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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 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 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 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 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
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
[COLUMN] Hynix is good lesson for solution to GM factory shuttdown SEOUL, Feb. 26 (Aju News) -- When we look at the situation over GM Korea, two people who worked 16 years ago come to mind -- then Commerce, Industry and Energy minister Shin KooK-Hwan who bitterly opposed the sale of Hynix to a foreign buyer and the open-minded leadership of South Korea's late president Kim Dae-jung. Hynix was the biggest headache of the Kim administration which tried to sell the debt-stricken company to Micron Technology of the United States, but Shin' February 26, 2018
Majority of S. Koreans oppose unconditional bailout for GM SEOUL, Feb. 22 (Aju News) -- A majority of taxpayers opposed an unconditional bailout to keep afloat General Motors' troubled operations in South Korea, a poll showed Thursday as the American carmaker embarked on talks with government officials over the proposed shutdown of one plant. In a survey of 500 people, Realmeter, a Seoul-based pollster, found that 55.5 percent supported conditional financial help only if GM submits a reasonable pla February 22, 2018
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
GM announces shutdown of one plant in S. Korea SEOUL, Feb. 13 (Aju News) -- General Motors announced its decision Tuesday to close one of its four plants in South Korea by the end of May, triggering concerns in the regional community that the Detroit-based carmaker may pull out unless it gets financial help. GM has run four car assembly plants and one transmission factory since it acquired South Korea's troubled Daewoo Motor in 2002. It would close a plant for Cruze, a small sedan, and Orlando, a multi-purpose vehicle February 13, 2018