SEOUL, Nov. 2 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co., a major shipyard here, plans to raise an additional 700 billion won (US$609 million) through asset sales this year, raising the total amount prepared as part of its self-rescue measures to 6 trillion won (US$5.22 billion), since it is widely expected to miss [...]
SEOUL, Oct. 28 (Korea Bizwire) – Samsung Heavy Industries Co., a leading South Korean shipbuilder, said Friday it has clinched a 200 billion-won (US$170 million) deal to build three tankers. Under the agreement with Nordic American Tankers Ltd., a Norwegian shipper, it will construct three Suezmax oil tankers of about 157,000 deadweight tons (DWTs) to [...]
SEOUL, Oct. 26 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co., a major shipyard here, said Wednesday that it has sold off its headquarters building in downtown Seoul for 170 billion won (US$150 million) to a local asset manager. The shipyard will lease the building for the time being, according to the shipbuilder. The [...]
SEOUL, Oct. 13 (Korea Bizwire) – South Korea’s financial watchdog said Thursday it will step up efforts to early detect possible risks in the local banking sector amid a full-fledged corporate restructuring drive at home and unrelenting uncertainties abroad. Speaking to lawmakers, Zhin Woong-seob, governor of the Financial Supervisory Service (FSC), reminded domestic banks of [...]
SEOUL, Oct. 13 (Korea Bizwire) – A recent report by McKinsey & Company that Daewoo Shipbuilding & Marine Engineering (DSME) is least likely to survive among the big three shipbuilding companies has brought about strong opposition from DSME. DSME, Hyundai Heavy Industries, and Samsung Heavy Industries retained McKinsey as a consultant back in June, to [...]
SEOUL, Oct. 12 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co., a major shipyard here, said Wednesday that it plans to cut its workforce by about 20 percent before the end of the year in a bid to tide over a deepening industrywide slump. According to the shipyard, it plans to cut its workforce [...]
SEJONG, Sept. 2 (Korea Bizwire) – South Korea will pour more than 65 trillion won (US$58.1 billion) into the local economy next year to revitalize the economy, which has been plagued by faltering exports and rising uncertainties in the global market, the trade ministry said Friday. Out of the 400.7 trillion won budget for 2017, [...]
SEOUL, Aug. 1 (Korea Bizwire) – A Seoul court on Monday began a rehabilitation process for STX Heavy Industries Co., South Korea’s key manufacturer of vessel engines and plants, after the financially strapped company applied for protection late last month. The Seoul Central District Court will proceed with a debt-restructuring receivership program to prevent the [...]
CHANGWON, July 18 (Korea Bizwire) – As the shipbuilding industry in Korea suffers through a catastrophic slump, some universities in South Gyeongsang Province that offer majors related to shipbuilding are having difficulty maintaining their programs. Due to the recent economic downturn, the employment outlook in the shipbuilding industry, which was bright just a few short years [...]
GEOJE, South Korea, June 28 (Korea Bizwire) – A group of workers at Samsung Heavy Industries Co., a financially troubled South Korean shipbuilder, voted Tuesday to go on a strike in protest of the management’s restructuring plan. Among a total of 5,396 members of the “labor council,” 4,768 participated in the ballot and 4,382, or [...]