Marine link
 

DAEWOO HEAVY INDUSTRIES

Daewoo To Spin Off Two Divisions

Daewoo Group reportedly plans to spin off Daewoo Electronics and the shipbuilding division of Daewoo Heavy Industries prior to their sale.


Daewoo To Build ULCCs For Loews Unit

Daewoo Heavy Industries has agreed to build two 442,500 dwt, ULCCs for Majestic Shipping Corp., a subsidiary of Loews Corp. Majestic also has options with Daewoo to build two additional vessels. Another Loews subsidiary, Hellspont Shipping Corp., recently contracted for Samsung Heavy Industries to build three 303,000 ton VLCCs and agreed to an option to build one additional ship. Delivery of the new vessels from both Korean shipyards is scheduled to begin in the fourth quarter of 2001


Daewoo Heavy May Join Engine Joint Venture

Daewoo Heavy Industries Co. has reportedly expressed willingness to join Korea Heavy Industries and Construction Corp. in a planned ship engine joint venture. Executives from Daewoo, Korea Heavy and Samsung Heavy Industries Co. are to meet Dec. 4 to discuss Daewoo's proposal to join the venture. Korea Heavy and Samsung have agreed to set up a 60-40 joint venture that will take over ship engine manufacturing operations of the two companies starting on Jan. 1.


Hual Takes Delivery Of Carolita And Transporter

Hual AS, one of the largest operators within international car transportation, has accepted delivery of the second and third ships in a series of six; the first, Hual Trader was sent by Daewoo Heavy Industries this past December. The second and third ships, Hual Carolita and Hual Transporter, were delivered by Tsuneishi Shipbuilding, Japan; and Gdynia Shipyard, Poland, respectively, last May. Boasting almost identical specifications, the series of 21,400-dwt ships features a length of 656 ft


Daewoo Plans To Pay Debt Early

The shipbuilding unit of South Korea's troubled Daewoo Group expects a net profit and more profitable orders in 2001 as it charts a new, independent course. Daewoo Shipbuilding & Engineering Co, split off from troubled Daewoo Heavy Industries last October, said it aimed for net profit of $156.7 million this year, buoyed by strong global orders. "It looks certain that Daewoo Shipbuilding has a great business year ahead of it," said Song Sang-hoon, analyst at Dongwon Economic Research Institute


Daewoo Reports Hefty Losses

Daewoo Heavy Industries Co. (DHI)announced a loss in the first- half of this year of 337.7 billion won ($302.9 million), compared with net income of 53.2 billion won in the same period last year. DHI is undergoing a reorganization to divulge itself of money-losing operations, as are many of the large Korean industrial conglomerates. Current plans plans call for a split in the shipbuilding and construction equipment businesses into separate units


Daewoo Heavy Not Likely To Spin Off Soon

Heavy Industries, one of the 12 Daewoo Group affiliates put under a debt rescheduling program, is not likely to be separated from its parent group any time soon, a creditor bank official said. The official at Korea Development Bank said details of the workout plan for Daewoo Heavy are now under review and a spinoff would take place in two to three months. "Action plans for reshaping the company could come out by the middle of this month


EU To Propose Subsidy Program To Battle South Korea

The European Union is proposing to subsidize its embattled shipyards in a long-standing dispute over what it views as unfair competition from South Korea. The EU will make the proposal to an EU industrial council meeting in Sweden on May 15, said EU Ambassador to Korea Frank Hesske. Sweden is the current president of the 15-member group. The EU, which has been holding talks with South Korea about the issue for the past two years, could take the case to the World Trade Organisation (WTO)


Orders at Korean Shipbuilders to Break $30b

Korea's three major shipbuilders are expected to draw in orders worth $30b this year, Arirang News reported. Industry reports put orders for Hyundai Heavy Industries at $13b, Samsung Heavy Industries at $10-11b, and Daewoo Shipbuilding and Marine Engineering at $10b. Samsung Heavy Industries won the most number of orders as of March with four liquid natural gas tankers, one floating production storage, one offloading vessel, and nine oil tankers.


Daewoo Secures $1.66b in New Order

Daewoo Shipbuilding Marine and Engineering Co. said it has received a combined $1.66b in new orders this month to build 16 vessels. The vessels won together with its Romanian subsidiary, Daewoo Mangalia Heavy Industries S.A., include four container vessels and one liquefied natural gas tanker, the shipbuilder said in a statement. South Korea, home to seven of the world's top 10 shipyards, clinched record-high orders last year on strong demand for crude carriers and offshore exploration


US Navy Awards USS Fitzgerald Heavy Lift Contract

(U.S. Navy photo by Peter Burghart)

The U.S. Navy's Military Sealift Command has awarded a $3.1 million firm, fixed-price contract for the heavy lift of USS Fitzgerald (DDG 62) following a fatal collision with a Philippine containership off the coast of Japan on June 17. Houston based Patriot Shipping has been awarded the


Korean Shipyards Bag $1.5bln Newbuild Order from MSC

 Samsung Heavy Industries (SHI) and Daewoo Shipbuilding & Marine Engineering (DSME) - two major shipyards in South Korea -  are poised to sign a deal worth $1.5 billion to build container ships for Mediterranean Shipping Company (MSC), according to the Financial Times.  


HMM Orders New Carriers

File Photo: Hyundai Merchant Marine

 South Korea’s largest ocean carrier Hyundai Merchant Marine (HMM) will invest USD 417.61 million in five new very large crude oil carriers (VLCCs), Reuters reported quoting company sources.   "HMM will invest 470 billion South Korean won (U.S


Dim Q3 Forecast for Korean Shipyards

File photo: Hyundai Heavy Industries

 South Korea's major shipyards are projected to report weaker-than-expected earnings for the third quarter of the year, due to increased costs and the construction of low-priced ships amid decreased new orders.   Yonhap News Agency, quoting data compiled by Yonhap Infomax


TEN's 15-Vessel Newbuilding Program Nearing Completion

Pic: Tsakos Energy Navigation

 Greece-based Tsakos Energy Navigation (TEN) said that its 15-vessel newbuilding program is nearing completion with the final three aframax tankers expected to be delivered in the coming months.    In the second half of the year


TMC Tallies another Höegh FSRU Deal

Vessel under construction at Samsung Heavy Industries to be delivered Q2 2019. (Photo: Höegh LNG)

TMC Compressors said it has secured a contract from Samsung Heavy Industries to deliver a marine compressed air system to a floating storage and regasification unit (FSRU) the South Korean shipyard is building for Höegh LNG.   


Rolls-Royce to Power Korean Naval Frigates

Photo: Rolls-Royce

 Rolls-Royce said it has won a contract to supply MT30 marine gas turbines to power the next three ships in the Republic of Korea Navy’s Daegu-class frigate program.    The frigates are intended for a variety of missions including anti-submarine warfare, anti-air warfare


Flex LNG signs deals to buy six new vessels

Image: Flex LNG

Oslo-listed Flex LNG has signed contracts to buy six new liquefied natural gas (LNG) vessels for its fleet by 2019, as it bets on increasing fuel demand from Britain and other countries, its chief executive told Reuters.   The gas shipping company said earlier this year it was considering


South Korean Shipyards: Silver Lining for the Biggies

Photo:  Hyundai Heavy Industries Co., Ltd.

 Though South Korea’s big three shipbuilders -Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering, and Samsung Heavy Industries - showing signs of fiscal recovery this year,  orders at midsized shipbuilding companies remain sparse. 


Korea’s Big 3 Yards in Path of Recovery

Photo: Samsung Heavy Industries

 South Korea’s shipbuilders are expected to recover this year after suffering from a global industrywide slump, reported The Korea Economic Daily.   The report said that Hyundai Heavy Industries (HHI) and Samsung Heavy Industries (SHI) have already achieved more than a half of


Korean Shipyards Look Bullish

Photo: Hyundai Shipbuilding Division

 South Korea's major shipyards are estimated to have racked up solid profit during the second quarter of the year, aided by the increased delivery of ships, cost-cutting measures and a rise in new orders, Yonhap reported citing industry sources.


Daewoo May Sell Mangalia Shipyard to Damen

Last delivery of Crude Oil Tanker to Tsakos Energy Navigation. Photo: Daewoo-Mangalia Heavy Industries.

 Daewoo Shipbuilding & Marine Engineering (DSME) will sell the subsidiary of Mangalia Shipyard Romania to a Dutch builder Damen Shipyard Group, reported local media. Damen already owns in Romania a shipyard in Galati.   Korea Economic Daily also said that Damen is in talks to


DSME Bags 4 VLCCs Order from Angelicoussis

Photo: Daewoo Shipbuilding & Marine Engineering

 South Korea’s Daewoo Shipbuilding & Marine Engineering (DSME) won its second order from Maran Tankers Management (MTM), a subsidiary of  Greek shipping giant Angelicoussis Shipping Group,  to build four very large crude carriers (VLCCs).  


S. Korea's Top Three Shipyards Look Bullish

File photo: Hyundai Heavy Industries

 With a slew of contracts to be signed soon  South Korean shipyards are expected to clinch a decent number of new orders during the second half of the year, Yonhap reported quoting  industry sources.  Hyundai Heavy Industries (HHI) and its affiliates have secured a series of


Korean Shipyards Still in Rough Sea

File photo: Hyundai Heavy Industries

 South Korean shipyards are still struggling to cut costs through unpaid leave for their workers and shutting down dry docks idled amid a lack of orders, Yonhap reported quoting industry sources.    The report said that for decades






 
rss feeds | archive | privacy | history | articles | contributors | top news | contact us | about us | copyright