shipbuilding Archives | Be Korea-savvy
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 [...]

Creditors Mull over Another Rescue Package for Cash-Strapped Daewoo Shipbuilding

Creditors Mull over Another Rescue Package for Cash-Strapped Daewoo Shipbuilding

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 [...]

Hyundai Heavy Unit Sells Semisubmersible Rig for US$370 Mln

Hyundai Heavy Unit Sells Semisubmersible Rig for US$370 Mln

SEOUL, March 13 (Korea Bizwire) – Hyundai Samho Heavy Industries Co., a mid-sized shipbuilder here, recently sold a semisubmersible rig obtained from a Norwegian shipping firm through a compromise arrangement, for US$370 million, industry sources said Monday.  According to the sources, Hyundai Samho sought arbitration over Seadrill’s cancellation of the rig order, and both sides [...]

Daewoo Shipbuilding in Rush to Sell More Non-Core Assets

Daewoo Shipbuilding in Rush to Sell More Non-Core Assets

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 [...]

S. Korean Shipbuilder Relegated to 3rd Spot in Feb. Orders: Data

S. Korean Shipbuilder Relegated to 3rd Spot in Feb. Orders: Data

SEOUL, March 8 (Korea Bizwire) – South Korean shipyards stood at third place in terms of new orders secured last month, from the top slot the previous month, industry data showed on Wednesday.  According to the data compiled by global research firm Clarkson Research Institute, Korean shipyards clinched new orders worth a combined 160,000 compensated [...]