Korean shipyards left struggling as deep-sea strategy backfires
Vessel makers may show billions of dollars in losses when they report earnings
Add BT as a preferred sourceDeeperDive is a beta AI feature. Refer to full articles for the facts.
Seoul
THE deep-ocean strategy is coming back to bite South Korean shipyards.
Hyundai Heavy Industries Co, Daewoo Shipbuilding & Marine Engineering Co and Samsung Heavy Industries Co - South Korea's Big Three shipbuilders - ventured into offshore oil rigs starting around 2010. The goal was to avoid direct competition with China, where inexpensive labour could churn out low-profit tankers at cheaper rates. With oil prices climbing towards US$100 a barrel, offshore rigs seemed like a savvy bet.
Share with us your feedback on BT's products and services
TRENDING NOW
Ministry of Home Affairs Permanent Secretary Pang Kin Keong to retire
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
Richard Eu on how core values, customers keep Singapore’s TCM chain Eu Yan Sang relevant
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
