Daewoo Shipbuilding & Marine Engineering (DSME) announced on March 14 that it has won an order for two LNG carriers from Maran Gas Maritime, a subsidiary of the Angelicoussis Group, which is Greece’s largest shipping company. The order is worth US$512.5 million (approximately 679.4 billion won).The
Korea’s big-three shipbuilders -- Korea Shipbuilding & Offshore Engineering (KSOE), Daewoo Shipbuilding & Marine Engineering (DSME) and Samsung Heavy Industries -- have been landing orders for high-value-added vessels non-stop since the beginning of 2023. Their order intake exceeded 10 trillion won
The Export-Import Bank of Korea (Korea Eximbank) has dismissed the rumor that the state-run bank would sell off Korea Aerospace Industries (KAI) to Hanwha Group."We have no plan to sell off KAI,” said Yoon Hee-sung, chairman and president of Korea Eximbank. “There is no need to sell KAI, either.”Yoo
Daewoo Shipbuilding & Marine Engineering recently signed a 314.5 billion won contract to supply one LNG carrier to an Oceanian shipowner. It is the company’s first contract this year and the ship is scheduled to be delivered in the first quarter of 2027.This year, the three major South Korean shipbu
The author is an analyst of KB Securities. He can be reached at newday@kbfg.com. -- Ed.Korea Shipbuilding & Offshore Engineering: Massive net losses on unfavorable FX effects— KSOE posted 4Q22 K-IFRS consolidated revenue of KRW4.94tn (+10.9% YoY) and OP of KRW117.1bn (TTB YoY; 2.4% OPM). — Revenue m
Chinese shipyards are expanding their production capacity for high value-added ships such as liquefied natural gas (LNG) carriers.China’s largest shipbuilder Hudong-Zhonghua Shipbuilding, which is a subsidiary of China State Shipbuilding Corp. (CSSC), announced a plan to double its LNG carrier produ
Korea’s major shipbuilders are landing orders for high-priced ships. They have already secured orders enough to keep them busy for the next three to four years, and their shipbuilding slots have already been fully filled. They are planning to selectively win orders for high-priced and high-value-add
As in 2022, Korean shipbuilders are expected to receive many orders for high value-added ships this year. Expectations for an earnings improvement are rising as orders for tankers and offshore plants are likely to revive, along with continued demand for LNG carriers.Korea Shipbuilding & Offshore Eng
The author is an analyst of NH Investment & Securities. He can be reached at ys.jung@nhqv.com -- Ed. Reflecting both a lack of slot capacity and global economic concerns, KSOE has restrained its 2023 new order target to US$18.2bn. While somewhat conservative, we view this target as being realistic a
In his New Year message to employees, Hanwha Group chairman Kim Seung-yeon called for efforts to grow Daewoo Shipbuilding & Marine Engineering (DSME) into a major global player.The group has acquired the ailing shipbuilder, expanding its business portfolio into shipbuilding.“Corporate activities and
Daewoo Shipbuilding & Marine Engineering (DSME) will develop an unmanned combat submersible by partnering with the Republic of Korea (ROK) Navy, the company announced on Dec. 28.On Dec. 27, the company held the first meeting with the Republic of Korea Navy to launch a project to develop design conce
Hanwha Group is reportedly seeking to acquire STX Heavy Industries, a ship engine manufacturer.The group has recently signed the main contract to acquire Daewoo Shipbuilding & Marine Engineering (DSME). It is pursuing additional M&A deals to increase synergies in its shipbuilding business.Hanwha is
Hanwha Group will acquire two trillion won worth of new shares to be issued by Daewoo Shipbuilding & Marine Engineering (DSME) to acquire the ailing shipbuilder, the group announced on Dec. 16.The group's affiliates that will participate in DSME's capital increase are Hanwha Aerospace (1 tri
Unionists of Daewoo Shipbuilding & Marine Engineering (DSME) have approved a provisional agreement on this year’s wage and collective bargaining.According to DSME officials, 4,501 out of the union's 4,809 members participated in the vote, with 2,659 (59.08 percent) of them endorsing the agreemen
Daewoo Shipbuilding & Marine Engineering (DSME) is working to remove potential risk factors ahead of the main acquisition contract with Hanwha Group. The shipbuilder has recently notified Sovcomflot, a Russian shipping company, of the final termination of a supply contract for one liquefied natural
Daewoo Shipbuilding & Marine Engineering (DSME) has notified the cancellation of the contracts on all three LNG carriers awarded by a Russian client two years ago. The Russian client failed to make payments for the ships on time, amid sanctions by the international community against Russia for the p
The author is a strategist of NH Investment & Securities. He can be reached at lawrence.kim@nhqv.com. -- Ed. With the Covid-19 pandemic retreating, people are finally returning to the streets and resuming their normal daily lives. However, through the pandemic, the economy is now experiencing brisk
The author is an analyst of NH Investment & Securities. He can be reached at ys.jung@nhqv.com -- Ed. Winning orders is at the core of the shipbuilding industry. While orders in 2023 will likely fall short of those seen in 2021 and 2022, they should exceed the levels seen before the pandemic in 2018
The author is an analyst of NH Investment & Securities. He can be reached at ys.jung@nhqv.com -- Ed. Concerns over slowing order momentumThanks to a rapid expansion of global newbuilding orders for containerships and LNG carriers over 2021~2022, the order backlog drought at domestic shipbuilders see
The author is an analyst of KB Securities. He can be reached at newday@kbfg.com. -- Ed. Maintain BUY but lower target price to KRW87,500 We lower our 12m TP by 5.4% from KRW92,500 to KRW87,500 (12m fwd BVPS x target P/B 1.29x) to reflect earnings estimate revisions, changes in 1y MSB yield (RFR)/30y