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Philippine banks agree to reschedule debt of Hanjin shipyard in Subic SEOUL -- Hanjin Heavy Industries & Construction secured approval from Philippine banks to reschedule the debt of its affiliate in Subic, two days after the mid-sized South Korean shipbuilder reported capital impairment. Philippine creditors agreed to acquire Hanjin Heavy shares in return for solving surely obligations. Hanjin said the deal would be submitted to a Philippine court by the end of this month. HHIC-Phil, a debt-stricken shipyard in Subic, has applied for a reha February 15, 2019
Stock exchange suspends Hanjin shipyard for capital impairment SEOUL -- Share trading of Hanjin Heavy Industries & Construction was suspended after the mid-sized South Korean shipyard reported capital impairment reflecting losses from the rehabilitation of its affiliate in the Philippines. In a regulatory filing on Wednesday, Hanjin Heavy, a Hanjin group unit, reported impaired capital as its consolidated financial statement for 2018 reflected losses in HHIC-Phil, a debt-stricken shipyard in S February 13, 2019
Hyundai shipyard selected as sole bidder for Daewoo shipyard SEOUL -- Hyundai Heavy Industries (HHI), the world's largest shipbuilder, was selected as the sole bidder for its South Korean underdog, Daewoo Shipbuilding & Marine Engineering (DSME), paving the way for the creation of a mega shipbuilder capable of walking over foreign rivals. Korea Development Bank (KDB), a state policy lender which has a 55.7 percent stake in DSME, announced the selection Tuesday of HHI as the sole candidate to take February 12, 2019
[FOCUS] Integrated corporation proposed to jointly manage Hyundai and Daewoo shipyards SEOUL -- After years of painful restructuring, South Korea's shipbuilding industry embarked on consolidation led by Hyundai Heavy Industries (HHI), the world's largest shipbuilder, to create an integrated corporation which is unrivaled in scale, know-how and technology. The shipyards of HHI and Daewoo Shipbuilding & Marine Engineering (DSME) will be run under the same roof of a new corporation controlled jointly by the holding company of the Hyundai shipbuilding gr January 31, 2019
Hyundai shipyard agrees to acquire controlling stake in Daewoo shipyard SEOUL -- In a deal to create an unrivaled player in the global market, Hyundai Heavy Industries (HHI), the world's largest shipbuilder, agreed to acquire a controlling stake in its domestic rival, Daewoo Shipbuilding & Marine Engineering (DSME). HHI signed a conditional memorandum of understanding (MOU) with Korea Development Bank, a state policy lender which has a 55.7 percent stake in DSME, the country's second-largest shipyard. HHI will b January 31, 2019
Shipyard workers surprised at reported talks on consolidation SEOUL -- Unionized workers at Hyundai Heavy Industries (HHI) suspended a vote on a new wage agreement, surprised at unconfirmed news reports that the world's largest shipbuilder has been in talks with creditor banks to acquire Daewoo Shipbuilding & Marine Engineering, South Korea's second largest shipyard. HHI's labor union held an emergency meeting Thursday after putting off a planned vote on this year's wage deal with management. South Korea's shipbui January 31, 2019
Samsung shipyard wins $370 mln order for two LNG carriers SEOUL -- Samsung Heavy Industries (SHI) won a $370 million order from Copenhagen-based Celsius Tankers to build two liquefied natural gas (LNG) carriers. It was the South Korean shipbuilder's first order this year. In 2019, Samsung set the goal of securing a total shipbuilding order of $7.8 billion, up 24 percent from a year ago, as global demands for LNG carriers are expected to grow. In August 2018, the Samsung shipyard received an order from Cel January 29, 2019
Qatar willing to place order for construction of 60 LNG carriers in S. Korea SEOUL -- Qatar, a major producer of liquefied natural gas (LNG), expressed its willingness to place multiple orders for the construction of about 60 LNG carriers at South Korean shipyards, during a summit between the leaders of the two countries, the presidential office said. Qatar's Energy Minister Saad al-Kaabi called for a good partnership with South Korea, citing its reputation and experience in shipbuilding, and he said that a Qatar delegation has visited South Korea January 28, 2019
Hyundai shipyard to sell 19.9% stake in refinery arm to Saudi Aramco SEOUL -- The holding company of South Korea's Hyundai shipbuilding group agreed to sell a 19.9 percent stake in its lucrative refinery arm, Hyundai Oilbank, to Saudi Arabian Oil Co. (Saudi Aramco) for 1.8 trillion won ($1.6 billion), according to a regulatory filing published on Monday. The two companies have signed an initial agreement on the stake sale. Shareholder rights, management and other terms related to Saudi Aramco's investment will be covered by January 28, 2019
Hyundai shipyard off to good start with $130 mln order from European client SEOUL -- After a modest recovery in its business last year, Hyundai Heavy Industries was off to a good start this year in efforts to regain its reputation as the world's largest shipbuilder by securing a $130 million fresh order to build two oil carriers for a European client. Hyundai Heavy said Friday it would deliver the two vessels from the second half of 2020. The shipbuilding group aims to win orders worth $15.9 billion this year, up 21 percent January 18, 2019