No Korean industries are likely to prosper next year, despite some business improvements in several sectors, such as the information and communication technology, automotive and steelmaking industries, a report by a research institute showed Monday. According to the Hyundai Research Institute’s report on the future of seven Korean industries, the ICT industry will continue to gradually recover next year, particularly in the production and export of semiconductors. However, the tougher competitio

Industry Nov. 28, 2016

SK C&C, an IT service unit of South Korea’s conglomerate SK Group, established a logistics joint venture called FSK L&S with Jusda to jointly boost the ICT technology-based logistics business, the company said Friday. Jusda is a logistics subsidiary of the Taiwanese company, Foxconn. SK C&C CEO Park Jung-ho (third from right) cuts a cake with his counterpart at the FSK L&S inauguration ceremony held in Pangyo, Gyeonggi Province, Friday. (SK C&C)The two parties unveiled a comprehensive logistics

Industry Nov. 25, 2016

Hyundai Merchant Marine was named as the preferred bidder for near-bankrupt Hanjin Shipping’s Spanish terminal, the company announced Friday. The company said it would complete the official contract to take over Total Terminal International Algeciras late next month after two or three weeks of due diligence. The exact value of the deal has not been disclosed. Located in Algeciras, Spain, the TTI Algeciras is considered as a global strategic logistics hub as it serves as the intersecting point of

Industry Nov. 25, 2016

SK Group Chairman Chey Tae-won pledged to cultivate a new business model with Middle Eastern countries by utilizing technology, the group said Thursday. Chey talked with Mubadala Development Co. CEO Khaldoon Khalifa Al Mubarak and Mubalada Petroleum CEO Musabbeh Al Kaabi in Abu Dhabi in the United Arab Emirates. They agreed to jointly put effort into raising a new business model.SK Group Chairman Chey Tae-won (left) talks with Sabic officials in Riyadh, Saudi Arabia, Wednesday. (SK Group)“The pe

Industry Nov. 24, 2016

Ssangyong Engineering and Construction said Thursday it has won three overseas projects worth $280 million in total. The company won a contract from the Investment Corp. of Dubai to participate in a large-scale tourist district project in Dubai, United Arab Emirates. The blue print of the Duabi project (Ssangyong E&C)It will build a 14-story hotel, two residential buildings and a 10-story office building. The contract amounts to $170 million.The company also reached a deal with City Developments

Industry Nov. 24, 2016

The government Thursday released three possible power cut scenarios after the record-breaking heat wave last summer caused public uproar over the cumulative electricity bill system. The Ministry of Industry, Trade and Energy said the new power charge system will reduce electricity bills by about 11 percent on average for households, as it lowers the cumulative rate. Under the current system, residential electricity bills are cumulatively charged under six brackets based on power usage, with the

Industry Nov. 24, 2016

The state-run land information provider Korea Land and Geospatial Informatix Corp. (LX) is running various online services to boost public access to information about land here, the company said Wednesday. Since February, the LX has provided the LX basic land information map -- a new platform that allows citizens to access real estate information based on satellite images. There has been growing public interest in the map, with its number of users hitting 5 million within eight months.The compan

Industry Nov. 23, 2016

Financially troubled Daewoo Shipbuilding and Marine Engineering is striving to secure liquidity amid a series of delays in the handover of ships. US offshore driller Atwood Oceanics recently requested that the company postpone the delivery of two drill ships, citing a delay in a relevant project.DSME was planning to hand each of the drill ships over to Atwood Oceanics in September next year and June 2018. The delivery date had already been put off twice. The two parties signed two drill ship dea

Industry Nov. 23, 2016

Korea’s top bulk carrier Korea Line took over the Asia-US shipping route of the near-bankrupt Hanjin Shipping, a representative from the shipping industry said Tuesday. Hanjin Shipping announced it agreed to sell the operation rights and human resources of its Asia-US line, seven overseas subsidiaries and essential business information at 37 billion won ($31.4 million) to Korea Line, which is under Samra Midas Group. (Yonhap)“(The decision) aims to maintain the competitiveness of the Korean ship

Industry Nov. 22, 2016

Samsung Heavy Industries’ project to build a marine drilling facility is expected to be delayed after a rig leg was severely damaged in the construction, incurring massive financial damage, the company said Tuesday. The company said a 50-meter-long jack-up rig leg, which was connected to a crane, fell to the ground late Sunday while the construction team was attempting to lift and connect it with the main part of the jack-up rig. A jack-up rig, consisting of a buoyant hull fitted with a movable

Industry Nov. 22, 2016

South Korea’s Hanwha Engineering and Construction stressed the importance of safety and preventing disasters at construction sites at its annual safety event, the company said Monday. Hanwha E&C held its annual promotion of occupational health and safety at an apartment construction site in Suwon, Gyeonggi Province, which was designated by the company as an excellent example of a safe construction site. Hanwha E&C CEO Choi Kwang-ho (second from left) looks at a construction site with the chiefs

Industry Nov. 21, 2016

GS Caltex has become the first South Korean company to import US crude oil in 41 years, the company said Monday. Korea’s second-largest oil refiner said the large crude carrier IZKI loaded with 1 million barrels of US Eagle Ford Crude arrived Sunday at a port in Yeosu, South Jeolla Province. The company purchased the crude in July. The unloading work will be finished by Tuesday. Unloading work is underway for the crude oil imported from the US, at a port in Yeosu, South Jeolla Province, Monday.

Industry Nov. 21, 2016

Hyundai Merchant Marine on Sunday denied a news report that it failed to join the 2M Alliance that the company has sought for months as part of its normalization plan. The Journal of Commerce reported Friday that the 2M Alliance would not include HMM based on a confirmation statement which the biweekly magazine claimed to have obtained from Maersk Line. The JOC said HMM would instead collaborate with Maersk Line and Mediterranean Shipping Company through a slot purchase agreement which would all

Industry Nov. 20, 2016

The latest free trade deal between South Korea and Central America is projected to boost Korean exports of cars, steel, cosmetics as well as lower the prices of coffee and tropical fruit imports here. The Korean government Wednesday reached an agreement with six Central American countries -- Nicaragua, El Salvador, Honduras, Costa Rica, Panama and Guatemala -- to remove tariffs on over 95 percent of goods made from each country, either immediately or within 10 years. Five countries agreed on 24

Nov. 17, 2016

The government vowed to boost the eco-friendly liquefied natural gas vessel industry to prepare for the tightening of global regulations over the emissions of ships, officials said Wednesday. Park Seung-ki, the chief of port affairs at the Ministry of Oceans and Fisheries, explains the measures for boosting the LNG vessel industry in Sejong, Wednesday. (Yonhap)The Ministry of Oceans and Fisheries and the Ministry of Industry, Trade and Energy jointly said they would help shippers introduce the L

Industry Nov. 16, 2016