AsiaFinance and InsuranceShipyards

DSME to issue new shares

Daewoo Shipbuilding & Marine Engineering (DSME) is planning to issue KRW600bn ($507m) in new shares this year in a bid to improve liquidity, according to its main creditor, Korea Development Bank (KDB).

KDB said last year it would inject KRW4.2trn in new capital to the yard which has posted massive losses in the past 18 months putting its consolidated debt ratio at a staggering 4,300%.

DSME said last week 12,000 employees would be cut from its payroll as it pushes through significant restructuring.

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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