SOE incorporated into CIMC Enric
Sinopacific Offshore & Engineering (SOE), a subsidiary of Sinopacific Shipbuilding Group (SSG) of China, turns out to have been officially incorporated into CIMC Enric Holdings as an indirect wholly-owned subsidiary. China Internatio...
DSME sells Samwoo Heavy
Daewoo Shipbuilding & Marine Engineering and its creditors will commence the sale process of Samwoo Heavy Industry, a subsidiary of Daewoo. Samwoo Heavy Industry has been a wholly-owned subsidiary of Daewoo and has been a block manufacturin...
BNK-KMGIC cooperate for ship finance
BNK Kyongnam Bank and Korea Maritime Guarantee Insurance Co. (KMGIC) will cooperate to provide financial support for shipbuilding and shipping industries, which are struggling in the long lasting recession. BNK Kyongnam Bank announced on...
Weak profitability in 2H is unavoidable for HMD
An industry expert expected weaker profitability and degrowth in revenue in 2H for Hyundai Mipo Dockyard (HMD). Yoo Jae-hoon, an analyst at NH Investment & Securities said “It would secure orders worth around $1.3bn in 2H, mainly P...
Seadrill likely to file bankruptcy in Sep
Seadrill, a John Fredriksen-led offshore drilling facility operator, is expected to file for Chapter 11 bankruptcy on or before September 12. According to industrial sources and foreign presses, the company has made such a decision, whil...
Hoegh LNG announces 4Q and 1H results
Höegh LNG Holdings Ltd. ("Höegh LNG") has recently reported its financial results for the quarter and half year ended 30 June 2017. Highlights · EBITDA of USD 37.7 million · Profit after tax of USD 8.5 million · Dividend of USD 0.125...
CSIC swaps debt for equity in two affiliates
China Shipbuilding Industry Corporation (CSIC) turns out to have carried out debt-to-equity swaps for its two non-listed subsidiaries. It is said that eight investors picked up stakes in the two companies for about CNY 22bn (approximately $3.3bn)...
HMD has KRW2trn liquidity up its sleeve
An analyst estimates liquidity of Hyundai Mipo Dockyard (HMD) to be KRW2trn (about $1.7bn), saying “it has the soundest financial structure in the global yards.” “In Q3 this year, HMD will record revenue of KRW832bn and operating p...
Korean government to support RG for small shipyards
The Korean government will support about 30 small-sized shipbuilders with special refund guarantee (RG) program worth KRW100bn until 2020, utilizing public financial institutes and national finance. Ministries concerned including Financi...
"Shipbuilding·shipping still on high bad loans"
In the second quarter of this year, the ratio of bad loans in Korean banks stood at 1.25%, the lowest since late 2012 (1.33%). It was attributable to the fact that the restructuring of shipbuilding and shipping industry has been completed, and ba...
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