While many of troubled Daewoo Group’s top executives have been ousted by South Korean creditors who rescued the troubled Daewoo Group from collapse last July, it appears that the head of the shipbuilding division will stay. Creditors voted to retain Daewoo Heavy Industries President Shin Young-kyun as president of its shipbuilding division and picked Yang Jae-shin, president of Daewoo Motor's Poland subsidiary, to lead Daewoo Heavy's machinery division.
South Korea's Daewoo Heavy Industries has received a letter of intent from Australia's New Castle Heavy Industry expressing interest in taking a stake in its shipbuilding unit. While exact terms of the potential deal are not yet available, it is believed that DHI would be willing to sell up to a 30 percent stake. The world's second largest shipbuilder is one of 12 debt-laden Daewoo Group firms that creditors hope to reform and sell off
Beleagured Daewoo Heavy Industries won $230 million in ship orders from Companies in Hong Kong and Europe. Daewoo reported earned an order to build a bulk carrier from Hong Kong's Tai Chong Cheang Co. Ltd. and two bulk carriers from Oak Maritime Inc. Norway's Bergesen d.y. Group ASA is reported to have given Daewoo an order for one mineral carrier and Belgium's Bocimar N.V. an order for two bulk carriers. The orders tallied at $120 million
Daewoo Group reportedly plans to spin off Daewoo Electronics and the shipbuilding division of Daewoo Heavy Industries prior to their sale.
The head of South Korea's Daewoo Shipbuilding said on Friday the won's depreciation would raise the company's operating profit by about 43 percent from its earlier target. "If the (dollar/won) exchange rate stabilizes above 1,300, our operating profit will rise to about 300 billion won ($222.7 million) this year against an earlier target of 210.7 billion won," a high-ranking Daewoo official said. Daewoo Shipbuilding & Marine Engineering Co
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
South Korea's Daewoo Shipbuilding & Marine Engineering is set to graduate this week from a creditors' debt rescheduling plan, a move that will shore up credit ratings for the world's second-largest shipbuilder. An early end to the plan was widely anticipated as the shipyard has shown a dramatic turnaround with a flood of new orders, creditors said on Monday. "The company's earnings performance has improved dramatically," said Yang Moon-suk, a spokesman for Korea Development Bank
For the year 2000, Wärtsilä Corporation reports that 24 Sulzer RTA84T low-speed diesel engines with an aggregate power output of 713.4 MW (970,800 bhp) have been ordered for installation in very large tankers contracted at shipyards in China, Japan and South Korea. The engines will all be built by licensees of Wärtsilä in Japan and Korea. Altogether there are now 78 Sulzer RTA84T engines (including the -B and -D versions) delivered or on order, with a combined output of 2171.9 MW (2
As the world has been beset by a wave of bad financial news -- from the looming financial crisis and credit crunch to the rapidly escalating cost of industrial materials, particularly steel -- Clarkson via its weekly Clarkson Index delivered some good news for a change, as the index, which is a measure of prices for all types of vessels, rose for the first time in more than three months. According to a Bloomberg report
Orders won by major South Korean shipbuilders halved in the first six months of 2012 from a year ago According to a 'Yonhap News Agency' report, the country's three biggest shipbuilders -- Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. -- clinched orders worth a combined US$17.3 billion during the January-June 2012 period, down 50.8 percent from a year earlier.
South Korea's Daewoo Shipbuilding & Marine Engineering Co (DSME) is accelerating its move to sell all non-core assets o beef up its financial status amid concerns over a sharp fall in new orders, Yonhap reported quoting industry sources.
A new 20,150 TEU containership has captured the “world’s largest” title: MOL Triumph, the first in a series of new mega containerships for Japan’s Mitsui O.S.K. Lines, Ltd., (MOL) was named at Samsung Heavy Industries, Ltd.’s (SHI) Geoje, South Korea shipyard.
Tsakos Energy Navigation (TEN)'s growth has continued unabated in 2017 with the delivery of one VLCC, the Hercules I, one aframax tanker the Marathon TS and the shuttle tanker Lisboa, currently all under long-term employment to solid counterparties.
South Korean state banks are preparing a fresh $2.6 billion bailout for floundering Daewoo Shipbuilding & Marine Engineering Co Ltd, which has built up huge losses from offshore projects and risks missing debt repayments. Daewoo
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)
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
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
Daewoo Shipbuilding & Marine Engineering Co. (DSME) plans to spin off its IT business unit next year in an effort to streamline its business structure, reports Yonhap. The unit, provisionally named DSME Information System, will be started on Jan. 1, the company said
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
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
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
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.
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.
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
Rig firm Songa Offshore's CEO Bjoernar Iversen expects the company's arbitration case with DSME (Daewoo Shipbuilding & Marine Engineering) to last throughout 2017 and into 2018. ** Songa received notices of arbitration from DSME in July 2015