The South Korean shipbuilding sector and related businesses have slashed workforces by about one-fifth in the first half compared to the end of last year, according to data from Korea Offshore & Shipbuilding Association cited by Yonhap.
South Korea’s Hyundai Heavy Industries (HHI) has reported a big jump in profit for the first half ended 30 June 2017, aided by a restructuring process involving the spinning off of the shipbuilder’s non-core business units.
Ailing South Korean shipbuilders going through a rough patch of debt restructuring are slowly getting back on their feet, as they recorded a rise in new orders in the first half of the year and are expecting more new contracts for the second half...
Maran Tankers Management (MTM), subsidiary of Greece’s Angelicoussis Shipping Group, has booked four VLCCs at South Korea’s Daewoo Shipbuilding & Marine Engineering (DSME).
The embattled big three South Korean shipyards struggling to stay afloat amid the shipbuilding downturn are starting to see positive signs as they clinched new orders worth a combined $9.37bn in the first five months of this year.
Daewoo Shipbuilding & Marine Engineering (DSME) has narrowly averted bankruptcy after bondholders and creditors agreed to a bailout scheme following a series of meetings positively concluded over the past two days.
The credit exposure for South Korean banks to the country’s big three shipbuilders has been trimmed by KRW5.36trn ($4.67bn) in 2016 compared to the previous year due to restructuring efforts by the yards, reports said.
