Busan-based Dae Sun Shipbuilding & Engineering has applied for a corporate workout programme to restructure its debts with its main creditor bank, the Export-Import Bank of Korea.
Rising shipbuilding material costs and an acute shortage of shipyard workers appear to have taken a toll on the South Korean shipyard’s finances.
Shipbuilding sources said Dae Sun has not been able to deliver its newbuildings on schedule due to labour supply issues.
