Hyundai Merchant Marine Denies Rumors

Thursday, May 17, 2001
Hyundai Merchant Marine, South Korea's largest shipping firm, denied on Thursday a local report it had begun a debt-rescheduling program led by creditor banks. "It is not true that the company began a debt-rescheduling program led by creditors and the government formed a debt team due to rising debts," the company said in a statement. The JoongAng Ilbo newspaper quoted an official at the FSS as saying that the new debt-rescheduling team was formed as some financial institutions were inclined to collect debts from the company after it revealed an increased debt-to-equity ratio in its March audit report. Hyundai Merchant said it was a profitable company with a profitable future. Hyundai Merchant said it had posted 457.8 billion won ($350 million) in operating profits last year on 5.2 trillion won in sales. The newspaper said Hyundai Merchant's debts had risen 46 percent to 6.7 trillion won as of end-March compared to 4.6 trillion won as of end-1999, driving its debt-to-equity ratio up to 980.1 percent, well over the government-mandated maximum of 200 percent. Hyundai said the 2.1 trillion won increase in debt was mostly due to the purchase of three liquefied natural gas (LNG) carriers for 954 billion won and 504.3 billion won of additional burden in foreign debts due to the weak won. "However, the LNG operation based upon a long-term contract with Korea Gas Corp is a profitable business, which will pay off later," it said. The company said it would have no problem repaying $2.8 billion in foreign debts in dollar terms even if the Korean won depreciated further as it expected $5.0 billion in sales this year, it said. - (Reuters)
Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Coast Guard Academy Cadet to Receive Fulbright Scholarship

Stephen Horvath, a first class cadet at the U.S. Coast Guard Academy, was recently granted a two-year Fulbright Scholarship to study renewable energy technologies

Ecochlor Presents BWTS Case Study at CMA

Ballast water treatment technology developer Ecochlor Inc. presented a project case study yesterday at CMA Shipping 2015 in Stamford, Conn. The case study covered

Golden Ocean and Knightsbridge Complete Merger

The merger between Knightsbridge Shipping Limited and Golden Ocean Group Limited was approved today at special meetings of both companies' shareholders.      The new company,

Finance

Yachting Malta PPP Sets Sail

Yatching Malta Ltd (YML) - a new public private partnership (PPP) between the government and the Royal Malta Yacht Club (RMYC) was formed with the aim of putting Malta on "the global yachting map".

China Cosco's Profit Up 54%

The Shanghai-and-Hong Kong-listed flagship unit of China Ocean Shipping Group, China Cosco Holdings Co Ltd says that its 2014 net profit went up 54 percent y/y at 362.

Taiwan Boosts Yacht Export

Taiwan's yacht industry saw its first double-digit growth in nearly a decade, indicating an inspiring revival led by development and sales of larger leisure boats,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1370 sec (7 req/sec)