Joyce Lee News

20 Nov 2019

Houthis Release South Korean, Saudi vessels

Yemen's Iran-aligned Houthi movement released three vessels and 16 people it had seized, South Korea's Foreign Ministry and a Houthi military source in Yemen said on Wednesday.The seizure on Sunday was the latest incident at sea around Yemen, where Saudi Arabia is leading a Western-backed coalition of Arab states against the Houthis, who control the capital and most population centres and have been accused of attacking shipping.Of the vessels freed on Tuesday, two were South Korean and one was Saudi Arabia-flagged, the South Korean ministry said in a statement, adding that the families of two South Koreans among the crew had been notified."The three ships were released after the necessary legal measures…

22 Jul 2019

Pirates Rob Korean Bulk Carrier

© Pedro Amaral / MarineTraffic.com

Pirates attacked a South Korean-flagged cargo ship in the South China Sea early on Monday, stealing thousands of dollars in cash and even the sailors' shoes, South Korean authorities said.Two people sustained minor injuries when seven pirates boarded the CK Bluebell and made off with $13,000 and belongings including mobile phones, clothes and shoes from the 22-strong crew, officials from the oceans and fisheries ministry said.Tougher policing has made piracy less frequent on the strategic shipping route in recent years.The dry bulk vessel CK Bluebell had set sail from its anchorage off Singapo

15 May 2018

Financiers Turning the Tide on Shipbreaking Practices

© knovakov / Adobe Stock

The shipping industry has long been criticised by campaigners for allowing vessels to be broken up on beaches, endangering workers and polluting the sea and sand. Now, it is being called to account from a quarter that may have a bit more clout - its financial backers. Norway's $1 trillion Oil Fund, a leader in ethical investing, in February sold its stake in four firms because they scrap on the beach. Three of the firms excluded by Norway's fund - Taiwan's Evergreen Marine, Precious Shipping and Thoresen Thai Agencies (TTA) of Thailand - say they have been unfairly singled out.

05 Mar 2018

Samsung Heavy: New Share Issuance Worth $1.31 Bln

South Korea's Samsung Heavy Industries Co Ltd said on Tuesday the expected value of its planned new share issuance has been cut to 1.41 trillion won ($1.31 billion) from a previously-announced 1.56 trillion won.   The shipbuilder said in a regulatory filing that the value of the issuance had been changed with newly issued shares to be assigned at 5,870 won per share, instead of the originally planned 6,510 won per share.   Samsung Heavy shares have fallen about 35 percent since the plan to issue new shares were announced in early December. ($1 = 1,073.8500 won) (Reporting by Joyce Lee Editing by Stephen Coates)

05 Mar 2018

Hyundai Heavy Scales Back New Share Issue, to Raise $843 Mln

South Korea's Hyundai Heavy Industries Co Ltd said on Tuesday it plans to raise 906.5 billion won ($843 million) with its new share issue, less than a previous target of about 1.3 trillion won.   The shipbuilder said in a regulatory filing that the new shares would be priced at 98,800 won per share.   Shares in Hyundai Heavy, which tumbled in late December after it announced the share issuance plan to bolster its balance sheet, surged 7 percent on Wednesday. ($1 = 1,075.2000 won) (Reporting by Joyce Lee; Editing by Edwina Gibbs)

29 Jan 2018

Samsung Heavy Sells Drilling Rig for $500 Mln

South Korea's Samsung Heavy Industries Co Ltd said on Monday it has agreed to sell a semi-submersible drilling rig for $500 million to an unidentified European company.   The world's third-largest shipbuilder by orderbook said Sweden's Stena, which originally ordered the drilling rig, had cancelled the order last year.   Last week, Samsung Heavy agreed to sell the rig to a European third party, resolving the risk of non-payment, the firm said in a regulatory filing. (Reporting by Joyce Lee; Editing by Sherry Jacob-Phillips)

26 Jan 2018

Samsung Heavy to Issue New Shares

File Image (CREDIT: AdobeStock / (c) Carabay)

South Korea's Samsung Heavy Industries Co Ltd plans to issue new shares worth 1.56 trillion won ($1.47 billion), the company said on Friday.   The world's third-largest shipbuilder by orderbook also said in a regulatory filing it planned to increase its short-term loans by 750 billion won.   Friday's fundraising decisions were first announced in December, in order to pay debt and cut the risk of tighter credit conditions due to its weak earnings prospects.   Reporting by Joyce Lee

26 Dec 2017

HHI Group to List Oilbank

File Image (CREDIT: AdobeStock / (c) Burnel11)

IPO seen improving group's financial soundness, transparency; Group sees shipbuilding recovery starting 2019. South Korea's Hyundai Heavy Industries Group plans to list its refining arm Hyundai Oilbank in an IPO in 2018 and raise about $1.2 billion via a share issue by shipbuilder Hyundai Heavy Industries, in a move to bolster its finances. Hyundai Heavy Industries, the flagship company of South Korea's ninth-largest conglomerate, said on Tuesday that Hyundai Robotics, the group's holding company…

12 Dec 2017

Samsung Heavy Industries Replaces CEO

South Korea’s Samsung Heavy Industries named Joonou Nam as its new chief executive officer on Monday after Park Dae-young resigned to take responsibility for the firm’s losses.   The shipbuilder’s shares plunged last week as it forecast a fourth straight year of operating losses and announced a rights issue.   Nam previously oversaw Samsung Heavy’s shipyard in Geoje, South Korea.     (Reporting by Hyunjoo Jin and Joyce Lee; Editing by Stephen Coates)

25 Aug 2017

S-Oil, Petronas Ink Long-term LNG Deal

South Korea's third-largest refiner S-Oil Corp signed a long-term liquefied natural gas (LNG) supply contract with Malaysia's Petronas for 15 years starting from next year, the North Asia company said on Friday. S-Oil expects to buy 700,000 tonnes of LNG per year from state-owned Petronas from March 2018 through March 2033, it said in a stock filing exchange. "We have inked the deal on good terms for our company amid the current favourable LNG market conditions," said the refiner in the filing. S-Oil, whose main shareholder is Saudi Aramco, declined to provide price details for the deal. The refiner said in a separate statement the deal was part of its efforts to ensure stable supplies of LNG.

21 Aug 2017

Hyundai Merchant Marine, BlackRock in Investment Talks

(File photo: Hyundai Merchant Marine)

South Korean shipper Hyundai Merchant Marine Co Ltd (HMM) is in talks with BlackRock Inc about a potential investment but details have yet to be discussed, a HMM spokesman said on Monday. BlackRock is in talks with HMM to invest up to 1 trillion won ($880 million) in the nation's largest shipper, the Korea Economic Daily reported on Monday, citing unidentified investment banking and shipping industry sources. A BlackRock spokeswoman could not be immediately reached for comment. HMM shares were up 1.2 percent in morning trade, compared to a 0.2 percent fall for the wider market.

27 Apr 2017

Daewoo Shipbuilding books first Quarterly Profit in 4 years

File Image (CREDIT: AdobeStock / (c) Burnel11)

South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd posted its first quarterly profit in more than four years on Thursday, as on-time delivery of higher-margin vessels as well as cost-cutting measures helped the bottom line. The world's largest shipbuilder in terms of orderbook reported an operating profit of 292 billion won ($257.57 million) for the January-March quarter, compared with an operating loss of 38 billion won a year earlier. Revenue came in at 2.8 trillion won, compared with 3.5 trillion won a year earlier.

18 Apr 2017

Daewoo Shipbuilding unlocks $2.6 bln Bailout

File Image (CREDIT: AdobeStock / (c) Carabay)

Bondholders at final meetings agree to debt-to-equity swap; shipbuilder needs about $400 mln in operating funds by April-end. South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd has won near unanimous agreement from bondholders to swap their debt for equity, meeting a condition that unlocks a $2.6 billion bank bailout for the world's biggest shipbuilder. Daewoo won approval from over 96 percent of bondholders at two meetings on Tuesday and three on Monday, with attendance exceeding 78 percent.

17 Apr 2017

Daewoo Shipbuilding Bondholders Okay Bailout Plan

File Image (CREDIT: AdobeStock / (c) Carabay)

Debt-to-equity swap plan is condition of $2.6 bln bailout. South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd on Monday won near unanimous approval for a debt-to-equity swap plan in the first three of five bondholder meetings, as the world's largest shipbuilder battles to stay afloat. The votes were held hours after Daewoo's biggest bondholder, the National Pension Service (NPS), said it had agreed to the proposal. That move made it likely other bondholders would follow suit, creditor bank officials said, allowing the shipbuilder to meet conditions of a $2.6 billion bank bailout.

03 Apr 2017

Daewoo to Deliver Two More LNG Tankers in 2017

South Korea's Daewoo Shipbuilding expects to deliver two more ice-class tankers to lift liquefied natural gas (LNG) from Russia's Yamal LNG project this year, a company spokesman said on Monday. Daewoo Shipbuilding & Marine Engineering (DSME), which has the world's largest volume of existing orders among shipyards, has got an order to build a total of 15 ice-class tankers for the Yamal LNG project. The first tanker, named after Christophe de Margerie, the former chief executive of French oil company Total who died in an aircraft crash at a Moscow airport in 2014, made a test docking at the Sabetta port in Yamal last week. A spokesman for Daewoo Shipbuilding said on Monday that the remaining 14 LNG tankers for Yamal are all due to be delivered by 2020…

23 Mar 2017

Daewoo Shipbuilding to Get Fresh $2.6 Bln Bailout

File photo: Daewoo Shipbuilding & Marine Engineering Co Ltd

South Korean state banks are preparing a fresh $2.6 billion bailout for floundering Daewoo Shipbuilding & Marine Engineering Co Ltd, which has built up huge losses from offshore projects and risks missing debt repayments. Daewoo, Hyundai Heavy Industries and Samsung Heavy Industries are South Korea's top shipbuilders - a massive economic force and a source of national pride. But they slipped into the red in 2015 amid a commodities downturn and bleak trade volumes, prompting cost cuts and asset sales. Of the three, Daewoo's situation is the most difficult.

17 Feb 2017

S.Korea Court Declares Hanjin Bankrupt

File Image: credit Hanjin

A South Korean court declared Hanjin Shipping Co Ltd bankrupt on Friday, after ruling earlier this month that the firm's liquidation value would be worth more than its value as a going concern. Hanjin Shipping, which had been the world's seventh-largest container shipper, applied for court receivership in late August after its creditor banks halted further support. The Seoul Central District Court said in a statement it has chosen a bankruptcy administrator, and claims by creditors are due by May 1, 2017. The first meeting of creditors will be held on June 1, 2017.

02 Feb 2017

S.Korea Court to Declare Hanjin Bankrupt on Feb. 17

A South Korean court said on Thursday it decided to end Hanjin Shipping Co Ltd's court receivership process and expects to declare bankruptcy on February 17 after a two-week period for appeals.   The Seoul Central District Court said in a statement that it made the decision as the firm's liquidation value would be worth more than its value as a going concern.   Hanjin Shipping, which had been the world's seventh-largest container shipper, applied for court receivership in late August after its creditor banks halted further support.   Swiss shipping group MSC said on Wednesday its unit has bought a stake in Hanjin Shipping's U.S. port operator, the latest Hanjin asset to be sold.   Reporting by Joyce Lee

03 Jan 2017

Fincantieri's STX Bid Approved by S.Korean Court

French state holds 33 pct of STX France; acquisition could boost Fincantieri's position in cruise shipbuilding. A South Korean court approved on Tuesday Italy's Fincantieri as the preferred bidder to buy shipbuilder STX France, helping Fincantieri move closer to a deal that could boost its position in the cruise shipbuilding market. The Seoul court spokesman, who announced the decision on Tuesday, declined to give further details on the situation, while a Fincantieri spokesman also declined to comment. The sale of STX France, which specialises in building cruise ships and is profitable, forms part of the broader sale of businesses from the demise of the South Korean STX shipbuilding group.

09 Dec 2016

Maersk, Hyundai Merchant Marine alliance talks in doubt

Hyundai Merchant Marine says still in talks to join 2M; joining an alliance was precondition for HMM debt relief. Doubts about the future of Hyundai Merchant Marine Co Ltd surfaced on Friday after Denmark's Maersk Line said the South Korean shipping firm was no longer being considered for the 2M vessel-sharing alliance. Joining an alliance with major shipping firms was one of the conditions of a debt restructuring deal between heavily indebted Hyundai Merchant Marine and its creditors in May so any breakdown in talks could raise serious questions about the future of South Korea's largest shipping firm. Maersk Line, part of A.P. Moller-Maersk, said it was still in talks with Hyundai Merchant Marine but they were no longer about it becoming an operating partner in the alliance.

12 Dec 2016

Hyundai Merchant Marine Ties Up with 2M Alliance

Photo: Hyundai Merchant Marine Co Ltd

Heavily indebted South Korean shipper Hyundai Merchant Marine Co Ltd (HMM) said on Sunday it has agreed with the 2M shipping alliance to form a cooperative relationship that falls short of full-fledged membership. Joining an alliance with major shipping firms was one of the conditions of a debt restructuring deal between Hyundai Merchant Marine and its creditors in May, and the company said on Sunday that the tie-up with 2M met that criteria. Its main creditor, the state-backed Korea Development Bank…

27 Dec 2016

Just One Bid So Far for STX France

Only one bid has been received so far for shipping group STX France, said a Korean court on Tuesday.   A spokesman for the Seoul court overseeing STX Offshore's receivership had said earlier in November that four parties had expressed interest in buying one or both of South Korea's STX Offshore & Shipbuilding Co Ltd and a controlling stake in STX France SA. Reporting by Joyce Lee

27 Dec 2016

Fincantieri the Sole Bidder for STX France

Italian shipbuilding and construction group Fincantieri SpA is the only bidder for shipping group STX France, a source close to the matter said on Tuesday. The sale of STX France, which specialises in building cruise ships in the western France city of Saint-Nazaire and is profitable, forms part of the broader sale of businesses from the collapsed STX shipbuilding group. A spokesman for a Korean court overseeing the process had said earlier on Tuesday that one bid had been received for the STX France business, without giving a name. A spokesman for the Seoul court overseeing STX Offshore's receivership had said in November that four parties had expressed interest in buying one or both of South Korea's STX Offshore & Shipbuilding Co Ltd and a controlling stake in STX France.

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