Finance
MoU signing between Hanwha and KDB delayed again
The MoU signing between Hanwha consortium and Korea Development Bank (KDB) for the sale (acquisition) of Daewoo Shipbuilding & Marine Engineering (DSME) is facing rough going. The differences in their opinions are not narrowing. According to sources,...
2008-11-12 11:45:39
Hanwha signs MoU for Daewoo acquisition
The price for Daewoo Shipbuilding & Marine Engineering (DSME) acquisition by Hanwha Group is expected to fall a little from the initial price offered in the bid. Also, the period of actual inspection of DSME is likely to be prolonged by one or two we...
2008-11-11 14:14:08
STX offloads part of STX Europe
Korean shipbuilding company STX, formerly Aker Yards, has said it would be interested in selling some of its shipbuilding holdings to the state of Finland, writes Esmerk Finnish News. According to the chairman of the board of STX Europe, Su-Jou Kim, ...
2008-11-11 11:02:48
C& Group procures cash
C& Group, facing liquidity crisis now, has succeeded in selling containers owned by its subsidiary C& Container Leasing, starting to secure cash. An official at C& Group said a total of 42,000 TEUs of containers, belonging to C& Container Leasing, we...
2008-11-10 15:24:00
France to take 33.34 stake in STX Europe's French shipy...
STX Europe (the former Aker Yards) and the French Republic have agreed that the French state will become a 33.34 percent shareholder in STX France and its shipyards in Saint-Nazaire and Lorient. STX Europe says the combined ownership "will expand the...
2008-11-07 11:00:34
Export credit set for bigger role in ship finance
EXPORT credit agencies are set to take an increasing role in ship finance as the availability of bank lending becomes tighter, according to a senior bank executive. HSBC head of global shipping Mark Long pointed to the example of the Export-Impor...
2008-11-07 10:31:53
Commission agrees on terms for recovery of aid to Polish
The European Commission has concluded, following four years of investigation, that state aid granted to Gdynia shipyard and Szczecin shipyard gives rise to disproportionate distortions of competition within the Single Market, in breach of EC Treaty s...
2008-11-07 09:36:48
CIMC buys Yantai Raffles stakes
Sharp Vision, a subsidiary of China International Marine Containers, has completed the acquisition of a 10% stake in Singapore-based Yantai Raffles Shipyard Limited (YSRL) - 20% less than the 81.8m ordinary shares originally agreed upon. “Although ...
2008-11-06 11:48:50
STX Europe sees much less deficit
Europe’s largest shipbuilding group STX Europe (ex-Aker Yards) revealed on October 29 that its pre-tax profit hit a loss of NOK 72m ($10.72m) in the first nine month period (Jan-Sep) against minus NOK 500m a year earlier. Although the company ha...
2008-11-03 15:35:19
Poland’s shipyards, the Kuwaiti prince and the internation...
Poland’s ministry of treasury ignored an offer from a member of Kuwait’s ruling family, Mubarak al Jaber al Sabah, to buy Polish shipyards via the mediation of an international weapon dealer. The Kuwaiti prince attempted to invest in the shipy...
2008-11-02 13:16:19
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