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

Hornbeck Offshore Ride High on Q2 2014 Results

Hornbeck Offshore Services, Inc. has announced its financial results for the second quarter ended June 30, 2014.  Following are highlights for this period and excerpts

BAE Systems Awarded Two Navy Contract Modifications

The US Department of Defense informs it has awarded separate contracts to BAE Systems in Jacksonville and in Norfolk for ship repairs and modifications as follows: 1.

DW to Present at Upcoming Floating LNG 2014, Houston

Douglas-Westwood (DW) says that its manager in Houston, Andrew B. Meyers will be joining the speakers on the platform at the upcoming 27th-30th October 2014 'Floating

Finance

Hornbeck Offshore Ride High on Q2 2014 Results

Hornbeck Offshore Services, Inc. has announced its financial results for the second quarter ended June 30, 2014.  Following are highlights for this period and excerpts

BAE Systems Awarded Two Navy Contract Modifications

The US Department of Defense informs it has awarded separate contracts to BAE Systems in Jacksonville and in Norfolk for ship repairs and modifications as follows: 1.

Exxon Mobil Corporation Declares 3Q Dividend

The Board of Directors of Exxon Mobil Corporation yesterday declared a cash dividend of 69 cents per share on the Common Stock, payable on September 10, 2014 to

 
 
Maritime Careers / Shipboard Positions Maritime Security Offshore Oil Pipelines Port Authority Salvage 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: 0.1190 sec (8 req/sec)