Builders counter accusations

Article Abstract:

South Korean shipbuilders defended themselves from heavy criticism by European shipyards that Korean-made ships are being sold too cheaply and that International Monetary Fund money is being used to bail out ailing Korean yards to the detriment of their European rivals. Korean shipyards announced that the low prices they have been quoting for new ship building are in response to competitive pressures. They also pointed out that their government has established a commission which ensures that conglomerates do not subsidize any ailing units with profits drawn elsewhere in the firm.

Management, South Korea

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More of the same

Article Abstract:

Several state-owned ship yards in Italy have been put up for privatization. This has occurred despite the continuous orders for cruise ships, tankers and ferries. Fincantieri, one of Italy's more prominent shipbuilders, has been experiencing financial difficulties as a result of the extra expenses that these yards have incurred in trying to cope with the numerous orders, especially in the cruise ship division. Among the Italian yards, INMA was one of those that suffered the most losses. Major losses has forced the yard to go into liquidation by the end of 1998.

Industry Overview, Economic aspects, Shipbuilding, INMA The Gulf Development and Construction Co.

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First steps to privatisation

Article Abstract:

The first moves towards the privatisation of state-owned Italian shipbuilder Fincantieri are described. The effects of an injection of 450bn lire, the targeting of high tech niche markets and management changes led by CEO Pier Guarguaglini are examined.

United States, Europe, Cover Story, Privatization, Privatization (Business), Shipbuilding subsidies

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