Shipbuilder STX Offshore headed for receivership

The South Korea government will place former major shipbuilders STX Offshore under court receivership. A union has rejected creditors' demands for huge cost reductions.

by OLE ANDERSEN

Headed by the country's state-run Korea Development Bank (KDB), South Korean STX Offshore & Shipbuilding is now on track for court receivership after the workers' union rejected a rescue package which would see the workforce scaled back 75 percent, report several media.

Already a subscriber?Log in here

Read the whole article

Get access for 7 days for free. No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

With your free trial you get:

Access all locked articles

Receive our daily newsletters

Access our app

Get full access for you and your coworkers

Start a free company trial today

Workers at South Korean shipyards protest government intervention
For subscribers
France and Italy agree on sale of STX yard
For subscribers

Sign up for our newsletter

Stay ahead of development by receiving our newsletter on the latest sector knowledge.

Newsletter terms

Front page now

Foto: Friedemann Kohler/AP/Ritzau Scanpix

Tanker

Russia may now be building a shadow fleet for gas

Since Western sanctions were introduced in response to the invasion of Ukraine, Russia has exported oil through a shadow fleet. Moscow might now be bulding a similar fleet for gas exports.

New EU sanctions to hit Russia's shadow fleet and gas trade

US imposes new sanctions on Russian shipping interests

For subscribers

Suppliers

Gard acquires Alm. Brand's energy and marine activities

For subscribers

Container

Liner companies pay soaring sums for charter deals

For subscribers

Halvor Sveen is chief executive of Oslo-based shipping bank Maritime & Merchant. | Foto: Marine Money/Oscar May

Suppliers

Maritime & Merchant notes fierce competition in loans for shipping

For subscribers

The penal code provision on trespassing is used when someone enters private property without permission. | Foto: Jens Dresling/Ritzau Scanpix

Container

Multiple arrests as protestors block entrance to Maersk HQ

For subscribers

Offshore

Maersk Supply Service aims to quadruple profits

For subscribers

Chief executibe of Wallenius Wilhlemsen Lasse Kristoffersen, and chief executive of Höegh Autoliners Andreas Enger. | Foto: Wallenius Wilhelmsen and Javad Parsa

Norwegian car carriers bag multi-year contracts

Both Höegh Autoliners and Wallenius Wilhelmsen have signed large contracts for several years.

For subscribers

The logistics giant expects air freight demand to remain solid through the summer. | Foto: Jan Woitas/AP/Ritzau Scanpix

Packed container ships trigger surge in air freight demand

Global demand for air freight has increased by 14% since last year, according to DHL Global Forwarding.

For subscribers

Record influx of container ships this year will not cause trouble until 2025

The number of container ships is growing at record speed, but will not cause serious overcapacity until 2025, according to Bimco.

For subscribers

Gilbert Walter is new chairman of shipbroker BRS. | Foto: BRS

Shipbroker BRS appoints Gilbert Walter as chairman

While Francois Cadiou steps down from the role he has held for four years, he remains a newbuilding broker in Paris for the company

For subscribers

Spot prices for container freight continue to rise

This marks the 12th consecutive week that spot prices for containerized freight are increasing.

Foto: Hannibal Hanschke/Reuters/Ritzau Scanpix

IMO's fossil fuel ban in the Arctic faces criticism

On July 1, the use and transportation of heavy bunker oil by ships in the Arctic will be banned. A climate organization now accuses the ban of being full of loopholes.

For subscribers