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Korean Metal Workers’ Union Opposes Merger of Two Largest Shipbuilding Companies

Korean Metal Workers’ Union Opposes Merger of Two Largest Shipbuilding Companies

GEOJE, May 15 (Korea Bizwire) — The Korean Metal Workers’ Union and union members from Daewoo Shipbuilding and Marine Engineering Co. (DSME) submitted a petition to the Fair Trade Commission on Tuesday, claiming that the merger between Hyundai Heavy Industries Co. and DSME undermines free competition and would create an oligopoly in South Korea’s shipbuilding [...]

Daewoo Shipbuilding Wins Oil Carrier Order in North America

Daewoo Shipbuilding Wins Oil Carrier Order in North America

SEOUL, April 4 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co., a leading South Korean shipbuilder, said Wednesday it has clinched a deal to build two oil carriers for an unidentified company in North America. The shipbuilder said it is set to deliver the very large crude carriers to the shipping firm by the first quarter of 2020, without elaborating on the value [...]

Daewoo Shipbuilding Logs Profit for Second Straight Quarter

Daewoo Shipbuilding Logs Profit for Second Straight Quarter

SEOUL, Aug. 14 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co., a troubled shipbuilder here, said Monday that it posted a profit for the second straight quarter in the second quarter, largely thanks to cost-cutting measures and increased delivery of offshore facilities. Net profit reached 1.26 trillion won (US$1.1 billion) in the April-June period, [...]

Daewoo Shipbuilding First Korean Company to Export Submarine

Daewoo Shipbuilding First Korean Company to Export Submarine

SEOUL, Aug. 2 (Korea Bizwire) — Daewoo Shipbuilding & Marine Engineering (DSME) has become the first South Korean company to export a submarine, joining the likes of the U.K., France, Russia, and Germany. According to DSME officials, a commemoration celebrating the delivery of a 1,400-ton submarine to the Ministry of Defence of the Republic of [...]

Daewoo Shipbuilding Set to Complete Debt-for-equity Swap with Bondholders

Daewoo Shipbuilding Set to Complete Debt-for-equity Swap with Bondholders

SEOUL, Jul. 7 (Korea Bizwire) — Cash-strapped Daewoo Shipbuilding & Marine Engineering Co. is expected to secure at least 800 billion won (US$692 million) in cash through additional debt-for-equity swaps, industry sources said Friday. According to the sources, Daewoo Shipbuilding is planning to start the process of swapping debts for equity with bondholders next month [...]

S. Korean Shipyards Estimated to Have Clinched Record New Orders in First Half

S. Korean Shipyards Estimated to Have Clinched Record New Orders in First Half

SEOUL, Jul. 3 (Korea Bizwire) — South Korean shipbuilders, led by Hyundai Heavy Industries Co., are estimated to have clinched a record number of new shipbuilding orders in the first half of the year, with their combined tally more than doubling from a year earlier, industry data showed Monday. Hyundai Heavy and other local shipyards [...]

Daewoo Shipbuilding Corrects Financial Statements from 2008 to 2016

Daewoo Shipbuilding Corrects Financial Statements from 2008 to 2016

SEOUL, May 12 (Korea Bizwire) — Daewoo Shipbuilding & Marine Engineering Co., a troubled shipbuilder here, changed its incorrect financial statements from 2008 to the first quarter of 2016 on Thursday, it said. Its operating profit and loss in 2012 was revised from a 486.2 billion won (US$430 million) surplus to a 72 billion won [...]

Daewoo Shipbuilding’s Main Bondholder Accepts Debt Rescheduling Measures

Daewoo Shipbuilding’s Main Bondholder Accepts Debt Rescheduling Measures

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 [...]