Hyundai Heavy, the world’s biggest shipyard, Samsung Heavy Industries Co., and Daewoo Shipbuilding & Marine Engineering Co., which together meet more than a fifth of the global orders, may sell debt as early as this month, said analysts, including Cho In Karp at Good Morning Shinhan Securities Co. in Seoul. Daewoo will seek investor responses next week to determine the size and time of a corporate bond sale, spokesman Ahn Wook Hyeon said in an interview today, without giving more details. “There’s interest for debt sold by companies that have high credit ratings and little risk of default,” said Park Se Girl, a fund manager who oversees the equivalent of $1.4 billion in securities at Meritz Asset Management Co. in Seoul. Shipyards in South Korea, the world’s largest shipbuilding nation, have had orders slashed since September as dwindling global trade slashed cargo rates and demand for new vessels. Cash and cash equivalent at Hyundai Heavy dropped 41 percent to 2.34 trillion won at the end of December from the previous quarter.
Saturday, March 14, 2009
Korea's big three yards look at selling debt
Seoul: Hyundai Heavy Industries Co. and two other South Korean shipyards may borrow about 3 trillion won ($2 billion), tapping the debt market for the first time in seven years to replenish capital as orders dry up.
Hyundai Heavy, the world’s biggest shipyard, Samsung Heavy Industries Co., and Daewoo Shipbuilding & Marine Engineering Co., which together meet more than a fifth of the global orders, may sell debt as early as this month, said analysts, including Cho In Karp at Good Morning Shinhan Securities Co. in Seoul. Daewoo will seek investor responses next week to determine the size and time of a corporate bond sale, spokesman Ahn Wook Hyeon said in an interview today, without giving more details. “There’s interest for debt sold by companies that have high credit ratings and little risk of default,” said Park Se Girl, a fund manager who oversees the equivalent of $1.4 billion in securities at Meritz Asset Management Co. in Seoul. Shipyards in South Korea, the world’s largest shipbuilding nation, have had orders slashed since September as dwindling global trade slashed cargo rates and demand for new vessels. Cash and cash equivalent at Hyundai Heavy dropped 41 percent to 2.34 trillion won at the end of December from the previous quarter.Read More
Hyundai Heavy, the world’s biggest shipyard, Samsung Heavy Industries Co., and Daewoo Shipbuilding & Marine Engineering Co., which together meet more than a fifth of the global orders, may sell debt as early as this month, said analysts, including Cho In Karp at Good Morning Shinhan Securities Co. in Seoul. Daewoo will seek investor responses next week to determine the size and time of a corporate bond sale, spokesman Ahn Wook Hyeon said in an interview today, without giving more details. “There’s interest for debt sold by companies that have high credit ratings and little risk of default,” said Park Se Girl, a fund manager who oversees the equivalent of $1.4 billion in securities at Meritz Asset Management Co. in Seoul. Shipyards in South Korea, the world’s largest shipbuilding nation, have had orders slashed since September as dwindling global trade slashed cargo rates and demand for new vessels. Cash and cash equivalent at Hyundai Heavy dropped 41 percent to 2.34 trillion won at the end of December from the previous quarter.
Korea ventures into Brazilian offshore oil projects
A delegation from South Korea including the Vice Minister for Knowledge Economy, Kim Young-hak, arrived earlier this week in Brazil to discuss cooperative measures for possible large scale oil field developments with Petrobras.
South Korea is looking into oil field development projects in Brazil and will seek rights to develop them in return for providing deep-sea drill ships and FPSOs as necessary. The delegation will continue on to Colombia and Peru, ending the trip on March 20.
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South Korea is looking into oil field development projects in Brazil and will seek rights to develop them in return for providing deep-sea drill ships and FPSOs as necessary. The delegation will continue on to Colombia and Peru, ending the trip on March 20.
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Keel laying at Western Marine Shipyard
Bangladesh: Western Marine Shipyard Limited has recently hosted a keel laying ceremony for the first of twelve 5,200DWT ice class ocean going multi purpose container (MPC) vessels.
In attendance at the ceremony were: Honourble Ambassador of the Kingdom of the Netherlands to Bangladesh, Her Excellency Madam Bea M. ten Tusscher; Honourable Ambassador of the Federal Republic of Germany to Bangladesh, His Excellency Frank Meyke and Former Advisor of the Ministries of Commerce & Education of Bangladesh, Dr Hossain Zillur Rahman. Twelve vessels of the kind have been ordered by German shipowners. Other than this contract, Western Marine Shipyard is also building a series of five ocean going ice class vessels for owners in Denmark.Read More
In attendance at the ceremony were: Honourble Ambassador of the Kingdom of the Netherlands to Bangladesh, Her Excellency Madam Bea M. ten Tusscher; Honourable Ambassador of the Federal Republic of Germany to Bangladesh, His Excellency Frank Meyke and Former Advisor of the Ministries of Commerce & Education of Bangladesh, Dr Hossain Zillur Rahman. Twelve vessels of the kind have been ordered by German shipowners. Other than this contract, Western Marine Shipyard is also building a series of five ocean going ice class vessels for owners in Denmark.
Abu Dhabi Yacht Show Opens
The Abu Dhabi Yacht Show — the capital’s first boat show devoted to hedonistic super-yachts — kicked off on Thursday, with some of fanciest pleasure craft commanding prices in excess of $70 million.
Among the floating palaces berthed across from the city’s national exhibition centre was the 90-metre-long “Dubawi” and the dagger-shaped “Wally Power,” which starred in the James Bond movie Tomorrow Never Comes. Shaikh Sultan bin Tahnoon Al Nahyan, chairman of the Abu Dhabi Tourism Authority, opened the three-day show, together with Mohammed Ahmed Al Bawardi, Secretary General of the Abu Dhabi Executive Council. The show highlights Abu Dhabi’s effort to position itself as the Monaco of the Gulf and a must-see destination for the region’s richest boat lovers. Abu Dhabi currently has four marinas, but plans are underway for an additional 13 to be built in the city or on islands nearby. One of the 20 vessels here was “Aviva,” 68 metres in length and a nominee for the Superyacht Awards in each of the past two years. Gulf Craft, a yacht builder based in Dubai, showcased its latest models — “Majesty 121,” at 37 metres, and its slightly smaller cousin, the 30-metre “Majesty 101.” Dubawi, built by Platinum Yacht of Dubai, was the biggest behemoth on display.
Among the floating palaces berthed across from the city’s national exhibition centre was the 90-metre-long “Dubawi” and the dagger-shaped “Wally Power,” which starred in the James Bond movie Tomorrow Never Comes. Shaikh Sultan bin Tahnoon Al Nahyan, chairman of the Abu Dhabi Tourism Authority, opened the three-day show, together with Mohammed Ahmed Al Bawardi, Secretary General of the Abu Dhabi Executive Council. The show highlights Abu Dhabi’s effort to position itself as the Monaco of the Gulf and a must-see destination for the region’s richest boat lovers. Abu Dhabi currently has four marinas, but plans are underway for an additional 13 to be built in the city or on islands nearby. One of the 20 vessels here was “Aviva,” 68 metres in length and a nominee for the Superyacht Awards in each of the past two years. Gulf Craft, a yacht builder based in Dubai, showcased its latest models — “Majesty 121,” at 37 metres, and its slightly smaller cousin, the 30-metre “Majesty 101.” Dubawi, built by Platinum Yacht of Dubai, was the biggest behemoth on display.
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