Manufacturing Machinery

DSME clinches shipbuilding order from Greece-based company

Daewoo Shipbuilding and Marine Engineering (DSME) has clinched an order to build a 173,400-cubic-meter liquefied natural gas floating storage and regasification unit (LNG-FSRU) from Greece-based Maran Gas Maritime, a deal providing financial relief to Korea’s debt-ridden shipbuilder. Maran Gas Maritime is an affiliate of Greece’s largest shipping company Angelicoussis Shipping Group, and it is the group’s first LNG-FSRU order. The contract also includes an option to build two more LNG tankers if Angelicoussis Shipping Group satisfies with the first deal to [...]

HHI to be separated into six businesses

Hyundai Heavy Industries will be divided into six independent businesses, the company said Tuesday, in a major reshuffle to cut its debt and improve its financial health. The shipbuilder said it received approval from the executive board to separate the company into six businesses: shipbuilding, marine business and engine; oil and green energy; electronics; construction equipment; robot; and commercial services. “While (the company) previously focused on consolidating noncore businesses, from now on, we will put the utmost efforts into actively raising [...]

Korea to invest 500 bln won to foster robot industry in coming 5 yrs

South Korea will spend a total of 500 billion won ($450 million) in the coming five years to foster the robot industry as a new growth engine for Asia’s fourth-largest economy, the trade ministry here said Tuesday. “The robot industry has emerged as a new technology frontier that will give a fresh boost to the manufacturing sector,” Trade Minister Joo Hyung-hwan said in a meeting with businessmen in Daejeon. “The government will fully support the businesses’ investment into research and [...]

Seoul shares end lower after BOJ's disappointing decision

South Korean shares closed lower Friday as investors remained cautious following the disappointing stimulus measures made by the Bank of Japan. The Korean won rose against the U.S. dollar. After choppy trading, the benchmark Korea Composite Stock Price Index lost 4.91 points, or 0.24 percent, to 2,016.19. Trade volume recorded 361.38 million shares worth 4.96 trillion won ($4.42 billion), with decliners outnumbering advancers 457 to 350 Local shares started higher after the U.S. Federal Reserve on Thursday stood pat on its [...]

Hyundai Mobis Q2 profit jumps 13% on SUV sales

[THE INVESTOR] Hyundai Mobis on July 28 said that it posted a 13 percent increase in second-quarter operating profit from a year earlier, thanks to favorable currency rates and improved supply to sport utility vehicles. South Korea’s largest automotive parts supplier affiliated with Hyundai Motor Group reported the April-June operating profit of 784.7 billion won (US$696.2 million), compared with the 694.4 billion won from the same period last year. Sales jumped 11.9 percent to 9.85 trillion won from a year earlier. Net [...]

Korea to carry out feasibility study on port project in Egypt

South Korea will conduct a feasibility study on redeveloping the historic port city of Alexandria in Egypt, the maritime affairs ministry here said Wednesday. The research will be into the technical feasibility of the development of the Egyptian seaport, along with detailed plans to raise funds, according to the Ministry of Oceans and Fisheries. Alexandria, on the Nile Delta, is one of the oldest seaports in world history, linking trade between the Mediterranean Sea and the Red Sea. Currently, the port handles [...]

Hyundai Heavy signs US$40m robot supply deal

[THE INVESTOR] Hyundai Heavy Industries announced on July 12 that it signed a US$ 40 million robot supply contract with the Chinese subsidiary of Taiwanese display producer Chunghwa Picture Tubes. Under the contract, Hyundai Heavy will supply about 300 robots designed for transporting LCD glass panels. The robots will be deployed at CPTF Visual Display’s plant in Fuzhou, Fujian province in southeastern China, by the second half of next year, the South Korean company said. Hyundai Heavy has been developing industrial robots [...]

LG Electronics to announce earnings guidance on July 8

THE INVESTOR] LG Electronics is expected to announce its second-quarter earnings guidance on July 8. Local analysts estimate the company’s operating profit to stand at about 594.7 billion won (US$517 million). The Korean tech giant started releasing its quarterly earnings guidance since the first quarter this year. Analyst say that despite the lukewarm sales of its flagship smartphone G5, the company’s robust TV and appliance sales could make up for the operating loss of its mobile business division. The mobile division last week [...]

Malibu Hybrid misses low-pollution certification

[THE INVESTOR] GM Korea’s Malibu Hybrid has failed to obtain a low-pollution certification, making it ineligible for tax benefits on eco-friendly cars, government and industry sources. On July 3, GM Korea notified through its website that benefits for purchasing hybrid vehicles are not applied to the Malibu Hybrid. According to the Ministry of Environment, the Malibu Hybrid is excluded from the measure due to failing emission standards. At 95 grams per kilometer, the vehicle meets carbon dioxide emission standard of 97 grams [...]

Drop in Korea's exports to China extends to record streak in May

South Korea’s exports to China continued to shrink from a year earlier in May, tying the record streak of 11 months of decrease, industry data showed Thursday. Outbound shipments to China came to US$9.93 billion won last month, down 9.1 percent from the same month last year, according to the data from the Korea International Trade Association. The decline apparently contributed to a 6 percent on-year drop in the country’s overall exports. China by far is the world’s single largest importer [...]