DSME swings to loss in Q1, 2021 May 20, 2021, by Jasmina Ovcina
South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) reported a net loss for the first quarter of 2021, reversing from last year’s profit amid lower than expected order intake.
DSME said that the net loss for the first quarter was KRW 234 billion ($207 million), against a profit of 242 billion from Q1, 2020.
So far this year, the shipbuilder has won orders for 25 vessels, including 11 VLCCs, 9 VLGCs, 4 containerships and one wind turbine installation vessel booked last week.
Namely, Eneti Inc., formerly Scorpio Bulkers, entered into a binding agreement with DSME for the construction of the WTIV, worth $330 million. The vessel is scheduled for delivery in the third quarter of 2024.
Korea Shipbuilding & Offshore Engineering (KSOE), the shipbuilding holding company of Hyundai Heavy Industries Group, has won an order to construct 850 billion won ($765 million) worth of marine facilities. KSOE said it has signed a contract with Singaporean shipbuilder Keppel to build one crude oil Floating Production Storage and Offloading (FPSO) ordered by Petrobras .
Korean shipbuilders account for over 70% of LPG carrier orders
South Korean shipbuilders are leading the race for liquefied petroleum gas carriers as they have secured over 70 percent of shipbuilding orders this year so far, new data has revealed.
According to shipping and offshore data researcher Clarksons Research on Sunday, a total of 44 LPG-fueled vessels totaling 1.06 million compensated gross tons have been ordered worldwide this year as of late last month.
Among those, South Korean shipbuilders bagged orders that amount to 31 LPG tankers, or nearly 70 percent of all orders that have been placed, the data said.
Last month, Korea Shipbuilding & Offshore Engineering and Daewoo Shipbuilding & Marine Engineering signed deals to build four and two LPG carriers, respectively.
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