 forecast: Earnings to fall short of market consensus We forecast 2Q22 consolidated (K-IFRS) revenue at ...

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China’s shipbuilding industry retains global lead in H1 with 45.2% global share

China held its lead in the global shipbuilding industry in the first half of 2022, with 45.2 percent share of the global market, according to multiple indicators on Thursday. The nation’s shipyards completed 18.5 million deadweight tons (DWT) of orders, which took 45.2 percent of the global market and ranked first in the world, according to statistics released by the Ministry of Industry and Information Technology (MIIT). Orders on hand as of June 30 accounted for 47.8 percent of the market, the largest in the world. Those orders totaled 102.74 ...

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Korean shipbuilding stocks slammed by recession fears, jump in cost

South Korean shipbuilders have been underperforming the bearish stock market despite returning to No. 1 in global order book in the first half on a flood of LNG tankers and value-added vessels as rising material costs loom over their earnings outlook in the near term and global economic slump in the longer run. Shares of Korea’s and world’s biggest shipyard Hyundai Heavy Industries (HHI) tumbled 19.58 percent up to Thursday this month, erasing 20-percent gain it enjoyed in June despite the broad market crash. Its parent Korea Shipbuilding & Offshore ...

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Damen Shipyards builds seven Carbon Fibre Patrol Vessels for Swedish Coast Guard

Kustbevakningen (KBV), the coastguard organisation of Sweden, has signed a contract for the construction and delivery of seven fast Patrol Vessels with Damen Shipyards. These vessels, also referred to as the KBV 320 series will be 26,75 meter in length, built in carbon fiber composite and will be able to reach cruising speeds of up to 25 knots. KBV will engage the new vessels in their rescue, environmental protection, salvage assistance and coastal waters patrolling operations. The KBV 320 series that Damen proposed exceed the strict design criteria the coast ...

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Neighbouring German ship owners order four Damen Combi Freighter 3850 vessels

One hundred and ten year old ship management company Reederei Wessels recently made the same purchase as 137 year old HS Shipping Group, both from Haren/Ems in the north of Germany. They both ordered two Damen Combi Freighter 3850 (CF 3850) vessels. Unmatched performance in relation to loading capacity, speed maintained and economical fuel consumption inspired their choice. Both ship management companies have an impressive fleet. HS Schiffahrt operates 59 vessels, ranging from ocean going container vessels, bulkers, minibulkers and general cargo vessels. The company executes the technical and commercial ...

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