DSME Not Selling Its Defense Ship Business

South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) said that it would not be selling off its defense ship business.

The move was considered in May 2016 as part of the company’s cost cutting measures aimed at restoring financial liquidity.

“In order to normalize the business, the company has considered the division of the special ship business by considering the requirements of the laws and regulations and the effect of liquidity improvement of the company. However, it has been determined that the economic feasibility is low and it is decided not to pursue the division of the special ship business division,” DSME said in a stock exchange filing.

DSME has achieved two profitable consecutive quarters in the first half of this year following its debt restructuring.

The sales for the first half of the year amounted to KRW 6.1 trillion (USD 5.4 billion), the group’s operating profit came at KRW 888 billion, while its net income reached KRW 1.448 trillion.

This is a major recovery when compared to corresponding last year’s figures when DSME posted an operating loss of KRW 352.6 billion.

The return to black is mostly due to self-rescue measures launched by the company, which included cutting of workforce and company-wide cost reduction efforts.

Furthermore, the shipbuilder expects the profitable streak to continue to improve as more than 20 “highly profitable” merchant ships are scheduled for the second half of the year.

World Maritime News Staff




Share this article

Follow World Maritime News

Posted on August 29, 2017 with tags .

In Depth>


<< Apr 2020 >>
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3

The 9th Annual Event Green Shiptech China Congress 2020

The 9th Annual Event- Green Shiptech China Congress 2020 will be held on next…

read more >

Belgian Offshore Days 2020

During this event, a conference will be held with focus on “Increasing value by data driven innovation…

read more >

Europort Romania

Europort Romania is the premier maritime networking event of the Black Sea and will connect maritime technology and service suppliers with high level professionals from Romania and surrounding shipbuilding markets.

More info

read more >


The future of the maritime sector is the point of focus during Maritime Industry 2020.

read more >