company:korea development bank

Maersk, #Hyundai_Merchant_Marine alliance talks in doubt | Reuters
▻http://www.reuters.com/article/us-hyundai-merchant-alliance-idUSKBN13Y1IR

Doubts about the future of Hyundai Merchant Marine Co Ltd surfaced on Friday after Denmark’s Maersk Line said the South Korean shipping firm was no longer being considered for the 2M vessel-sharing alliance.

Joining an alliance with major shipping firms was one of the conditions of a debt restructuring deal between heavily indebted Hyundai Merchant Marine and its creditors in May so any breakdown in talks could raise serious questions about the future of South Korea’s largest shipping firm.

Maersk Line, part of A.P. Moller-Maersk, said it was still in talks with Hyundai Merchant Marine but they were no longer about it becoming an operating partner in the alliance. Hyundai, however, said separately that it was still negotiating to join 2M.

Annonce de gros temps dans le #transport_maritime et le monde du #container ?

Hyundai Merchant Rises as It’s Said to Assess Hanjin Assets - Bloomberg
▻http://www.bloomberg.com/news/articles/2016-09-26/hyundai-merchant-surges-after-liner-said-to-assess-hanjin-assets

Financial institutions that provided money to Hanjin specifically to buy carriers have approached Hyundai Merchant for sale of its vessels, mostly container ships, people with direct knowledge of the matter said, asking not to be identified, as the talks are private. Korea Development Bank — the largest shareholder of Hyundai Merchant and the biggest lender to Hanjin — and the Seoul Central District Court have been pushing to find a solution to the troubles at Hanjin, whose filing for bankruptcy protection last month has roiled the global supply-chain industry.

Bref, la KDB, principal créancière de Hanjin Shipping dont elle a provoqué la faillite, suggère à Hyundai Merchant dont elle est le principal actionnaire de racheter les actifs (navires) d’Hanjin.

Transparence sud-coréenne…

Hanjin scrambles to prevent ship seizures as more vessels blocked | Reuters
▻http://www.reuters.com/article/hanjin-shipping-debt-idUSL3N1BH033

South Korea’s Hanjin Shipping plans to take legal action in jurisdictions worldwide to prevent its vessels being seized, as more of its ships were blocked from docking at ports in the wake of its collapse.

As of Monday, 79 Hanjin ships including 61 container ships and 18 bulk carriers have been denied port access, according to South Korea’s maritime ministry. That figure includes one vessel seized in Singapore by a creditor, a company spokeswoman said. Hanjin has 141 ships, of which 128 are operating.

At least three U.S. firms have launched legal action against Hanjin to seize vessels and other assets over unpaid bills.
[…]
Hanjin vessels are currently carrying cargo worth 16 trillion won ($14.5 billion) belonging to some 8,300 cargo owners, the Korea International Trade Association said, adding that the carrier has unpaid bills of 610 billion won.

As part of its efforts to gain legal protection for its ships, Hanjin has filed a Chapter 15 petition in a U.S. bankruptcy court in New Jersey. It plans to pursue legal action in roughly 10 countries this week and later expand that to 43 jurisdictions, South Korea’s financial regulator said.

Many port authorities and service providers are demanding cash to work on Hanjin ships, the Hanjin spokeswoman said.

Its lead creditor, the state-run Korea Development Bank, met with officials of parent firm Hanjin Group to discuss its commitment to paying fees so stranded ships can enter ports, but did not reach a conclusion, a bank spokesman told Reuters.

Sinking Feeling for Korean Banks - Bloomberg Gadfly
▻http://www.bloomberg.com/gadfly/articles/2016-06-15/korean-banks-holed-below-the-waterline-by-shipping-debt

Now, the ship really has sailed. After kicking the can down the waterway for a few years, Korean banks will have to reckon with the debt owed by the nation’s shipbuilders, which are among the biggest in the world. They’ll need plenty of government help; probably more than has been promised.

The state has been tightening pressure on the industry to clean itself up, and restructurings are being planned. Apart from affecting thousands of jobs, the process is likely to take a toll on some of the country’s most important institutions, including state-owned Export-Import Bank of Korea and Korea Development Bank, as well as the largest private lender, Shinhan Bank. All have significant exposure to shipbuilders. Policy makers have already set up an 11 trillion won ($9.4 billion) fund to help lenders absorb losses.

They may need more. The 10 publicly traded shipbuilders alone have $38.2 billion of debt on their balance sheets, according to data compiled by Bloomberg, the vast majority in the form of loans. To put that figure into context, it’s almost as much as the $42 billion “black hole” that U.K. Chancellor of the Exchequer George Osborne says his country will face if it leaves the European Union.
[…]
The government has said it won’t lead a consolidation, leaving shipyards to deal with their problems by negotiating with creditors. It’s not that simple, however.

The World’s Top Three Shipyards Want to Raise $7.3 Billion in Revamp - Bloomberg
▻http://www.bloomberg.com/news/articles/2016-06-08/world-s-top-three-shipyards-seek-to-raise-7-3-billion-in-revamp

The world’s three biggest shipyards, battered by the deepest industry slump in at least two decades, are getting a helping hand — from the state.

South Korea’s government is at the forefront of efforts to revive the shipbuilders, which employ almost 62,000 people, or 1.4 percent of the nation’s manufacturing sector workforce. After pledging active steps in April to help the sector weather the slowdown, policy makers in Seoul on Wednesday announced an 11 trillion-won ($9.5 billion) fund to help lenders absorb losses.

For their part, Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. unveiled plans to raise a combined 8.41 trillion won selling assets as part of the restructuring. The companies have struggled with losses and mounting debt after a slide in crude oil prices, which more than halved in the past two years, prompted customers to slash investments, and cancel or postpone projects.

Hyundai Merchant Marine creditors agree to $570 mln debt-for-equity swap | Reuters
▻http://www.reuters.com/article/hyundai-marine-creditors-idUSS6N17D01N

Creditors of struggling South Korean shipper Hyundai Merchant Marine Co Ltd have agreed to a 680 billion won ($570.27 million) debt-for-equity swap, lead creditor bank Korea Development Bank said on Tuesday.

Container lines, which transport everything from bananas to iPhones, are struggling with the confluence of a glut of ships, a faltering global economy and weaker consumer demand.

Hyundai Merchant Marine had debts of about 5.2 trillion Korean won as of the quarter ending in March, according to a company filing. Squeezed by what is widely considered the worst downturn ever for the industry, the Korean shipper is trying to negotiate lower charter fees from shipowners.

The agreement is contingent on conditions including Hyundai Merchant Marine joining an alliance involving major shipping firms. A Korea Development Bank official said the size of stake the creditors will collectively end up with in Hyundai is not yet set.