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Seoul Shares

Seoul Shares Up 0.4% on Shipyards

According to an August 9 report from Reuters, Seoul shares rose as investor hopes for further stimulus measures from the U.S. Federal Reserve strengthened ahead of its meeting, with gains in shipyards and banking stocks lifting the index. The Korea Composite Stock Price Index .KS11 (KOSPI) ended up 0.36 percent at 1,790.17 points.. (Source: Reuters)


Seoul Shares Touch 3-week Low as China Worries Persist

By Se Young Lee, Reuters Seoul shares fell in early domestic trade Wednesday, touching a near-three week low as persisting worries about China's economic growth outlook cut appetites for riskier assets. The Korea Composite Stock Price Index (KOSPI) was down 1.2 percent at 1,939.86 points as of 0215 GMT. The index earlier traded as low as 1,938.60, its weakest level since Feb. 20. A sharper-than-expected slowdown in China would likely hurt earnings of major local manufacturers


EU, S. Korea Will Try Last Minute Negotiations

European Union (EU) and South Korean officials meet next week to try to settle a row over alleged subsidies to Korean shipyards and avert an EU threat to take the dispute to the World Trade Organization. Negotiators meet in Brussels on Monday and Tuesday. It could be the last chance for an amicable solution of the row over the EU's allegations that Seoul pays its shipbuilders illegal subsidies, subsidies which it says threaten the existence of European competitors


Seoul Shares Close at New High on Shipbuilding

South Korean stocks hit a fresh closing high Thursday as investors picked up shipbuilding and machinery shares, taking a cue from overnight gains in U.S. markets, analysts said. The South Korean won fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.98 points, or 0.94 percent, to 1,615.58. Volume was moderate at 445.7 million shares worth 4.67 trillion won (US$5.03 billion), with winners outpacing losers 544 to 226.


STX Shipbuilding Shares Falls

STX Shipbuilding Co., the world's fifth-largest shipyard, fell the most in two months in Seoul trading after six executives at a unit were indicted for stealing technology from a rival. The shipbuilder's shares dropped 7.3 percent to 53,000 won at the close. The stock has fallen about a third since Nov. 8, the day before prosecutors detained two of the six executives. The six executives took files with them when they left Doosan Heavy Industries & Construction Co


Samsung Heavy $1.2B LNG Ship Orders

According to a report from Bloomberg, Seoul-based Samsung Heavy Industries Co. received orders to build six liquefied natural gas carriers worth a total $1.2b as demand for the fuel surges, prompting a jump in the shares.   (Source: Bloomberg)


Hyundai Heavy Leads Gains Among Korean Yards

According to a June 21 report from Bloomberg, Hyundai Heavy Industries Co., the world’s largest shipbuilder, led advances among shipyards in Seoul trading on expectations that a stronger yuan will help improve their price competitiveness against rivals in China. Hyundai Heavy climbed 4.9%t to close at 236,000 won, the highest price since May 12. Samsung Heavy Industries Co., the world’s biggest maker of drill ships, gained five percent to 24,200 won.


This Day in Naval History – September 27

1922 - Report on observations of experiments with short wave radio at Anacostia, DC, starts Navy development of radar 1941 - Launch of first Liberty ship, SS Patrick Henry, in Baltimore, MD 1942 - Armed Guard on SS Stephen Hopkins engages German auxiliary cruiser Stier and supply ship Tannenfels. Stephen Hopkins and Stier both sink. 1944 - Special Air Task Force (STAG-1) commences operations with drones, controlled by TBM aircraft, against Japanese in Southwestern Pacific


Russia, South Korea, Discuss Northern Sea Route Cooperation

Putin & Park shake hands: Photo courtesy of the Russian Federation

At a meeting with Russian President Vladimir Putin, the President of the Republic of Korea in Seoul, Park Geun-Hye discussed mutual cooperation in the development of the Arctic, reports 'Arctic-Info'. In a joint statement the leaders pointed out that as the Republic of Korea has official observer in the Arctic Council, the parties agreed on mutual cooperation in the development of the Arctic, its study, environmental protection, use of the Northern Sea Route


Korean & Russian Classification Societies Sign MOU

At the recent Korea-Russia Business Dialogue meeting held in Seoul attended by President Putin & President Park Guen-hye, the Korean Register (KR) and the Russian Register of Shipping (RS) signed a shipbuilding memorandum of understanding (MOU) bringing the two class societies closer together with a range of cooperative activities related to shipbuilding and offshore plant. The agreement includes: ·         Technical cooperation and


Conoco Cutting Deepwater Spending

Photo: ConocoPhillips

ConocoPhillips said on Thursday it will reduce future spending on deepwater drilling due to low crude oil prices while raising its dividend one cent.   The largest spending reductions will come in the Gulf of Mexico, where the Houston-based company said it will terminate a three-year


BW Group Buys Dorian Stake

Photo: Scorpio Tankers Inc.

 Scorpio Tankers Inc has agreed to sell its 6 million common shares of Dorian LPG Ltd to BW Euroholdings Limited, a wholly owned subsidiary of BW Group Limited, for a purchase price of $15.34 per share.    The shares will be sold pursuant to an effective resale registration


General Dynamics Tops Q2 Estimates

General Dynamics NASSCO Shipyard (Photo: NASSCO/Ken Wright)

General Dynamics Corp, a maker of ships, tanks and business jets, reported higher-than-expected quarterly earnings and revenues on Wednesday, and sharply raised its outlook for full-year profit. Net profit increased 16.4 percent to $752 million for the second quarter from $646 million a year


ExxonMobil 3Q Dividend Unchanged

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  The Board of Directors of Exxon Mobil Corporation today declared a cash dividend of 73 cents per share on the Common Stock, payable on September 10, 2015 to shareholders of record of Common Stock at the close of business on August 13, 2015.


SFL Adjusts Charter Agreement with Frontline

Photo courtesy of Ship Finance International

Ship Finance International Limited (SFL) announced that it has entered into a heads of agreement to amend the long-term chartering agreements with Frontline Ltd. The company currently has 17 vessels on charter to subsidiaries of Frontline


Ocean Rig to Float Common Stock

Image: Ocean Rig

 Ocean Rig UDW Inc has launched an offering of its common stock, par value $0.01 per share.    As part of this offering, George Economou, our Chairman, President and Chief Executive Officer, has indicated his intention to purchase, at the public offering price


Otto Marine Redeems Preference Shares, Cuts Staff

Image: Otto Marine Limited

 Singapore-listed Otto Marine Limited said one of its subsidiaries – GO Marine Investments Pte Ltd –  had fully redeemed preference shares from a Singapore private equity firm for S$12 million in cash.   “The above transaction is not expected to have any material


SFL, Frontline Complete Long-term Charter Agreement

On May 29, 2015, Ship Finance International Limited (SFL) entered into a heads of agreement to amend the long-term chartering agreements with Frontline Ltd. The agreement is now completed, and Frontline has issued and delivered 55 million new shares to Ship Finance


Ocean Rig UDW Announces Closing

DryShips Inc. is a a Marshall Islands registered company

  DryShips Inc. a global provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc. of offshore deepwater drilling services, announced today that  Ocean Rig closed the previously announced offering of 28,571


76% of Boskalis shareholders for Stock Dividend

Flag

  Royal Boskalis Westminster N.V. (Boskalis) announces that 75.70 percent of the shareholders has elected a stock dividend distributed in the form of ordinary shares. As a result, the stock dividend will amount to 3,318,365 shares. For the stock dividend, Boskalis will issue 2,689


Ports of LA, Auckland, Guangzhou Form Alliance

Ambassador Vilma Martinez, left, President of the L.A. Harbor Commission, signs agreement along with Yuan Huahui, center, Deputy Director-General of the Guangzhou Port Authority, and Sanchia Jacobs, Manager Global Partnerships & Strategy, Auckland Council. Photo: Port of Los Angeles

 The Port of Los Angeles, Ports of Auckland in New Zealand and Guangzhou in China have signed a memorandum of understanding (MOU) a ground-breaking Tripartite Economic Alliance for promoting closer ties.   “The port of Los Angeles looks forward to collaborating with the ports of


Harim Acquires Pan Ocean

Photo: Pan Ocean

 South Korean poultry processor Harim Corp. is set to wrap up its purchase of troubled dry bulk carrier Pan Ocean Co. after creditors and shareholders approved a rescue plan for the country's biggest bulk carrier.   Harim, partnering with JKL Partners


Uni Asia Forms New Subsidiary and Buy a New Vessel

Pic: Uni-Asia Holdings Limited

 Uni-Asia Holdings Limited has acquired a new wholly owned Panama-incorporated company known as Fortuna Containership S.A. as a ship owning subsidiary for the purpose of acquiring a 3,500 TEU second hand containership.   Fortuna Containership was incorporated in Panama on 20 May 2015


Ocean Yield Reports Profits

Photo: Ocean Yield

 Oslo-listed owner of chemical tankers Ocean Yield saw second quarter net profit rise to $25.8m from $17.1m for the period in 2014, with its focus on stable earnings from long-term charters.   The Board of Directors has declared a dividend of USD 0.1525 per share for Q2 2015


Røkke is CEO of Akastor ASA

Kristian Rokke

Akastor ASA announced that its Board of Directors has appointed Kristian Røkke as its Chief Executive Officer. Mr. Røkke will succeed Frank O. Reite, who will take the position of Chief Financial Officer at Aker ASA. Kristian Røkke






 
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