Daewoo Shipbuilding & Marine Engineering Receives Special Bonus of $2 Million from Longtime Client of 30 Years

Park Doo-sun, President of Daewoo Shipbuilding & Marine Engineering (right), is receiving a special bonus from Andreas Somen Pao, Chairman of BW, at the naming ceremony of the LNG carrier held on the 10th at Geoje Okpo Shipyard.

[Asia Economy Reporter Oh Hyung-gil] Daewoo Shipbuilding & Marine Engineering (DSME) received a special bonus of 2 million USD (approximately 2.6 billion KRW) from a long-standing customer with whom it has conducted business for over 30 years.

On the 17th, DSME announced that on the 10th, at the naming ceremony of BW’s state-of-the-art LNG carrier held at the Okpo Shipyard, it received the special bonus from Chairman Andreas Somen Pao in appreciation of the high quality and timely delivery.

This was an expression of gratitude for building LNG carriers of excellent quality despite the burden caused by the recent sharp rise in construction costs due to steel price increases.

In particular, the partnership of mutual growth built over the past 30 years with DSME was the foundation. Since BW first ordered a Very Large Crude Carrier (VLCC) from DSME in 1986, it has been a long-term customer, having ordered a total of 71 vessels, including 28 VLCCs and 25 LNG carriers.

During the 1997 IMF financial crisis, when all shipping companies worldwide were reluctant to place orders with Korean shipyards, BW continued to trust DSME and was the first to extend a helping hand.

Chairman Andreas said, "DSME is not just a shipyard for orders but a business partner of BW," adding, "We hope our support as long-time friends will help our partner overcome temporary difficulties."

DSME President Park Doo-sun responded, "Despite difficulties such as COVID-19 and subcontractor union strikes, we managed to hold the naming ceremony safely after giving up summer vacations and striving to make up for lost time," and added, "The special bonus paid by our long-standing customer for mutual growth will be used for employees who worked hard to catch up on the schedule, and we will complete the remaining work well to repay with excellent vessels."