13 senior DSME execs offer to resign

13 senior DSME execs offer to resign

In trouble Korean yard Daewoo Shipbuilding & Marine Engineering (DSME) has said 13 senior executives have offered to resign following its largest quarterly loss ever. DSME suffered a second quarter operating loss of KRW 3.07trn ($2.65bn).

DSME has said it will sell off non-core subsidiaries including Romania’s largest shipyard as it struggles to get back into the black. DSME may also make up to 3,000 people redundant this year.

DSME’s high net debt ratio, which stood at 160% at the end of 2014, is also worrying analysts and investors.

Losses from offshore construction contracts have hit DSME hard as well as the other two largest Korean yards, Hyundai Heavy and Samsung Heavy.

 

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

Related Posts