Monday, December 3, 2012

[Marine] Yards issue huge bonds

Yards issue huge bonds

Korean shipyards have issued a total of around KRW 4trn ($3.7trn) year-to-date for ship financing, etc.

According to Financial Supervisory Service, Hyundai Heavy Industries, Samsung Heavy Industries, Daewoo Shipbuilding & Marine Engineering, STX Offshore & Shipbuilding and Hanjin Heavy Industries & Construction issued overall KRW 4.227trn of corporate bonds so far this year.

Hyundai Heavy Industries issued KRW 1.2trn in total - KRW 500bn in February and KRW 700bn in July, and Samsung issued KRW 700bn in February and KRW 500bn in September.

Daewoo issued KRW 500bn in July and is preparing for additional bonds issue totalling KRW 500bn this month.

STX issued bonds in April, July and September, in total of KRW 450bn and Hanjin issued in January, June and August totalling KRW 377bn.

Due to massively decreased new order and proportion of installment under heavy-tail payment, along with plummeting newbuilding prices, even major shipbuilders came to face liquidity troubles and raise large amount of funds.

Published : November 30, 2012

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