Finance
C& Heavy may enter debt workout program
Creditors of C& Heavy Industries Co., a South Korean shipbuilder, said Monday they are considering putting the cash-squeezed firm on a debt rescheduling program. Woori Bank, a main creditor lender, said it plans to convene a meeting of creditors s...
2008-11-24 15:19:59
Japanese turning selective in ship financing
Japanese banks have begun to deal with loan applications from shipowners with greater severity. So far, the situation in Japan is not as serious as in the United States and Europe, where ship finance by banks has been at a virtual standstill. However...
2008-11-24 06:59:02
Marine industry asking for the liquidity support
Korea Shipowners’ Association (KSA) asked for the support from government and banking sector for the roll-over of short-term current liabilities of KRW 3 trillion (about USD 2bn) at the Industry Hearing of shipbuilding market held by Ministry of Kn...
2008-11-24 06:58:43
Older bulkers close to scrap value
Some brokers specialising in ship valuations have suggested that mid-1980s-built bulkers are now coming close to their scrap values. However, a 22-year-old vessel is now said to have been sold for further trading for more than twice what it would ...
2008-11-24 06:37:20
STX mulls sale of stake in STX Europe
STX Group, a South Korean company, said Thursday it is considering selling parts of its stake in STX Europe ASA, formerly known as Aker Yards, to recoup some of its spending for the takeover. "We are looking at various options to recoup some of o...
2008-11-24 06:22:28
Croatia tenders for shipyards to Dec.
Croatia is likely to move the publishing of international tenders for the sale of its ailing shipyards to December, a government source said on Thursday. Initial plans were to release the tenders in November, but Zagreb's intensive dialogue with t...
2008-11-24 06:10:43
Falling ship prices create technical defaults
The problems in the dry-bulk shipping industry just got worse: With ship values plunging up to 70.0%, a significant number of dry-bulk companies appear to have breached their bond covenants. With the most recent sale of a Panamax ship clocking in ...
2008-11-24 06:04:05
Business target achievable?
Korean shipbuilding industry’s 2008 business target seems to be difficult to reach. As a result of analyzing the major shipbuilders’ figures up to the third quarter in 2008, the objects for the sales, operating profit and order-receipts do not...
2008-11-21 10:53:41
Who will be the beneficiary?
In South Korea, the Fast-Track, a banking facilities' financial support program for small- & medium-sized companies now applies to the shipbuilding industry following construction industry. Some minor shipyards facing temporary financial difficulties...
2008-11-21 07:04:35
Norway drew up a plan to support shipbuilding industry
November 5, 2008, a Norwegian local media report reported that Norway have not ruled out the possibility of providing the funds for the key sectors of the national economy. According to Norwegian Minister of Trade and Industry, Sylvia Brustad, Norweg...
2008-11-19 15:57:53
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