Latest news with #KoreanShipbuilders
RNZ News
4 days ago
- Business
- RNZ News
Total spend on scrapped ferries climbs to $670 million
The government has forked out over $144 milliion dollars in a final payment for breaking the contract with the Korean shipbuilders that were signed-up to make the Cook Strait ferry replacements. That brings the total costs for the scrapped iReX Cook Strait ferry project to $671 million according to Kiwi Rail. Minister for Rail, Winston Peters spoke to Lisa Owen. To embed this content on your own webpage, cut and paste the following: See terms of use.
South China Morning Post
6 days ago
- Business
- South China Morning Post
Trump's curbs on China's shipbuilding edge spur South Korean investments in Asean
As the US seeks to curb China's shipbuilding dominance, South Korea is looking to capitalise by expanding its overseas footprint through shipyard investments in the Philippines and Vietnam. Advertisement Analysts said South Korean shipbuilders may view the move as a way to tackle constraints that have diminished their competitiveness against China, such as limited capacity, labour shortages and tensions with domestic trade unions. Shifting operations to Southeast Asia, where labour costs are lower, could strengthen their edge, said Du Yu, General Manager of Drewry's China office. 'But it takes time to improve workers' technical skills,' she cautioned, noting that the strategy could be a viable solution for Korean shipbuilders but would not yield results overnight. HD Hyundai plans to revive a previously bankrupt shipyard in the Philippines through a 10-year lease, with operations set to launch in January 2026, The Manila Times reported on Wednesday. Advertisement The Korean conglomerate will invest a total of US$550 million to build up to 10 vessels annually and hire 7,000 workers in total, according to the report.
