SEOUL, July 15 (Reuters) – South Korea’s Daewoo Shipbuilding & Marine Engineering Co Ltd shares fell 12 percent on Wednesday after a newspaper reported the company had losses of about 2 trillion won ($1.75 billion) that had not been booked.
Daewoo, the world’s largest shipyard in terms of tonnage of ships on order as of May, had accumulated the losses from businesses such as construction of offshore plants and semisubmersible drilling rigs for the arctic, the Chosun Ilbo reported, citing an unnamed government source and an unnamed official in Korea Development Bank, the shipbuilder’s major shareholder.
A Daewoo spokesman said some losses were expected and the company was reviewing the matter, but the extent of the losses had not been determined and the company expected to file its findings when it announced quarterly earnings as late as early August.
($1 = 1,142.3400 won) (Reporting by Joyce Lee; Editing by Stephen Coates)
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 110,099 members that receive our newsletter.
Have a news tip? Let us know.
A Russian Navy frigate equipped with new generation hypersonic cruise missiles has conducted drills in the English Channel and is carrying out tasks in the Atlantic Ocean, Russian news agencies reported on Tuesday.
(Bloomberg) — Chinese lawmakers got a head start on the US election this week as they gathered to vote on the largest fiscal package since the pandemic. But now that...
by Ossian Shine, (Reuters) – Germany’s Red Bandit, skippered by Carl-Peter Forster, was crowned winner of the 45th Rolex Middle Sea Race, becoming the third German yacht to win the prestigious offshore challenge. Following...
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
Sign Up
Maritime and offshore news trusted by our 110,099 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
