DSME in Talks with Creditors

first_imgzoom South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co (DSME) has confirmed to be in discussions with its creditors on potential moves that would improve the company’s financial status.The shipbuilder said in a filing with Korea Stock Exchange that it was considering various measures with creditors, but it did not disclose any further details on potential arrangements that might be involved in the process.The announcement comes on the back of DSME’s share plunge on Wednesday, following a media report that the company had amassed around KRW 2 trillion (USD 1.8 billion) of losses that have not yet been booked.DSME closed at 8,750 won in Seoul trading Wednesday, marking a 30% fall and reaching its lowest level in more than 12 years.According to the report, the creditors, led by state-run Korea Development Bank, are reviewing massive restructuring moves for the shipbuilder, including asset sales.Other creditors include Hana Bank and Korea Exchange Bank which have extended a combined KRW 1.01 trillion worth of loans, followed by Kookmin Bank with KRW 897 billion, Woori Bank and Shinhan Bank with KRW 547 billion and 409 billion each, totaling in KRW 21.7 trillion, Yonhap reports citing NH-Woori Investment & Securities’ data.The shipbuilder had already revealed plans to trim down its mounting debt having posted a loss of KRW 138.7 billion in the first quarter.The plans included massive restructuring, switching focus on core business and disposing of underperforming subsidiaries. DSME identified its core business to be construction of merchant vessels, specialized vessels, and offshore vessels and facilities.World Maritime News Stafflast_img read more

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Maldives sends suspected ambergris to Sri Lanka for tests

Waseema’s find joins a series of suspected ambergris found by Maldivians recently.A local, Ahmed Ibrahim had discovered what looked like an ambergris while he was fishing in the lagoon off the northern coast of Lhaviyani Atoll Kurendhoo. A family member said that a sample of the suspected ambergris had been sent to Sri Lanka four days back, and the results could be expected within a week. However, several suspected ambergris found in Maldivian islands had turned out to be oil slicks, such as the 60kg “ambergris” found by the crew of a fishing vessel off the coast of Haa Dhaal atoll Kulhudhuffushi recently. A suspected ambergris weighing 10 kg found in the island of Foddhoo in Noonu atoll in the Maldives, has been sent to neighbouring Sri Lanka for tests, haveeru online reported.The object believed to be an ambergris was discovered on the island beach by a woman residing in Foddhoo. An island councillor from Alif Dhall Atoll Hanyameedhoo found a suspected ambergris in December.The discovery followed two separate incidents where two police officers in Raa Atoll Inguraidhoo found one while a local businessman fished out a 30kg ambergris in Shaviyani Atoll Komandoo.The businessman from Komandoo had sold his ambergris for USD37 per gram. Should the black object Waseema found turn out to be an ambergris, it is estimated to have a selling price of over MVR 5 million. read more

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