World's No.3 Shipbuilder Profits Plummet

Daewoo Shipbuilding & Marine Engineering (DSME) net profit fell 82% in 2012.

The loss is primarily attributed to the decision DSME made in 2009 to book orders for ships at lower rates to stay afloat in the aftermath of the financial crisis, reports Fox Business News.

In a further setback, the world's third-largest shipbuilder by sales also lowered its order target for 2013, faced by a supply glut in the shipping industry and a fragile global economy. For the year, Daewoo Shipbuilding has set an order target of $13 billion, down 9% from its actual achievement of $14.3 billion last year.

Source: Fox Business News via Dow Jones Business Wire