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DSME to cut drastically down on orders

As part of the extensive restructuring of the South-Korean shipyard Daewoo Shipbuilding and Marine Engineering, the yard will not take as many orders in the future, according to Singaporean media Splash 24/7.

Photo: Thorbjørn Hansen

One of South Korea's major shipyards, Daewoo Shipbuilding and Marine Engineering (DSME), will take on fewer orders in the future, reports Singaporean media Splash 24/7, noting that 20 percent of the orders will be cut as part of an extensive restructuring of the struggling yard.

Simultaneously, the head creditor, Korean bank KDB, will assess and vouch for every single order to the yard. It is the latest initiative of the shipyard, which is embroiled in an economic storm with several billion dollars in debt, and which launched a major restructuring initiative over the summer.

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