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DAEWOO HEAVY INDUSTRIES

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


Samsung Wins $1.26bln Contract from BP

Photo: Samsung Heavy Industries

 Samsung Heavy Industries, South Korea's major shipyard, build a floating production unit for British oil multinational BP that will be used in offshore drilling in the Gulf of Mexico, says a report in Yonhap.   The 1.5 trillion won ($1


Samsung Heavy Mulls $6 Bln Orders This Year

Image: Samsung Heavy Industries Co

 South Korean major shipbuilder  Samsung Heavy Industries Co  is aiming to clinch orders worth more than US$6 billion this year, South Korea's Yonhap news agency reported the company's head as saying.   Park Dae-young, president and CEO of the shipbuilder


Hurtigruten Signs on to Ban HFO in the Arctic

Photo: Ester Kokmeijer / Hurtigruten

Expedition cruise ship operator Hurtigruten has joined international environmental organizations in efforts aiming to spearhead the protection of Arctic communities and ecosystems from risks posed by the use of marine heavy fuel oil (HFO) to power ships.


ABB’s OCTOPUS for four semi-submersible vessels

Juha Koskela, Managing Director. Photo ABB Marine and Ports

ABB’s OCTOPUS marine software will improve the safety and efficiency of four new semi-submersible heavy lift vessels, using weather and loading data to plot the optimal route. The ships, owned by Greenland Heavylift Holdings, will transport gigantic cargoes such as oil rigs and jack-up rigs


Korea's Labor Unions Asked to Cooperate In Daewoo Revamp

Photo: Korea Marine Equipment

 Creditors of embattled Daewoo Shipbuilding & Marine Engineering Co. have demanded that the shipbuilder's labor union accept the company's large-scale restructuring scheme in return for helping the shipyard stay afloat, says Yonhap.  


S.Korea State Banks to Inject $2.4 Bln into Daewoo Shipbuilding

Struggling Daewoo Shipbuilding & Marine Engineering Co Ltd's will receive an injection of 2.8 trillion won ($2.4 billion) from two state-run creditor banks to save it from being delisted, one of the lenders said.   Daewoo's main creditor, Korea Development Bank (KDB)


Hyundai Heavy to be Split into 4 Firms

Shipbuilder to be split into four companies; spinoff is part of restructuring plan submitted to creditors. South Korea's Hyundai Heavy Industries is being split into four companies, with its non-shipbuilding businesses being spun off to improve management efficiency and competitiveness


Clean Arctic Alliance Response to Arctic HFO Ban

Image Courtesy Clean Arctic Alliance

Responding to reports that the Association of Arctic Expedition Cruise Operators (AECO) had reconfirmed its support of a ban on heavy fuel oil (HFO) from Arctic shipping during its annual general meeting, Clean Arctic Alliance advisor Dr Sian Prior said:  


FORAN Expands User Base in Korea

Hansung Ship Eng. Power station (Photo: FORAN)

These are difficult times for the shipbuilding industry, in particular that of Korea, which faces its worst-ever order drought. Big, medium-sized and small shipbuilders are undergoing deep restructuring as a consequence of the workload downturn


AAL Wins Australia Shipping Excellence Awards

Frank Mueller, General Manager of AAL Australia Photo AAL

AAL, one of the world’s leading breakbulk, project cargo and heavy lift shipping operators, has been awarded the prize for ‘Excellence in Project Cargo, Breakbulk / Heavy Lift’ at the 21st Annual Australian Shipping & Maritime Industry Awards.


Hyundai Near Deal With Iran for 10 Ships

Photo: Hyundai Heavy Industries Co

 Hyundai Heavy Industries Co. (HHI), a major shipyard in South Korea, looks set to clinch a deal with Iran to supply 10 ships, says a report in Yonhap.   The contract, valued at USD650 million, will see Hyundai supply the Islamic Republic of Iran Shipping Lines, (IRISL) with four 14


Japan to Overtake Korea in Global Shipbuilding

Photo: DSME

 Japanese shipyards are on the verge of overtaking Korean shipyards in remaining order backlogs and market share, reports Business Korea.   South Korean and Japanese shipbuilders recorded a backlog of 20.46 million CGT and 20.06 million CGT early this month, respectively


Gloomy 2017 for Korea Shipyards

3D Image of Logistics Support Vessel HHI to Build Under New Zealand Defence Force’s MSC Project. Photo: Hyundai Heavy Industries

 South Korea‘s three majors shipbuilders are forecast to get much fewer orders next year, Yonhap reports quoting industry sources.   The three shipyards - Hyundai Heavy Industries (HHI), Samsung Heavy Industries (SHI) and Daewoo Shipbuilding & Marine Engineering (DSME) - are


FSC Denies Mergers Between Big Three Shipbuilders

Image: Daewoo Shipbuilding & Marine Engineering Co

 The chairman of South Korea's Financial Services Commission, Yim Jong-Yong, reiterated  that Daewoo Shipbuilding and Marine Engineering (DSME) would not be merged with Samsung Heavy Industries (SHI) and Hyundai Heavy Industries (HHI), according to a report in Korea Times.  


Daewoo to Develop Iranian Shipyard

Image: Industrial Development and Renovation Organization of Iran

 South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering Co., Ltd. (DSME) and the Industrial Development and Renovation Organization of Iran (IDRO) have signed an outline agreement to cooperate on developing the shipbuilding Industry in Iran.  






 
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