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.
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.
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.
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.
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
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.
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
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
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
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
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.
Cancelled order part of Statoil's Bressay project. South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd on Friday said a 1.58 trillion won ($1.41 billion) order placed in 2013 for a fixed oil production platform has been cancelled.
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
POSCO Daewoo has signed a memorandum of agreement (MOA) to supply shipbuilding materials worth US$150 million to Penataran Angkatan Laut (PT PAL), Indonesia’s largest state-run shipbuilder, according to a report in Business Korea.
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
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