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Daewoo To Spin Off Two Divisions

Daewoo Group reportedly plans to spin off Daewoo Electronics and the shipbuilding division of Daewoo Heavy Industries prior to their sale.

Daewoo To Build ULCCs For Loews Unit

Daewoo Heavy Industries has agreed to build two 442,500 dwt, ULCCs for Majestic Shipping Corp., a subsidiary of Loews Corp. Majestic also has options with Daewoo to build two additional vessels. Another Loews subsidiary, Hellspont Shipping Corp., recently contracted for Samsung Heavy Industries to build three 303,000 ton VLCCs and agreed to an option to build one additional ship. Delivery of the new vessels from both Korean shipyards is scheduled to begin in the fourth quarter of 2001

Daewoo Heavy May Join Engine Joint Venture

Daewoo Heavy Industries Co. has reportedly expressed willingness to join Korea Heavy Industries and Construction Corp. in a planned ship engine joint venture. Executives from Daewoo, Korea Heavy and Samsung Heavy Industries Co. are to meet Dec. 4 to discuss Daewoo's proposal to join the venture. Korea Heavy and Samsung have agreed to set up a 60-40 joint venture that will take over ship engine manufacturing operations of the two companies starting on Jan. 1.

Hual Takes Delivery Of Carolita And Transporter

Hual AS, one of the largest operators within international car transportation, has accepted delivery of the second and third ships in a series of six; the first, Hual Trader was sent by Daewoo Heavy Industries this past December. The second and third ships, Hual Carolita and Hual Transporter, were delivered by Tsuneishi Shipbuilding, Japan; and Gdynia Shipyard, Poland, respectively, last May. Boasting almost identical specifications, the series of 21,400-dwt ships features a length of 656 ft

Daewoo Plans To Pay Debt Early

The shipbuilding unit of South Korea's troubled Daewoo Group expects a net profit and more profitable orders in 2001 as it charts a new, independent course. Daewoo Shipbuilding & Engineering Co, split off from troubled Daewoo Heavy Industries last October, said it aimed for net profit of $156.7 million this year, buoyed by strong global orders. "It looks certain that Daewoo Shipbuilding has a great business year ahead of it," said Song Sang-hoon, analyst at Dongwon Economic Research Institute

Daewoo Reports Hefty Losses

Daewoo Heavy Industries Co. (DHI)announced a loss in the first- half of this year of 337.7 billion won ($302.9 million), compared with net income of 53.2 billion won in the same period last year. DHI is undergoing a reorganization to divulge itself of money-losing operations, as are many of the large Korean industrial conglomerates. Current plans plans call for a split in the shipbuilding and construction equipment businesses into separate units

Daewoo Heavy Not Likely To Spin Off Soon

Heavy Industries, one of the 12 Daewoo Group affiliates put under a debt rescheduling program, is not likely to be separated from its parent group any time soon, a creditor bank official said. The official at Korea Development Bank said details of the workout plan for Daewoo Heavy are now under review and a spinoff would take place in two to three months. "Action plans for reshaping the company could come out by the middle of this month

EU To Propose Subsidy Program To Battle South Korea

The European Union is proposing to subsidize its embattled shipyards in a long-standing dispute over what it views as unfair competition from South Korea. The EU will make the proposal to an EU industrial council meeting in Sweden on May 15, said EU Ambassador to Korea Frank Hesske. Sweden is the current president of the 15-member group. The EU, which has been holding talks with South Korea about the issue for the past two years, could take the case to the World Trade Organisation (WTO)

Orders at Korean Shipbuilders to Break $30b

Korea's three major shipbuilders are expected to draw in orders worth $30b this year, Arirang News reported. Industry reports put orders for Hyundai Heavy Industries at $13b, Samsung Heavy Industries at $10-11b, and Daewoo Shipbuilding and Marine Engineering at $10b. Samsung Heavy Industries won the most number of orders as of March with four liquid natural gas tankers, one floating production storage, one offloading vessel, and nine oil tankers.

Daewoo Secures $1.66b in New Order

Daewoo Shipbuilding Marine and Engineering Co. said it has received a combined $1.66b in new orders this month to build 16 vessels. The vessels won together with its Romanian subsidiary, Daewoo Mangalia Heavy Industries S.A., include four container vessels and one liquefied natural gas tanker, the shipbuilder said in a statement. South Korea, home to seven of the world's top 10 shipyards, clinched record-high orders last year on strong demand for crude carriers and offshore exploration

South Korean Yards Eyed for $3.8 Bln LNG Shipbuilding Deal

A little-known investment company said it intends to order up to 20 liquefied natural gas (LNG) carriers, probably from South Korean shipbuilders. The contracts would be worth as much as $3.8 billion, two people with direct knowledge of the matter told Reuters.  

DSME Denounces McKinsey Report

Pic courtesy: VisitKorea

 The report by Global consulting company 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.   

Korea's Top 3 Shipbuilders' Shaky Performance

File Photo: Samsung Heavy Industries

 The value of contracts signed by Korea's big-three shipbuilders— Hyundai Heavy Industries, Daewoo Shipbuilding and Marine Engineering, and Samsung Heavy Industries — fell far behind the amount they projected for this year, reports The Korea Herald.  

DSME Taps GTT to Equip Maran’s New LNG Carriers

GTT said it has received an order from Daewoo Shipbuilding & Marine Engineering (DSME) to equip two new LNG carriers scheduled for delivery in 2019.   The vessels will be built at DSME's shipyard in Geoje, Korea, on behalf of Maran Gas Maritime, a Greek management company

DSME to Build Two VLCCs for BW Group

Photo: Daewoo Shipbuilding & Marine Engineering

 South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) has received a 200 billion won (US$179.2 million) order to build two oil tankers for Singapore-based oil and gas transporter BW Group.   According to Yonhap

STX Heavy Under Rehabilitation Process

Photo: Pan Ocean

 The Seoul Central District Court begins  a rehabilitation process for STX Heavy Industries Co, after the financially strapped company applied for protection late last month, reports Yonhap.   STX Heavy Industries is the latest victim in South Korea's faltering maritime industry

TEN Delivers Aframax Tanker

Image: Daewoo Mangalia Heavy Industries

 Tsakos Energy Navigation (TEN Ltd) has announced the delivery of the Aframax crude tanker "Thomas Zafiras" from Daewoo Mangalia Heavy Industries which will immediately enter a long term contract to a Northern European charterer that could generate gross revenues in excess of $100

Daewoo Shipbuilding Selling Shares to Raise Funds

South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd said on Thursday it is planning to sell shares to raise funds by the end of this year, with details to be discussed with its creditor banks. Daewoo Shipbuilding, the world's largest shipyard in terms of orderbook tonnage for July

5K Workers Lose Jobs in Korean Shipyards

Photo: Hyundai Heavy Industries

 According to a report by Korea Economic Daily the number of workers who left Korea's top-three shipbuilding companies - Hyundai Heavy Industries, Samsung Heavy Industries, and Daewoo Shipbuilding & Marine Engineering - in the first half of this year is estimated at around 5,000.  

KOGAS to Support Korean Shipyards

Deagu Head Office. Photo: Korea Gas Corp.

 In a bid to help South Korean local shipyard weather their worst-ever slump, the State-run Korea Gas Corp. (KOGAS), the world's largest LNG importer, will soon place shipbuilding and maintenance orders with them, says a report by Yonhap.  

Australia Warns DCNS after Security Breach

Australian defence officials warned French naval contractor DCNS to beef up security in Australia, where it is preparing to build a A$50 billion ($38.13 billion) fleet of submarines, in the wake of a massive data leak, a government spokesman said on Friday.

Banks Halt Support for Hanjin

file Image (Credit: Hanjin)

A bankruptcy would be biggest ever for a container shipper. Hanjin Shipping Co's banks are halting support for the South Korean company, its lead creditor said, making it likely the nation's largest shipper is headed for bankruptcy as it is dragged down by a deep global industry downturn.

Japanese Shipbuilding Alliance Threatens Korea

Photo: Mitsubishi Heavy Industries Ltd.

 According to the Nikkei, Mitsubishi Heavy Industries Ltd. (MHI)  has entered negotiations with Imabari Shipbuilding Co., Ltd., Oshima Shipbuilding Co., Ltd. and Namura Shipbuilding Co., Ltd., each first, third, and fourth, respectively, in terms of shipbuilding tonnage

Typhoon Chaba Disrupts South Korean Port Ops

Typhoon Chaba battered southern parts of South Korea with violent wind and heavy rain on Wednesday, killing at least three people and flooding the country's main port and industrial sites and disrupting production at some factories. The storm hit the island of Jeju overnight and one person was

Mitsubishi Plans to Shrink Ship Building Operations

Mitsubishi Air Lubrication System (MALS) Photo Mitsubishi Shipbuilding & Ocean Development

Japan's Mitsubishi Heavy Industries is planning to stop taking new orders for large passenger ships, downsizing its shipbuilding operations due to a slump in orders, the Nikkei newspaper reported on Sunday. The plans by Japan's fourth-largest shipbuilder come as new shipbuilding orders have

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