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

People & Company News

NSRP Risk Management Panel and SCA Joint Meeting

The National Shipbuilding Research Program (NSRP) Risk Management Panel will be meeting jointly with the Shipbuilders Council of America (SCA) November 5-6, 2014 in Virginia Beach, Va.

WEG to Showcase Drive Solutions at SMM

WEG, a global supplier of drive systems, will showcase its range of systems for the shipbuilding and offshore industry at this year’s SMM (Shipbuilding, Machinery & Marine Technology Fair) in Hamburg.

Kirby Reports Record Q2 2014

Record 2014 second quarter earnings per share of $1.31 compared with $1.11 in the 2013 second quarter, which included a $0.07 benefit due to the reduction of the United earnout liability.

Finance

Kurdistan Says Crude Cargo Near Texas Legally Sold

A $100 million cargo of crude oil in a tanker near Texas was legally shipped and sold by Kurdistan, lawyers for the autonomous region in Iraq told a U.S. court in a letter seen on Thursday,

Kirby Reports Record Q2 2014

Record 2014 second quarter earnings per share of $1.31 compared with $1.11 in the 2013 second quarter, which included a $0.07 benefit due to the reduction of the United earnout liability.

UK Oil Imports Exceed Exports for First Time in 30 Years

Britain imported more oil products than it exported last year for the first time in 30 years, an official report shows, and analysts say the country is likely to

 
 
Maritime Security Maritime Standards Offshore Oil Pipelines Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction Sonar Winch
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: 0.1722 sec (6 req/sec)