CEO of Japan’s second largest shipbuilder announces restructuring, takes swipe at Korean rivals

The CEO of Japan Marine United (JMU), the second largest yard in the nation, has announced a restructuring, as well as taking a swipe at Korean rivals.

JMU, which is the result of a merger in 2013 between IHI Marine and Universal Shipbuilding, will integrate all its design departments from its seven yards across the country back to Tokyo headquarters among other cost saving initiatives.

Shinjiro Mishima, while announcing the restructuring earlier this week, took aim at the many financially struggling yards in neighbouring South Korea. Mishima said the Korean government’s intervention to save many yards was keeping newbuild prices artificially low. Korean shipbuilders should be allowed to go bankrupt, Mishima said. The Japanese government has expressed similar views to the OECD recently.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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