DSME Shandong Co (DSSC), the Chinese block-manufacturing wing of Daewoo Shipbuilding & Marine Engineering (DSME) of South Korea, is pulling out of newbuilding business just a year after making its debut.
DSSC reveals it is staying away from newbuilding business until the market improves.
“The shipbuilding market has collapsed,” said a DSSC official. “We will concentrate on manufacturing blocks for DSME instead and will make a comeback in shipbuilding when the market revives.”
DSSC made its newbuilding move early last year when it secured an order for two 58,000-dwt supramax bulkers from London-Greek owner Rethymus & Kulukundis (R&K) for delivery by August this year.