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April 17, 2024
Hanwha Ocean wins W176.4b order for 1 LPG carrier
...s bagged $3.39 billion worth of orders to build 12 liquefied natural gas carriers, two very large crude carriers, two ammonia carriers and one LPG carrier. It garnered orders worth $4.1 billion for the whole of 2023. Hanwha Ocean, formerly Daewoo Shipbuilding & Marine Enginee...
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April 02, 2024
FSC ramps up benefits to bolster corporate value-up drive
... six consecutive years must have auditors designated by the Securities and Futures Commission under the FSC for the following three years. Introduced in 2018 after significant accounting fraud at Daewoo Shipbuilding & Marine Engineering, this measure has faced criticism for p...
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April 02, 2024
Hanwha Ocean wins W1.24tr order for 4 LNG ships
...rge crude carriers and two ammonia carriers. It garnered orders worth $4.1 billion for the whole of 2023. Hanwha Ocean said it will raise its yearly LNG construction capacity to 24 ships in 2025 from the current 22. Hanwha Ocean, formerly Daewoo Shipbuilding & Marine Enginee...
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March 25, 2024
Hanwha Ocean wins W2.4 tln order for 8 LNG ships
... far this year. It achieved orders valued at $4.1 billion for the whole of 2023. The shipbuilder has had an order backlog of $28.1 billion as of December, which will make its shipyard busy over the next three years. Hanwha Ocean, formerly Daewoo Shipbuilding & Marine Enginee...
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March 11, 2024
Hanwha Ocean hints at entering drilling business
...usiness as part of its mid to long-term business strategy," said an official from Hanwha Ocean. "Specific timelines and strategies have not yet been finalized." Hanwha Ocean was formerly known as Daewoo Shipbuilding & Marine Engineering before its acquisition by Hanwha Group ...
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March 05, 2024
Warship-making Hanwha and HD Hyundai at loggerheads
...ourt ruled that they violated the Military Secret Protection Act by illegally obtaining military secrets related to the Korea Destroyer Next Generation (KDDX) project drafted by Hanwha Ocean, then Daewoo Shipbuilding and Marine Engineering, and sharing them on their firm’s se...
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November 14, 2023
Business groups condemn labor union immunity bill
...Yellow Envelope bill was initially proposed in 2015 but was abolished in the 19th and 20th National Assemblies due to opposition from the business community. Controversy reignited last year after Daewoo Shipbuilding & Marine Engineering filed a lawsuit for 47 billion won ($35...
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August 29, 2023
[KH explains] Is a third-party buyout of Asiana Airlines around the corner?
...nwha could merely be reviewing the case and its actual possibility of taking over Asiana is considered low -- as Hanwha has recently spent a significant amount of its assets during its takeover of Daewoo Shipbuilding and Marine Engineering. In April, after gaining approval fr...
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August 02, 2023
HD Korea Shipbuilding to acquire STX Heavy Industries
HD Korea Shipbuilding & Offshore Engineering, the shipbuilding unit under HD Hyundai, said Tuesday it will acquire STX Heavy Industries, a Korea-based marine diesel engine manufacturer in a 81.3 bill...ore Engineering. Last year, Pinetree Partners put STX Heavy Industries up fo...
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April 20, 2023
Hanwha’s DSME takeover to be approved next week
Hanwha Group’s acquisition of Daewoo Shipbuilding and Marine Engineering is nearing its end as South Korea’s Fair Trade Commission is expected to approve the takeover next week. The antitrust regulator on Tuesday sent Hanwha and DSME the examination report over the acquisitio...
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April 17, 2023
[KH Explains] Why Hanwha’s DSME takeover has not yet gained approval at home
Hanwha Group’s acquisition of Daewoo Shipbuilding and Marine Engineering is facing a final obstacle, as South Korea’s Fair Trade Commission is yet to give the green light for the high-profile takeover. Since signing a megadeal worth 2 trillion won ($1.53 billion) to buy a 49....
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April 04, 2023
Hanwha-DSME merger still awaits Korean approval
South Korea’s Fair Trade Commission is closely reviewing Hanwha Group’s acquisition of Daewoo Shipbuilding and Marine Engineering as it could lead to unfair trade practices if completed, officials said Monday. “The issue is that ships are used in battle. They are weapons. In...
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March 19, 2023
HD Hyundai builds industrial alliance for carbon neutrality
South Korea’s HD Hyundai, the world’s largest shipbuilding group, said Friday it is forming the industry’s first alliance for carbon neutrality along with Daewoo Shipbuilding & Marine Engineering, Samsung Heavy Industries, the American Bureau of Shipping and the Kor...
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December 27, 2022
Is KAI on Hanwha’s mind after DSME acquisition?
Hanwha Group’s planned acquisition of Daewoo Shipbuilding and Marine Engineering, the nation’s No. 2 shipbuilder, is once again fueling speculation over its possible attempt to take over Korea Aerospace Industries, the sole aircraft maker here that would complete the conglomer...
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November 23, 2022
DSME succeeds in testing autonomous-driving system for ships
South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering said Tuesday it has successfully completed the trial of its autonomous navigating system for ships. DSME conducted a two-day test of its testing ship, called DAN-V, equipped with its own autonomous navigating sys...
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November 08, 2022
Hanwha to complete on-site inspection on DSME this month
South Korea's defense-to-energy conglomerate Hanwha Group is expected to complete on-site inspection on Daewoo Shipbuilding & Marine Engineering this month, with plans to finish the acquisition process within the first half of next year, industry sources said Monday. Hanwha beg...
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September 27, 2022
Hanwha signs conditional takeover deal with DSME for W2tr
...nglomerate Hanwha Group said Monday it has signed a conditional memorandum of understanding with Daewoo Shipbuilding & Marine Engineering to acquire a controlling stake of 49.3 percent and managerial ...terms of order backlogs, has been in the sales process since 2001. DSME wa...
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September 06, 2022
Super typhoon’s approach puts Korean businesses on high alert
...assing Jeju. Along with the airways, sea routes were closed, leaving heavy industry under a tight work schedule for emergencies and real-time monitoring of the typhoon. Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries evacuated ...
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July 25, 2022
DSME creditor warns of bankruptcy over shipyard strike
Daewoo Shipbuilding & Marine Engineering may face a court-ordered rehabilitation process unless action is taken on a monthlong strike there, the company’s main creditor Korea Development Bank said Friday. “It would be more difficult for DSME to repay its debts as the strike d...
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June 09, 2022
Korean shipbuilders start building Qatar’s LNG carriers
Daewoo Shipbuilding & Marine Engineering has obtained a 1.07 trillion won ($850 million) order to build four LNG carriers for a Qatari state oil firm, it said in a regulatory filing Tuesday. The order is the first batch of a $20 billion deal that three South Korean shipbuilders...