DSME seals more bank aid

More aid has been approved by state-run banks for one of South Korea’s largest yards. Korea Development Bank and Export-Import Bank of Korea will hand Daewoo Shipbuilding & Marine Engineering (DSME) another $178m next week, adding to the hundreds of millions already handed out as DSME fights a slumping orderbook and a massive accounting scandal.

DSME is pushing through its own restructuring plan, selling off assets and slimming its workforce.

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.
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