Volkswagen Approves 50,000 More Job Cuts in Major Restructuring 
Anthropic IPO Marketing Expected to Start in Mid-October 
Nvidia Eyes $2.5 Billion Investment in Thinking Machines Lab 
Thomson Reuters C-Track Cyberattack Hits Courts Across U.S. and Canada 
Honda Targets $9.4 Billion in Cost Cuts as China EV Competition Intensifies 
Adobe Names Anil Chakravarthy CEO as AI Push Accelerates 
Microsoft to Reveal Azure Revenue in Major Reporting Shake-Up 
OpenAI Launches GPT-6 Astra With Advanced AI Agent Capabilities 
Lenovo Shares Fall After Dropbox Security Breach Exposes ID Vulnerability 
BP Names Ian Tyler Permanent Chairman After Governance Shake-Up 
Berkshire Hathaway Eyes Bigger Stakes in Japan’s Top Trading Houses 
Shein Shares Drop 5% After Weak Hong Kong IPO Debut 
Milei Threatens Falkland Oil Firms With Sanctions 
MongoDB Stock Sinks 14% as Atlas Growth Misses Expectations 
Lynas Rare Earths Shares Rise After Takeover Talks Revealed 
Qantas Near-Miss Raises Sydney Air Traffic Controller Fatigue Concerns 
Xiaomi Shares Jump on Europe EV Expansion Plan 
Add as a preferred source on Google
Hanhwa Ocean Co. Ltd. refuted reports that it has suspended orders in its business enterprise. The shipbuilding firm, formerly Daewoo Shipbuilding & Marine Engineering Co., Ltd., further said that the speculations that it has reduced its docks are not true either.
Company Clarifies Untrue Claims
Hanwha Ocean said these reports about the supposed halting of container ship orders are unfounded. On Monday, Jan. 8, a company official issued a statement clarifying that they have stopped accepting orders for container vessels.
According to Korea's Business Post, Hanhwa Oceans also debunked the speculations that the firm may discontinue the business due to poor performance and sales last year. As a matter of fact, it has been a busy 2023 for the company as it has received orders for 17 ships consisting of five liquefied natural gas (LNG) carriers, seven special ships, and five ammonia carriers.
Furthermore, although today's business trend focuses on highly profitable, eco-friendly ship business, Hanwa Ocean said it has never considered withdrawing from the container ship business and has no plans to stop taking orders for certain types of ships.
"We are establishing a sales strategy for each ship type accordingly," a company official said. "But we inform you that the statement about suspending business for certain ship types, such as containers, is not true."
He added, "Our basic position is to take selective orders to improve profitability, but we have no plans to reduce the current number of docks, which are five, by stopping taking orders for specific ship types."
Reported Exit from Container Vessel Business
The clarification came after several media outlets reported that Hanwha Ocean had quit, eliminating its money-losing container shipbuilding unit.
The Korea Economic Daily reported that the company discontinued this business to focus on LNG and other profitable vessels. It noted that the decision was also due to heavy losses as China-based companies are starting to become the dominant players in the container shipbuilding industry.
Photo by: Hanhwa Ocean Newsroom
