Hyundai Rethinks Management After Big Loss


Hyundai Heavy Industries (HHI) is to merge its business units under one management system in an effort to streamline its operations.

PTI previously reported that HHI had lost billions in revenue as a result of a drop in demand from European ship-owners and an increase in competition from Chinese shipbuilders.

In the Korea Herald, Hyundai Heavy Industries is reported as saying: “We hope to lower the cost and burden of overlapping investments in the three subsidiaries.”

Although large orders have been placed recently, such as CMA CGM’s decision to order three 20,000 TEU container-ships, there has been much oversupply in the industry, with concerns that the slow growth of the global economy may impact on shipping demand growth.

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