M&A bid for STX rejected
STX Heavy Industries announced on October 17 that a M&A tender for the company has been rejected, resulting from the failure of finding a preferred bidder. The Korean shipbuilder noted, "We plan to carry out the sale again." STX's reh...
CFS hand over control to creditors
Ching Fu Shipbuilding (CFS), the largest private shipbuilder in Taiwan recently lost its control to credit banks. According to foreign media, the creditors have taken over the control to prevent the bankruptcy of the yard and keep it running. ...
Korean BWTS supplier AQUASTAR to be sold
The sale of AQUASTAR Co., Ltd., a Korean ballast water treatment system (BWTS) supplier, is accelerated. Industry players estimate that the sale price will exceed KRW 20bn (approximately $17.71m) According to investment bank (IB) industrial ...
CMES receives ship demolition subsidy
China Merchants Energy Shipping (CMES) has recently received ship demolition subsidies of CNY 101m (approximately $15.24m) from the Chinese government. The company explained that it will spend the subsidies for recycling multiple ships, expect...
Nam Cheong called for 6 month moratorium
Nam Cheong Limited, Malaysia's largest OSV builder announced on September 9 that it filed an application with the High Court of the Republic of Singapore for six months of a moratorium. It also announced that it made an application in the ...
HMD disposed of HHI shares
Hyundai Mipo Dockyard (HMD) announced on October 11 that it decided to dispose of 1.8m shares in Hyundai Heavy Industries (HHI) at about KRW263.7bn (around $231.9m) to improve the financial structure and secure liquidity. It accounts for 1...
COSCO receives demolition subsidiary
COSCO SHIPPING Holdings of China COSCO Shipping (COSCOCS) Group announced on September 26 that it has received a total of around CNY510m (about $76m) of subsidy for the demolition of old vessels from the Chinese government. The company said th...
Japanese ODA for Indian recycling yards
The Indian government recently signed a loan agreement with the Japan International Cooperation Agency (JICA) to upgrade environment management of recycling yards in Alang and Sosiya, Gujarat State. The total cost of the project amounts to $11...
Huge deals shaking foreign exchange market
Seoul foreign exchange market is paying close attention to supply and demand of foreign currency as big shipbuilders are consecutively striking deals worth trillions of KRW. The value of the dollar may fall further in short-term if supplies ar...
ABB to acquire GE Industrial Solutions
ABB announced on September 25 the acquisition of GE Industrial Solutions, GE’s global electrification solutions business. GE Industrial Solutions has deep customer relationships in more than 100 countries and an established installed base with ...
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