Daewoo aims high

Daewoo Shipbuilding in South Korea claims it will achieve $17 billion turnover and $2.5 billion in operating profit by 2015. Jung Seong Leep, executive president & CEO of the shipbuilder, said that turnover this year including overseas subsidiaries would be $3.8 billion and $8.4 billion in 2010. Its operating profit this year will be $253 million.

To achieve this goal, the shipbuilder will establish a global network in Eastern Europe, Middle East, Africa and East Asia and enter into new business such as energy related industries and logistics. Seoul headquarter will focus on production of high value added ships such as LNG carriers, marketing, R&D and hub of financing. Overseas subsidiaries will focus on building ships suitable for the region where they are located.

The shipbuilder aims to expand its share of the newbuilding market from 10% at present to 20% in 2015.