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HD KSOE eyes $180.05 bn worth of orders in 2025

South Korea’s largest shipbuilder, HD Korea Shipbuilding & Offshore Engineering Co. (HD KSOE), said Friday it aims to win $180.05 billion worth of orders this year. The company said in a regulatory filing that this year’s annual order target is 33.7% higher than last year’s ($13.5 billion). However, the secured in 2024 was $20.56 billion, 12% lower than this year’s order target. By affiliate, HD Hyundai Heavy Industries Co. aims to win $9.75 billion worth of ship orders this year, with HD Hyundai Samho and HD Hyundai Mipo Co. targeting ...

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Growth Likely on the Horizon for America’s Shipyards in 2nd Trump Administration

As the United States nears its 250-year celebration, what is old may be new again in the shipyard space. The uptick in shipyard-related legal and regulatory work during the Biden Administration has been notable and is expected to exponentially increase in the second Trump Administration. The shipping industry in this country is acutely aware that shipbuilding, once a thriving sector with over 300 American shipyards in the early 1980s, has, through closings and consolidations, shrunk to roughly 20 private and public shipyards today.1 Those shipyards are teeming with orderbooks for ...

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HD Hyundai Heavy Industries stock exceeds 300,000 won amid strong investor sentiment

The stock price of HD Hyundai Heavy Industries surpassed the 300,000 won mark. Since being listed in 2021 after its physical spin-off from HD Korea Shipbuilding & Offshore Engineering, it has set a new all-time high. HD Hyundai Heavy Industries shares were traded at 301,500 won on the KOSPI market at 9:12 a.m. on the 3rd. The stock price rose by 4.33% (12,500 won) from the previous day. Early in the session, the stock price jumped to 307,500 won, hitting its all-time high. With about three years’ worth of order ...

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Shipbuilding workforce in South Korea increases for first time in 9 years

South Korea’s shipbuilding industry experienced its first workforce increase in nearly a decade in 2023, driven by an influx of foreign workers, government data shows. After enduring a prolonged downturn in the 2010s, the sector has rebounded since 2020 but continues to grapple with severe labor shortages, as many skilled workers have not returned. While government efforts to attract foreign labor have provided some relief, the industry still faces a significant shortfall of skilled personnel. A survey by the Ministry of Trade, Industry and Energy revealed that the number of ...

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Shipbreaking industry to implement workers’ minimum wages from new year

The country’s shipbreaking industry is going to implement the minimum wages for its workers, set by the Ministry of Labour and Employment, from tomorrow (1 January 2025), the first day of 2025. Mohammad Siddique, secretary of the Bangladesh Ship Breakers and Recyclers Association (BSBRA), made the announcement while speaking at an event titled “Sharing OSH Report on Shipbreaking Workers with Regional Stakeholders,” held at a hotel in Chattogram today (31 December). The industry leaders have decided to implement the government-declared minimum wages for workers to ensure sustainability, as the sector ...

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HD Hyundai hunts shipbuilding growth despite rise in global protectionism

HD Hyundai Chairman Kwon Oh-gap urged employees across the group’s heavy industry affiliates to stay vigilant as protectionist policies intensify globally. However, he also emphasized the need to seize the newly-found opportunity to grow the shipbuilding business — the one sector U.S. President-elect Donald Trump has shown interest in strengthening partnerships with Korea. “The world, starting with the United States, is building huge fences around themselves in the name of protecting their industries, and this trend will likely continue for a while. Given this situation, cooperation with the United States ...

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Samsung Heavy Industries struggles as other shipbuilders thrive amid Trump’s policies

As Donald Trump is highlighted as a beneficiary for U.S. President-elect stocks, domestic shipbuilding stocks are gaining attention, but among the ‘big three’ shipbuilders—including HD Hyundai Heavy Industries, Hanwha Ocean, and Samsung Heavy Industries—only Samsung Heavy Industries is showing a notably poor performance. Securities analysts cited a relatively low foreign exchange profit and the absence of defense business as the background for Samsung Heavy Industries’ lone weakness. According to the Korea Exchange on the 28th, from December 2nd to 27th, the stock price of HD Hyundai Heavy Industries rose 31.6%, ...

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HJ Heavy Industries Secures Design Approval for 88,000㎥ Very Large Ammonia Carrier

HJ Heavy Industries announced on Dec. 30 that it has obtained design concept approval for an 88,000㎥ class very large ammonia carrier (VLAC) from the UK-based Lloyd’s Register (LR). This approval marks a crucial step in the company’s efforts to lead the market in decarbonization ship technology. The journey began last July when HJ Heavy Industries and Lloyd’s Register signed a memorandum of understanding (MOU) to jointly develop the next-generation VLAC. Over the past six months, both organizations have focused intensively on research activities to bring this project to fruition. ...

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Samsung Heavy Industries Subcontracts 4 Suezmax Tankers to China Due to Labor Shortages

Samsung Heavy Industries has announced its decision to outsource the construction of four Suezmax tankers (crude oil carriers) to Chinese shipyards, a strategic move aimed at addressing the current labor shortages and dock capacity issues faced by the company. This decision comes in the wake of a prolonged shipbuilding recession that began in 2016, which saw many skilled workers leave the industry. As the shipbuilding boom returned post-COVID-19, the supply of labor could not keep up with the surge in order volumes, prompting Samsung Heavy Industries to seek alternative solutions ...

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Hanwha Ocean, another Korean shipbuilder win $951 million WTIV deals

Hanwha Ocean Co. and another major South Korean shipbuilder have won deals worth a combined 1.4 trillion won ($951 million) to build a wind turbine installation vessel (WTIV) each for unidentified domestic firms. A WTIV is a vessel specifically designed to install offshore wind turbines. It is priced between 700 billion won and 800 billion won. Hanwha and the unidentified Korean shipbuilder have agreed to build a combined two WTIVs – one for an energy company and the other for a construction firm, people familiar with the matter said on ...

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HD Hyundai Heavy Industries soars to new record amid shipbuilding boom

Domestic shipbuilding stock prices continue to show strength. This is believed to be due to collaboration proposals from major countries like the United States and India. Shares of HD Hyundai Heavy Industries were trading at 282,000 won on the KOSPI market at 9:20 a.m. on the 26th. The stock rose 3.68% (10,000 won) from the previous day. During the trading session, the price rose to 284,000 won, setting a new all-time high. HD Hyundai Heavy Industries has seen an upward trend for six consecutive trading days up to this date. ...

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Samsung Heavy Industries is speeding up orders centered on high value-added ships

Samsung Heavy Industries is a super-sized ethanol carrier (VLEC) worth 742.2 billion won with ship owners in Asia. It announced on the 26th that it has signed a construction contract for three ships. Ships will be delivered to ship owners sequentially by December 2027. Including this contract, Samsung Heavy Industries recorded a cumulative order of about 7.3 billion dollars (36 vessels in total) this year. This represents 75% of the $9.7 billion annual target. Among them, eco-friendly fuel ships such as liquefied natural gas (LNG), ammonia, and ethane account for ...

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India’s top maritime figures visit South Korea’s big three shipyards

A high-level Indian delegation visited HD Hyundai Heavy Industries (HD HHI)’ shipyard in Ulsan, South Korea, on Dec. 3, marking a significant step in fostering bilateral cooperation in shipbuilding. The delegation, coined the “Indian Shipbuilding Delegation,” comprised key figures including R. Lakshmanan, Joint Secretary of India’s Ministry of Ports, Shipping, and Waterways; Shri Madhu Nair, Chairman and Managing Director of Cochin Shipyard; and Binesh Kumar Tyagi, Chairman and Managing Director of the Shipping Corporation of India (SCI). They were guided by Cho Min-su, Vice President and Head of the shipbuilding ...

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Western Marine bounces back, set to export 8 ships to UAE

After a four-year hiatus in exports, Western Marine Shipyard, one of the country’s leading shipbuilders, is set to export at least eight ships to a company in the UAE. This will also mark the first ship exports from Bangladesh after a two-year gap. The last ship export from the country occurred in September 2022. Company officials say that in 2023, Western Marine entered into a contract with Marwan Shipping of the UAE to build eight ships. Under the agreement, a 69-metre landing craft named “Rayan” will be exported in January ...

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Samsung Heavy Industries secures $508M shipbuilding deal

Samsung Heavy Industries secured a 724 billion won ($508 million) deal to build two very large ethane carriers for an Asian shipping company, the Korean shipbuilder said. Samsung Heavy Industries will deliver the vessels by the deadline set for December 2027. The Korean shipbuilder did not offer further details of the deal, including the name of the shipper. With the latest order, Samsung Heavy Industries has obtained $7.3 billion worth of orders so far this year, which accounts for 75 percent of its annual order target of $9.7 billion. The ...

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