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Chaebol Rankings Seesaw Over Two Decades

Chaebol Rankings Seesaw Over Two Decades

SEOUL, Nov. 1 (Korea Bizwire) — Nearly two-thirds of South Korea’s top 30 conglomerates have been dissolved or dropped out of the standings since the 1997 Asian financial crisis, a market tracker said Wednesday. According to corporate tracker CEO Score, 19 family-controlled conglomerates, called chaebol here, disappeared altogether from the list with the remainder maintaining [...]

Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering to Win Combined $1.5 Billion Deal

Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering to Win Combined $1.5 Billion Deal

SEOUL, Aug. 30 (Korea Bizwire) — Two South Korean shipbuilders — Samsung Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co. — are expected to win a combined US$1.5 billion deal, industry sources said Wednesday. According to industry tracker TradeWinds, the Mediterranean Shipping Co. (MSC) is working on an order for up to 11 [...]

Korean Shipbuilders Blindsided, Lose Contract to Chinese Rivals

Korean Shipbuilders Blindsided, Lose Contract to Chinese Rivals

SEOUL, Aug. 21 (Korea Bizwire) – The domestic shipbuilding industry was engulfed in a wave of low spirits as shipping publication “Tradewinds” and eBest Investment and Securities (eBest) both reported that French company CMA CGM had signed a letter of intent with two Chinese shipbuilding firms for nine container ships. The reason for the Korean [...]

Daewoo Shipbuilding Bags US$250 Mln Deal for 3 Oil Tankers

Daewoo Shipbuilding Bags US$250 Mln Deal for 3 Oil Tankers

SEOUL, April 4 (Korea Bizwire) – Cash-strapped Daewoo Shipbuilding & Marine Engineering Co., a major shipyard here, said Tuesday that it has clinched a US$250 million deal to build three very large crude carriers (VLCCs). Under the deal with Maran Tankers Management, a unit of Greece’s largest shipper, Angelicoussis Shipping Group, Daewoo Shipbuilding will deliver [...]

Daewoo Shipbuilding Bags 250 Million Dollar Deal for 3 Oil Tankers

Daewoo Shipbuilding Bags 250 Million Dollar Deal for 3 Oil Tankers

SEOUL, April 4 (Korea Bizwire) – Cash-strapped Daewoo Shipbuilding & Marine Engineering Co., a major shipyard here, said Tuesday that it has clinched a US$250 million deal to build three very large crude carriers (VLCCs).  Under the deal with Maran Tankers Management, a unit of Greece’s largest shipper, Angelicoussis Shipping Group, Daewoo Shipbuilding will deliver [...]

Shareholders OK Daewoo Shipbuilding’s Capital Reduction

Shareholders OK Daewoo Shipbuilding’s Capital Reduction

SEOUL, Nov. 25 (Korea Bizwire) – Shareholders of Daewoo Shipbuilding & Marine Engineering Co. on Friday approved a proposed capital reduction scheme, paving the way for the troubled shipbuilder to receive financial aid from its creditors.  The shipbuilder said its shareholders gave the nod to the 10-to-1 capital reduction for shareholders.  Earlier, its creditors, led [...]

Daewoo Shipbuilding’s Asset Sales Gather Pace

Daewoo Shipbuilding’s Asset Sales Gather Pace

SEOUL, Nov. 8 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co. is ratcheting up efforts to sell its assets to secure cash amid a protracted slump, industry sources said Tuesday.  According to the sources, the troubled shipyard has recently named a preferred bidder for Welliv Co., one of its money-making units, which is involved [...]

Watchdog Finds 1.5 Trillion Won in Accounting Fraud in Daewoo Shipbuilding

Watchdog Finds 1.5 Trillion Won in Accounting Fraud in Daewoo Shipbuilding

SEOUL, June 15 (Korea Bizwire) – South Korea’s state audit agency said Wednesday it has detected accounting fraud worth 1.5 trillion won (US$1.27 billion) at Daewoo Shipbuilding & Marine Engineering Co., adding that its main creditor also failed to provide appropriate surveillance and management of the firm.  South Korea’s Board of Audit and Inspection (BAI) [...]