Finance
Liquidity position to improve in 2H
Liquidity position of shipbuilders in South Korea, which have worsened due to order drought since last October, is forecast to improve from the second half of this year as new orders are expected to be placed when oil field development projects get s...
2009-03-12 13:22:11
Nok Bong denies reports of liquidation threat
Nok Bong Shipbuilding of South Korea has rubbished reports that its leading bank, Shinhan, has proposed the yard go into liquidation. Capt HK Lee of Nok Bong says Shinhan Bank and Dongbu Insurance are currently working on how to help out the compa...
2009-03-12 08:27:41
Zhoushan yard gets financial aid
The biggest shipbuilding enterprise in Zhejiang province, Zhoushan Jinhaiwan Shipyard (JHW), signed a strategic cooperation agreement with the Hangzhou branch of Bohai Bank. The bank will now take part in JHW's daily operations, production and sa...
2009-03-12 07:43:45
Lindo starts 2009 with a deficit of $95m
Lindo shipyard (Odense Steel Shipyard), which recently has deleted two bulk carriers of the already small order book, entered 2009 with a deficit of DKK 562.3 million ($95m). A clear improvement compared to the DKK 827 million deficit last year - ...
2009-03-11 16:17:23
HCI ups shipowners’ stake in NB investments
Hamburg-based KG ship financier HCI Capital is seeking a higher contribution from shipowners to finance newbuildings which cannot be placed with private investors. If a ship cannot be cancelled, delayed or successfully placed among investors, own...
2009-03-11 07:36:25
BNP Paribas downgrades Hanjin
Analysts at investment bank BNP Paribas in Seoul have downgraded South Korean shipbuilder Hanjin Heavy Industries and Construction (HHIC) due to its relatively short order backlog and a perceived unfavourable product mix. “Among the Korean shipbuil...
2009-03-11 07:20:09
Bank threatens to liquidate Nok Bong shipyard
South Korea’s Nok Bong Shipbuilding has been threatened with liquidation by the bank managing its financial affairs. According to local news reports, Shinhan Bank has offered to liquidate the company to a Greek shipowner that successfully filed...
2009-03-11 07:15:50
STX Shipbuilding sees profits plunge
South Korea’s STX Shipbuilding, the country’s fifth largest shipbuilder and owner of Europe’s Aker yards, announced disappointing 2008 financial results on March 10th. Net profit fell 80% last year to Won32.3bn ($21m) from Won160.8bn in 2007...
2009-03-11 07:11:06
New worry in shipbuilders slump
Signs that customers of South Korea's shipbuilders will delay or cancel orders is providing an additional threat to the beleaguered won, already under fire from concerns over the country's foreign currency liabilities. For years, shipbuilders have...
2009-03-10 13:33:53
Auction dates for shipyards set
Poland's historic shipyards are now on sale. The first unlimited and open tenders for the sale of assets of the Szczecin and Gdynia shipyards have been scheduled for March 9 and 16, respectively. The property has been divided and valued, and auctions...
2009-03-10 13:20:47
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