Debt-ridden Daewoo Shipbuilding & Marine Engineering (DSME) has declared a state of emergency over rising debts, increasing material costs, workforce troubles and order cancellations.
In a regulatory filing, the South Korean shipyard said that it has a high debt ratio of 547% as at end of 31 March. The Okpo-based shipyard said it is also hit by rising shipbuilding costs, cancellation of LNG carrier newbuildings, shortage of manpower and a labour strike.
