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.