Hyundai Asan Bails Out its Sister Firm

Monday, April 30, 2001
South Korea's Hyundai Asan Co, a unit of the Hyundai Group, said on Monday it would take over the group's loss-making tours to North Korea from its sister firm Hyundai Merchant Marine.

"Hyundai Merchant Marine would not participate in our North Korean tour project in the future as the company had been under pressure from its creditors to pull out of it," a Hyundai official said. "Hyundai Asan would be in charge of the tourism project."

The official said Hyundai Asan could lease cruising ships from Hyundai Merchant Marine or pay the cruise operator for its ferry runs to North Korea's scenic Mt. Kumgang region.

Hyundai Engineering's board approved on Monday morning Shim Hyun-young, president of Hyundai Engineering Plastic, as new president of the nation's largest builder.

For the first time since it launched the loss-making tour in 1998, Hyundai Merchant cancelled 12 of its 21 scheduled ferries to North Korea in April.

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

QinetiQ Signs Contract with ASV

QinetiQ, as part of a new Marine Surface Target Service, has signed a contract with Autonomous Surface Vehicles (ASV) for the supply and operational support of autonomous surface target vessels.

GTT Wins DSME Order for 9 More Icebreaking LNGCs

Gaztransport & Technigaz (GTT), a designer of membrane containment systems for the maritime transportation and storage of Liquefied Natural Gas (LNG), announced

Bollinger to Build 6 More FRCs for the USCG

Bollinger Shipyards, Inc., Lockport, Louisiana, announced the award of six additional USCG Sentinel Class Fast Response Cutters (FRCs). The U. S. Coast Guard

Finance

House Subcommittee Hearing Highlights “Dismal State” of U.S. Icebreaking Capability

At the July 23, 2014, hearing of the House Subcommittee on Coast Guard and Maritime Transportation on “Implementing U.S. Policy in the Arctic” the committee chairman, Rep.

Thome Is the First to Sign up to IMPA Act

Leading integrated ship management service provider Thome Ship Management has become the first ship management company to join IMPA ACT, the responsible supply chain management initiative,

Legislation Grants Funding for EU's EMSA

EU Council Adopts Regulation on EMSA Funding The European Union Council adopted a regulation yesterday to finance the actions of the European Maritime Safety

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Salvage Ship Repair Shipbuilding / Vessel Construction Sonar
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: 0.1274 sec (8 req/sec)