The company's accountants announced in their report last month that its creditors will get more money from liquidating the ailing shipbuilder
rather than keeping it going.
KDB, the Export-Import Bank of Korea and a financial regulator announced this March that they will provide 2.9 trillion won in fresh loans to the shipbuilder
. In 2015, creditor banks made it a 4.2 trillion won rescue loan.
One thing in Hyundai Heavy's favor is the difference in the portfolios of each country's shipbuilders
. While Korean shipbuilders
focus on LNG and container vessels, Chinese and Japanese players concentrate on bulk carriers.
cut fiscal 2018-19 steel demand forecast on lower orders
In Indonesia and Malaysia, the state-owned or -led PT PAL and Boustead Naval Shipyard, respectively, build ships for the Navy, Coast Guard and other government agencies in contract-based joint ventures with foreign shipbuilders
Rosario Bernaldo, however, said that a Japanese shipbuilder
has already signed a non-binding agreement for its interest in Hanjin.
Since 2008, the company has delivered a total of 123 vessels to clients across the globe, putting the Philippines on the map as the world's fifth largest shipbuilder
. The South Korea shipbuilder
is the biggest foreign investor and top employer at the Subic Bay, a former US naval base just 124 nautical miles from Scarborough Shoal, a disputed area of the South China Sea.
Jennifer Boykin, vice president of engineering and design at Newport News Shipbuilding, said the company asked itself if it could bring the same utility to sailors as it has been for shipbuilders
using augmented reality.
Blair Nimmo, joint administrator and head of restructuring for KPMG in Scotland, said: "Ferguson Shipbuilders
is a leading name in the industry with a rich heritage dating back more than 110 years and is the last commercial shipbuilder
operating on the River Clyde.
has been diversifying into offshore engineering to help weather the industry downturn.
16 January 2012 - South Korean steel group Posco (SEO:005490) is in early talks over potentially taking part in a EUR1bn (USD1.3bn) joint bid with domestic shipbuilders
to buy French marine engineering firm Gaztransport & Technigaz (GTT), a Posco spokesman told Reuters today.
will build 10 8,000-TEU all-container vessels and begin delivery in 2013.