Home / Shipping News / Shipbuilding News / Daewoo Shipbuilding wins $3 bln orders this year, 41 pct of 2018 target

Daewoo Shipbuilding wins $3 bln orders this year, 41 pct of 2018 target

Daewoo Shipbuilding Marine & Engineering Co. (DSME) said Friday it has received US$3 billion worth of orders so far this year, achieving 41 percent of its annual target of $7.3 billion.

The value of orders nearly quadrupled from the $810 million the shipbuilder won in the same period last year, DSME said in a statement.

“Shippers are showing a growing trust in the company as its financial status has improved under an ongoing restructuring program and as President & CEO Jung Sung-leep was reelected last month for another three-year term,” a company spokesman said.

DSME, the second largest shipbuilder in the world in terms of orders, plans to complete its self-help program by 2020 to reemerge as a financially healthy company.

DSME’s South Korean rivals include Hyundai Heavy Industries Co., the world’s biggest shipbuilder, and Samsung Heavy Industries Co., the world’s third-biggest shipbuilder.

In its latest orders, DSME won $370 million worth of orders to build a liquefied natural gas (LNG) carrier for Alpha Gas S.A. in Greece and to build two very large crude-oil carriers (VLCCs) for an overseas shipper, the company said in a statement.

The LNG carrier and the two VLCCs will be delivered in the first half of 2021 and in the first quarter of 2020, respectively.

The company didn’t provide further details on the latest contract.

As of the end of May, DSME had $22.4 billion worth of orders, or 96 ships, in order backlog, the shipmaker said.
Source: Yonhap

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping