Daewoo Shipbuilding back at No. 2 after bumper year
Daewoo Shipbuilding and Marine Engineering on Monday said it reclaimed no. 2 spot in the world shipbuilding industry based on sales last year, second only to Hyundai Heavy Industries, garnering record annual sales and operating profit.
Daewoo Shipbuilding recorded W11.746 trillion of sales (US$1=W1,390), of which operating profit accounted for W1.316 trillion and net profit for W401.7 billion. Sales were up 56 percent and operating profit 236 percent from 2007, while net profit rose 25 percent.
Last year's sales are three times more than the W3.156 trillion it recorded in the first year since it spun off from the Daewoo Heavy Industries & Machinery in 2001. The company said the increase despite a hike in raw materials prices came thanks to its efforts to raise profitability by focusing on high-priced ships such as LNG carriers and super-sized container ships.
However, Clarkson, the world's largest shipbroker, ranks shipbuilders based on the number of orders they receive, and there Daewoo remains in third place after the Hyundai Heavy and Samsung Heavy. Daewoo, which had been world's no. 2 for a long time, was bumped into third place by Samsung in 2005 and has remained there since. Samsung says it is "inappropriate" to rank companies based on annual sales only, and based on the number of orders and the number of ships made, Samsung is second in the world.
Daewoo Shipbuilding recorded W11.746 trillion of sales (US$1=W1,390), of which operating profit accounted for W1.316 trillion and net profit for W401.7 billion. Sales were up 56 percent and operating profit 236 percent from 2007, while net profit rose 25 percent.
Last year's sales are three times more than the W3.156 trillion it recorded in the first year since it spun off from the Daewoo Heavy Industries & Machinery in 2001. The company said the increase despite a hike in raw materials prices came thanks to its efforts to raise profitability by focusing on high-priced ships such as LNG carriers and super-sized container ships.
However, Clarkson, the world's largest shipbroker, ranks shipbuilders based on the number of orders they receive, and there Daewoo remains in third place after the Hyundai Heavy and Samsung Heavy. Daewoo, which had been world's no. 2 for a long time, was bumped into third place by Samsung in 2005 and has remained there since. Samsung says it is "inappropriate" to rank companies based on annual sales only, and based on the number of orders and the number of ships made, Samsung is second in the world.