SEOUL, May 31 (Korea Bizwire) – Creditors of cash-strapped Daewoo Shipbuilding & Marine Engineering Co. are set to inject fresh funds into the embattled shipyard next week, later than earlier scheduled, due to the delay in the debt rescheduling scheme, industry sources said Wednesday. According to the sources, the state-run Korea Development Bank-led creditors are [...]
SEOUL, May 29 (Korea Bizwire) – Cautious optimism is spreading that South Korean shipbuilders may be able to pull out of a drawn-out slump on the back of rising new orders, industry sources said Monday. According to the sources, Samsung Heavy Industries Co., one of the country’s top three shipbuilders, has recently clinched a US$100 [...]
SEOUL, May 22 (Korea Bizwire) – Chinese shipbuilders have received orders from South Korean shippers to build 13 ships so far this year, while their South Korean rivals clinched deals from local shippers to build just seven ships, industry sources said Monday. According to related data, local shippers have placed orders so far this year [...]
SEOUL, May 17 (Korea Bizwire) – Cash-strapped Daewoo Shipbuilding & Marine Engineering Co., a major shipyard here, is set to receive 500 billion won (US$448 million) in fresh loans from its creditors later this month, industry sources said Wednesday. The financial aid, part of the second bailout fund drawn up by its creditors, will be [...]
SEOUL, May 17 (Korea Bizwire) – South Korean shipbuilders and related firms sharply reduced the size of their workforces last year in the face of a drawn-out slump, industry data showed Tuesday. According to the data compiled by industry tracker Chaebul.com, the shipbuilding sector slashed its workforce by 8,670 last year, or a 14.8 percent cut. The figure includes regular and nonregular workers. South Korea’s major [...]
SEOUL, May 10 (Korea Bizwire) – South Korean shipyards came in first in terms of new orders secured in April, with their order backlog continuing to slip, 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 340,000 compensated gross [...]
SEOUL, May 9 (Korea Bizwire) – Hyundai Heavy Industries Co. and Samsung Heavy Industries Co. have clinched orders valued at a combined US$1 billion to build very large crude carriers (VLCCs), industry sources said Tuesday. According to the sources, Hyundai Heavy has secured an order to build two VLCCs. The deal includes an option to [...]
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 [...]