World top marine equipments from Busan [Equipment]
Seven products manufactured in Busan city of Korea were reportedly taking the most market share in the world. City of Busan said on Feb. 25th that 19 items were categorized as world best products and 12 items as the next world best products among...
2010-02-26 07:36:15
STX wins $3.2bn plant in Iraq [General]
Korean business group STX is propelling Iraq's postwar recovery business by participating in another USD 3.2 bn-worth plants construction project in Iraq. STX Heavy Industries announced on Feb. 25th (local time) that it has signed a memorandum of...
2010-02-26 07:31:09
Hyundai enters shipping? [Shipping]
A view that Hyundai Heavy Industries (HHI), the world's largest shipbuilder, will enter into shipping industry is reportedly considered as an overinterpretation due to insufficient fund for M&A. Choi Moon-sun analyst from Seoul-based Korea Investm...
2010-02-26 07:28:30
Posco may buy Daewoo duo [Finance]
A tremendous upheaval in the business world is expected after Posco submitted a letter of intent to takeover Daewoo International on Feb. 24th. The executives at Posco including chairman Jung Jun-yang have been publicly announced that Posco wants...
2010-02-26 07:25:15
China’s shipbreaking reaches climax [General]
According to statistics from China National Shiprecycling Association (CNSA), Chinese shipbreakers handled 694,000 tons (LDT) in 2008, which is the total of the previous three years. In 2009, the number was 3.2m tons (LDT) with value at CNY5bn ($735m...
2010-02-26 01:33:18
Chinese banks open to foreign owners [Finance]
With stimulus plan of shipbuilding industry coming out last year, Chinese banks are stepping into global ship financing market. On February 1st 2010, Denmark’s Torm contracted with China Eximbank to collect $170m for six-unit newbuildings durin...
2010-02-26 01:31:56
Shandong may empty after 2011 [Shipbuilding]
Shandong Province, an influential shipbuilding base in North China, faces severe challenge in the next two years. A pessimistic view is spreading that Shangdong may come across ‘0’ orderbook after 2011. An officer from local government said sh...
2010-02-26 01:31:04
HHI Gunsan names its first ships [Shipbuilding]
Korea’s Hyundai Heavy Industries held a naming ceremony on Thursday for the first vessels it built at its new facility Gunsan Shipyard. The christening ceremony was attended by 70 relevant officials including HHI vice-chairman Min Keh-sik and E....
2010-02-25 14:40:36
New orders hit 17-year low [Shipbuilding]
In 2009, Korean shipbuilders secured the smallest volume of new orders in 17 years. According to a report titled ‘Shipbuilding Industry Trends at the End of December 2009’ released by the Korea Shipbuilders’ Association (Koshipa), the countr...
2010-02-25 09:34:54
ADSB net hits highest [Finance]
Abu Dhabi Ship Building (ADSB) has posted net profit of AED 114.39m ($31.13m) for 2009, its best ever figure. Revenues were more than AED 1.16bn. No comparative results were given for 2008. Total assets stood at more than AED 2.2bn, up 29% ye...
2010-02-25 08:25:47
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