South Korean DSME hit by fewer orders in first quarter

Large shipyard group DSME comes out of the first quarter with a deficit, as fewer orders have been placed than expected in recent years. But the South Korean shipyard expects improvement going forward in the general upturn across shipping markets.

Photo: Daewoo Shipbuilding & Marine Engineering/Yonhap

Daewoo Shipbuilding & Marine Engineering (DSME) saw its bottom line dip into the red in the first months of the year, despite the fact that container and dry bulk carriers have rushed to shipyards to place orders for new ships.

The South Korean shipyard made a consolidated net deficit of KRW 234.7 billion in the first quarter, equivalent to around USD 207 million, a significant decrease from a profit of KRW 242.5 billion in the same period of 2020, shows DSME's figures for the first quarter.

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