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Finance
Queue up to tap bond market
South Korean shipyards and other major firms with high credit ratings are rushing to sell debt as a deeper-than-expected economic slump dries up their cash holdings, market watchers said Wednesday. Hyundai Heavy Industries and two other South Korean ...
2009-03-18 13:35:55
SNC Shipbuilding falls apart
SNC Shipbuilding which has been building a shipyard in Gwang-yang City, South Jeolla Province, South Korea is said to have dishonored a bill. Busan Bank which traded with SNC revealed that the shipbuilding firm has failed to pay a KRW 390m (around...
2009-03-18 12:10:36
Romanian shipyard SNO to suffer losses
Romanian shipyard Santierul Naval Orsova (SNO) is expecting profit to drop 45% this year. The shipbuilder is forecasting net earnings of RON 8.4m ($2.53m) to 31 December, down from RON 15.4m last year. Revenue will drop to RON 119m, against RON...
2009-03-18 07:45:47
C& Heavy holding on
Troubled C& Heavy Industries is hunting for a buyer after creditors pulled the plug on a debt workout programme. But it is resisting calls to enter into administration for fear of causing order cancellations. Three parties, including one domest...
2009-03-18 07:02:39
Samsung to issue KRW 700bn bond
As orders dry up in the global downturn, the world’s second-largest shipyard Samsung Heavy Industries said it plans to raise KRW 700bn ($486m) by selling debt. It would be its first such move in seven years. In February 2002, Samsung had issued ...
2009-03-17 08:06:34
Norwegian yards face uncertain outlook
Norway’s shipyard sector is facing an uncertain future after one yard filed for bankruptcy, and another posted an operating loss of NKr560m ($82m). The privately-run Karmsund shipyard in western Norway filed for bankruptcy last week, stating tha...
2009-03-17 07:46:42
Lloyd Werft may buy back Fincantieri stake
German shiprepair and conversion player Lloyd Werft has held talks with three potential partners to acquire Fincantieri's 21.05% stake in the company. Managing director and shareholder Werner Luken said that all have agreed to consider investing i...
2009-03-17 06:48:28
C& Heavy sale falls apart
The sale of C& Heavy Industries, the South Korea’s ailing shipbuilder, in effect collapsed. A Malaysian fund had been said to have expressed interest in purchasing the shipbuilding firm but it did not make its initial deposit which was due on Ma...
2009-03-17 06:24:56
Kexim provides enough liquidity
The Export-Import Bank of Korea announced on March 16th that it will provide around KRW4trn ($2.8bn) loans to shipbuilders’ collaborating firms via larger shipbuilding firms. On the day, Korea Eximbank signed an agreement with nine larger shipbu...
2009-03-17 06:19:47
STX Europe posts weak financial results
STX Europe branded its 2008 results weak and unsatisfactory as its bottom line was sliced in half. Europe’s largest shipbuilder was saved by one-off sales gains as it pocketed NOK 40m ($5.85m) in 2008, down from NOK 92m 12 months ago. It said: ...
2009-03-16 13:07:54
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