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 [...]
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 [...]
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 [...]
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 [...]