Input 2021.01.26 18:16 | Revision 2021.01.26 18:29
Declared an all-out war to win orders in the sense of crisis of’Ilgam Cliff’
Daewoo Shipbuilding & Marine Engineering (042660)He declared a’all-out war’ to secure this job. This is because a sense of crisis in management has grown as the company has not achieved the order target for five consecutive years since 2015. In particular, as sales are expected to decline until this year in the aftermath of the coronavirus infection (Corona 19), executives also decided to return additional salaries.
Daewoo Shipbuilding & Marine Engineering announced on the 26th that it aims to win orders for ships worth 7.7 billion dollars (about 8.5 trillion won) this year. This is 37% higher than last year’s order performance of $5.64 billion.
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Eventually, the amount of work secured by Daewoo Shipbuilding & Marine Engineering decreased. According to Clarkson Research, a UK shipbuilding market analysis company, the order backlog of Daewoo Shipbuilding & Marine Engineering dropped from 8 million CGT (total cargo tonnage) in 2014 to 4.68 million CGT at the end of last year. Daewoo Shipbuilding & Marine Engineering is in a position to overcome this situation by achieving the order target this year.
‘Extreme cost reduction activities’ also announced. All executives, including Daewoo Shipbuilding & Marine Engineering President Lee Seong-geun, have decided to expand the amount of wages returned since 2015, up to 50%. Employees are also planning to minimize overtime work and reduce labor costs such as exhaustion of their annual holdings. Daewoo Shipbuilding & Marine Engineering also plans to minimize expenditures excluding essential investments and secure operating funds of over 1 trillion won by selling its assets this year.
President Lee Seong-geun emphasized’overcoming the crisis’ through this year’s New Year address. He also said at the executive debate, “We must achieve the order-taking goal to secure the future for sustainable management.” He said, “Let’s end this phase soon by recovering our own competitiveness without external support.”
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