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 [...]
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 [...]
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 [...]
SEOUL, Apr. 29 (Korea Bizwire) — Unionized workers of two major shipbuilders in South Korea are set on a collision course with top managers over how to restructure the embattled companies reeling from snowballing losses amid a longstanding business slump, sources said Friday. The labor union of Daewoo Shipbuilding & Marine Engineering Co. (DSME) is [...]
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 [...]
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 [...]
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 [...]
SEOUL, Jul. 20 (Korea Bizwire) — Nearly half of South Korea’s large industrial groups are suffering from chronic financial trouble due to high levels of debt, industry data showed Sunday. Out of 48 non-financial business groups on an antitrust watchlist, 23 posted a debt ratio of more than 200 percent on a consolidated basis as [...]
SEOUL, May 6 (Korea Bizwire) — South Korean shipbuilders, led by industry leader Hyundai Heavy Industries Co., clinched the largest amount of new orders in April, retaining the top spot for a third consecutive month, data showed Wednesday. According to the data compiled by global researcher Clarkson Research Services, South Korean shipyards bagged new orders [...]