하나은행 하나금융경영연구소

Rising need for operating funds could create liquidity problems

Small-to-mid sized shipbuilders face a liquidity crisis

With no new orders or early payments, the need for operating funds to fill existing orders is growing rapidly. As a result, small-to-mid sized shipbuilders face a liquidity crisis.
For example, Sekwang Heavy Industries was not targeted for restructuring, but is now
experiencing temporary liquidity problems.

Liquidity analysis of major shipbuilders, focusing on order payments and deliveries

Assistance for top firms and political funds and new markets for shipyards are needed

Targeted measures are needed, such as production funding for liquidity problems stemming from rising sales, delayed settlement for derivative contracts, and the restructuring of RG payments into loans. The resale of ships that are completed under RG agreements and bridge loans for delayed payments should be considered.
Shipyards should aggressively make use of assistance from state-run banks, and new growth engines should be pursued to reduce long-term uncertainty.