Marine link
 

Daewoo Heavy

Daewoo Heavy President Safe For Now

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.


Australian Company Mulls DHI Stake

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


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 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.


Won Depreciation To Raise Daewoo's Operating Profit by 43 Percent

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


Daewoo Wins Ship Orders

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 Expected to Rise Up From Debt Rescheduling

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


Ship Values Rise

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


Korean Shipbuilders' Orders Halved

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.


Wärtsilä Enjoys Good Success With Sulzer RTA84T's On Large Tankers

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


South Korea Mulls LNG Bunkering Hub

Image: SSPA Sweden AB

 A group of South Korean companies including shipbuilders have come together to establish an association dedicated to developing liquefied natural gas (LNG) bunkering facilities and infrastructures including LNG-fueled vessels, says a report in the Pulse.  


DNV GL, South Korean Yards Kicks off Standardization

Photo: DNV GL

 The first phase of a joint industry project (JIP) to promote a global standard for engineering and construction of offshore oil and gas installations has delivered four recommended practices (RPs).    The outcome of the JIP, led by DNV GL, will be reduced complexity


Shipbuilding: Korea Losing Race with China

Photo: Samsung Heavy Industries

 The Korean shipbuilding industry has plunged into a deep crisis as the big three —Daewoo, Hyundai Heavy, and Samsung Heavy—posted record combined losses in 2015, and 2016 looks no better.   Added to the woes, Korean shipbuilders’ orders in the first half of this year


MSC Jade Sails with MAN's Biggest Engine

The MSC Jade pictured during sea trials (Photo: MSC)

The largest and most powerful engine from MAN Diesel & Turbo’s portfolio ever designed and built has entered service.   Built by Doosan Engine in Korea and rated at 75,570 kW (103,000 horsepower), the engine is an MAN B&W 11G95ME-C9


TEN Sends New Aframax Tanker to Work for Statoil

Tsakos Energy Navigation Ltd. (NYSE:TNP) has taken delivery of the aframax tanker Elias Tsakos, part of the 15-vessel newbuilding program and the first of the nine assigned for the Statoil long-term business. The vessel was delivered from Daewoo Mangalia Heavy Industries and will immediately


Seoul's Effort to Calm Shipping Sector Storm

Photo: Hyundai Heavy Industries

 South Korea will pump $9.5bn (11 trillion won) into state-run policy lenders reeling from huge losses on loans made to the beleaguered shipbuilding and shipping sectors to help them deal with further corporate distress, says FT.  


S.Korea Creates $9.5 Bln Fund for Banks Exposed to Shipyard Troubles

Photo: Robert Kunkel

South Korea's government and central bank will create an 11 trillion won ($9.50 billion) fund to support two state-run banks most exposed to the country's struggling shipping and shipbuilding firms.   "Our key industries like shipping and shipbuilding are being aggressively caught up


Iran Strikes $2.4bn Ship Order with Korea

Image: Itexpo Team

 Iran has placed orders worth around $2.4 billion with South Korean shipyards for the construction of ships to carry Iran’s oil and petrochemical products, The Wall Street Journal says.    The orders have been placed by the Islamic Republic of Iran Shipping Lines (IRISL) and


Run aground, S. Korea's Shipbuilders Awaits Miracles

Photo: Daewoo Shipbuilding & Marine Engineering

 The 'Big Three'—Daewoo Shipbuilding & Marine Engineering, Hyundai Heavy Industries and Samsung Heavy Industries—hold $42.1 billion in loans between them. The firms closed out 2015 with combined losses of more than $6 billion, their earnings reports revealed.  


DSME to Manage Iranian Shipbuilder

Pic: Iran Shipbuilding & Offshore Industries Complex co .

 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 Shipbuilders’ Off-Shore Debts

Image: Daewoo Shipbuilding & Marine Engineering

 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.  


As Korean Shipyards Founder, Central Bank Dragged into Rescue Bid

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.  


ABS Spearheads Offshore Standardization JIP

 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


With Zero Orders in April, Korean Shipbuilding Goes Dark

Photo: Samsung Heavy Industries

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


Hyundai Heavy Industries Shedding Jobs, 'Non-Core' Assets

An LNG vessel being built at Hyundai Heavy Industries in Korea (Credit: HHI)

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






 
rss feeds | archive | privacy | history | articles | contributors | top news | contact us | about us | copyright