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Daewoo Shipbuilding Wins Orders to Build VLCCs for Local Shipping Firm

Daewoo Shipbuilding Wins Orders to Build VLCCs for Local Shipping Firm

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 [...]

New Audits by Deloitte Anjin Suspended for 1 year over DSME

New Audits by Deloitte Anjin Suspended for 1 year over DSME

SEOUL, Apr. 6 (Korea Bizwire) — South Korea’s financial regulator on Wednesday confirmed a one-year suspension of new audits by Deloitte Anjin LLC, as punishment for the firm’s accounting irregularities of troubled Daewoo Shipbuilding & Marine Engineering Co. Until April 4 next year, Deloitte Anjin has been barred from signing new audit contracts, the Financial [...]

Daewoo Shipbuilding’s Struggling with New Orders amid Rescue Package Uncertainties

Daewoo Shipbuilding’s Struggling with New Orders amid Rescue Package Uncertainties

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 [...]

Gov’t to Offer Liquidity If Daewoo Shipbuilding Shares Burden: Finance Minister

Gov’t to Offer Liquidity If Daewoo Shipbuilding Shares Burden: Finance Minister

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 [...]

Labor, Management, Municipalities Pull Together to Rescue Shipbuilding Industry

Labor, Management, Municipalities Pull Together to Rescue Shipbuilding Industry

GEOJE, March 7 (Korea Bizwire) –Companies, labor unions and municipalities are joining forces in a bid to revive a struggling industry and win orders for large shipyards in Geoje, South Gyeongsang Province.  According to shipbuilding industry watchers and Geoje on Mar 6, Daewoo Shipbuilding & Marine Engineering (DSME) and Samsung Heavy Industries, which suffered a [...]

Shipyard Workers Set to Stage Strike This Week

Shipyard Workers Set to Stage Strike This Week

SEOUL, Jul. 18 (Korea Bizwire) — Workers at the country’s major shipbuilders will stage a joint strike this week, demanding that tough restructuring moves currently underway be scrapped. According to the sources, unionized workers at the country’s Big Three shipyards — Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries [...]

S. Korean Shipbuilders in Trouble, but Still in Global Top Ranks

S. Korean Shipbuilders in Trouble, but Still in Global Top Ranks

SEOUL, Apr. 27 (Korea Bizwire) — South Korean shipyards may be in big trouble, but they still lead the global market in terms of order backlog, industry data showed Wednesday, possibly suggesting their guaranteed survival at least for a few years to come. According to the data from global research firm Clarkson Research Services, the [...]

DSME Continues Downfall: Will There Ever be a Way Out?

DSME Continues Downfall: Will There Ever be a Way Out?

SEOUL, Oct. 1 (Korea Bizwire) – The after effects of Daewoo Shipbuilding & Marine Engineering Co.’s financial troubles are continuing. After a three trillion won loss in the second quarter was reflected in the company’s books, its shares plummeted. But as DSME’s third quarter performance is also expected to be troubling, financial analysts are lowering [...]

Offshore Facilities Turn Out Loss-making Business for Korean Shipbuilders

Offshore Facilities Turn Out Loss-making Business for Korean Shipbuilders

SEOUL, July 29 (Korea Bizwire) – South Korea’s major shipbuilders, led by Hyundai Heavy Industries Co., logged worse-than-expected losses in the second quarter, largely due to the delivery of low-priced ships and a delay in the construction of loss-making offshore facilities, data showed Wednesday. The country’s big three shipyards racked up a combined loss of [...]