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 October 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Permanent Magnet Technology for Maritime Propulsion

Multipurpose vessels, especially those that operate primarily at part loads, have been facing pressure when it comes to making money in today’s business environment.

Industry Professionals to Speak at ShipConstructor Conference

The speakers representing various companies at next week's SSI Americas ShipConstructor User Conference, October 7-9, 2014 in Mobile, Alabama, demonstrate SSI's

NY Harbor Supply & Distribution Fall Reception/Buffet

More than 600 attendees are expected at the 52nd annual New York Harbor Supply & Distribution Fall Reception/Buffet for the energy and energy related industries

Finance

Norvestor to Become PG’s Largest Shareholder

Norvestor VI, L.P., a fund advised by Norvestor Equity AS, announced it has signed an agreement to invest in Ing Per Gjerdrum AS including its subsidiaries PG Hydraulics AS and PG Construction AS.

GasLog Closes First Option Vessels Dropdown

GasLog Ltd.  announced today the closing of the sale of two modern liquefied natural gas (“LNG”) carriers, the Methane Jane Elizabeth and Methane Rita Andrea,

Brent Holds Above $97, Eyes Worst Quarter Since 2012

Brent crude futures hovered above $97 a barrel on Tuesday, aided by firm U.S. and Chinese data, but the oil benchmark was on track for its deepest quarterly drop

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators
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: 0.1305 sec (8 req/sec)