As is common among struggling shipping-related firms in South Korea, the extremely centrally-located Seoul headquarters of Daewoo Shipbuilding & Marine Engineering (DSME) has got a For Sale on it. DSME, which is restructuring having racked up billions of dollars of debts thanks to the offshore slump, could make more than $150m from the sale of its building in the heart of the downtown area in the Korean capital. It said it has already received three bids for the tower block.
Among other likely divestments from DSME will be Mangalia, Romania’s largest shipyard.
Over the years many Korean maritime firms have offloaded their headquarters when tough times have hit. These include the likes of Hyundai Merchant Marine and STX.