Daewoo stays largest shipbuilder for 9 months

(MENAFN) South Korea's shipyard Daewoo Shipbuilding Co. has kept its position as the world's largest shipbuilder by order backlog for nine conservative months, which totaled to 8.57 million tons of ships on order as of end-July.

So far this year, Daewoo has secured orders valued at USD3.5 billion for 23 ships; however, it's planning to restructure, including selling assets and reducing the number of its executives, as it is still affected by massive losses.

The shipyard suffered a record loss in the second quarter, because of increased costs from delays in the construction of low-priced ships and offshore facilities, and so net loss logged USD2.02 billion in the April-June period.