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Finance
Hyundai records best Performance: Q1
Hyundai Heavy Industries’ business results for the first quarter are expected to continue the growth momentum. Jo In-gab, Seoul-based Goodmorning Shinhan Securities analyst said in a report released on April 8th, “Hyundai Heavy’s non-shipbu...
2009-04-08 15:44:38
Stimulus plan to aid shipbuilders
China’s shipbuilding industry may be about to get a bailout -- from its customers. The government may force state-owned shipping groups to buy more vessels as foreign carriers scrap orders, according to Steve Man, an HSBC Holdings Plc analyst in Ho...
2009-04-08 10:03:49
Shibuilders post contrasting in 2008
According to the accounts settlements of South Korean shipyards for the year ended in December 2008, three major Hyundai Heavy Industries (HHI), Daewoo Shipbuilding & Marine Engineering (DSME) and Samsung Heavy Industries posted increased revenues an...
2009-04-08 09:42:06
Ship finance becomes tougher
The ship finance market has slowed down considerably as banks turn inwards to reinforce their balance sheets. “The market is definitely slower,” said Didier Salomon, head of ship finance at French banking group BNP Paribas. Where credit was o...
2009-04-08 07:03:43
CMA CGM to cut $600m in cost
French container line CMA CGM is planning to cut operating costs by $600m in 2009 following a sharp slide in 2008 profits as market conditions collapsed in the final weeks of last year. But no permanent jobs will be lost, with CMA CGM chairman an...
2009-04-08 06:47:58
Majors issuing bonds in a row
Major South Korean shipyards have been issuing large amounts of corporate bonds one after another since the start of 2009. They had been reducing interest-bearing debts and virtually undertaking debt-free management in the past seven years, suppressi...
2009-04-08 06:29:42
Acquisition of Hyundai Corp.: Family battle
Competition for the acquisition of Hyundai Corporation is getting fierce between two powerful candidates, Hyundai Heavy Industries and BNG Steel, both of which belong to Hyundai Group. Creditors of Hyundai Corporation plan to conduct preliminary ...
2009-04-07 16:06:25
Foreign PEF eyes Sungdong
Sungdong Shipbuilding & Marine Engineering, a shipbuilding stalwart in South Korea received a letter of intent for investment from a foreign private equity fund (PEF) early this month, reported local newspaper. An official at the shipbuilder said,...
2009-04-07 15:18:10
Daewoo may face restructuring
Daewoo Shipbuilding & Marine Engineering and GM Daewoo Auto & Technology run the risk of being restructured by their creditors, as their debt ratios are too high. The Financial Supervisory Service (FSS) said Monday that Korean chaebol with debt-t...
2009-04-07 10:56:39
Major Chinese see a slight decline
Listed Chinese shipbuilders suffered a slight decrease in profit margins for 2008 compared to a year earlier primarily because of higher steel product prices. Among major Chinese yards that had announced, by March 1, their earnings results for th...
2009-04-07 07:36:15
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