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Daewoo Shipbuilding's order backlog still ranks first

According to Yonhap News,

(SEOUL=Yonhap News) South Korea's three major shipyards -- Daewoo Shipbuilding & Marine Engineering Co., Samsung Heavy Industries Co. and Hyundai Heavy Industries Co. -- stayed at the top of the list in terms of order backlog, industry data showed on Wednesday.

According to the data compiled by industry tracker Clarkson Research, Daewoo Shipbuilding's Okpo shipyard stood at 88 ships representing 6.24 million compensated gross tons (CGTs) in early April, followed by Hyundai Heavy's Ulsan shipyard with 65 vessels or 3.26 million CGTs.

Samsung Heavy's Geoje shipyard came in third with 60 ships or 3.25 million CGTs.

Hyundai Heavy's two affiliates -- Hyundai Samho Heavy Industries Co. and Hyundai Mipo Dockyard Co. -- came in eighth and ninth in terms of order backlog, the data showed.

Daewoo Shipbuilding and other South Korean shipyards have been suffering from heavy losses in its offshore projects and an industrywide slump.

Late last month, creditors announced a fresh rescue package worth 6.7 trillion won (US$5.93 billion) for Daewoo Shipbuilding, the second round of bailouts for the shipbuilder that has been suffering from severe liquidity problems over heavy losses in its offshore projects.

After weeks of negotiations, Daewoo Shipbuilding's bondholders agreed to the rescue package, paving the way for the shipyard to receive a fresh cash injection of 2.9 trillion won.

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Source: Yonhap News (Apr. 26, 2017)

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