Daewoo lost big on delayed orders in Q3

Major yard Daewoo is still battling a deficit although this was significantly reduced in the third quarter. One of the contributing factors is reportedly major losses from delayed orders.

Photo: Thorbjørn Hansen

Shipyard Daewoo Shipbuilding & Marine Engineering (DSME) is battling a deficit in a market where the low oil price has sent the number of new orders plunging to near zero.

The yard – one of South Korea's three yard giants together with Hyundai Heavy Industries and Samsung Heavy Industries – delivered a net deficit in the third quarter of KRW 238 billion (USD 203 million). It was, however, a significant improvement from net deficit of KRW 1.15 trillion in the same period of 2015, writes news media Yonhap against the background of a report released from DSME.

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