Hyundai Heavy Industries’ failed acquisition of its smaller rival Daewoo Shipbuilding & Marine Engineering may be a boon for the nation’s largest shipbuilder as it has secured abundant cash to focus on new growth engine businesses such as hydrogen, autonomous driving and robots. Last week, the European Commission disapproved the merger plan of the two .
Greek shipping company Tsakos Energy Navigation (TEN) announced the delivery of the new LNG carrier TENERGY in South Korea and immediate charter to a major end-user.
Daewoo Shipbuilding & Marine Engineering is in search of a new owner again after a merger plan with its larger rival Hyundai Heavy Industries failed due to an EU veto on monopoly concerns. The European Commission announced Thursday its prohibition for the merger, claiming that the deal could reduce competition in the global LNG carrier .