GS to retreat from DSME bidding
Hours after submitting its regular bid to acquire Daewoo Shipbuilding & Marine Engineering (DSME) in cooperation with POSCO, GS Group has pulled out late afternoon on October 13. It is said “the differences” in DSME acquisition prices and the ...
Hosco raising funds for VLCCs
Overseas report says, Hosco Group, China’s shipping company, recently raised its capital of USD160 million for the construction of two VLCCs from several banking facilities by having syndicated loan. It can cover the 60% of the construction pric...
New accounting for shipyards being prepared
South Korean financial authorities seem to be changing accounting standards for shipbuilding industry to prevent shipbuilders, facing crisis of entire capital encroachment due to appraisal loss caused by foreign exchange hedge, from getting out of st...
Foreign exchange hedge causing different results
South Korean shipbuilding enterprises’ officials in charge of foreign exchange are frowning at plummeting won to the level of 1400 against the US dollar. South Korean shipbuilding industry has earned more than $50bn of foreign currency this year...
POSCO and GS’ cooperation in DSME bidding
With the regular bidding for Daewoo Shipbuilding & Marine Engineering (DSME) four days ahead, two leading acquisition candidates POSCO and GS Group formed a consortium to bid for the world’s third-largest shipyard. It seems they joined hands wi...
Consortium for bidding of DSME confirmed
The consortium for bidding candidates for Daewoo Shipbuilding & Marine Engineering (DSME) and strategic and financial investors is confirmed, as the regular bidding date approaches. Bidding candidates should submit the final proposal for the conso...
DSME Merger will be named soon
The regular bidding for Daewoo Shipbuilding & Marine Engineering (DSME) will take place on Oct 13 as scheduled and priority negotiator is expected to be named on 25 at the earliest. According to industry sources, DSME acquisition candidate compani...
Special committee for shipbuilding business
Politics started to help with financial problem of the medium-sized shipyards in South Jeolla province, South Korea, which stopped some of their operation of factory due to their cash flow problem. A Democrat, Dong-Cheol Kim said, “A special com...
Bidding war for DSME going into mist
National Pension Service (NPS) declared they will not participate in the bidding competition for Daewoo Shipbuilding & Marine Engineering (DSME). On May 2, NPS was going to choose a consortium to attend by opening a committee meeting, however, it...
Vietnam approves loans for Vinashin
Vietnam News Agency reported that Mr Nguyen Sinh Hung deputy prime minister of Vietnam has allowed the Vietnam Shipbuilding Industry Group to access financial resources totaling more than USD 1.18 billion to realize its key projects. Of the funds,...
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