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DSME Plunges 30% after Media Report on Huge Losses

first_imgzoom Shares in the South Korean Daewoo Shipbuilding & Marine Engineering (DSME) plummeted by the daily permissible limit of 30% on Wednesday, following a media report that the company had amassed around KRW 2 trillion (USD 1.8 billion) of losses that have not yet been booked, according to local media. Shares of one of the world’s largest shipbuilders traded at KRW 8,750 yesterday, the lowest in nearly seven years. DSME is expected to report huge losses in the second quarter of FY2015 due to a decline in orders amid a global economic slump.The shipbuilder is also expected to report losses arising from the construction of previously ordered, low-priced ships and offshore facilities, which reportedly have not been booked yet. Low oil prices have negatively affected the number of orders for drillships and offshore facilities, as international oil majors are shying away from new orders and cutting their capital expenditure.DSME has launched an internal investigation to look into the possible causes of the expected losses. The shipbuilder’s creditors, including  Korea Development Bank, are said to be considering significant restructuring moves, which include the possibility of the sale of the company’s assets.Back in May, DSME’s new CEO Jung Sung-leep announced massive restructuring to trim down losses, which include focusing on core business and disposing of underperforming subsidiaries. DSME identified its core business to be construction of merchant vessels, specialized vessels, and offshore vessels and facilities.World Maritime News Stafflast_img read more

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Remembrance Day services taking place across Niagara

With Remembrance Day falling on a Sunday this year, the University is encouraging members of the Brock community to attend a service in their local community.Brock President Gervan Fearon will be attending the St. Catharines Remembrance Day service on Sunday, Nov. 11. A wreath-laying ceremony will begin at 10:15 a.m., followed by the Last Post. Veterans and Royal Canadian Legion members will then march through downtown streets to the cenotaph at Memorial Park on St. Paul Street West near the Ontario Street intersection. The formal program begins at 10:40 a.m. and will include speeches, wreath laying, singing O’ Canada, gun salutes and a moment of silence.Students, staff and faculty are welcome to join President Fearon for the St. Catharines ceremonies or attend one of several Remembrance Day services planned across the Niagara region.Poppies are available for purchase on Brock’s main campus at the Walker Sports Complex Welcome Desk, the Campus Store, Guernsey Market and Tim Hortons.Remembrance Day ceremonies across NiagaraFort Erie    Sunday, Nov. 4 at 2 p.m. at Stevensville Memorial Hall, 2508 Stevensville Rd., Fort Erie.    Sunday, Nov. 11 at 11 a.m. at the cenotaph located near the intersection of Farr Avenue and Gorham Road, Ridgeway.    Sunday, Nov. 11 at 2 p.m. at Mather Arch Park, Mather Circle, Fort Erie.Grimsby    Sunday, Nov. 11 at 10:30 a.m. at the cenotaph at the Grimsby Museum, 6 Murray St., Grimsby.Lincoln    Friday, Nov. 9 at 10:30 a.m. at the cenotaph at the Lion’s Club, 2769 Fourth Ave., Jordan.    Sunday, Nov. 11 at 10:30 a.m. at the cenotaph located near the intersection of King Street and William Street, Beamsville.    Sunday, Nov. 11 at 2 p.m. at Albright Manor, 5050 Hillside Dr., Beamsville.Niagara-on-the-Lake    Sunday, Nov. 11 at 10:45 a.m. at the clock tower cenotaph in Old Town on Queen Street between Regent Street and King Street, Niagara-on-the-Lake.    Sunday, Nov. 11 at 12:45 p.m. at the cenotaph located near the intersection of Niagara Parkway and Queenston Street, Queenston.Niagara Falls    Sunday, Nov. 4 at 1 p.m. at Chippawa Willoughby Memorial Arena, 9000 Sodom Rd., Niagara Falls.    Sunday, Nov. 11 at 10:45 a.m. at the Gale Centre, 5152 Thorold Stone Rd., Niagara Falls.Pelham    Sunday, Nov. 4 at 8 a.m. at the cenotaph in Centennial Park, 999 Church St., Fenwick.    Sunday, Nov. 4 at 9 a.m. at the cenotaph at Old Pelham Town Hall, 491 Canboro Rd. W., Ridgeville.    Sunday, Nov. 4 at 12:30 p.m. at the cenotaph in Peace Park, 20 Pelham Town Square, Fonthill. Afterwards, the public is welcome at the Royal Canadian Legion Branch 613 for a light lunch.    Sunday, Nov. 11 at 10:45 a.m. at the Royal Canadian Legion Branch 613, 141 Hwy. 20 E., Fonthill.Port Colborne    Sunday, Nov. 11 at 11 a.m. at H.H. Knoll Lakeview Park, at intersection of Sugar Loaf Street and Elm Street, Port Colborne.    A Bells of Peace commemoration will also take place Sunday, Nov. 11 as the sun sets (about 5:45 p.m.) at King George Park, 56 Clarence St., Port Colborne.St. Catharines       On Sunday, Nov. 4 at 9:30 a.m., veterans will parade from the Royal Canadian Legion Branch 418 at 292-296 Vine St. to Our Lady of Perpetual Help Catholic Church at 5 Oblate St. A wreath-laying ceremony will begin at 11:30 a.m. at the legion.       On Sunday, Nov. 4, members of the Royal Canadian Legion Branch 350 at 57 Lakeport Rd. will parade to the cenotaph on Ann Street. A service will begin at 10:30 a.m.       On Sunday, Nov. 11 at 10:15 a.m., Royal Canadian Legion Branch 24 veterans will parade from City Hall, 50 Church St., to the cenotaph at Memorial Park on St. Paul Street West. The service begins at 10:40 a.m.       On Sunday, Nov. 11, Royal Canadian Legion Branch 138 members will parade from 2 Chestnut St. E. to the cenotaph at 343 Merritt St. The service begins at 10:40 a.m.       Sunday, Nov. 11 at 11 a.m. at Imperial Veterans Association, 15 George St.Thorold    Sunday, Nov. 11 at 11 a.m. at Memorial Park, located near the intersection of Albert Street East and Chapel Street North, Thorold.Wainfleet    Sunday, Nov. 11 at 10:45 a.m. at the Township of West Lincoln, 31940 Hwy. 3.Welland    Sunday, Nov. 11 at 10:45 a.m. at the Royal Canadian Legion Branch 4 at 383 Morningstar Ave., Welland. It is recommended that people arrive before 10:30 a.m. to secure a parking spot.    Sunday, Nov. 11 at 10:30 a.m. at the cenotaph in Chippewa Park, 128 Fitch St., Welland.West Lincoln    Sunday, Nov. 11 at 11 a.m. at the Royal Canadian Legion Branch 393, 172 St. Catharines St., Smithville. read more