Hanwha Ocean's Okpo shipyard in Geoje, South Gyeongsang [YONHAP] Hanwha Ocean, formerly known as Daewoo Shipbuilding & Marine Engineering (DSME), failed to make a turnaround in the second quarter mainly due to one-off costs such as higher outsourcing costs and higher wages. Hanwha Ocean posted a 159.1 billion won ($120 million) operating loss in the second quarter of 2022, far more than the market expectation of 16.8 billion won loss compiled by market tracker FnGuide. It is the 11th consecutive quarterly operating loss for the Korean shipyard.

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