Ships & Shipbuilding

Ships & Shipbuilding

Four out of the world’s five largest shipbuilders are located in South Korea: Hyundai Heavy Industries, Daewoo Shipbuilding, Samsung Heavy Industries, and Hyundai Samho. The fifth largest shipbuilder is Japan’s Mitsubishi Heavy Industries.

The pullback in orders has hurt shipbuilding yards in major production centers in South Korea, China and Japan, where authorities considered closing some operations, consolidating businesses and other strategies to keep the industrial operations running. South Korea’s shipping and shipbuilding industries were hit hard by weak global demand for ships and offshore rigs, which resulted in massive losses for shipyards and the bankruptcy of the country’s biggest shipping line, Hanjin Shipping, in 2016. Following the bankruptcy of Hanjin, sales of South Korea’s shipping industry declined drastically, sparking the government to undertake a multi-year restructuring of the sector.

Commentary

Yilport, which signed a memorandum of understanding with the Mississippi State Port Authority in February, is promising to invest hundreds of millions of dollars in the state’s Port of Gulfport, for which it sees serving a distinct purpose. 

News & Analysis

24 Jul 2019
Yilport and the Mississippi State Port Authority are making headway in agreeing to a concession and aim to have a binding letter of intent — featuring a roadmap of planned investments — by the end of the year.