rss icon Subscribe
desktop mobile

Shareholders OK HHI Split-up Plan

Pic: Hyundai Heavy Industries

Shailaja A. Lakshmi

Shareholders of Hyundai Heavy Industries (HHI) have approved the South Korean shipbuilder's split-up plan amid fierce opposition from its labor union.

According to local media reports, Hyundai Heavy Industries, , South Korea's largest shipbuilder, is now divided into mid-holding companies and subsidiaries engaged in shipbuilding, special ship, offshore plant, engine and machinery business.

HHI changed its name and mission to the Korea Shipbuilding & Marine Engineering Co., Ltd. (KSME) and decided to use Hyundai Heavy Industries (HHI) as its new subsidiary.

KSME will be a listed company with a 100% shareholding in the newly-split company.

HHI, a new company, will become an unlisted corporation.

The split is the first step in the process of Hyundai Heavy's proposed merger with Daewoo Shipbuilding & Marine Engineering (DSME).

HHI intends to complete the acquisition of DSME by issuing a business combination report to the Fair Trade Commission next month.

Hyundai Heavy had an order backlog totaling 11.14 million compensated gross tons (CGTs) in 2018, the largest among rivals. The comparable figure for Daewoo Shipbuilding was 5.84 million CGTs. Their combined order backlog accounts for 21.2 percent of the total around the globe.

May 31, 2019


People & Company News

Waterford’s Tugboat Roundup Celebrates 20 Years


A modest event designed as a get-together for commercial workboat operators in upstate New York is

Baltic Index at 4-week Peak on Broad Support

AdobeStock / © Lucasz Z

The Baltic Exchange's main sea freight index rose to its highest in more than four weeks on

APC Announces Retirement of Harrington

Joseph F. Harrington (Photo: APC)

Advanced Polymer Coatings (APC) has announced the retirement of Joseph F. Harrington after 25


Seized Stena Bulk Tanker Could be Released Soon

File Image:

Sweden has received "very strong indications" that a British oil tanker seized last month by Iran

Iranian Tanker Wanted by US not Heading to Greece

File image: CREDIT

An Iranian tanker which the United States wants seized is not heading towards Greece as it sails

Norway Mulls U.S. Gulf Naval Mission Proposal

Norway's foreign minister said on Thursday it was deliberating how to respond to a U.S proposal on forming an international mission to safeguard shipping in the Gulf.

Maritime Apps