Korean yards talk down crisis

Article Abstract:

The economic crisis in Korea has affected several industries, including the shipbuilding sector. To cope up with the crisis and maintain the trust of customers, Korean shipyards are implementing several cost-reduction measures such as wage-cutting from 10% to 15%, reducing travel budgets and energy saving. Halla Engineering and Heavy Industries, Hanjin Shipping Co and Samsung are among those most affected by the crisis. Meanwhile, Hyundai and Daewoo claim they are not currently affected but are not ignoring any future possibilities. The International Monetary Fund has granted South Korea a $57 bil loan to help the country get out of the crisis.

South Korea, Economic aspects, Finance, Economic development, Currency devaluation, Devaluation (Currency), Samsung Shipbuilding and Heavy Industries Company Ltd., Halla Engineering and Heavy Industries Company Ltd., Hanjin Shipping Company Ltd.

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Eastern yards back on track

Article Abstract:

MTW and Volkswerft, former subsidiary shipyards of Vulkan, have started modernization projects after recovering from financial woes brought by Vulkan's bankruptcy. Both shipyards separated from Vulkan in Apr. 1996 and were placed into a public-owned holding firm, Ostseebeteiligungs gesellschaft. DM1 billion (US$671.8 million) in public funds were infused into the two shipyards to finish modernization programs and maintain shipbuilding operations.

Shipyards, MTW, Volkswerft

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US yards invest to compete

Article Abstract:

US shipyards engaged in ship repair, maintenance and conversion are investing heavily in resources, employee training and quality control to enhance their competitiveness in the international arena. In line with this goal, shipyards scattered along the Gulf of Mexico and the Atlantic coast are also aiming to cut costs, improve efficiency levels and integrate operations through the acquisition of management information systems.

Planning, International competition (Commerce), International competition (Economics)

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