Contract Workers at Daewoo Shipyard Reach Deal to End Strike
agreed on Friday to end their strike after accepting a much smaller wage hike than demanded as well as job guarantees, union officials and subcontractors said.Since late last month, about 100 sub-contractors pressing for an increase of 30% have occupied the main dock at the shipyard run by Daewoo Shipbuilding & Marine Engineering (DSME) in the southern city of Geoje.The shipyard is one of the world's biggest and the strike has led to delivery delays of eight vessels by as much as five weeks, just as the global shipbuilding industry is signaling a rebound.Orders have come in as European
Damen Buys shares in Daewoo Mangalia Heavy Industries
Damen Shipyards Group has entered into a share purchase agreement with Daewoo Shipbuilding & Marine Engineering (DSME) for the acquisition of its majority share in Daewoo Mangalia Heavy Industries (DMHI). The Daewoo shipyard in Mangalia, Romania was established in 1997 as a joint venture between Daewoo and 2 Mai Mangalia Shipyard with Daewoo as majority shareholder. With the acquisition of the majority share in the shipyard in Mangalia, Damen takes the next step in strengthening its international shipbuilding and ship repair activities. The Mangalia shipyard is
5K Workers Lose Jobs in Korean Shipyards
According to a report by Korea Economic Daily the number of workers who left Korea's top-three shipbuilding companies - Hyundai Heavy Industries, Samsung Heavy Industries, and Daewoo Shipbuilding & Marine Engineering - in the first half of this year is estimated at around 5,000. As the shipbuilding industry was hit by global oversupply and lack of demand the country’s shipyards were forced to decrease their workforce as they launched drastic restructuring measures in an effort to return to liquidity. As a result of the shipyards' top-to-bottom restructuring, caused by
HMM May Hire Foreign CEO for Revival
Shipping Company may be chosen to head the company. The world's two largest container shippers are members of the 2M vessel-sharing alliance, which HMM managed to sign a preliminary deal to join last week. The KDB is already suffering criticism for "unsuccessful" appointments at Daewoo Shipbuilding & Marine Engineering, as its selections parachuted into the shipbuilder failed to contain the company's debacle. HMM’s current controlling shareholder Hyundai Group will see its 22.64 percent stake, held jointly by group chairwoman Hyun Jeong-eun, Hyundai Elevator and Hyundai
Massive Layoff Ahead for Hyundai Heavy
;s spokesperson denied rumors of an imminent layoff plan, but said, “We are considering diverse ways to streamline the business although nothing has been confirmed.” The speculation came as Hyundai Heavy -- along with two other shipbuilding giants Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering -- has continued to see weak ship orders in the sluggish shipbuilding market globally. Meanwhile workers at shipyards of Hyundai Heavy Industries, located in Ulsan, South Gyeongsang Province, raised concerns over a possible massive layoff on Friday,
Maersk Line Slashes Costs, Jobs on Asia-Europe Slowdown
27 new vessels this year, including 11 of its flagship Triple E mega-vessels that can carry about 20,000 20-foot containers, with an option to order eight more. Now it says it will not exercise the options, including on six of the largest ships. The orders would have gone to Korea's Daewoo Shipbuilding and Marine Engineering Co and China's Cosco. Overcapacity has long been a problem in the industry and has been exacerbated by companies ordering new mega-vessels, rushing to place orders before new environmental regulations take effect next year, said Jan Tiedemann, an analyst with
KPI Bridge Oil Appoints Seattle Trader
KPI Bridge Oil, a global broker and trader in marine bunkers, marine lubricants and risk management products, has appointed Daniel Chin as a Bunker & Lubricant Trader at its Seattle Office. Having worked as an oil trader in Korea as well as in Singapore and Pakistan, Chin has advantageous knowledge of the maritime industry and its needs. Previous to his joining KPI Bridge Oil Seattle, Chin was a Junior Trader and Manager with Daewoo Shipbuilding and Marine Engineering (DSME).
Aker Solutions Wins Mariner Development Deal
Aker Solutions secured a contract from Daewoo Shipbuilding and Marine Engineering to provide engineering, construction and commissioning services for the hook-up phase of the Mariner oilfield development in the UK North Sea. The agreement is worth more than GBP 120 million. It comes in addition to a five-year maintenance and modifications services contract awarded in June by Statoil for the Mariner field, which is set to start production in 2017. "We are very pleased to be expanding our already significant role in developing the Mariner field and to be working with Daewoo and Statoil
Ceremony Marks the Construction of 5 American Tankers
opportunity to create hundreds of jobs in our burgeoning blue-tech industry,” Mayor Faulconer said. “By adding these good-paying jobs, NASSCO expands its role as a pillar of San Diego’s defense and innovation economies.” The ships were designed by DSEC, a subsidiary of Daewoo Shipbuilding & Marine Engineering (DSME) of Busan, South Korea, and will include improved fuel efficiency through several features, including a G-series MAN ME slow-speed main engine and an optimized hull form. The tankers will also have dual-fuel-capable auxiliary engines and the ability to accommodate
Norwegian Navy Embraces Electrification
GE’s Power Conversion business (NYSE: GE) has announced that it is working with Daewoo Shipbuilding and Marine Engineering Co., Ltd. (DSME) in South Korea to provide an electrical power and propulsion system for a Norwegian Defence Logistics Organization (NDLO) logistics and support vessel (LSV). GE’s equipment will be installed as a key part of the ship’s hybrid propulsion system, improving fuel efficiency and operating flexibility. In October 2012, GE’s Power Conversion business announced a similar project for the U.K. Royal Fleet Auxiliary’s new fleet of four
