Daewoo Shipbuilding & Marine Engineering Receives 2.9 Billion KRW Donation from Greek Shipping Company Angelicoussis

Appreciation for Employees' Passion for Work and Quality

On the 10th, in Greece, Chairwoman Maria Angelicoussis is presenting a special donation to Park Doo-sun, President of Daewoo Shipbuilding & Marine Engineering (left), and taking a commemorative photo. Photo by Daewoo Shipbuilding & Marine Engineering

[Asia Economy Reporter Choi Seoyoon] Daewoo Shipbuilding & Marine Engineering (DSME) has received a donation of 2 million USD (approximately 2.9 billion KRW) from Angelicoussis Group, the largest shipping company in Greece. This has been evaluated as a partnership that goes beyond business relations.

DSME announced on the 11th that it held a special donation ceremony in Greece attended by about 10 representatives from both companies, including Maria Angelicoussis, Chairwoman of Angelicoussis Group, and Park Doo-sun, President of DSME.

Angelicoussis Group explained the background, stating that they decided to donate in the name of the late Greek shipping magnate John Angelicoussis, who passed away last year, as a gesture of appreciation for DSME employees who gave up their summer vacation and did their best to make up for lost time during the production difficulties caused by the subcontractor union strike in June and July.

The late John Angelicoussis was affectionately known among DSME employees as the "Tall Uncle." During difficult periods for DSME's business environment such as the 1998 IMF workout period, the 2008 financial crisis order drought, and the 2015 liquidity crisis, he extended a helping hand through large-scale orders. Because of this, DSME employees were so familiar with Chairman John Angelicoussis that they called him "Mr. An."

The relationship between DSME and Angelicoussis Group is renowned as one of the most trusted in the global shipbuilding and shipping industries. Since their first contract in 1994, Angelicoussis Group has ordered 118 vessels from DSME, amounting to 13.6 billion USD (approximately 20 trillion KRW).

The 118 vessels represent the highest number of orders between a single shipping company and a single shipbuilder worldwide. Especially since 2015, when DSME began facing managerial difficulties, Angelicoussis Group has ordered 42 vessels, demonstrating their unwavering trust in DSME.

The relationship with Chairwoman Maria Angelicoussis, who succeeded her father as the third-generation chairperson last year, remains strong. In the past 10 months alone, they have ordered eight LNG carriers, further solidifying their trust in DSME.

Chairwoman Maria Angelicoussis said, "This donation was made for DSME and its employees, who were my father's most cherished business partners during his lifetime. I hope this donation will be used for the welfare of the employees in accordance with my father's wishes."

President Park Doo-sun said, "On behalf of all employees, I sincerely thank Angelicoussis Group for their special affection and interest in DSME. We will repay this with the world's highest quality ships so that we can achieve a win-win partnership that transcends generations."

This content was produced with the assistance of AI translation services.