Industry

  • Hyundai Heavy seeks IPO of lucrative refinery this year
    Hyundai Heavy seeks IPO of lucrative refinery this year SEOUL -- Hyundai Heavy Industries, the world's largest shipbuilding group, will try to make an initial public offering of its lucrative refinery, Hyundai Oilbank, this year in an effort to raise funds for group-wide restructuring. Last year, the shipbuilding group spun off non-shipbuilding operations. Hyundai Robotics was separated and renamed as the group's holding company for non-shipbuilding units so that the shipyard in the southeastern cit April 16, 2018
  • STX shipyard avoids court receivership on concessions from key creditor
    STX shipyard avoids court receivership on concessions from key creditor SEOUL -- South Korea's debt-stricken shipyard, STX Offshore & Shipbuilding, will be kept afloat again with a bailout from creditors after a state policy lender changed its tough stance to accept a self-rescue plan that contained unpaid leave but no layoffs. Earlier, Korea Development Bank (KDB) decided to put STX under court receivership because union leaders and company officials reached a tentative deal only after the deadline expired. The bank blasted union lea April 11, 2018
  • Hyundai Merchant start sending our orders for giant container ships
    Hyundai Merchant start sending our orders for giant container ships SEOUL -- South Korea's creditor-controlled shipping company, Hyundai Merchant Marine, started sending out orders for 20 giant container ships Tuesday as part of a government scheme to rehabilitate domestic shipbuilders which have been put under painful restructuring to reduce their debt. The shipper said its request for proposal for very large container ships would be sent to three top shipyards -- Hyundai Heavy Industries, Daewoo Shipbuilding & April 10, 2018
  • Creditors decided to place STX shipyard under court receivership
    Creditors decided to place STX shipyard under court receivership ​SEOUL -- South Korea's debt-stricken shipyard, STX Offshore & Shipbuilding, will be put under court receivership, its key creditor said Tuesday, blasting union leaders for dragging their feet in presenting a "viable" agreement on layoffs. After a midnight deadline, union leaders and company officials reached a tentative deal on cutting labor costs through unpaid leave and reductions in wages and bonuses in return for scaling back layoffs. Korea Develop April 10, 2018
  • Samsung spends more money on rehabilitation of troubled shipyard
    Samsung spends more money on rehabilitation of troubled shipyard SEOUL -- Samsung Electronics disclosed a costly plan Friday to acquire new shares worth 191 million US dollars to be issued by the debt-stricken shipbuilding arm of South Korea's largest conglomerate. Samsung said in a regulatory filing that it would spend some 204 billion won ($191 million) on the purchase of new shares from Samsung Heavy Industries, which has been under a rehabilitation program. In an effort to clear off its debt, the shipbuilder April 6, 2018
  • Qatar company demands defect repair compensation from Hyundai shipyard
    Qatar company demands defect repair compensation from Hyundai shipyard SEOUL -- A Qatar oil and gas company has brought South Korea's Hyundai Heavy Industries to an international panel for arbitration over its demand for defect repairing and compensation worth more than 2.6 billion US dollars, the shipyard said Monday. Under an $860 million contract, Hyundai Heavy Industries, the world's largest shipbuilder, built offshore wellhead facilities and pipelines in 2015 for Barzan Gas involved in a $10.4 billion gas proj March 26, 2018
  • Sungdong shipyard files for court receivership due to debt
    Sungdong shipyard files for court receivership due to debt SEOUL -- Sungdong Shipbuilding and Marine Engineering filed for court receivership Thursday after creditors concluded the midsized shipyard has no chance of coming back due to snowballing debts. The shipyard in the southern port of Tongyeong has been under a creditor-led rehabilitation program as part of South Korea's industry-wide restructuring. Creditors have refused to extend fresh loans to the shipyard. Korea Eximbank chief Eun Sung-soo said earlier that court receive March 22, 2018
  • Daewoo shipyard unswayed by defeat in court battle with European contractor
    Daewoo shipyard unswayed by defeat in court battle with European contractor SEOUL -- Daewoo Shipbuilding & Marine Engineering, a debt-stricken South Korean shipyard controlled by creditors, feels unswayed by a defeat in a legal battle to recoup losses from a troubled deal with Songa Offshore, a European offshore drilling contractor, officials said. In 2011, Daewoo Shipbuilding received an order from Songa Offshore to build rigs, but due to delays in construction and changes in design, the shipyard saw an unexpected increase in March 22, 2018
  • Hyundai shipyard raises $1.12 bln through rights issue
    Hyundai shipyard raises $1.12 bln through rights issue SEOUL -- South Korea's top shipbuilder, Hyundai Heavy Industries, said Monday it has successfully raised about 1.12 billion US dollars by issuing new stocks, reflecting a favorable business climate this year. Hyundai Heavy said its recapitalization worth 1.23 trillion won ($1.12 billion) was done last week. The capital increase reduced Hyundai Heavy's debt ratio from 89.9 percent at the end of last year to 78 percent. The new shares would be lis March 12, 2018
  • Creditors decide to put Sungdong Shipbuilding under court receivership
    Creditors decide to put Sungdong Shipbuilding under court receivership SEOUL -- Sungdong Shipbuilding and Marine Engineering, a midsized shipyard, will be put under court receivership because it has no chance of coming back due to snowballing debts, a key creditor bank said Thursday. As part of South Korea's industry-wide restructuring, Sungdong Shipbuilding in the southern port of Tongyeong has been under a creditor-led rehabilitation program, but it is now expected to go bankrupt in the second quarter of this year. "We believe co March 8, 2018