KOBC sells $600m bonds as Seoul kickstarts box ship building programme
Korea Ocean Business Corp (KOBC) has issued $600m of bonds to finance the state’s ambition ...
Up to 50,000 people could lose their jobs in the South Korean shipbuilding industry as demand for new ships is expected to remain low. Cheap fuel and weak world trade have contributed to a global 71% year-on-year slump in shipbuilding orders in the first quarter. In South Korea, orders are expected to fall 85% in value this year. The shipbuilding companies in the country are all trying to restructure, or boost their coffers, after the main three racked up losses totalling KW7.7tn ($6.54bn) last year.
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