South Korean shipbuilding major Daewoo Shipbuilding and Marine Engineering (DSME) stayed at the top of the list in terms of the balance of order backlog for 19 consecutive months, The Korea Economic Daily reported.
The shipbuilder’s current backlog stands at 111 vessels, representing over 7.47 million gross tons, according to the latest issue of World Shipyard Monitor released by Clarkson Research UK.
DSME’s Okpo shipyard, which was ranked at the top since November 2014, is followed by Samsung Heavy Industries’ Geoje shipyard with an orderbook of over 80 ships, representing 4.39 million gross tons.
Hyundai Heavy Industries’ Ulsan shipyard was also among the top three South Korean shipbuilders with an orderbook of over 90 ships with 4.33 million gross tons.
The financially troubled DSME kept its high rank despite its restructuring plans.
Namely, the company received a green light for its USD 4.47 billion-worth self-rescue scheme from creditors, led by Korea Development Bank, at the beginning of June.
Under the scheme, DSME plans on selling two of its five floating docks. Previous reports said that DSME might have to offload some 14 subsidiaries at home and abroad by 2020 and lay off 1,200 workers in the next five years, along with a cut of up to 20 percent in wages to employees.
The company earlier informed it would cut its workforce by up to 10,000 by 2019.
South Korean “Big Three” shipbuilders have caught the last train to avoid bankruptcy, as Hyundai Heavy Industries (HHI) and Samsung Heavy Industries (SHI) have also received the go-ahead from their respective creditors to proceed with their self-rescue plans.
Source: World Maritime News
Source: World Maritime News