DAEWOO HEAVY INDUSTRIES
Daewoo Group reportedly plans to spin off Daewoo Electronics and the shipbuilding division of Daewoo Heavy Industries prior to their sale.
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 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 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
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 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
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
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)
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 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
They are South Korea's "too-big-to-fail" firms - the world's largest shipbuilders that are both a massive economic force and an important national symbol - and the government wants the central bank to fund an unconventional rescue of the sector.
Beleaguered South Korean shipbuilders's total liabilities as of the end of last year for their 34 overseas affiliated companies have reached 5.3584 trillion won (US$4.65 billion), up 28.7% compared to five years ago, reports BusinessKorea.
Daewoo Shipbuilding & Marine Engineering Co. (DSME) has signed a business agreement with the Iranian government on operation and technology instruction for Iranian state-run shipbuilder Iran Shipbuilding & Offshore Industries Complex Co. (ISOICO), reports the Pulse.
South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) has revealed an additional self-restructuring plan amid the falling shipbuilding orders. The company’s creditors, led by the state-run Korea Development Bank
South Korean shipbuilding major Daewoo Shipbuilding and Marine Engineering (DSME) posted a KRW 5.13 trillion (USD 4.3 billion) worth loss for the full year of 2015. Due to writing down more charges from offshore projects which are under construction
South Korea’s shipbuilding giant Hyundai Heavy Industries (HHI) has been hit by another hurdle as it faces KRW 120 billion (USD 100.5 million) in taxes, Yonhap news agency informed. HHI has been notified by the country’s tax authorities of the additional tax imposition and the
The global slump in the shipbuilding industry means that South Korea's ship yards have to look far and wide for new orders. Combined, the three major yards have only received one order in the first quarter of the year.
MacGregor, part of Cargotec, will supply loose lashings equipment for twelve 19,200 TEU container vessels under construction in South Korea for a European owner. The equipment is planned for delivery during 2016. The order was booked into first quarter 2016 order intake.
As the Korea government is pushing for restructuring of the faltering shipbuilding industry, speculation grows over a possible merger between the country’s two major shipbuilders — Samsung Heavy Industries and Daewoo Shipbuilding and Marine Engineering, reports Korea Herald.
South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co. posted a first-quarter loss after incurring more costs to finish some offshore projects. First-quarter operating loss came to 26.3 billion won ($22.8 million) , sharply narrowing from an operating loss of 1
Another massive reduction in the Korean shipbuilding workforce may come as most shipyards are still struggling with falling orders and mounting losses, reports Yonhap quoting industry sources. Hyundai Heavy Industries plans for large layoffs amid a prolonged recession in the global
The South Korea government plans to drop its forceful measures to push ailing local shipbuilders to merge with each other as mergers or additional cash outlays to Hyundai Heavy Industries (HHI), Samsung Heavy Industries (SHI) and Daewoo Shipbuilding and Marine Engineering (DSME) are unlikely
South Korea's Hyundai Heavy Industries Co Ltd, the world's biggest shipbuilder by revenue, will slash more jobs and sell non-core assets as part of efforts to cope with shrinking orders, it said on Monday. The South Korean government has urged ailing industries to speed up restructuring efforts
Korean shipbuilders, who once dominated the global market, received zero orders in April, says Clarksons Research Services. A report in Korea JoongAng Daily says that out of the 31 orders placed in April worldwide, 18, or 48 percent of the total, went to Chinese shipyards
ABS Spearheads Offshore Standardization JIP Classification society ABS convened industry partners at the Offshore Technology Conference on Wednesday, May 4, to sign a memorandum of understanding (MOU) establishing a unified joint industry project (JIP) for standardization