• 2016 May 9 12:33

    Hyundai Heavy Industries announces competitiveness enhancement measures

    Hyundai Heavy Industries (HHI) announced today that it will spur the efforts to enhance its competitiveness by implementing intense management reform plans including the voluntary retirement of manager-level employees, the company said in its press release.

    An HHI officer said, “Along with the 25 percent cut of senior managers last month, the voluntary retirement plan we announced today is essential for our management rationalization measures in preparation for rapidly decreasing orders.”

    In the face of shrinking shipbuilding work at its yards, HHI management proposed to the union to set up a management-labor joint emergency committee to improve the operation of human resource. Last week, HHI also implemented an organizational reshuffle by slimming down the number of departments from 391 to 305 by 22%.

    At the same time, HHI started reviewing the efficiency of dry dock operations in a way to brace for the prolonged sluggish new orders. HHI set up a policy to gradually close docks which operate at the lower efficiency rate if low new orders trend persists. HHI’s management rationalization plans also include the sell-off of non-core assets such as recreational facilities. HHI continues to make efforts to lower costs through the effective assignment of employees’ working hours and holidays.

    HHI officer said, “With new orders drastically shrinking, we are now making our utmost efforts to steer our company toward new reforming measures that will address the current crisis. However, HHI’s business portfolio is well diversified with various businesses such as engine and machinery, electro electric systems and construction equipment. As our shipbuilding and offshore plant businesses accounts for less than 50 percent of our entire revenue, HHI is less exposed to risks related to the shipbuilding business. Moreover, since we have a stronger financial soundness compared to our shipbuilding competitors, we hope that the government and creditor banks will review our management rationalization plans from a more objective perspective.”




2020 May 26

10:40 A.P. Moller - Maersk, DSV Panalpina, DFDS, SAS and Ørsted join forces on an ambitious sustainable fuel project
10:04 Oil prices rise by 1.97%-3.43%
09:49 Cai Mep International Terminal welcomes the first maiden call of TP17 service deployed by 2M alliance
09:43 4 Caspian Ports discussed joint measures to combat COVID-19 pandemic
09:21 LUKOIL installs accommodation platform jacket at v.i. Grayfer field
08:47 MABUX: Bunker market this morning, May 26

2020 May 25

17:46 Transit cargo flow by Primorye 2 ITC to Zarubino port surged by 64.8%
17:20 Wilson ASA enters into agreement with Arkon Shipping to strengthen European presence
16:42 Oboronlogistics took part in RF Transport Ministry’s meeting
16:18 Average wholesale prices for М-100 HFO rose to RUB 6,405 in RF spot market
15:55 RF Government bans imports of diesel and marine fuel
15:30 Second shallow-draft dry cargo barge of Project RDB20, Belmax 10, floated out
15:04 Upgrading of Wärtsilä FuelFlex Injection Control Unit enables reliable operation with low-sulphur fuels
14:14 UN must persuade governments to adopt crew change protocols or risk ‘humanitarian disaster’ - ICS
13:14 Port of Melbourne appoints Shaun Mooney to lead commercial operations
12:13 APM Terminals Algeciras connects to the national 66KV energy network
11:51 Global Ports handles first batch of BMWs in Saint Petersburg under its contract with ROLF SCS
11:33 Russia's Main Department of State Expertise approves construction of MSCC Bronka terminal
11:00 Drone delivers package to vessel in the port of Rotterdam for the first time
10:55 Austal Vietnam launches first vessel - 94 metre catamaran ferry for Trinidad and Tobago
10:12 C&C Marine and Repair increases its production capacity
09:56 Throughput of port Shanghai (China) in 4M’20 fell by 16% to 149.5 million tonnes
09:35 Oil prices rise by 0.26%-0.78%
09:17 Baltic Dry Index on May 22
09:00 MABUX: Bunker market this morning, May 25

2020 May 24

17:08 Teekay Corporation reports Q1 2020 results
16:43 BIMCO, Institute of Chartered Shipbrokers, Videotel partner in online education collaboration
15:37 ABS launches new guide for wind-assisted propulsion systems
13:44 CMA CGM announces EHS to Abidjan, Côte d'Ivoire
12:38 Longitude Singapore worked on the basic design for a new build cable lay ship for Taiwan’s offshore wind industry
11:07 Coast Guard Cutter Kiska conducts patrol off Northern Mariana Islands

2020 May 23

21:03 Huntington Ingalls Industries to present at Bernstein’s Strategic Decisions Conference
20:32 FMC orders investigation into alleged discriminatory Canadian regulations
20:21 Essential vessel repowered with Volvo Penta IPS amid lockdown
19:32 Ingalls Shipbuilding lifts 320-ton aft deckhouse onto guided missile destroyer Jack H. Lucas (DDG 125)
17:28 USCG, good Samaritans rescue seven passengers from capsized vessel
15:25 ONE to offer the first direct coverage from China to Indonesia with the new CID service

2020 May 22

18:02 Severnaya Verf shipyard launches 22350-series frigate Admiral Golovko
17:37 New ASV charter party to include cap on liability
17:13 World’s only floating nuclear power plant enters full commercial exploitation
16:49 BIMCO offers detailed overview of Covid-19 implementations
16:26 Klaipėda LNG terminal is an established player in the global market
16:01 Dismantling of right-bank dam began at Beloomut hydrosystem
15:38 FESCO launches container train to deliver cars from China to Europe promptly
15:04 CNOOC announces Penglai 19-3 oilfield area 4 adjustment/Penglai 19-9 oilfield phase II project commences production
14:50 Amendment made to data on Vostochny seaport in the Register of Russian Seaports
14:42 American Waterways Operators elect Crowley’s Art Mead as Chairman
14:35 Lead shallow-draft dry cargo barge of Project RDB20, Belmax 9, delivered to the customer
14:12 Icebreaker support period ends in Magadan seaport and on approaches to it
13:46 Rosmorport sums up results of its activities in 4M'2020
13:21 Freeport of Ventspils authority continues development of industrial territory
12:57 RF Navy’s strategic missile carrier Knyaz Vladimir completed tests in White Sea
12:24 Major boost for key ballast water treaty aimed at protecting biodiversity
11:58 Throughput of Taganrog Sea Commercial Port in 1Q’2020 climbed by 2% Y-o-Y
11:33 Tuapse Sea Commercial Port handled 4.2 million tonnes of cargo in 1Q’2020
11:09 Third generation Lily Fortune coal carrier enters service for Tohoku Electric Power
10:46 Global Ports introduces new mobile harbour crane to Petrolesport terminal
10:27 MABUX: Bunker market this morning, May, 22
10:08 Incidents of non-conformities continue to drop for users of ISF Watchkeeper software
09:55 Oil prices fell by 4.02%-5.51%