CHANGWON, May 11 (Korea Bizwire) — Two former heads of Daewoo Shipbuilding & Marine Engineering Co., a major South Korean shipbuilder, are subject to a travel ban over investigation into huge losses the company suffered, industry sources said Wednesday. Nam Sang-tae, who headed the company from 2006 to 2012 and Ko Jae-ho, who succeeded Nam [...]
SEOUL, May 9 (Korea Bizwire) – Debts owed by South Korea’s three major shipbuilders more than doubled over a period of five years ending in 2015 due to disadvantageous contract terms, according to their business reports Sunday. The combined borrowings by Hyundai Heavy Industries Co., Samsung Heavy Industries Co., and Daewoo Shipbuilding & Marine Engineering [...]
SEOUL, Dec. 8 (Korea Bizwire) – STX Offshore & Shipbuilding Co., a midsize local shipyard, is likely to receive financial aid of 450 billion won (US$385 million) from its creditors soon, industry sources said Tuesday. According to the sources, the creditors, led by the state-run Korea Development Bank (KDB), will decide this week on whether [...]
SEOUL, Nov. 10 (Korea Bizwire) – South Korea’s state-run financial institutions will check the profitability of large overseas construction projects and shipbuilding orders to prevent local companies from winning contracts that will lead to losses down the road, the government said Tuesday. In a meeting chaired by Finance Minister Choi Kyung-hwan in Seoul, senior officials [...]
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 [...]
Singapore, Mar 28, 2014 (Korea Bizwire) – The biennial Asia Pacific Maritime (APM), one of Asia’s largest and leading maritime shows, concluded with a forward-looking outlook. Three days of bustling business activity on the exhibition floor, including signed deals, announcement of new offices and facilities in Singapore, and the launch of new technology and products among [...]