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Articles in category "Shipbuilding"

Shipbuilding boosts South Korean exports

© Samsung Heavy Industries shipyard

South Korean exports beat market expectations in August, helped by a tentative recovery in the country’s shipbuilding sector and a surge in smartphone sales to the US.

Exports of $46.4bn were 7.7 per cent higher year on year, beating a 4 per cent consensus forecast given in a Reuters poll of economists. Imports rose 0.8 per cent.

The data will bolster hopes of sustained quickening in an economy where exports account for more than half of gross domestic product, and which has been hit over the past five years by faltering demand in its key export markets, notably Europe and the US.

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Korean Government Looks for Banks to Help Sell Daewoo Shipbuilding Stake

The Korean government is looking for banks to help sell its 17.15% stake in Daewoo Shipbuilding & Marine Engineering, one of the world’s three largest shipbuilders by orders, for about $754 million.

The Financial Services Commission put up a public notice Friday that it will hire a consortium of a local advisor and a foreign advisor to sell its 32.83 million shares in the shipbuilder through either after-hour block trades or an auction.

Based on Monday’s closing share price of KRW25,900 a share, the stake is valued at 849.7 billion won ($754 million).

“We need a (new) advisor to seek strategy and timing of the sale,” an official at the financial regulator said, adding the FSC doesn’t expect a quick sale given the weakness in the shipping industry.

The government’s plan for Daewoo Shipbuilding is part of efforts to restart the sale of state assets.

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