South Korea’s Daewoo Shipbuilding & Marine Engineering has received a donation of $2m from Angelicoussis Group in memory of shipping icon John Angelicoussis, who passed away in April 2021.
A donation ceremony was held in Greece that was attended by employees from both companies, including Maria Angelicoussis, chief executive of Angelicoussis Group, and DSME president Du Seon Park.
The Greek shipowner said the donation was also an expression of gratitude to all employees at DSME, who put their best efforts into recovering shipbuilding schedule delays and delivering vessels on time.
“This is a special donation for all DSME employees. My father and former chairman of the Angelicoussis Group considered DSME the most reliable partner,” said Maria Angelicoussis.
“We hope that it will be used for the benefit and welfare of DSME employees to honour the wish of my late father.”
John Angelicoussis was known in the shipbuilding industry for his support of DSME, providing a helping hand to the Okpo-based yard during difficult times with large newbuilding orders.
This included 1998, when the shipyard was subjected to a workout programme from the International Monetary Fund; in 2008 when it was struggling to secure orders due to the global financial crisis; and in 2015 when it faced a liquidity crisis.
DSME said the Angelicoussis Group made its first newbuilding deal with the yard in 1994 and has since ordered 118 vessels to date, amounting to $13.6bn. Forty-two of those newbuildings were ordered from 2015, when the shipyard went into financial difficulties.
DSME said it is continuing the strong relationship with Maria Angelicoussis, which saw the shipowner placing orders for eight LNG carriers in the last 10 months.
“I would like to express my gratitude on behalf of our company to Angelicoussis Group for its special consideration and trust in DSME,” said Park.
