Liquidation looming for Sungdong
A recent calculation reported that Sungdong Shipbuilding & Marine is more valuable when it is liquidated. This is the first time a research claims that liquidation is economically more valid then the yard’s continued operation. Accord...
"RG shall be issued for STX," says KDB chairman
Korea's four National Assembly members announced on Monday an urge for political supports to small and medium shipbuilders in the country. Kim Seong-Chan, a lawmaker based in Jinhae district where STX Offshore & Shipbuilding is located...
WFW advises Teekay LNG on newbuildings
International law firm Watson Farley & Williams (“WFW”) announced on November 15 that it has advised Teekay LNG Partners L.P. (“Teekay LNG”) on the US$327m long-term financing signed in November 2017 to fund a floating storage unit (F...
Creditors laid out RG conditions for STX
It is understood that Korea Development Bank (KDB), the main creditor of STX Offshore & Shipbuilding laid out conditions for Refund Guarantee (RG), which include manpower restructuring and wage freeze. According to the industry, KDB demand...
DHIC considering selling Doosan Engine
Doosan Heavy Industries & Construction (DHIC) announced on November 16, "We are considering selling our stakes in Doosan Engine. However, nothing is fixed yet." The Korean conglomerate also commented on September 26 last year, "We do not p...
"Emergency call from STX for RG"
Changwon Chamber of Commerce & Industry announced on 13 that it urgently proposed Refund Guarantee (RG) issuance to the government and Korea Development Bank (KDB) for STX Offshore & Shipbuilding. The Chamber stated that “immediate p...
Vard in front of delisting
FINCANTIERI S.p.A. informs on November 13 that its subsidiary, Fincantieri Oil & Gas S.p.A. ("Fincantieri O&G"), and Vard Holdings Limited ("Vard") have jointly announced that (i) Fincantieri O&G has submitted to Vard a proposal to se...
HMD sells shares in brokerage arm
Hyundai Mipo Dockyard announced on November 9 that the Korean shipbuilder has sold all of its 342.43m shares in HI Investment & Securities, a stock brokerage affiliate of Hyundai Mipo, to DGB Financial Group at KRW 450bn (approximately $403m)...
K-sure to give financial support for LNG projects
In 'Korea Ship Finance Forum 2017', which was held on November 1 at Paradise hotel, Busan Metropolitan City, Korea, the Korea Trade Insurance Corporation (K-sure) announced that it will expand its financial supports for domestic LNG ship exports....
COSCOCS to raise boxship funds
China COSCO Shipping(COSCOCS) has recently announced that the Chinese shipping giant is to raise shipbuilding funds CNY 12.9bn (approximately $1.94bn). On the strength of profits of CNY 2.7bn posted for the first nine opening months of 2017, C...
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