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Daewoo shipyard wins new order to build two very large crude carriers
SEOUL -- Daewoo Shipbuilding & Marine Engineering said Friday that it has secured an order worth 170 million US dollars from a European shipping company to build two very large crude carriers (VLCCs) for delivery in the first half of 2020. Daewoo Shipbuilding declined to disclose the name of the European company. The deal brought Daewoo Shipbuilding's accumulated orders so far this year to $1.2 billion for ten vessels, includ
March 2, 2018
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Hyundai Heavy wins $58 mln order to build LPG tanks in Nigeria
SEOUL, Feb. 22 (Aju News) -- South Korea's Hyundai Heavy Industries said Thursday it has received an order worth 58 million US dollars from a Nigerian refinery to build 15 bullet tanks for storing liquefied petroleum gas (LPG). Hyundai Heavy said it would start delivering the tanks to Nigeria's Dangote Oil Refining Co. in April 2019. The tanks will be placed in an integrated complex near Lagos. Dangote Oil is building an integrated refinery and petrochemical plan
February 22, 2018
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Hyundai Heavy teams up with MAN D&T to build LPG-fueled engine
SEOUL, Feb. 06 (Aju News) -- Hyundai Heavy Industries, the world's largest shipbuilder, has forged an alliance with MAN Diesel & Turbo, a top provider of large-bore diesel engines, to develop a dual-fuel engine powered by liquefied petroleum gas that has been seen as an attractive alternative to reduce pollution. Hyundai Heavy said Tuesday that it has signed a memorandum of understanding on business cooperation with Man Diesel & Turbo based
February 6, 2018
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Hyundai shipyard warns of dwindling order backlog in 2018
SEOUL, Jan. 03 (Aju News) -- Hyundai Heavy Industries, the world's largest shipyard, warned of a dwindling backlog of orders this year, saying its dockyard for offshore plants would be completely empty in a few months. "This year, we may face a grave situation that we have never experienced," Hyundai Heavy CEO Kang Hwan-goo said in his New Year statement on Wednesday. Helped by sweeping restructuring to ride out a protracted business slum
January 3, 2018
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S. Korea pushes for construction of world's largest LNG-powered vessel
In a bid to acquire related technology and take the upper hand in the global market, South Korea will push for a state-sponsored project to build the world's largest vessel powered by liquefied natural gas (LNG). The project to build a 180,000-ton LNG-propelled vessel for Posco, the country's top steel company, involves shipyards, government bodies, the state-run Korea Development Bank and a research institute, according to the Ministry of Oceans and Fisheries. "This p
September 25, 2017
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Hyundai shipyard and Saudi Aramco agree to build joint engine plant
Hyundai Heavy Industries, the world's largest shipbuilder, has agreed with Saudi national oil giant Aramco to invest 400 million US dollars in building a joint factory capable of producing some 200 engines a year by 2019. Under a memorandum of understanding, Hyundai Heavy said the facility would be built on a shipbuilding complex in Ras Al-Khair. The shipbuilder will provide technology and parts related to its trademark Himsen engine in return for
July 5, 2017
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STX shipbuilding graduates from court receivership
STX Offshore & Shipbuilding graduated from court management to resume normal operations, nearly 14 months after the troubled shipbuilder was put under receivership to liquidation. A bankruptcy court said it has terminated its receivership, citing the shipbuilder's improved financial status. STX, which used to be the country's fourth-largest shipbuilder, filed for court receivership on May 27 after creditors concluded that it has no chance of coming back despite a m
July 3, 2017
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Pension fund accepts controversial rescue package for ailing Daewoo shipyard
South Korea's ailing Daewoo shipyard will be able to keep alive with extra loans after the state pension fund agreed on a debt-for-equity swap despite concerns about worsening profitability and mismanagement. In a statement issued shortly after midnight Sunday, the National Pension Service (NPS) cited the "interests" of subscribers as a top priority in accepting a fresh rescue package for Daewoo Shipbuilding & Marine Engineeri
April 17, 2017
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State-controlled lenders propose $5.99 bln new bailout for Daewoo shipyard
South Korea's state-controlled banks proposed a fresh rescue package worth 5.99 billion US dollars Thursday to keep an ailing shipyard afloat despite criticism that they are wasting taxpayers' money. The 6.7 trillion won package mapped out by the Korea Development Bank (KDB) and Export-Import Bank of Korea included 2.9 trillion won in new loans to Daewoo Shipbuilding & Marine Engineering. Some 3.8 trillion won of debt will be rescheduled or swapped for new
March 23, 2017
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Taxpayers under pressure again to bear burden of bailing out Daewoo shipyard
South Korean taxpayers are required again to bear the burden of spending their money on keeping a troubled shipyard afloat under a fresh bailout led by state-controlled banks which have already injected a huge amount of liquidity at the expense of their red balance sheet. Financial officials believe there is no other option to rescue Daewoo Shipbuilding & Marine Engineering with fresh loans, citing an aggravated liquidity crisis caused by dwindling o
March 16, 2017
