DSME sets shipbuilding order target for 2021 at $7.7 bn

[Photo by Daewoo Shipbuilding & Marine Engineering Co.]

Daewoo Shipbuilding & Marine Engineering Co. (DSME) will work on drawing $7.7 billion in new orders this year, up 37 percent from $5.6 billion in 2020.

DSME, however, projected sales would fall this year due to Covid-19 caused global economic slump. To weather the challenging year, the shipbuilder will make various cost-cutting efforts, involving all employees. It said senior executives including CEO Lee Seong-geun agreed on up to 50 percent cut in their salary. Other employees will participate by minimizing their overtime works.

In addition, the company plans to secure 1 trillion won or more of funds for operation by selling assets.

On Wednesday, DSME shares are trading down 1.1 percent at 26,700 won ($24.17) in the early afternoon.

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