HMM union moves toward industrial action over headquarters relocation
Labor-management negotiations at HMM over the planned relocation of its headquarters have collapsed, raising the prospect of industrial action by the union. HMM’s land-based workers’ union said Thursday that talks with management regarding the headquarters relocation had broken down. The union added it plans to begin procedures for industrial action, including filing for mediation with the labor authorities. In a statement released the same day
South Korea closes gap with China in global shipbuilding orders
Despite an overall decline in global ship orders, South Korea increased its share last month, narrowing the gap with China, according to data released by London-based Clarkson Research Services on Monday. In March, South Korea won orders totaling 1.59 million compensated gross tons (CGT) for 38 ships, accounting for about 39 percent of the global market, while China secured 2.15 million CGT for 84 ships, taking a 53 percent share. In February, South Korea
HD Korea Shipbuilding issues $1.57 bn in exchangeable bonds, sparking valuation re-rating hopes
HD Korea Shipbuilding & Offshore Engineering has launched a 2.37 trillion won ($1.57 billion) exchangeable bond issuance targeting shares of its flagship subsidiary HD Hyundai Heavy Industries, a move analysts say could dismantle the holding company discount that has long weighed on its stock. The company disclosed the EB issuance on March 31, later revising the total from an initially announced 3.03 trillion won. The bonds are exchangeable into a 4.3 per
Submarine deal looms large over Canada's high-profile trade mission to Korea
Canada’s trade delegation to South Korea this week has been heavily layered with the hot-button deal — Canada’s largest-ever defense procurement to replace its aging submarines, worth an estimated $40 billion, now being weighed between Korean and European bidders. The visit by the Team Canada Trade Mission, led by International Trade Minister Maninder Sidhu, comes as Ottawa moves to diversify trade and deepen ties with trusted partners, with
Hanwha joins US Navy project as subcontractor for logistics ship
Hanwha Group is participating in a U.S. Navy project as a subcontractor, the South Korean defense giant said on Tuesday. Hanwha Ocean's Philly Shipyard and Hanwha Defense USA said they will work with Vard Marine, a naval architecture and marine engineering company fully owned by Italian Fincantieri Group, to take part in the project for the U.S. Navy's next-generation logistics support ship or NGLS. It is the first time a South Korean firm is carry
HMM pushes ahead with move to Busan despite union protest
South Korea's largest container shipping line HMM reportedly said its board of directors approved a charter amendment to relocate the company's headquarters from Seoul to the southeastern port city of Busan, setting the stage for a shareholder vote on May 8 that is all but certain to pass. The board convened an extraordinary session to endorse the revision to Article 3 of HMM's articles of incorporation, which currently designates Seoul as the reg
Homegrown sub sets sail on historic trans-Pacific journey for naval exercise in Canada
A 3,000-ton homegrown submarine embarked on a trans-Pacific voyage for the first time to take part in a joint naval exercise with Canada scheduled for June, the Navy said on Wednesday. Attended by over 300 naval officers and other representatives from both countries, a send-off event for the Dosan Ahn Chang-ho, was held at a port in Jinhae, South Gyeongsang Province on Wednesday. Among them were Canadian Ambassador to Seoul Philippe Lafortune and British A
Little-known Korean tanker bet pays off as Hormuz crisis turns VLCCs into liquid gold
A little-known South Korean shipowner has emerged as one of the biggest winners of the Persian Gulf crisis, as a wartime chokehold on the Strait of Hormuz transforms oil tankers into highly profitable floating storage — and draws takeover interest from the world’s largest container carrier. Janggeum Maritime, the tanker arm of Sinokor Merchant Marine Group, has struck an investment deal with Geneva-based Mediterranean Shipping Company (MSC), under
HMM marks 50th anniversary with new vision, growth strategy
South Korean container shipping giant HMM unveiled a new corporate vision and growth strategy as it marked the eve of its 50th founding anniversary, signaling fresh ambitions to expand beyond its core shipping business. At a ceremony held at the company's headquarters Tuesday in Yeouido, Seoul, Chief Executive Choi Won-hyok and about 100 employees gathered to formally launch the vision statement "Move Beyond Maritime," which the company describe
Samsung Heavy wins another deal, boosts order backlog
Samsung Heavy Industries has won an order for one liquefied natural gas (LNG) carrier from an Oceania-based shipping company, the shipbuilder said on Friday. The order, worth 377.9 billion won (or about $252 million), is scheduled for delivery by April 2029. The deal brings the shipbuilder's cumulative orders for this year to 12 vessels worth $2.4 billion, reaching 17 percent of its annual target of $13.9 billion. They consist of four LNG carriers