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Higher steel prices and lower sales result in red figures at DSME

Declining sales and rising costs have converted the profitability at South Korean shipyard DSME into a billion-dollar loss, according to its interim report.

Photo: Daewoo Shipbuilding & Marine Engineering

At Daewoo Shipbuilding & Marine Enginering (DSME), the first half of the year has proven dismal due to rising costs and falling sales. This has led the major South Korean shipyard to bear a net loss of KRW 1.25 trillion (USD 1.1 billion), according to several media reporting on DSME's half-year results.

The USD 1.1 billion deficit must be viewed in the context of the USD 251 million generated in profits in the same quarter last year.

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