SEOUL, May 8 (Korea Bizwire) – Hyundai Heavy Industries Co., a major South Korean shipbuilder, said Monday that it has signed a memorandum of understanding with a Saudi shipping firm to work together to develop technologies needed for a ‘smart ship’ platform. Under the deal with the National Shipping Company of Saudi Arabia, better known [...]
SEOUL, April 28 (Korea Bizwire) – Samsung Heavy Industries Co., a major shipyard here, said Friday that its first-quarter earnings more than tripled from a year earlier on cost-saving measures. Net profit reached 58.7 billion won (US$51.6 million) in the January-March period, compared to a profit of 15.9 billion won a year earlier, the company [...]
SEOUL, April 17 (Korea Bizwire) – The main bondholder of Daewoo Shipbuilding & Marine Engineering Co. on Monday agreed to the voluntary debt rescheduling measures proposed by the state-run Korea Development Bank (KDB). The National Pension Service Investment Management said it held a meeting of its investment committee and accepted measures to keep afloat the [...]
SEOUL, April 12 (Korea Bizwire) – In the wake of growing concerns over the future of one of South Korea’s biggest shipbuilding companies, DaeWoo Shipbuilding & Marine Engineering (DSME), more than 90 percent of employees have agreed to return some of their salary as part of a collective effort to cut spending and save the company. [...]
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 [...]
SEOUL, April 4 (Korea Bizwire) – Cash-strapped Daewoo Shipbuilding & Marine Engineering Co., a major shipyard here, said Tuesday that it has clinched a US$250 million deal to build three very large crude carriers (VLCCs). Under the deal with Maran Tankers Management, a unit of Greece’s largest shipper, Angelicoussis Shipping Group, Daewoo Shipbuilding will deliver [...]
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 [...]
SEOUL, March 15 (Korea Bizwire) – Hyundai Heavy Industries Co., a major shipyard here, said Wednesday that its shipbuilding-related sales will rise 30 percent by 2021 after its key business units are spun off, with each separated unit also expected to post robust growth. In a session to explain its corporate spin-off scheme, Hyundai Heavy [...]
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 [...]