Korean Shipbuilders Face Bankruptcy

Thursday, November 20, 2008

According to a report from The Korea Times, following troubled construction firms and savings banks, the Korean government and creditor banks are now moving to put small-and medium-sized shipbuilders under the microscope for drastic restructuring.

The preemptive restructuring is to minimize chain reaction bankruptcies of once-booming small-and medium-sized shipbuilders, suffering from cash flow problems in the wake of the global financial market turmoil.

Analysts say that large shipbuilding firms will ride out the current difficulties, as they have ample cash holdings and enough orders for the next several years.

About half of some 300 small shipbuilders here are expected to go belly up through the first half of next year, unless bailout steps are taken

(Source: The Korea Times)

9. Taiwan to Privatize China Shipbuilding Corp
According to a Nov. 18 report from the Taiwan Economic News, The Ministry of Economic Affairs (MOEA) in Taiwan will release 51% stake in the state-run CSBC Corporation (China Shipbuilding) by the end of this year, marking it the largest initial public offering for 2008 so far. Fubon Securities Co. will handle the issuance of 33%, or approximately NT$3 billion (US$90.9 million at US$1:NT$33), of the CSBC shares.

(Source: Taiwan Economic News)


Shipbuilding

Tuco’s New Arctic Workboat to Debut at SMM

Danish producer Tuco Marine said it will reveal a new Arctic workboat daughter craft at next month’s SMM in Hamburg.   Many arctic patrol vessels, icebrakers

COSCO Delivers PSV and Two Jack-up Rigs

Cosco (Dalian) Shipyard Co., Ltd., a subsidiary of its 51 percent owned Cosco Shipyard Group Co., Ltd., has delivered two jackups to the Foresight Group of companies

MN100: All American Marine, Inc.

The Company: All American Marine Inc. was founded in 1987 and specializes in the construction of custom tailored aluminum boats from 30 to 150 feet LOA. Today,

Finance

China COSCO Falls to H1 Net Loss

China COSCO Holdings Co Ltd fell to a first-half loss hurt by a persistent slump in the global container market, the world's fourth largest container shipper said on Thursday.

Weak Freight Rates push Grindrod to H1 loss

Africa's biggest shipping group Grindrod reported a first-half loss on Thursday, pressured by low global growth and declining dry bulk shipping rates but it expects

Cosco Eyes Spanish port of Algeciras

Algeciras Bay Port Authority in southern Spain has put up a tender for its third container terminal, and China's Cosco Shipping Ports is already being mentioned as a fore runner candidate,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Offshore Oil Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | 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: 0.0936 sec (11 req/sec)