Hanwha Ocean

Hanwha Ocean Co., Ltd. (Korean: 한화오션 주식회사; RR: Hanhwa Osyeon Jusik Hoesa), formerly known as Daewoo Shipbuilding & Marine Engineering Co., Ltd. (DSME; Korean: 대우조선해양 주식회사; Hanja: 大宇造船海洋 株式會社; RR: Daeu Joseon Haeyang Jusik Hoesa), is one of the "Big Three" shipbuilders of South Korea, along with Hyundai and Samsung.

Hanwha Ocean Co., Ltd.
Native name
한화오션 주식회사
FormerlyDaewoo Shipbuilding & Marine Engineering
TypePublic
KRX: 042660
IndustryShipbuilding
Defense
Founded23 October 2000 (23 October 2000)
Headquarters3370, Geoje-daero,
Geoje-si, Gyeongsangnam-do
,
South Korea
Number of locations
3: Okpo, Houston, London
Key people
Kwon Hyek-woong (CEO)
ProductsFPSO, Semi-submersible, Drillship, Passenger, LNG/LPG, VLGC/VLCC, LNG-RV(regasification vessels), offshore structures. etc, and Naval ships
RevenueUS$ 5.386 Billion (2020)[1]
US$ 303.35 Million (2020)[1]
US$ 66.33 Million (2020)[1]
Total assetsUS$ 8.139 Billion (2020)[1]
Total equityUS$ 1.699 Billion (2020)[1]
Number of employees
8,645 (March 31, 2022)
ParentHanwha Group
WebsiteOfficial website in Korean
Official website in English

History
Aerial view of Daewoo Shipbuilding & Marine Engineering in August 2017
"Big Blue" statue at the former DSME headquarters, 2015

On 21 February 2011, the A. P. Moller-Maersk Group (Maersk) ordered 10 large container ships from DSME, each with a capacity of 18,000 containers, surpassing the then record holder; the Mærsk E-class at 15,200 containers.[2] The contract is worth $1.9bn.[3] The first was to be delivered in 2014. In June 2011, Maersk ordered ten more, for another $1.9bn.[3] The new class is called the Triple E class.

On December 20, 2011, Daewoo Shipbuilding Marine Engineering won the largest single defense contract by a Korean firm; valued at $1.07 billion to build three Indonesian submarines.[4] It also would mark the first exports of submarines from South Korea.[5]

On 22 February 2012, a £452 million order was placed with DSME for four 37,000 tonne double hulled 'MARS' fast fleet tankers by Britain's Ministry of Defence for the Royal Fleet Auxiliary. The ships entered service in 2017.

The firm is building 15 LNG icebreaker/tanker ships commissioned by Yamal LNG which will be used to export liquefied natural gas from the Russian Arctic. Each icebreaker/tanker is designed to operate year-round from the Yamal Peninsula and to break ice up to 2.5 meters thick. The tankers were designed in Finland by Aker Arctic Technology Inc.[6][7]

The South Korean Board of Audit and Inspection found ₩1.5 trillion (equivalent to ₩1.53 trillion or US$1.35 billion in 2017)[8] of accounting fraud in DSME's books on 15 June 2016.[9] In July, 2016, shares in DSME were suspended from trading, and were announced to be suspended until at least September 28, 2017.[10] After suffering losses of Won3.3tn in 2015 and Won2.7tn in 2016, it was given a ₩2.9 trillion (US$2.57 billion) government loan in March 2017 to prevent bankruptcy.[11]

In 2017, it was uncovered that North Korea may have hacked the company and stole company's blueprints in April 2016.[12]

In December 2022, Hanwha Group announced that it would acquire a controlling 49.3 percent stake in Daewoo Shipbuilding & Marine Engineering worth 2 trillion won (US$1.5 billion). The deal was supported by the Korea Development Bank in an attempt to improve competition in the Korean shipbuilding industry.[13]

Ships built

See also

References
  1. "Financials Information for Daewoo Shipbuilding & Marine Engineering Co., Ltd. (042660.KS)". Yahoo Finance.
  2. Emma Mærsk Archived 2009-03-27 at the Wayback Machine
  3. "Triple-E Class Container Ships". ship-technology.com. Retrieved 2014-10-10.
  4. "RI orders 3 submarines worth $1b in regional 'catch-up'". December 22, 2011.
  5. "DSME to Build Three Submarines for Indonesia". October 10, 2011.
  6. Eric Roston (July 9, 2018). "Russia Is Building $320 Million Icebreakers to Carve New Arctic Routes: The 1,000-foot-long vessels for hauling liquefied natural gas can cut through ice up to 7 feet thick". Bloomberg. Retrieved July 11, 2018.
  7. "Aker Arctic Technology Inc Newsletter" (PDF). akerarctic.fi. Aker Arctic. March 2018. p. 10. Archived from the original (PDF) on July 11, 2018. Retrieved July 11, 2018.
  8. 1906 to 1911: Williamson J. (1999), Nominal Wage, Cost of Living, Real Wage and Land Rent Data for Korea 1906-1939 1912 to 1939: Mizoguchi, T. (1972). Consumer Prices and Real Wages in Taiwan and Korea Under Japanese Rule. Hitotsubashi Journal of Economics, 13(1), 40-56. Retrieved May 21, 2021. Afterwards, consumer price index from Statistics Korea. Consumer Price Index by year. Retrieved 3 April 2018
  9. "Watchdog finds 1.5 tln in accounting fraud in Daewoo Shipbuilding". Yonhap News Agency. 15 June 2016. Retrieved 22 June 2016.
  10. Kyunghee Park (29 September 2016). "Daewoo Shipbuilding Told by Exchange to Improve Financials". Bloomberg.
  11. Youkyung Lee (23 March 2017). "South Korea to inject $2.6 bln into ailing shipyard Daewoo". SFGate. Archived from the original on 24 March 2017.
  12. "North Korea hacked Daewoo Shipbuilding, took warship blueprints". Reuters. 2017-10-31.
  13. Park, Jae-Hyuk (27 December 2022). "Competition intensifies between Hanwha, HD Hyundai in shipbuilding industry". The Korea Times. Dongwha Enterprise. Retrieved 28 December 2022.
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