rss icon Subscribe
desktop mobile

Samsung Heavy's Profit Down 82%

Photo: Samsung Heavy Industries

By Aiswarya Lakshmi

South Korean shipbuilder Samsung Heavy Industries (SHI) said that net profit for the third quarter of 2017 was down 81.8% year on year to KRW23.4 billion (USD20.44 million), mainly due to deliveries of low-priced vessels and a decrease in orders.

According to Yonhap, the operating income in the July-September period reached 23.6 billion won, sharply down from an operating income of 84.1 billion won a year earlier.
The shipyard's sales dropped 37 percent on-year to 1.75 trillion won over the cited period. Last year, the shipyard suffered a loss of 139 billion won, compared with a loss of 1.21 trillion won from a year earlier.
The shipbuilding industry, once regarded as the backbone of the country's economic growth and job creation, has been reeling from mounting losses caused by an industrywide slump and increased costs.
The shipbuilders have drawn up sweeping self-rescue programs worth some 11 trillion won in a desperate bid to overcome a protracted slump and mounting losses.

Nov 7, 2017

 

Finance

All Aboard for Hedge Funds as Trade Tide Lifts Shipping

© leeyiutung / Adobe Stock

Forced to abandon ship after mistiming their investments five years ago, hedge funds are venturing

U.S. Sues to Stop Wilhelmsen From Buying Rival Drew Marine

The U.S. Federal Trade Commission said on Friday it would challenge in court the Norwegian company Wilhelmsen Maritime Services' plan to buy smaller U.S. rival Drew Marine Group.

AP Moller-Maersk Planning Roadshow ahead of Euro Benchmark

File Image: A Maersk boxship alongside and working cargo. CREDIT: HR Wallingford

A.P. Møller - Mærsk A/S rated Baa2/BBB (on review for possible downgrade/CreditWatch negative) by

Legal

BIMCO Relaunches Ship Benchmarking System

Photo: BIMCO

BIMCO relaunches ship benchmarking system Shipping KPI after two years of redesign.

US Pushes More Sanctions Targeting N.Korea Maritime Smuggling

U.S. Ambassador to the United Nations Nikki Haley (File photo: US Mission to the United Nations)

The United States proposed a list of entities on Friday to be blacklisted under United Nations

U.S. Sues to Stop Wilhelmsen From Buying Rival Drew Marine

The U.S. Federal Trade Commission said on Friday it would challenge in court the Norwegian company Wilhelmsen Maritime Services' plan to buy smaller U.S. rival Drew Marine Group.

Maritime Apps