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

People & Company News

Keppel T & T Appoints Lim Chin Leong to its Board

Keppel Telecommunications & Transportation Ltd (Keppel T&T) has strengthened its Board with the appointment of Mr Lim Chin Leong as an independent, non-executive

Dool to Serve as Chair of SLSMC Board

The St. Lawrence Seaway Management Corporation (SLSMC) announced that Tim Dool has been named as Chair of the Board of Directors, effective September 1. Dool was

Bollore First Half Boosted by Transport, Advertising Unit

French industrial group Bollore said first-half operating income rose 11 percent to 314 million euro because of strength at its transport business and advertising agency Havas,

Finance

Brazil Presidential Candidate Silva Moots Price on Carbon

Brazilian presidential candidate Marina Silva plans to put a price on greenhouse gas emissions and implement a national carbon market if elected, according to policy proposals released on Friday.

SBM Offshore Completes Real Estate Divestment

SBM Offshore is pleased to announce that is has completed the sale and lease back of its Monaco real estate portfolio.  The last of the three buildings was sold

Athabasca Completes Dover Stake Sale to PetroChina

Canada's Athabasca Oil Corp said it had closed the sale of its 40 percent interest in the Dover oil sands project to a unit of PertroChina Co Ltd for $1.18 billion.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Ship Electronics 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: 0.1259 sec (8 req/sec)