Finance
Cash for Colombo Dockyard
Sri Lanka’s Colombo Dockyard has posted a profit rise of 32% for 2008. Net earnings were close to LKR 1.5bn ($13.12m), it said, while revenues jumped 26% to LKR 11.2bn. Chairman Shinichi Tatebe said the yard's revenue target for 2011 of LKR 10bn...
2009-03-10 08:07:13
Billions in aid to avert crisis
Governments around the world are preparing to bail out their beleaguered shipping and shipbuilding industries. The spectre of government aid for shipping and shipbuilding is on the rise, with billions of dollars lined up to fund newbuilding projec...
2009-03-10 07:22:51
Wadan Yards comes close to bankruptcy
Wadan Yards concedes it was in a serious position after exhausting more than EUR 100m ($127m) of its own funds to carry on building ships. In the current economic crisis, commercial banks will only come up with credits provided they are shielded b...
2009-03-10 07:20:04
Four show interest in C& Heavy
Four overseas funds are said to be interested in the acquisition of C& Heavy Industries, South Korean shipbuilder. A source close to C& Heavy creditors said on March 8th, “Four have showed interest so far. Lazard Asia Limited and Mirae Asset Sec...
2009-03-10 06:33:18
S Korean companies curse Kiko
Some companies claim they were 'pushed' by banks into joining a hedging scheme that has landed some of them in dire financial straits. A number of South Korean shipping companies and shipbuilders face losses amounting to millions of dollars after ...
2009-03-09 11:45:01
Hyundai Samho directors return salaries
Hyundai Samho Heavy Industries, one of South Korea’s major shipbuilders, on March 9th announced that all of its executives have decided to return 100% to 30% of their wages to company of their own accord from March salaries to help overcome the cri...
2009-03-09 11:25:16
Polish yard reprieve: new loans
Poland’s cash-strapped Stocznia Remontowa (SR) shipyard has sealed a deal with banks to avoid defaulting on currency option contracts. The talks with 10 lenders ended with new loans being agreed so that the yard can pay its obligations under the...
2009-03-09 07:52:33
Japanese banks' ship financing at standstill
Ship financing by Japanese banks is virtually at a standstill at the moment, with fresh deals limited to those with a handful of compatriot shipowners. Before the Lehman Brothers shock, they had been selective in making loans to owners for reason...
2009-03-09 07:39:29
Maersk’s Odense shipyard reports losses
Danish owner AP Moller-Maersk’s domestic Odense Steel Shipyard (OSS) group ran up losses of $218m in 2008, the company revealed on Thursday. This compares to a profit of $450m in 2007. On an operating level, Maersk said: “Although there was...
2009-03-06 07:34:49
Hanwha to sue KDB for deposit recovery
Hanwha Group, South Korea’s conglomerate, decided to bring a suit for recovering guarantee money of KRW 315bn (some $204m) which it had paid to Korea Development Bank (KDB) for the acquisition of Daewoo Shipbuilding & Marine Engineering (DSME). Acc...
2009-03-05 11:40:25
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