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Greek owners on edge as C&Heavy Industries faces dire straits

Seoul: C&Heavy Industries, a medium sized shipbuilder located in Mopko, Korea, is in dire straits financially and may well have to close. Part of the rapidly expanding C&Group that owns among other things an intra-Asia boxline and a container manufacturing company C&Heavy Industries has struggled to cope with spiraling costs. Local newspapers suggest the yard is now empty and C & Heavy Industries vice president Lee Ki-hee stated, "We are currently unable to pay employees and vendors as funding sources in the financial market are being blocked. Several companies have already withdrawn out of the complex on August 15."
The stock listed yard focused predominantly on 81,000 dwt bulk carriers. With finance suddenly drained the yard failed in August with an effort to raise bonds.
Its first newbuilding is an 81-type bulker ordered by Greek owner Target Marine, with its construction having already started. It was initially scheduled to be completed toward the end of this year, but construction has been severely delayed. As of the end of June 2008, C&HI had 62 ships on backlog, amounting to $3.3 billion.  [11/9/08]


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