Daewoo Win Massive Deal Despite Debt


Daewoo Shipbuilding and Marine Engineering Co. has won a US$120 million deal to design and supply material for two ships, reported the Korea Herald.

The ships on order are containerships both over 3,000 TEU, and are expected to be received by the end of 2019.

Daewoo suffered losses of US$379 million by Q3, 2016, as the entire shipbuilding industry suffers in an economic downturn which the South Korean President said can only be resolved with “innovation and restructuring”.

Daewoo is attempting to combat its losses by selling assets and cutting its workforce, alongside other shipbuilding companies, which resulted in union strikes earlier in July, 2016.

PTI reported massive losses for Daewoo back in 2015, who stated they expected a recovery by the end of that year.

The collapse in oil prices had a big effect on global shipping, ports and shipbuilding industries, alongside a global economic trade slump. 

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