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British investor interested in taking over STX, French unit: Yonhap A British investment fund has submitted a letter of intent to a local court to buy cash-strapped STX Shipbuilding Co. and its French unit up for sale, industry sources said Tuesday. The investment fund has offered to buy STX Shipbuilding and a 66.7 percent stake in its French unit, a deal valued at 1 trillion won (852 million US dollars) in total, while French shipyard DCNS and two other foreign shipyards submitted initial bids for STX Shipbuilding only, which could fetch November 15, 2016
Shipbuilding order backlog hits 13-year low: Yonhap The order backlog held by South Korean shipyards fell to the lowest level in over 13 years in October amid a protracted slump in the global shipbuilding sector, industry data showed Wednesday. According to the data compiled by global research firm Clarkson Research Services, the shipbuilding order backlog held by Hyundai Heavy Industries Co. and its other local rivals stood at 21.53 million compensated gross tons (CGTs) as of end-October, the lowest since August November 9, 2016
World's first icebreaking LNG carrier to leave for test voyage: Yonhap The world's first icebreaking LNG carrier is set to leave a dock in South Korea this week for a test voyage in the Arctic Sea, after about 30 months of construction, the ship's manufacturer said Monday. Daewoo Shipbuilding & Marine Engineering Co. won the order to build the ship from Russia's state-run shipper Sovcomflot in March 2014. Since then, Daewoo Shipbuliding has won orders to build 14 more icebreaking LNG carriers under the so-called Yam November 7, 2016
Creditors consider debt-for-equity swap for Daewoo shipyard: Yonhap Creditors of Daewoo Shipbuilding & Marine Engineering Co. are set to announce a debt-for-equity swap and other measures, worth three trillion won (2.62 billion US dollars), for the embattled shipbuilder next week, to help one of the country's big three shipyards avoid a possible delisting from the local stock market, industry sources said Tuesday. The country's two policy lenders -- the Korea Development Bank (KDB) and the Export-Import Bank of K November 1, 2016
[UPDATES] S. Korea pledges $9.6 bln public orders for shipbuilding In a bid to salvage its embattled shipbuilding industry, South Korea presented the idea of placing special public orders for more than 250 ships worth 9.6 billion US dollars Monday in return for the closure of seven docks at three major shipyards and a 32 cut in their combined workforce. The program, outlined at a meeting of economic officials led by Finance Minister Yoo Il-ho, was aimed at regaining the competitiveness of South Korea's shipbuilding October 31, 2016
S. Korea pledges special $9.6 bln public orders for shipbuilding In a bid to salvage its embattled shipbuilding industry, South Korea presented the idea of placing special public orders for more than 250 ships worth 9.6 billion US dollars Monday in return for the closure of seven docks at three major shipyards and a 32 cut in their combined workforce. The program, outlined at a meeting of economic officials led by Finance Minister Yoo Il-ho, was aimed at regaining the competitiveness of South Korea's shipbuilding industry throu October 31, 2016
Hyundai Heavy secures 325 mln order to build two frigates for Philippines Hyundai Heavy Industries, the world's largest shipyard, said Monday it has secured a 325 million US dollar order to build two frigates for the Philippines. The 2,600-ton ships would be built by 2020. The Philippine Department of National Defense first launched the two-ship frigate acquisition program in October 2013 to meet the navy's long-range maritime surveillance, patrol, and interdiction capabilities, Jane's said. Hyundai Heavy pitche October 24, 2016
Court's announcement to sell STX shipyard may come this week: Yonhap A South Korean court may announce a sale plan for the embattled STX Offshore & Shipbuilding Co. without waiting for the company's rehabilitation plan, an industry source said. The South Korean bankruptcy court handling the company's insolvency proceedings is expected to issue the notice this week for what is called a "package sale" in which the troubled shipyard is to be sold together with its French unit, according to the source. It is said that th October 18, 2016
Daewoo shipyard discloses plan to speed up redundancies South Korea's embattled Daewoo Shipbuilding & Marine Engineering Co. disclosed a painful scheme Wednesday to reduce its entire workforce by up to 30 percent before the end of this year through early retirement. The ailing shipyard gave up its original plan for a gradual reduction in its manpower by 2020 and decided to speed up redundancies, citing an aggravated liquidity crisis caused by dwindling orders and a prolonged business slump. Daewoo Shipbuilding said th October 12, 2016
Court mulls 'package sale' of STX units: Yonhap A South Korean court may push for the "package sale" of STX Offshore & Shipbuilding, once the nation's number four shipbuilder, and its two affiliates, an informed source said Monday. STX filed for court receivership in May, succumbing to mounting debts attributable to mismanagement and an industry-wide slump. The Seoul Central District Court is waiting for the stakeholders of STX to decide on a revival plan, leaving the possibility of the simultaneous October 4, 2016