BY Kyunghee Park (Bloomberg) -- Daewoo Shipbuilding & Marine Engineering Co. said 13 executives and advisers have offered to resign as the world’s second-largest shipbuilder restructures after posting its biggest quarterly loss. The resignations won’t impact the company’s seven-member board, the company said in an e-mailed statement. Daewoo Shipbuilding … [Read more...]
DSME Shares Plunge on Media Report Saying $1.75 Billion in Losses Not Booked
SEOUL, July 15 (Reuters) - South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd shares fell 12 percent on Wednesday after a newspaper reported the company had losses of about 2 trillion won ($1.75 billion) that had not been booked. Daewoo, the world's largest shipyard in terms of tonnage of ships on order as of May, had accumulated the losses from … [Read more...]
Fredricksen is “Printing Money” With Golar LNG as Day Rates Begin to Fall
Jan. 22 (Bloomberg) -- Rates to ship liquefied natural gas are dropping for the first time in four years amid a diminishing scarcity of the carriers transporting the fuel, a bullish sign for investors in the biggest owners of the vessels. Golar LNG Ltd., the tanker company founded by billionaire John Fredriksen, will report record profit this year and its shares will gain 22 … [Read more...]
Offshore Sector Continues to Sustain Shipyards as DSME Wins $1.96 Billion Platform Order
(Bloomberg) -- Daewoo Shipbuilding & Marine Engineering Co. won a 2.22 trillion won ($1.96 billion) order to build five fixed platforms as rising demand for energy products helps South Korean shipyards weather a slowdown in vessel orders. The units will be delivered to a customer in Africa by April 2016, the Seoul-based shipbuilder said in a filing today. It didn't … [Read more...]
DSME Exceeds 2011 Shipbuilding Target by $3.8 Billion, Expects Lower Figures in 2012
SEOUL (Dow Jones)--Daewoo Shipbuilding & Marine Engineering Co. (042660.SE) said on Monday it expects around $11 billion in new orders next year while earmarking about KRW500 billion ($437 million) for capital expenditure. Daewoo Shipbuilding has secured $14.8 billion in orders this year, exceeding its target of $11 billion, helped by strong demand for offshore equipment … [Read more...]
Daewoo Shipbuilding Cancels $514M Order, Keeps Deposit for 2 VLCCs and 2 Bulk Carriers
SEOUL—Daewoo Shipbuilding & Marine Engineering Co. said Friday it has canceled an order worth 589 billion won ($514 million) from a European client because the customer was unable to make its first scheduled payment. The cancellation is the first this year among South Korea's big shipbuilders. Daewoo declined to name the client but said the continuing financial … [Read more...]
Daewoo Shipbuilding Looks to Diversify, Considers Wind Turbine Expansion
SEOUL (Dow Jones)--Daewoo Shipbuilding & Marine Engineering Co. (042660.SE) said Monday it is considering acquiring German wind-turbine maker Bard Holding GmbH as it seeks a new growth engine amid sluggish demand in the shipbuilding industry. Daewoo Shipbuilding is interested in the German company, but has yet to conduct due diligence on it, an official at the South … [Read more...]