- published: 24 Jan 2017
- views: 1853
-
remove the playlistDaewoo Shipbuilding & Marine Engineering
- remove the playlistDaewoo Shipbuilding & Marine Engineering
Daewoo Shipbuilding & Marine Engineering
Coordinates: 34°52′29″N 128°42′15″E / 34.874665°N 128.704147°E / 34.874665; 128.704147
Daewoo Shipbuilding & Marine Engineering Co., Ltd (DSME) (Korean: 대우조선해양) is the second largest shipbuilder in the world and one of the "Big Three" shipbuilders of South Korea.
On 21 February 2011, the A. P. Moller-Maersk Group (Maersk) ordered 10 large container ships from DSME, each with a capacity of 18,000 containers, surpassing the current record holder; the Mærsk E-class at 15,200 containers. The contract is worth $1.9bn. The first is to be delivered in 2014. In June 2011, Maersk ordered 10 more, for another $1.9bn. The new class is called the Triple E class.
On December 20, 2011 Daewoo Shipbuilding Marine Engineering won the largest single defense contract by a Korean firm; valued at $1.07 billion to build 3 Indonesian submarines. It also would mark the first exports of submarines from South Korea.
On 22 February 2012, a £452 million order was placed with DSME for four 37,000 tonne double hulled 'MARS' fast fleet tankers by Britain's Ministry of Defence for the Royal Fleet Auxiliary. The ships will enter service in 2016.
This page contains text from Wikipedia, the Free Encyclopedia - https://wn.com/Daewoo_Shipbuilding_&_Marine_Engineering
Marine engineering
Marine engineering often refers to the engineering of boats, ships, oil rigs and any other marine vessel or structure, but also encompasses oceanographic engineering. Specifically, marine engineering is the discipline of applying engineering sciences, and can include mechanical engineering, electrical engineering, electronic engineering, and computer science, to the development, design, operation and maintenance of watercraft propulsion and also on-board systems and oceanographic technology, not limited to just power and propulsion plants, machinery, piping, automation and control systems etc. for marine vehicles of any kind like surface ships, submarines etc..
The purely mechanical ship operation aspect of marine engineering has some relationship with naval architects. However, whereas naval architects are concerned with the overall design of the ship and its propulsion through the water, marine engineers are focused towards the main propulsion plant, the powering and mechanization aspects of the ship functions such as steering, anchoring, cargo handling, heating, ventilation, air conditioning, electrical power generation and electrical power distribution, interior and exterior communication, and other related requirements. In some cases, the responsibilities of each industry collide and is not specific to either field. Propellers are examples of one of these types of responsibilities. For naval architects a propeller is a hydrodynamic device. For marine engineers a propeller acts similarly to a pump. Hull vibration, excited by the propeller, is another such area. Noise control and shock hardening must be the joint responsibility of both the naval architect and the marine engineer. In fact, most issues caused by machinery are responsibilities in general.
This page contains text from Wikipedia, the Free Encyclopedia - https://wn.com/Marine_engineering
Podcasts:
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Daewoo ship-building's self-rescue plan to intensify
대우조선 올해 구조조정 강도 높인다…"2조5천억 이행" The once mighty shipping and shipbuilding companies of Korea have fallen and have not been able to get back up for several years now. Daewoo Shipbuilding and Marine Engineering announced its self-rescue plan for 2017... it's significantly larger than last year's version. Our Kim Jung-soo outlines the blueprint for a rebound by one of Korea's biggest makers of cargo ships. Korea's Daewoo Shipbuilding and Marine Engineering has announced a self-rescue plan for 2017 worth 2-point-5 trillion won, or about 2-point-1 billion U.S. dollars -- far bigger than the 1-point-4 billion dollar plan it executed throughout last year. Its competitors have filed for court-receivership in the past or announced significant restructuring of their own to cope with sluggish...
published: 24 Jan 2017 -
DSME (Daewoo shipbuilding & marine engineering co
published: 12 Jul 2015 -
Hyundai Heavy Industries signs deal to take over Daewoo Shipbuilding and Marine Engineering
산은-현대중, 대우조선 민영화 오늘 본계약 체결 Hyundai Heavy Industries, one of the largest shipyards in the world, has formally inked an agreement to acquire local rival Daewoo Shipbuilding and Marine Engineering. The deal may be sealed, but the acquisition process isn't likely to be smooth-sailling. Oh Soo-young explains why. Hyundai Heavy Industries has sealed the deal to acquire local rival Daewoo Shipbuilding and Marine Engineering,... growing its stake in the global market to some 21 percent. Hyundai held a signing ceremony on Friday,... with Daewoo's largest shareholder Korea Development Bank. Under the deal,... Hyundai Heavy Industries is set to create a holding company to manage shipbuilding units including Daewoo Shipbuilding. KDB will transfer its current shares in Daewoo to the new company,... ...
published: 08 Mar 2019 -
Daewoo shipbuilding & marine engineering Introduction
KOREAN BATTLESHIP MANUFACTURER(DSME)
published: 18 Sep 2020 -
Decision expected soon on Daewoo Shipbuilding bailout
대우조선 '운명의 날'…국민연금 투자위서 최종입장 정리 Korea's National Pension Service is expected to decide soon whether to accept the latest rescue plan for Daewoo Shipbuilding and Marine Engineering. If the plan is accepted, it will be the second bailout for Korea's once mighty shipbuilder. Hwang Hojun is watching the developments for us. A decision is expected soon on whether the troubled Daewoo Shipbuilding and Marine Engineering will get another lifeline. At a board meeting Friday, the National Pension Service,... which holds 43 percent of Daewoo Shipbuilding bonds that are maturing next month,... worth an estimated 170 million U.S. dollars,... is expected to determine whether to accept a 5-point-8-billion U.S. dollar rescue plan proposed by the Korea Development Bank and the Export-Import Bank of Korea l...
published: 14 Apr 2017 -
Shipyard strike only grows as nearly 10,000 labor members pressure Daewoo Shipbuilding
대우조선 해양파업 50일째, 협상은 계속되지만 시위는 커지는 중 Daewoo Shipbuilding and Marine Engineering had to stop production at its main shipyard for several weeks as the site is occupied by subcontractors demanding better pay. The government the strike is illegal. And there are protests on the other side by employees whose livelihoods are on the line. Kim Do-yeon has the full story. The protest is only growing,... now almost 50 days since an initial 100 subcontractors first occupied the main shipyard of Daewoo Shipbuilding and Marine Engineering in Geoje, Gyeongsangnam-do Province. According to local reports,... nearly 10-thousand members and supporters of the Korean Metal Workers Union are protesting not only Daewoo Shipbuilding and its contractors, but also the government. Even in Seoul on Wednesday, thousan...
published: 20 Jul 2022 -
Decision expected soon on Daewoo Shipbuilding bailout
대우조선 '운명의 날'…국민연금 투자위서 최종입장 정리 Korea's National Pension Service is expected to decide soon whether to accept the latest rescue plan for Daewoo Shipbuilding and Marine Engineering. If the plan is accepted, it will be the second bailout for Korea's once mighty shipbuilder. Hwang Hojun reports. A decision is expected soon on whether the troubled Daewoo Shipbuilding and Marine Engineering will get another lifeline. At a board meeting Friday, the National Pension Service,... which holds 43 percent of Daewoo Shipbuilding bonds that are maturing next month,... worth an estimated 170 million U.S. dollars,... is expected to determine whether to accept a 5-point-8-billion U.S. dollar rescue plan proposed by the Korea Development Bank and the Export-Import Bank of Korea late last month. Under the r...
published: 14 Apr 2017 -
Daewoo shipbuilding makes a comeback with new Greek contracts
There has been nothing but depressing news on Korea's once world-beating shipbuilding and shipping sectors as of late. But,... finally... an uplifting development for one of them. Daewoo Shipbuilding and Marine Engineering has won its first shipbuilding contract in five months. The deal,... signed with a unit of Greece's largest shipper,... is worth up to 590 million U.S. dollars. Under the agreement, Daewoo will build a liquefied natural gas-floating storage and re-gasification ship. Also included... is the option of two extra LNG tankers with the possibility of an additional order next year. Visit ‘Arirang News’ Official Pages Facebook(NEWS): http://www.facebook.com/newsarirang Homepage: http://www.arirang.com Facebook: http://www.facebook.com/arirangtv Twitter: http://twitter.com/ari...
published: 19 Dec 2016 -
Hanwha given initial approval for acquisition of Daewoo Shipbuilding & Marine Engineering
산업경쟁력강화 관계장관회의 개최 대우조선해양, 한화그룹 인수 본계약 체결 The South Korean conglomerate Hanwha Group have been given preliminary approval to take over the world's third-largest shipbuilder, Daewoo Shipbuilding and Marine Engineering, which has been owned for years by its largest creditor, the state-run Korea Development Bank. It was approved Friday in a meeting held by Finance Minister Choo Kyung-ho with the chief of the Financial Services Commission, and the Vice Minister of Trade, Industry and Energy. Hanwha Group and DSME had agreed to the deal back in September for a price of 2 trillion won --or about 1-point-4 billion dollars --for a share of 49-point-3 percent. KDB will be left with 28-point-2 percent. The deal will still need the approval of anti-trust regulators at home and abroad and Hanwha's def...
published: 16 Dec 2022
2:33
Daewoo ship-building's self-rescue plan to intensify
- Order: Reorder
- Duration: 2:33
- Uploaded Date: 24 Jan 2017
- views: 1853
대우조선 올해 구조조정 강도 높인다…"2조5천억 이행"
The once mighty shipping and shipbuilding companies of Korea have fallen and have not been able to get back up for several yea...
대우조선 올해 구조조정 강도 높인다…"2조5천억 이행"
The once mighty shipping and shipbuilding companies of Korea have fallen and have not been able to get back up for several years now.
Daewoo Shipbuilding and Marine Engineering announced its self-rescue plan for 2017... it's significantly larger than last year's version.
Our Kim Jung-soo outlines the blueprint for a rebound by one of Korea's biggest makers of cargo ships.
Korea's Daewoo Shipbuilding and Marine Engineering has announced a self-rescue plan for 2017 worth 2-point-5 trillion won, or about 2-point-1 billion U.S. dollars -- far bigger than the 1-point-4 billion dollar plan it executed throughout last year.
Its competitors have filed for court-receivership in the past or announced significant restructuring of their own to cope with sluggish demand.
Daewoo's longer-term plan, announced last year, calls for salvaging a combined 6 trillion won, or 5.1 billion dollars, by 2019. That means if it follows through with this year's self-rescue measures, it will have accomplished around 70 percent of its original goal.
By the end of 2017, it's set to reduce its overall workforce by nearly 3-thousand people, from the 11-thousand-200 recorded last December to around 8-thousand-500.
The plan also involves selling more than 430 million dollars worth of assets, including employee housing facilities and possibly even the floating docks it uses to build its ships.
While layoffs seem almost inevitable, experts caution that the Korean government must do all it can to ensure that the labor force in the ship-building sector receives appropriate attention as the global economy enters a new stage of uncertainty.
"Korea's shipbuilding industry went into decline with the financial crisis of 2008. Oil prices have since recovered but it's looking shaky once again because President Trump has promised to expand America's fossil fuel industry. Korea's shipbuilding sector must make sure that its high-level technicians can find work in smaller, mid-sized companies even if they get laid off from one of the major shipbuilders. Otherwise, they might simply go abroad. "
Meanwhile, Daewoo also announced on Monday that it is aiming to secure new orders this year worth 5-and-a-half billion dollars.
Daewoo officials explained that this year's objectives are more ambitious... because last year's self-rescue plan helped it secured more liquidity and financial security, resulting in a boost in confidence.
Kim Jung-soo Arirang News.
Visit ‘Arirang News’ Official Pages
Facebook(NEWS): http://www.facebook.com/newsarirang
Homepage: http://www.arirang.com
Facebook: http://www.facebook.com/arirangtv
Twitter: http://twitter.com/arirangworld
Instagram: http://instagram.com/arirangworld
https://wn.com/Daewoo_Ship_Building's_Self_Rescue_Plan_To_Intensify
대우조선 올해 구조조정 강도 높인다…"2조5천억 이행"
The once mighty shipping and shipbuilding companies of Korea have fallen and have not been able to get back up for several years now.
Daewoo Shipbuilding and Marine Engineering announced its self-rescue plan for 2017... it's significantly larger than last year's version.
Our Kim Jung-soo outlines the blueprint for a rebound by one of Korea's biggest makers of cargo ships.
Korea's Daewoo Shipbuilding and Marine Engineering has announced a self-rescue plan for 2017 worth 2-point-5 trillion won, or about 2-point-1 billion U.S. dollars -- far bigger than the 1-point-4 billion dollar plan it executed throughout last year.
Its competitors have filed for court-receivership in the past or announced significant restructuring of their own to cope with sluggish demand.
Daewoo's longer-term plan, announced last year, calls for salvaging a combined 6 trillion won, or 5.1 billion dollars, by 2019. That means if it follows through with this year's self-rescue measures, it will have accomplished around 70 percent of its original goal.
By the end of 2017, it's set to reduce its overall workforce by nearly 3-thousand people, from the 11-thousand-200 recorded last December to around 8-thousand-500.
The plan also involves selling more than 430 million dollars worth of assets, including employee housing facilities and possibly even the floating docks it uses to build its ships.
While layoffs seem almost inevitable, experts caution that the Korean government must do all it can to ensure that the labor force in the ship-building sector receives appropriate attention as the global economy enters a new stage of uncertainty.
"Korea's shipbuilding industry went into decline with the financial crisis of 2008. Oil prices have since recovered but it's looking shaky once again because President Trump has promised to expand America's fossil fuel industry. Korea's shipbuilding sector must make sure that its high-level technicians can find work in smaller, mid-sized companies even if they get laid off from one of the major shipbuilders. Otherwise, they might simply go abroad. "
Meanwhile, Daewoo also announced on Monday that it is aiming to secure new orders this year worth 5-and-a-half billion dollars.
Daewoo officials explained that this year's objectives are more ambitious... because last year's self-rescue plan helped it secured more liquidity and financial security, resulting in a boost in confidence.
Kim Jung-soo Arirang News.
Visit ‘Arirang News’ Official Pages
Facebook(NEWS): http://www.facebook.com/newsarirang
Homepage: http://www.arirang.com
Facebook: http://www.facebook.com/arirangtv
Twitter: http://twitter.com/arirangworld
Instagram: http://instagram.com/arirangworld
1:39
DSME (Daewoo shipbuilding & marine engineering co
- Order: Reorder
- Duration: 1:39
- Uploaded Date: 12 Jul 2015
- views: 7185
- published: 12 Jul 2015
- views: 7185
2:06
Hyundai Heavy Industries signs deal to take over Daewoo Shipbuilding and Marine Engineering
- Order: Reorder
- Duration: 2:06
- Uploaded Date: 08 Mar 2019
- views: 3459
산은-현대중, 대우조선 민영화 오늘 본계약 체결
Hyundai Heavy Industries, one of the largest shipyards in the world, has formally inked an agreement to acquire local rival Daewoo S...
산은-현대중, 대우조선 민영화 오늘 본계약 체결
Hyundai Heavy Industries, one of the largest shipyards in the world, has formally inked an agreement to acquire local rival Daewoo Shipbuilding and Marine Engineering.
The deal may be sealed, but the acquisition process isn't likely to be smooth-sailling.
Oh Soo-young explains why.
Hyundai Heavy Industries has sealed the deal to acquire local rival Daewoo Shipbuilding and Marine Engineering,... growing its stake in the global market to some 21 percent.
Hyundai held a signing ceremony on Friday,... with Daewoo's largest shareholder Korea Development Bank.
Under the deal,... Hyundai Heavy Industries is set to create a holding company to manage shipbuilding units including Daewoo Shipbuilding.
KDB will transfer its current shares in Daewoo to the new company,... becoming the second largest shareholder with an 18 percent stake, following Hyundai Heavy Industries' 26 percent stake.
The takeover comes as shipbuilding companies are still reeling from a global downturn in the industry,... leading to financial troubles and wide-scale layoffs.
Daewoo has been struggling financially for over two decades,... with its parent Daewoo Group having gone bankrupt after the 1997 financial crisis.
The ailing company has received around 8-point-8 billion dollars of bailout loans and public funds since 2015.
The acquisition aims to stabilise the country's shipbuilding sector,... by easing competition and excess capacity,... while helping grow competitiveness amid increased competition from other Asian countries.
It would also create two dominant shipbuilders in Korea -- Hyundai Heavy Industries and Samsung Heavy Industries.
However, some challenges still remain.
Due to the sheer size of the market share that the envisioned entity would hold,... fair trade authorities in Korea as well as trading partner countries would have to determine whether the acquisition meets anti-trust regulations.
Also, unionised workers of both companies have fiercely opposed the takeover,... expressing fears of massive layoffs.
Hyundai Heavy Industries and Korea Development Bank released a joint statement on Friday,... saying they plan to retain Daewoo's independent management structure,... while assuring workers that their jobs are secure.
They added subcontractors and affiliated firms will also be retained.
Oh Soo-young, Arirang News.
Arirang News Facebook: http://www.facebook.com/arirangtvnews
https://wn.com/Hyundai_Heavy_Industries_Signs_Deal_To_Take_Over_Daewoo_Shipbuilding_And_Marine_Engineering
산은-현대중, 대우조선 민영화 오늘 본계약 체결
Hyundai Heavy Industries, one of the largest shipyards in the world, has formally inked an agreement to acquire local rival Daewoo Shipbuilding and Marine Engineering.
The deal may be sealed, but the acquisition process isn't likely to be smooth-sailling.
Oh Soo-young explains why.
Hyundai Heavy Industries has sealed the deal to acquire local rival Daewoo Shipbuilding and Marine Engineering,... growing its stake in the global market to some 21 percent.
Hyundai held a signing ceremony on Friday,... with Daewoo's largest shareholder Korea Development Bank.
Under the deal,... Hyundai Heavy Industries is set to create a holding company to manage shipbuilding units including Daewoo Shipbuilding.
KDB will transfer its current shares in Daewoo to the new company,... becoming the second largest shareholder with an 18 percent stake, following Hyundai Heavy Industries' 26 percent stake.
The takeover comes as shipbuilding companies are still reeling from a global downturn in the industry,... leading to financial troubles and wide-scale layoffs.
Daewoo has been struggling financially for over two decades,... with its parent Daewoo Group having gone bankrupt after the 1997 financial crisis.
The ailing company has received around 8-point-8 billion dollars of bailout loans and public funds since 2015.
The acquisition aims to stabilise the country's shipbuilding sector,... by easing competition and excess capacity,... while helping grow competitiveness amid increased competition from other Asian countries.
It would also create two dominant shipbuilders in Korea -- Hyundai Heavy Industries and Samsung Heavy Industries.
However, some challenges still remain.
Due to the sheer size of the market share that the envisioned entity would hold,... fair trade authorities in Korea as well as trading partner countries would have to determine whether the acquisition meets anti-trust regulations.
Also, unionised workers of both companies have fiercely opposed the takeover,... expressing fears of massive layoffs.
Hyundai Heavy Industries and Korea Development Bank released a joint statement on Friday,... saying they plan to retain Daewoo's independent management structure,... while assuring workers that their jobs are secure.
They added subcontractors and affiliated firms will also be retained.
Oh Soo-young, Arirang News.
Arirang News Facebook: http://www.facebook.com/arirangtvnews
- published: 08 Mar 2019
- views: 3459
2:26
Daewoo shipbuilding & marine engineering Introduction
- Order: Reorder
- Duration: 2:26
- Uploaded Date: 18 Sep 2020
- views: 1051
KOREAN BATTLESHIP MANUFACTURER(DSME)
KOREAN BATTLESHIP MANUFACTURER(DSME)
https://wn.com/Daewoo_Shipbuilding_Marine_Engineering_Introduction
KOREAN BATTLESHIP MANUFACTURER(DSME)
- published: 18 Sep 2020
- views: 1051
2:03
Decision expected soon on Daewoo Shipbuilding bailout
- Order: Reorder
- Duration: 2:03
- Uploaded Date: 14 Apr 2017
- views: 155
대우조선 '운명의 날'…국민연금 투자위서 최종입장 정리
Korea's National Pension Service is expected to decide soon whether to accept the latest rescue plan for Daewoo Shipbuilding and ...
대우조선 '운명의 날'…국민연금 투자위서 최종입장 정리
Korea's National Pension Service is expected to decide soon whether to accept the latest rescue plan for Daewoo Shipbuilding and Marine Engineering.
If the plan is accepted, it will be the second bailout for Korea's once mighty shipbuilder.
Hwang Hojun is watching the developments for us.
A decision is expected soon on whether the troubled Daewoo Shipbuilding and Marine Engineering will get another lifeline.
At a board meeting Friday, the National Pension Service,... which holds 43 percent of Daewoo Shipbuilding bonds that are maturing next month,... worth an estimated 170 million U.S. dollars,... is expected to determine whether to accept a 5-point-8-billion U.S. dollar rescue plan proposed by the Korea Development Bank and the Export-Import Bank of Korea late last month.
Under the rescue package, Daewoo Shipbuilding would receive new loans worth 2-point-5 billion dollars if lenders and bondholders agreed to swap 2-point-5 billion dollars of debt for new shares in the shipbuilder.
All stakeholders must agree to the debt-for-equity swap, and bondholders must also give a three-year grace period for repayment of the remaining debt.
If the plan is approved, it will be the second bailout for Daewoo,... currently the world's second-largest shipbuilder by revenue.
The shipbuilder has been suffering from severe liquidity problems after a drop in global demand for vessels and other industry-wide difficulties.
Creditors say it's inevitable that Daewoo will be put under a new form of court receivership, called a prepackaged plan, unless the bondholders agree to the debt-for-equity swap plan.
If the shipbuilder is put under court receivership, observers expect the aftermath will be brutal, as it could result in 50,000 jobs lost and trigger massive cancellations of ships currently under construction.
Daewoo Shipbuilding's bondholders are expected to gather next week to discuss the debt-to-equity swap and rollover plan.
Hwang Hojun, Arirang News
Visit ‘Arirang News’ Official Pages
Facebook(NEWS): http://www.facebook.com/newsarirang
Homepage: http://www.arirang.com
Facebook: http://www.facebook.com/arirangtv
Twitter: http://twitter.com/arirangworld
Instagram: http://instagram.com/arirangworld
https://wn.com/Decision_Expected_Soon_On_Daewoo_Shipbuilding_Bailout
대우조선 '운명의 날'…국민연금 투자위서 최종입장 정리
Korea's National Pension Service is expected to decide soon whether to accept the latest rescue plan for Daewoo Shipbuilding and Marine Engineering.
If the plan is accepted, it will be the second bailout for Korea's once mighty shipbuilder.
Hwang Hojun is watching the developments for us.
A decision is expected soon on whether the troubled Daewoo Shipbuilding and Marine Engineering will get another lifeline.
At a board meeting Friday, the National Pension Service,... which holds 43 percent of Daewoo Shipbuilding bonds that are maturing next month,... worth an estimated 170 million U.S. dollars,... is expected to determine whether to accept a 5-point-8-billion U.S. dollar rescue plan proposed by the Korea Development Bank and the Export-Import Bank of Korea late last month.
Under the rescue package, Daewoo Shipbuilding would receive new loans worth 2-point-5 billion dollars if lenders and bondholders agreed to swap 2-point-5 billion dollars of debt for new shares in the shipbuilder.
All stakeholders must agree to the debt-for-equity swap, and bondholders must also give a three-year grace period for repayment of the remaining debt.
If the plan is approved, it will be the second bailout for Daewoo,... currently the world's second-largest shipbuilder by revenue.
The shipbuilder has been suffering from severe liquidity problems after a drop in global demand for vessels and other industry-wide difficulties.
Creditors say it's inevitable that Daewoo will be put under a new form of court receivership, called a prepackaged plan, unless the bondholders agree to the debt-for-equity swap plan.
If the shipbuilder is put under court receivership, observers expect the aftermath will be brutal, as it could result in 50,000 jobs lost and trigger massive cancellations of ships currently under construction.
Daewoo Shipbuilding's bondholders are expected to gather next week to discuss the debt-to-equity swap and rollover plan.
Hwang Hojun, Arirang News
Visit ‘Arirang News’ Official Pages
Facebook(NEWS): http://www.facebook.com/newsarirang
Homepage: http://www.arirang.com
Facebook: http://www.facebook.com/arirangtv
Twitter: http://twitter.com/arirangworld
Instagram: http://instagram.com/arirangworld
- published: 14 Apr 2017
- views: 155
2:13
Shipyard strike only grows as nearly 10,000 labor members pressure Daewoo Shipbuilding
- Order: Reorder
- Duration: 2:13
- Uploaded Date: 20 Jul 2022
- views: 427
대우조선 해양파업 50일째, 협상은 계속되지만 시위는 커지는 중
Daewoo Shipbuilding and Marine Engineering had to stop production at its main shipyard for several weeks as the site is occ...
대우조선 해양파업 50일째, 협상은 계속되지만 시위는 커지는 중
Daewoo Shipbuilding and Marine Engineering had to stop production at its main shipyard for several weeks as the site is occupied by subcontractors demanding better pay.
The government the strike is illegal.
And there are protests on the other side by employees whose livelihoods are on the line.
Kim Do-yeon has the full story.
The protest is only growing,... now almost 50 days since an initial 100 subcontractors first occupied the main shipyard of Daewoo Shipbuilding and Marine Engineering in Geoje, Gyeongsangnam-do Province.
According to local reports,... nearly 10-thousand members and supporters of the Korean Metal Workers Union are protesting not only Daewoo Shipbuilding and its contractors, but also the government.
Even in Seoul on Wednesday, thousands marched near the Presidential Office in Yongsang-gu District.
At this point, local reports say negotiations between the two sides are making progress.
The company has insisted on a pay increase of no more than 4.5 percent,... while the Union has lowered its demand to a raise of 5 percent.
The strike began early last month with these four demands:
Return to the pay level of 5 years ago... when Daewoo Shipbuilding cut pay by 30 percent at a time when South Korea's shipbuilding industry was struggling.
Increase bonuses for contractors by 300 percent.
Recognize labor union activities as legitimate work, so the company fully compensates labor union officers.
Lastly, create a designated area for labor union headquarters.
In the meantime,... there have been growing voices against the Union as well,... especially from the employees of Daewoo Shipbuilding, whose livelihoods are now also at stake due to the stop in production.
Around 4-thousand employees protested Wednesday against the union at the main shipyard .
According to the company, the halt in production... has cost the company around 460 million U.S. dollars so far.
In an effort to resolve the situation, minister-level officials have gone to the site of the strike in the past few days... but to no avail.
The Minister of Employment and Labor, Lee Jung-sik,... is due to resume talks with the union Wednesday evening to try and find common ground.
Kim Do-yeon, Arirang News.
#Shipyard #strike #Daewoo_Shipbuilding
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2022-07-20, 22:00 (KST)
https://wn.com/Shipyard_Strike_Only_Grows_As_Nearly_10,000_Labor_Members_Pressure_Daewoo_Shipbuilding
대우조선 해양파업 50일째, 협상은 계속되지만 시위는 커지는 중
Daewoo Shipbuilding and Marine Engineering had to stop production at its main shipyard for several weeks as the site is occupied by subcontractors demanding better pay.
The government the strike is illegal.
And there are protests on the other side by employees whose livelihoods are on the line.
Kim Do-yeon has the full story.
The protest is only growing,... now almost 50 days since an initial 100 subcontractors first occupied the main shipyard of Daewoo Shipbuilding and Marine Engineering in Geoje, Gyeongsangnam-do Province.
According to local reports,... nearly 10-thousand members and supporters of the Korean Metal Workers Union are protesting not only Daewoo Shipbuilding and its contractors, but also the government.
Even in Seoul on Wednesday, thousands marched near the Presidential Office in Yongsang-gu District.
At this point, local reports say negotiations between the two sides are making progress.
The company has insisted on a pay increase of no more than 4.5 percent,... while the Union has lowered its demand to a raise of 5 percent.
The strike began early last month with these four demands:
Return to the pay level of 5 years ago... when Daewoo Shipbuilding cut pay by 30 percent at a time when South Korea's shipbuilding industry was struggling.
Increase bonuses for contractors by 300 percent.
Recognize labor union activities as legitimate work, so the company fully compensates labor union officers.
Lastly, create a designated area for labor union headquarters.
In the meantime,... there have been growing voices against the Union as well,... especially from the employees of Daewoo Shipbuilding, whose livelihoods are now also at stake due to the stop in production.
Around 4-thousand employees protested Wednesday against the union at the main shipyard .
According to the company, the halt in production... has cost the company around 460 million U.S. dollars so far.
In an effort to resolve the situation, minister-level officials have gone to the site of the strike in the past few days... but to no avail.
The Minister of Employment and Labor, Lee Jung-sik,... is due to resume talks with the union Wednesday evening to try and find common ground.
Kim Do-yeon, Arirang News.
#Shipyard #strike #Daewoo_Shipbuilding
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2022-07-20, 22:00 (KST)
- published: 20 Jul 2022
- views: 427
1:57
Decision expected soon on Daewoo Shipbuilding bailout
- Order: Reorder
- Duration: 1:57
- Uploaded Date: 14 Apr 2017
- views: 88
대우조선 '운명의 날'…국민연금 투자위서 최종입장 정리
Korea's National Pension Service is expected to decide soon whether to accept the latest rescue plan for Daewoo Shipbuilding and ...
대우조선 '운명의 날'…국민연금 투자위서 최종입장 정리
Korea's National Pension Service is expected to decide soon whether to accept the latest rescue plan for Daewoo Shipbuilding and Marine Engineering.
If the plan is accepted, it will be the second bailout for Korea's once mighty shipbuilder.
Hwang Hojun reports.
A decision is expected soon on whether the troubled Daewoo Shipbuilding and Marine Engineering will get another lifeline.
At a board meeting Friday, the National Pension Service,... which holds 43 percent of Daewoo Shipbuilding bonds that are maturing next month,... worth an estimated 170 million U.S. dollars,... is expected to determine whether to accept a 5-point-8-billion U.S. dollar rescue plan proposed by the Korea Development Bank and the Export-Import Bank of Korea late last month.
Under the rescue package, Daewoo Shipbuilding would receive new loans worth 2-point-5 billion dollars if lenders and bondholders agreed to swap 2-point-5 billion dollars of debt for new shares in the shipbuilder.
All stakeholders must agree to the debt-for-equity swap, and bondholders must also give a three-year grace period for repayment of the remaining debt.
If the plan is approved, it will be the second bailout for Daewoo,... currently the world's second-largest shipbuilder by revenue.
The shipbuilder has been suffering from severe liquidity problems after a drop in global demand for vessels and other industry-wide difficulties.
Creditors say it's inevitable that Daewoo will be put under a new form of court receivership, called a prepackaged plan, unless the bondholders agree to the debt-for-equity swap plan.
If the shipbuilder is put under court receivership, observers expect the aftermath will be brutal, as it could result in 50,000 jobs lost and trigger massive cancellations of ships currently under construction.
Daewoo Shipbuilding's bondholders are expected to gather next week to discuss the debt-to-equity swap and rollover plan.
Hwang Hojun, Arirang News
Visit ‘Arirang News’ Official Pages
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https://wn.com/Decision_Expected_Soon_On_Daewoo_Shipbuilding_Bailout
대우조선 '운명의 날'…국민연금 투자위서 최종입장 정리
Korea's National Pension Service is expected to decide soon whether to accept the latest rescue plan for Daewoo Shipbuilding and Marine Engineering.
If the plan is accepted, it will be the second bailout for Korea's once mighty shipbuilder.
Hwang Hojun reports.
A decision is expected soon on whether the troubled Daewoo Shipbuilding and Marine Engineering will get another lifeline.
At a board meeting Friday, the National Pension Service,... which holds 43 percent of Daewoo Shipbuilding bonds that are maturing next month,... worth an estimated 170 million U.S. dollars,... is expected to determine whether to accept a 5-point-8-billion U.S. dollar rescue plan proposed by the Korea Development Bank and the Export-Import Bank of Korea late last month.
Under the rescue package, Daewoo Shipbuilding would receive new loans worth 2-point-5 billion dollars if lenders and bondholders agreed to swap 2-point-5 billion dollars of debt for new shares in the shipbuilder.
All stakeholders must agree to the debt-for-equity swap, and bondholders must also give a three-year grace period for repayment of the remaining debt.
If the plan is approved, it will be the second bailout for Daewoo,... currently the world's second-largest shipbuilder by revenue.
The shipbuilder has been suffering from severe liquidity problems after a drop in global demand for vessels and other industry-wide difficulties.
Creditors say it's inevitable that Daewoo will be put under a new form of court receivership, called a prepackaged plan, unless the bondholders agree to the debt-for-equity swap plan.
If the shipbuilder is put under court receivership, observers expect the aftermath will be brutal, as it could result in 50,000 jobs lost and trigger massive cancellations of ships currently under construction.
Daewoo Shipbuilding's bondholders are expected to gather next week to discuss the debt-to-equity swap and rollover plan.
Hwang Hojun, Arirang News
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- published: 14 Apr 2017
- views: 88
0:44
Daewoo shipbuilding makes a comeback with new Greek contracts
- Order: Reorder
- Duration: 0:44
- Uploaded Date: 19 Dec 2016
- views: 781
There has been nothing but depressing news on Korea's once world-beating shipbuilding and shipping sectors as of late.
But,... finally... an uplifting developme...
There has been nothing but depressing news on Korea's once world-beating shipbuilding and shipping sectors as of late.
But,... finally... an uplifting development for one of them.
Daewoo Shipbuilding and Marine Engineering has won its first shipbuilding contract in five months.
The deal,... signed with a unit of Greece's largest shipper,... is worth up to 590 million U.S. dollars.
Under the agreement, Daewoo will build a liquefied natural gas-floating storage and re-gasification ship.
Also included... is the option of two extra LNG tankers with the possibility of an additional order next year.
Visit ‘Arirang News’ Official Pages
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https://wn.com/Daewoo_Shipbuilding_Makes_A_Comeback_With_New_Greek_Contracts
There has been nothing but depressing news on Korea's once world-beating shipbuilding and shipping sectors as of late.
But,... finally... an uplifting development for one of them.
Daewoo Shipbuilding and Marine Engineering has won its first shipbuilding contract in five months.
The deal,... signed with a unit of Greece's largest shipper,... is worth up to 590 million U.S. dollars.
Under the agreement, Daewoo will build a liquefied natural gas-floating storage and re-gasification ship.
Also included... is the option of two extra LNG tankers with the possibility of an additional order next year.
Visit ‘Arirang News’ Official Pages
Facebook(NEWS): http://www.facebook.com/newsarirang
Homepage: http://www.arirang.com
Facebook: http://www.facebook.com/arirangtv
Twitter: http://twitter.com/arirangworld
Instagram: http://instagram.com/arirangworld
- published: 19 Dec 2016
- views: 781
0:46
Hanwha given initial approval for acquisition of Daewoo Shipbuilding & Marine Engineering
- Order: Reorder
- Duration: 0:46
- Uploaded Date: 16 Dec 2022
- views: 357
산업경쟁력강화 관계장관회의 개최 대우조선해양, 한화그룹 인수 본계약 체결
The South Korean conglomerate Hanwha Group have been given preliminary approval to take over the world's third-largest...
산업경쟁력강화 관계장관회의 개최 대우조선해양, 한화그룹 인수 본계약 체결
The South Korean conglomerate Hanwha Group have been given preliminary approval to take over the world's third-largest shipbuilder, Daewoo Shipbuilding and Marine Engineering, which has been owned for years by its largest creditor, the state-run Korea Development Bank.
It was approved Friday in a meeting held by Finance Minister Choo Kyung-ho with the chief of the Financial Services Commission, and the Vice Minister of Trade, Industry and Energy.
Hanwha Group and DSME had agreed to the deal back in September for a price of 2 trillion won --or about 1-point-4 billion dollars --for a share of 49-point-3 percent.
KDB will be left with 28-point-2 percent.
The deal will still need the approval of anti-trust regulators at home and abroad and Hanwha's defense industry subsidiaries, Hanwha Aerospace and Hanwha Systems.
#Hanwha #Daewoo #Arirang_News
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2022-12-16, 17:00 (KST)
https://wn.com/Hanwha_Given_Initial_Approval_For_Acquisition_Of_Daewoo_Shipbuilding_Marine_Engineering
산업경쟁력강화 관계장관회의 개최 대우조선해양, 한화그룹 인수 본계약 체결
The South Korean conglomerate Hanwha Group have been given preliminary approval to take over the world's third-largest shipbuilder, Daewoo Shipbuilding and Marine Engineering, which has been owned for years by its largest creditor, the state-run Korea Development Bank.
It was approved Friday in a meeting held by Finance Minister Choo Kyung-ho with the chief of the Financial Services Commission, and the Vice Minister of Trade, Industry and Energy.
Hanwha Group and DSME had agreed to the deal back in September for a price of 2 trillion won --or about 1-point-4 billion dollars --for a share of 49-point-3 percent.
KDB will be left with 28-point-2 percent.
The deal will still need the approval of anti-trust regulators at home and abroad and Hanwha's defense industry subsidiaries, Hanwha Aerospace and Hanwha Systems.
#Hanwha #Daewoo #Arirang_News
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2022-12-16, 17:00 (KST)
- published: 16 Dec 2022
- views: 357
PLAYLIST TIME:
PLAYLIST TIME:
2:33
Daewoo ship-building's self-rescue plan to intensify
대우조선 올해 구조조정 강도 높인다…"2조5천억 이행"
The once mighty shipping and shipbuilding companies of K...
published: 24 Jan 2017
Daewoo ship-building's self-rescue plan to intensify
Daewoo ship-building's self-rescue plan to intensify
- Report rights infringement
- published: 24 Jan 2017
- views: 1853
대우조선 올해 구조조정 강도 높인다…"2조5천억 이행"
The once mighty shipping and shipbuilding companies of Korea have fallen and have not been able to get back up for several years now.
Daewoo Shipbuilding and Marine Engineering announced its self-rescue plan for 2017... it's significantly larger than last year's version.
Our Kim Jung-soo outlines the blueprint for a rebound by one of Korea's biggest makers of cargo ships.
Korea's Daewoo Shipbuilding and Marine Engineering has announced a self-rescue plan for 2017 worth 2-point-5 trillion won, or about 2-point-1 billion U.S. dollars -- far bigger than the 1-point-4 billion dollar plan it executed throughout last year.
Its competitors have filed for court-receivership in the past or announced significant restructuring of their own to cope with sluggish demand.
Daewoo's longer-term plan, announced last year, calls for salvaging a combined 6 trillion won, or 5.1 billion dollars, by 2019. That means if it follows through with this year's self-rescue measures, it will have accomplished around 70 percent of its original goal.
By the end of 2017, it's set to reduce its overall workforce by nearly 3-thousand people, from the 11-thousand-200 recorded last December to around 8-thousand-500.
The plan also involves selling more than 430 million dollars worth of assets, including employee housing facilities and possibly even the floating docks it uses to build its ships.
While layoffs seem almost inevitable, experts caution that the Korean government must do all it can to ensure that the labor force in the ship-building sector receives appropriate attention as the global economy enters a new stage of uncertainty.
"Korea's shipbuilding industry went into decline with the financial crisis of 2008. Oil prices have since recovered but it's looking shaky once again because President Trump has promised to expand America's fossil fuel industry. Korea's shipbuilding sector must make sure that its high-level technicians can find work in smaller, mid-sized companies even if they get laid off from one of the major shipbuilders. Otherwise, they might simply go abroad. "
Meanwhile, Daewoo also announced on Monday that it is aiming to secure new orders this year worth 5-and-a-half billion dollars.
Daewoo officials explained that this year's objectives are more ambitious... because last year's self-rescue plan helped it secured more liquidity and financial security, resulting in a boost in confidence.
Kim Jung-soo Arirang News.
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1:39
DSME (Daewoo shipbuilding & marine engineering co
published: 12 Jul 2015
DSME (Daewoo shipbuilding & marine engineering co
DSME (Daewoo shipbuilding & marine engineering co
- Report rights infringement
- published: 12 Jul 2015
- views: 7185
2:06
Hyundai Heavy Industries signs deal to take over Daewoo Shipbuilding and Marine Engineering
산은-현대중, 대우조선 민영화 오늘 본계약 체결
Hyundai Heavy Industries, one of the largest shipyards in the ...
published: 08 Mar 2019
Hyundai Heavy Industries signs deal to take over Daewoo Shipbuilding and Marine Engineering
Hyundai Heavy Industries signs deal to take over Daewoo Shipbuilding and Marine Engineering
- Report rights infringement
- published: 08 Mar 2019
- views: 3459
산은-현대중, 대우조선 민영화 오늘 본계약 체결
Hyundai Heavy Industries, one of the largest shipyards in the world, has formally inked an agreement to acquire local rival Daewoo Shipbuilding and Marine Engineering.
The deal may be sealed, but the acquisition process isn't likely to be smooth-sailling.
Oh Soo-young explains why.
Hyundai Heavy Industries has sealed the deal to acquire local rival Daewoo Shipbuilding and Marine Engineering,... growing its stake in the global market to some 21 percent.
Hyundai held a signing ceremony on Friday,... with Daewoo's largest shareholder Korea Development Bank.
Under the deal,... Hyundai Heavy Industries is set to create a holding company to manage shipbuilding units including Daewoo Shipbuilding.
KDB will transfer its current shares in Daewoo to the new company,... becoming the second largest shareholder with an 18 percent stake, following Hyundai Heavy Industries' 26 percent stake.
The takeover comes as shipbuilding companies are still reeling from a global downturn in the industry,... leading to financial troubles and wide-scale layoffs.
Daewoo has been struggling financially for over two decades,... with its parent Daewoo Group having gone bankrupt after the 1997 financial crisis.
The ailing company has received around 8-point-8 billion dollars of bailout loans and public funds since 2015.
The acquisition aims to stabilise the country's shipbuilding sector,... by easing competition and excess capacity,... while helping grow competitiveness amid increased competition from other Asian countries.
It would also create two dominant shipbuilders in Korea -- Hyundai Heavy Industries and Samsung Heavy Industries.
However, some challenges still remain.
Due to the sheer size of the market share that the envisioned entity would hold,... fair trade authorities in Korea as well as trading partner countries would have to determine whether the acquisition meets anti-trust regulations.
Also, unionised workers of both companies have fiercely opposed the takeover,... expressing fears of massive layoffs.
Hyundai Heavy Industries and Korea Development Bank released a joint statement on Friday,... saying they plan to retain Daewoo's independent management structure,... while assuring workers that their jobs are secure.
They added subcontractors and affiliated firms will also be retained.
Oh Soo-young, Arirang News.
Arirang News Facebook: http://www.facebook.com/arirangtvnews
2:26
Daewoo shipbuilding & marine engineering Introduction
KOREAN BATTLESHIP MANUFACTURER(DSME)
published: 18 Sep 2020
Daewoo shipbuilding & marine engineering Introduction
Daewoo shipbuilding & marine engineering Introduction
- Report rights infringement
- published: 18 Sep 2020
- views: 1051
KOREAN BATTLESHIP MANUFACTURER(DSME)
2:03
Decision expected soon on Daewoo Shipbuilding bailout
대우조선 '운명의 날'…국민연금 투자위서 최종입장 정리
Korea's National Pension Service is expected to decide soon...
published: 14 Apr 2017
Decision expected soon on Daewoo Shipbuilding bailout
Decision expected soon on Daewoo Shipbuilding bailout
- Report rights infringement
- published: 14 Apr 2017
- views: 155
대우조선 '운명의 날'…국민연금 투자위서 최종입장 정리
Korea's National Pension Service is expected to decide soon whether to accept the latest rescue plan for Daewoo Shipbuilding and Marine Engineering.
If the plan is accepted, it will be the second bailout for Korea's once mighty shipbuilder.
Hwang Hojun is watching the developments for us.
A decision is expected soon on whether the troubled Daewoo Shipbuilding and Marine Engineering will get another lifeline.
At a board meeting Friday, the National Pension Service,... which holds 43 percent of Daewoo Shipbuilding bonds that are maturing next month,... worth an estimated 170 million U.S. dollars,... is expected to determine whether to accept a 5-point-8-billion U.S. dollar rescue plan proposed by the Korea Development Bank and the Export-Import Bank of Korea late last month.
Under the rescue package, Daewoo Shipbuilding would receive new loans worth 2-point-5 billion dollars if lenders and bondholders agreed to swap 2-point-5 billion dollars of debt for new shares in the shipbuilder.
All stakeholders must agree to the debt-for-equity swap, and bondholders must also give a three-year grace period for repayment of the remaining debt.
If the plan is approved, it will be the second bailout for Daewoo,... currently the world's second-largest shipbuilder by revenue.
The shipbuilder has been suffering from severe liquidity problems after a drop in global demand for vessels and other industry-wide difficulties.
Creditors say it's inevitable that Daewoo will be put under a new form of court receivership, called a prepackaged plan, unless the bondholders agree to the debt-for-equity swap plan.
If the shipbuilder is put under court receivership, observers expect the aftermath will be brutal, as it could result in 50,000 jobs lost and trigger massive cancellations of ships currently under construction.
Daewoo Shipbuilding's bondholders are expected to gather next week to discuss the debt-to-equity swap and rollover plan.
Hwang Hojun, Arirang News
Visit ‘Arirang News’ Official Pages
Facebook(NEWS): http://www.facebook.com/newsarirang
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2:13
Shipyard strike only grows as nearly 10,000 labor members pressure Daewoo Shipbuilding
대우조선 해양파업 50일째, 협상은 계속되지만 시위는 커지는 중
Daewoo Shipbuilding and Marine Engineering had to sto...
published: 20 Jul 2022
Shipyard strike only grows as nearly 10,000 labor members pressure Daewoo Shipbuilding
Shipyard strike only grows as nearly 10,000 labor members pressure Daewoo Shipbuilding
- Report rights infringement
- published: 20 Jul 2022
- views: 427
대우조선 해양파업 50일째, 협상은 계속되지만 시위는 커지는 중
Daewoo Shipbuilding and Marine Engineering had to stop production at its main shipyard for several weeks as the site is occupied by subcontractors demanding better pay.
The government the strike is illegal.
And there are protests on the other side by employees whose livelihoods are on the line.
Kim Do-yeon has the full story.
The protest is only growing,... now almost 50 days since an initial 100 subcontractors first occupied the main shipyard of Daewoo Shipbuilding and Marine Engineering in Geoje, Gyeongsangnam-do Province.
According to local reports,... nearly 10-thousand members and supporters of the Korean Metal Workers Union are protesting not only Daewoo Shipbuilding and its contractors, but also the government.
Even in Seoul on Wednesday, thousands marched near the Presidential Office in Yongsang-gu District.
At this point, local reports say negotiations between the two sides are making progress.
The company has insisted on a pay increase of no more than 4.5 percent,... while the Union has lowered its demand to a raise of 5 percent.
The strike began early last month with these four demands:
Return to the pay level of 5 years ago... when Daewoo Shipbuilding cut pay by 30 percent at a time when South Korea's shipbuilding industry was struggling.
Increase bonuses for contractors by 300 percent.
Recognize labor union activities as legitimate work, so the company fully compensates labor union officers.
Lastly, create a designated area for labor union headquarters.
In the meantime,... there have been growing voices against the Union as well,... especially from the employees of Daewoo Shipbuilding, whose livelihoods are now also at stake due to the stop in production.
Around 4-thousand employees protested Wednesday against the union at the main shipyard .
According to the company, the halt in production... has cost the company around 460 million U.S. dollars so far.
In an effort to resolve the situation, minister-level officials have gone to the site of the strike in the past few days... but to no avail.
The Minister of Employment and Labor, Lee Jung-sik,... is due to resume talks with the union Wednesday evening to try and find common ground.
Kim Do-yeon, Arirang News.
#Shipyard #strike #Daewoo_Shipbuilding
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2022-07-20, 22:00 (KST)
1:57
Decision expected soon on Daewoo Shipbuilding bailout
대우조선 '운명의 날'…국민연금 투자위서 최종입장 정리
Korea's National Pension Service is expected to decide soon...
published: 14 Apr 2017
Decision expected soon on Daewoo Shipbuilding bailout
Decision expected soon on Daewoo Shipbuilding bailout
- Report rights infringement
- published: 14 Apr 2017
- views: 88
대우조선 '운명의 날'…국민연금 투자위서 최종입장 정리
Korea's National Pension Service is expected to decide soon whether to accept the latest rescue plan for Daewoo Shipbuilding and Marine Engineering.
If the plan is accepted, it will be the second bailout for Korea's once mighty shipbuilder.
Hwang Hojun reports.
A decision is expected soon on whether the troubled Daewoo Shipbuilding and Marine Engineering will get another lifeline.
At a board meeting Friday, the National Pension Service,... which holds 43 percent of Daewoo Shipbuilding bonds that are maturing next month,... worth an estimated 170 million U.S. dollars,... is expected to determine whether to accept a 5-point-8-billion U.S. dollar rescue plan proposed by the Korea Development Bank and the Export-Import Bank of Korea late last month.
Under the rescue package, Daewoo Shipbuilding would receive new loans worth 2-point-5 billion dollars if lenders and bondholders agreed to swap 2-point-5 billion dollars of debt for new shares in the shipbuilder.
All stakeholders must agree to the debt-for-equity swap, and bondholders must also give a three-year grace period for repayment of the remaining debt.
If the plan is approved, it will be the second bailout for Daewoo,... currently the world's second-largest shipbuilder by revenue.
The shipbuilder has been suffering from severe liquidity problems after a drop in global demand for vessels and other industry-wide difficulties.
Creditors say it's inevitable that Daewoo will be put under a new form of court receivership, called a prepackaged plan, unless the bondholders agree to the debt-for-equity swap plan.
If the shipbuilder is put under court receivership, observers expect the aftermath will be brutal, as it could result in 50,000 jobs lost and trigger massive cancellations of ships currently under construction.
Daewoo Shipbuilding's bondholders are expected to gather next week to discuss the debt-to-equity swap and rollover plan.
Hwang Hojun, Arirang News
Visit ‘Arirang News’ Official Pages
Facebook(NEWS): http://www.facebook.com/newsarirang
Homepage: http://www.arirang.com
Facebook: http://www.facebook.com/arirangtv
Twitter: http://twitter.com/arirangworld
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0:44
Daewoo shipbuilding makes a comeback with new Greek contracts
There has been nothing but depressing news on Korea's once world-beating shipbuilding and ...
published: 19 Dec 2016
Daewoo shipbuilding makes a comeback with new Greek contracts
Daewoo shipbuilding makes a comeback with new Greek contracts
- Report rights infringement
- published: 19 Dec 2016
- views: 781
There has been nothing but depressing news on Korea's once world-beating shipbuilding and shipping sectors as of late.
But,... finally... an uplifting development for one of them.
Daewoo Shipbuilding and Marine Engineering has won its first shipbuilding contract in five months.
The deal,... signed with a unit of Greece's largest shipper,... is worth up to 590 million U.S. dollars.
Under the agreement, Daewoo will build a liquefied natural gas-floating storage and re-gasification ship.
Also included... is the option of two extra LNG tankers with the possibility of an additional order next year.
Visit ‘Arirang News’ Official Pages
Facebook(NEWS): http://www.facebook.com/newsarirang
Homepage: http://www.arirang.com
Facebook: http://www.facebook.com/arirangtv
Twitter: http://twitter.com/arirangworld
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0:46
Hanwha given initial approval for acquisition of Daewoo Shipbuilding & Marine Engineering
산업경쟁력강화 관계장관회의 개최 대우조선해양, 한화그룹 인수 본계약 체결
The South Korean conglomerate Hanwha Group have ...
published: 16 Dec 2022
Hanwha given initial approval for acquisition of Daewoo Shipbuilding & Marine Engineering
Hanwha given initial approval for acquisition of Daewoo Shipbuilding & Marine Engineering
- Report rights infringement
- published: 16 Dec 2022
- views: 357
산업경쟁력강화 관계장관회의 개최 대우조선해양, 한화그룹 인수 본계약 체결
The South Korean conglomerate Hanwha Group have been given preliminary approval to take over the world's third-largest shipbuilder, Daewoo Shipbuilding and Marine Engineering, which has been owned for years by its largest creditor, the state-run Korea Development Bank.
It was approved Friday in a meeting held by Finance Minister Choo Kyung-ho with the chief of the Financial Services Commission, and the Vice Minister of Trade, Industry and Energy.
Hanwha Group and DSME had agreed to the deal back in September for a price of 2 trillion won --or about 1-point-4 billion dollars --for a share of 49-point-3 percent.
KDB will be left with 28-point-2 percent.
The deal will still need the approval of anti-trust regulators at home and abroad and Hanwha's defense industry subsidiaries, Hanwha Aerospace and Hanwha Systems.
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2022-12-16, 17:00 (KST)
Daewoo Shipbuilding & Marine Engineering
Coordinates: 34°52′29″N 128°42′15″E / 34.874665°N 128.704147°E / 34.874665; 128.704147
Daewoo Shipbuilding & Marine Engineering Co., Ltd (DSME) (Korean: 대우조선해양) is the second largest shipbuilder in the world and one of the "Big Three" shipbuilders of South Korea.
On 21 February 2011, the A. P. Moller-Maersk Group (Maersk) ordered 10 large container ships from DSME, each with a capacity of 18,000 containers, surpassing the current record holder; the Mærsk E-class at 15,200 containers. The contract is worth $1.9bn. The first is to be delivered in 2014. In June 2011, Maersk ordered 10 more, for another $1.9bn. The new class is called the Triple E class.
On December 20, 2011 Daewoo Shipbuilding Marine Engineering won the largest single defense contract by a Korean firm; valued at $1.07 billion to build 3 Indonesian submarines. It also would mark the first exports of submarines from South Korea.
On 22 February 2012, a £452 million order was placed with DSME for four 37,000 tonne double hulled 'MARS' fast fleet tankers by Britain's Ministry of Defence for the Royal Fleet Auxiliary. The ships will enter service in 2016.
This page contains text from Wikipedia, the Free Encyclopedia - https://wn.com/Daewoo_Shipbuilding_&_Marine_Engineering
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