DSME selling Seoul headquarters

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.


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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