DSME to let go of 12,000 staff

Financially struggling Korean yard Daewoo Shipbuilding & Marine Engineering (DSME) will slash its workforce by 12,000 to 30,000 by 2019.

“We are planning to reduce the number of employees to a similar level to 2009 and 2010 when management efficiency was the highest,” DSME CEO Jung Sung-leep said at a press conference today.

Creditors have demanded DSME restructures following huge losses reported in the last 18 months.

As part of the slimming down of the firm, many overseas units are being offloaded, including Romania’s largest yard, DSME Mangalia.


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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