Struggling DSME close to securing triple Angelicoussis VLCC order

Daewoo Shipbuilding & Marine Engineering’s CEO Jung Sung-Leep is in Europe holding discussions with key clients and is expected to head back to South Korea with a contract from the Angelicoussis Group for three new VLCCs. The Greek owner is thought to be paying $80m per ship.

Despite the fillip, Jung will return home to find his yard the centre of huge financial conjecture with the government likely to have to pump in another KRW3trn ($2.6bn) in to the struggling company as part of a debt workout program. Seoul has already poured $3.6bn into the yard, which was hit by a big accounting scandal as well as a dropoff in new orders sparking a significant restructuring. DSME registered a net loss of $2.3bn last year, its fourth straight year of losses.

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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