Finance
Arctic research ship aims to benefit from stimulus money
A planned multi-million dollar federal fisheries research vessel to be used in Alaska waters looks likely to get a $55 million funding boost from President Barack Obama's stimulus package, which has now been approved by Congress. Martha Stewart, d...
2009-03-16 11:59:44
Creditors end debt workout for C& Heavy
Creditors of C& Heavy Industries Co. said Friday they have terminated a three-month debt workout program for the beleaguered small shipbuilder and will make a final decision next week. The creditors, led by Woori Bank, declared their debt reschedulin...
2009-03-16 07:55:30
Croatia sets date for shipyard sale
Croatia has firmed up plans to sell off its shipyards and will open the bidding in November. Croatian deputy prime minister Damir Polancec has held talks with representatives of 3 Maj, Kraljevica, Brodotrogir and Brodosplit to agree the basic term...
2009-03-16 07:30:20
Korean shipbuilders hard hit by won's fall
The Korean won's plunge to the lowest level since the 1998 currency crisis is causing a greater-than-expected damage on the country's shipbuilders and financial institutions. Smaller shipyards have reported heavy losses from a financial product they ...
2009-03-16 07:27:22
Samsun Logix wins stay from UK creditors
London’s High Court has ordered a moratorium be imposed on Samsun Logix creditors in the UK, recognising the primacy of insolvency proceedings already underway in Korea. Mr Justice Morgan made an order in the Chancery Division of the High Court giv...
2009-03-16 07:19:52
Big 3 plan bond sales
Big3, Hyundai Heavy Industries, the world’s biggest shipyard, Samsung Heavy Industries, and Daewoo Shipbuilding & Marine Engineering, may borrow about 3 trillion won ($2 billion), tapping the debt market for the first time in seven years to repleni...
2009-03-13 11:25:58
Tsuji-China continues operation
Tsuji Heavy Industries (Jiangsu) Co. in Zhangjiagang, Jiangsu province, the local Chinese subsidiary of major deck equipment manufacturer Tsuji Heavy Industries which is currently undergoing corporate rehabilitation, continues to construct newbuildin...
2009-03-13 07:47:27
Samsun seeks bankruptcy protection in US
Samsun Logix has become the fourth shipping company to seek parallel bankruptcy protection in New York, after being granted similar protection by Seoul’s central district court. The move, above all, is a bid to stave off attempts to attach dollar-d...
2009-03-13 07:41:01
Guangzhou shipyard Q4 profit falls 49%
Guangzhou Shipyard International, the sole Hong Kong-listed shipbuilder, posted a 49 percent drop in fourth-quarter profit because of higher labor and inventory costs. Net income fell to 134 million yuan ($20 million) for the three months ended Dec. ...
2009-03-13 07:04:20
Daewoo to issue corporate bond
South Korea’s Daewoo Shipbuilding & Marine Engineering (DSME) is reportedly planning to issue corporate bonds, following Hanjin Heavy Industries & Construction (HHIC) and Samsung Heavy Industries (SHI). According to industry sources, DSME is doi...
2009-03-13 06:09:45
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