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PostHeaderIcon South Korea takes steps to restructure shipping and shipbuilding

Mr Yoo added the government would improve the regulation of relationships between ship and cargo owners by October and boost incentives to attract more transshipment cargo.
Regarding the shipping industry, which saw the collapse of Hanjin Shipping last year, South Korea sees market conditions improving after two to three years of corrections, although demand will not be favourable for the time being, the statement said.
To beat these headwinds, the shipbuilders will continue with plans to sell off non-core assets. For example, Daewoo Shipbuilding will sell all assets not related to ship production to shore up liquidity, as well as scale back plans for offshore projects. Hyundai Heavy and Samsung Heavy would do the same with assets that were not key to their shipbuilding business, the statement said.
The statement said shipbuilders would continue to struggle in 2017 because of their reliance on offshore orders, which have been slowing down owing to a broad cooldown in the global economy.
A joint statement regarding the plans said it was uncertain whether the country's three biggest shipbuilders, Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries would meet their earnings goals for this year.
If last year we put together the rules and framework for corporate restructuring despite hardships, this year we will engage in restructuring in earnest and make sure the efforts are carried out smoothly," said Finance Minister Yoo Il-ho.

 
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