DSME considering shipbuilding in North Korea

Seoul: Leading shipbuilder - Daewoo Shipbuilding and Marine Engineering (DSME), has announced its intentions to produce ship blocks in North Korea. "If all conditions are met and everyone involved can benefit, we have no reason not to initiate such a business, even given that it would be in North Korea," DSME ceo Nam Sang-tae (pictured) said during his speech at a symposium for inter-Korean economic cooperation promotion held in North Korea. Discussions for the project are expected to begin in the next few months, provided political relations between the two countries remains stable.

DSME recently announced eight new orders for ships worth $830m scheduled for delivery by April 2011. These orders have brought the yard's total for orders in 2007 to $4bn in the first half of the year alone. It has forecast revenues of $11bn for the whole year.   [16/05/07]