DSME President and CEO Park Du Seon receiving a $2 million donation from shipping magnate and billionaire Eyal Ofer in 2022
DSME is a large shipbuilding conglomerate with a global revenue of $5.4 billion in 2020. The company manufactures weaponised ships for the Korean navy and exports to several South East Asian countries.
The company was sold to HANWHA in 2022.
DSME executives with Indonesian navy personnel and representatives from PT PAL launching a Nagapasa submarine
On December 20, 2011 Daewoo Shipbuilding & Marine Engineering (DSME) signed a contract worth $ 1.08 billion to build three DSME 1400 submarines for the Indonesian fleet.
In April 2019 Indonesia signed a US$1.02 billion contract for a further three 1,400-ton submarines (DSME 1400 type) from South Korea's Daewoo Shipbuilding & Marine Engineering (DSME).
The Export-Import Bank of Korea (KEXIM) is set to loan $1.2 billion to the Indonesian government in order to fund construction of the three Chang Bogo-class submarines, locally known as Nagapasa-class submarines.
The Ministry of Finance of Republic of Indonesia will receive the loan and finance PT-PAL, Indonesia's state-owned shipbuilder, which will construct the three new submarines.
Indonesian people thus pay for the submarines twice: once in a payment to DSME / Hanwha, and again in interest to the Export-Import Bank of Korea.
A DSME / Hanwha submarine on delivery in 2017