South Korea's three largest shipping companies lost more than US $2.2 billion in 2022
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2023-03-16 15:07:24

South Korea Shipbuilding Marine achieved an operating income of 173020 billion won (about 13.8 billion US dollars), up 11.7% year on year; The loss was 355.6 billion won (about US $280 million), down 75% from the loss of 1384.8 billion won (about US $1.1 billion) in 2021.

Samsung Heavy Industries achieved an operating income of 5944.7 billion won (about $4.844 billion), down 10% year on year; The loss was 854.4 billion won (about 696 million US dollars), a year-on-year decrease of 34.9%.

Daewoo Shipbuilding Marine achieved an operating income of 4860.2 billion won (about 3.748 billion dollars), up 8.3% year on year; There was an operating loss of 1613.5 billion won (about $1.244 billion), a year-on-year decrease of 8%.

Although the total annual loss of the three major shipping enterprises was as high as US $2.22 billion, the loss range was more than 35% lower than that of US $3.444 billion in 2021.


In 2023, with the gradual digestion of low-price orders and the continuous delivery of high-price ships, the performance of the three major shipping enterprises will gradually improve.

Since the second half of 2022, South Korea Shipbuilding Offshore has achieved profits for two consecutive quarters, and is expected to turn losses into profits this year;

Samsung Heavy Industries is expected to achieve an operating profit of 200 billion won (approximately US $163 million) this year, making a profit for the first time since 2015;

At present, Daewoo Shipbuilding Offshore has orders for up to 62 LNG carriers. In addition, it is expected to produce synergy after being acquired by Hanhua Group, and its performance will also accelerate to improve.

The South Korean industry said that the South Korean shipbuilding industry could turn around its losses as soon as possible in the first half of this year and get out of the mire of long-term losses.

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