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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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The 9 at 9 Monday

first_imgEVERY MORNING, TheJournal.ie brings you the nine stories you need to know as you kick off your day.1.#BELFAST: A security alert is underway in Belfast after an explosion of a hijacked car in the city centre. Roads around the Victoria Street area have been closed off after reports that a car had exploded.2.#HSE: The Health Service Executive will today present their service plan to the Minister for Health. The plan will outline how the executive proposes to implement cuts and savings totalling €666 million.3.#SLAVERY: New details have emerged about the lives of the women held captive at a flat in London. A number of papers today carry information of a letter reportedly sent by the youngest of the three to a neighbour. The two suspects have been linked to 13 properties in London.4.#INVESTMENT: The percentage of foreign direct investment (FDI) to areas outside Ireland’s two biggest urban centres – Cork and Dublin – has fallen for the last three years. The decline has led to a target of 50 per cent of FDI to be around the country to be dropped from the Action Plan for Jobs.5.#PHILLIPINES: Irish officials will fly out to the Philippines this week to assess Ireland’s aid strategy in the country in the wake of Typhoon Haiyan. The experts from the Defence Forces and Department of Foreign Affairs will meet with various government agencies and NGOs in Manila.6.#ROAD DEATH: A 74-year-old woman was killed on a Longford road last night. The woman was struck by a car as she crossed the road at Lisnagrish near Edgeworthstown.7.#SEIZURES: The number of alcohol confiscations in public places has dropped, it has been revealed. Last year there were 354 seizures of alcohol in public areas, down from 480 last year.8.#IRAN: An interim deal that will see Iran rein in its nuclear programme has received warm welcomes around the world, except from Israel. Israeli Prime Minister Benjamin Netanyahu called it an “historic mistake”.9.#TAX: The European Commission will publish proposals that will close more corporate tax loopholes. The plan will amend a directive that sees many companies in Europe paying no tax.last_img read more