At the end of last month, a major accident with casualties occurred at South Korea’s mid-sized shipbuilder DH Shipbuilding. Relevant departments have issued an order to suspend operations for rectification in accordance with laws and regulations.
On March 3, DH Shipbuilding issued a notice reporting on a “major accident at the yard” and “production interruption,” announcing a complete suspension of production in parts of the yard.
DH Shipbuilding stated that it will resume production in the suspended area after completing the accident investigation, clarifying the cause of the accident, and implementing all safety rectification measures. The shutdown is expected to cause delays in some production processes.
The accident occurred at approximately 11:43 a.m. on February 28 at the DH Shipbuilding facility within the Daebul Industrial Complex in Yeongam County, South Jeolla Province. At the time of the incident, DH Shipbuilding’s on-site workers were operating a crane to transport a ship block. During the operation, the 1-ton block suddenly toppled over, crushing a Cambodian foreign worker in his 30s. The injured employee was rushed to the hospital for treatment but ultimately succumbed to his injuries.
The announcement stated that relevant authorities, including the South Korean police and the Ministry of Employment and Labor, have launched an investigation into the specific causes of the accident and are verifying whether the company violated provisions of the Industrial Safety and Health Act and the Act on the Punishment of Major Accidents.
Records indicate that DH Shipbuilding, formerly known as Daehan Shipbuilding, primarily constructs medium-sized vessels such as Capesize bulk carriers, Newcastle bulk carriers, Aframax tankers, and product tankers. It is classified as a medium-sized shipbuilder within South Korea’s shipbuilding industry.
In the mid-2010s, Daehan Shipbuilding fell into operational difficulties and entered bankruptcy reorganization proceedings; in 2022, a consortium led by South Korean private equity firm KH Investment Group (KHI) completed the acquisition and subsequently renamed it DH Shipbuilding; in 2024, it repaid all reorganized debts and its operations returned to normal.
Against the backdrop of an overall recovery in the shipbuilding industry, DH Shipbuilding demonstrated significant growth momentum and officially listed on the KOSPI stock exchange on August 1, 2025. In 2025, DH Shipbuilding’s consolidated operating revenue reached KRW 1.2281 trillion, marking a 14.2% year-on-year increase; operating profit surged by 86% to KRW 294.1 billion.