SEOUL, April 17 (Korea Bizwire) – The main bondholder of Daewoo Shipbuilding & Marine Engineering Co. on Monday agreed to the voluntary debt rescheduling measures proposed by the state-run Korea Development Bank (KDB). The National Pension Service Investment Management said it held a meeting of its investment committee and accepted measures to keep afloat the [...]
SEOUL, April 10 (Korea Bizwire) – Daewoo Shipbuilding and Marine Engineering has won orders from local shipping firm Hyundai Merchant Marine to build very large crude carriers (VLCCs) that would give the troubled shipbuilder contracts worth some 900 billion won (US$792.25 million), Daewoo officials said Sunday. The two companies signed a letter of intent on [...]
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 [...]
SEOUL, March 31 (Korea Bizwire) – The Export-Import Bank of Korea, one of South Korea’s state-run policy banks, suffered a net loss of 1.46 trillion won (US$1.3 billion) last year, hit by higher provisions against its loans extended to the country’s ailing shipbuilding industry. It was the first time that the bank reported an annual [...]
SEOUL, March 28 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co. is facing difficulties securing new orders as some of its bondholders remain increasingly undecided over whether to back its creditors’ rescue package, industry sources said Tuesday. According to the sources, the major South Korean shipyard has been widely expected to finalize two deals [...]
SEJONG, March 23 (Korea Bizwire) – South Korea’s top economic policymaker said Thursday that the government will offer liquidity to cash-strapped Daewoo Shipbuilding & Marine Engineering Co. in a timely manner if all stakeholders shoulder losses. “Creditors of Daewoo Shipbuilding have closely looked into all options, which includes the company’s backlogs,” Finance Minister Yoo Il-ho [...]
SEOUL, March 15 (Korea Bizwire) – Creditors of Daewoo Shipbuilding & Marine Engineering Co. are looking at an option to map out another rescue package worth up to 3 trillion won (US$2.6 billion) for the cash-strapped shipbuilder, as the company is feared to face a deepening liquidity shortage amid a plunge in new orders, industry [...]
SEOUL, March 13 (Korea Bizwire) – Cash-strapped Daewoo Shipbuilding & Marine Engineering Co., a major shipyard in South Korea, is accelerating its move to sell its non-core assets to beef up its financial status amid concerns over a sharp fall in new orders, industry sources said Monday. According to the sources, Daewoo Shipbuilding has recently [...]
SEOUL, March 2 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co., a major shipbuilder here, said Thursday that it has clinched a 414 billion won (US$363 million) deal to build two liquefied natural gas (LNG) carriers. Under the deal with an unidentified customer, Daewoo Shipbuilding will deliver the vessels by August 2019, the company [...]
SEOUL, Feb. 9 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co., a major shipyard in South Korea, said Thursday that it has signed a letter of intent with a U.S. firm to build up to seven floating storage and regasification units (FSRUs). Under the deal with Excelerate Energy, Daewoo Shipbuilding will receive an order [...]