Daewoo Shipbuilding & Marine Engineering (DSME) - $12.76bn

The top five shipping companies globally are all based in Asia, with headquarters in South Korea, China and Japan, a clear indicator of where the winds of global shipping currently blow from. Ship-technology.com lists the world’s biggest shipbuilding companies based on 2015 revenues.


Daewoo Shipbuilding & Marine Engineering (DSME) is a shipbuilding giant and premium offshore contractor, producing commercial and specialty vessels such as passenger ferries, tankersand battle ships as well as fixed platforms for the energy industry.

The companyowns a 4.3 million metre shipyard on the south-eastern tip of the Korean Peninsula, which boasts the world's largest dock with a million-ton capacity. DSME has operations in the UK, Norway, Greece, USA, China, UAE, Singapore, Japan and Brazil.
Headquartered in Seoul, South Korea, DSME has four reportable business divisions: Shipbuilding, Offshore Plants, Construction and Others.

The Shipbuilding segment constructs LNG carriers (including LNG-RV), ultra large container vessels (ULCV), ultra large crude carriers (ULCC), ultra large ore carriers (ULOC), large LPG carriers, and car carriers. It also builds high-speed ferries and luxury ocean liners, as well as submarines, destroyers and auxiliary ships for the navy.

The Off-shore division is a leading EPCI (engineering, procurement, construction, installation) provider and offers customised technology and commercial solutionsfor onshore plants and crude oil and gas explorations. It also provides cutting edge technology for onshore thermal power stations that use gas, coal, and oil; power plants that use carbon capture and storage (CCS) technology; and oil refineries. Its main products include fixed platforms, drilling rigs and drill ships, industrial machinery, bridges, and large-scale onshore steel structures.

DSME's Construction division is involved in civil engineering, residential, industrial and commercial projects, building structures like subways, vessel engine factories, business complexes and ship yards.

The Others unit comprises three sub-divisions: Plant, Energy and Construction. The first department provides solutions and technologies for on-shore, floating, petrochemical and nuclear power plants. The Energy sub-division has been designing and developing onshore wind turbines since the company acquired DeWind Company in 2009, putting out the new D9.1 and D9.2 models.

"For the financial year ended December 2015 DSME reported revenue of $12.76bn."

Financial Information

For the financial year ended December 2015 DSME reported revenue of $12.76bn, a slight decline from 2014.

Key Competitors

DSME's key competitors include Hanjin Heavy Industries & Construction, Hyundai Heavy Industries, Hyundai Mipo Dockyard, Samsung Heavy Industries, STX Pan Ocean, STX Shipbuilding, and China State Shipbuilding Corporation.

Latest Developments

In May 2016 DSME entered a partnership with Lockheed Martin to develop a multi-mission combat ship (MCS), which is a next-generation multi-role surface combatant featuring hallow draft, automation and a flexible crew size. The vessels will perform anti-air, mine countermeasures, anti-surface, anti-submarine, and electronic warfare tasks.

In January 2016 DSME launched SCF Yamal, the world's first LNG icebreaking vessel at its Okpo shipyard in Geoje. The vessel was developed for Russia's Yamal natural gas development project and is the first Arc 7 ice-classed LNG carrier that can break ice as thick as 2.1m.

In November 2015 the South Korean Government lifted a ban on the construction of five LPG carriers at DSME's shipyard in Okpo. The sanction was imposed following a fire at the facility prompting calls for improved staff safety.

In June 2015 DSME shipyard launched Creole Spirit, the first of Teekay's nine M-type, electronically controlled, gas-injection (MEGI) LNG vessels.