DSME wins another order from Greek shipping giant to build 4 VLCCs

2017.07.14 15:18:40 | 2017.07.14 16:03:08
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DSME CEO Chung Sung-lip and Angelicoussis Shipping Group Chairman John Angelicoussis shake hands after signing contract in Greece on July 13 (local time). [Photo by DSME]

DSME CEO Chung Sung-lip and Angelicoussis Shipping Group Chairman John Angelicoussis shake hands after signing contract in Greece on July 13 (local time). [Photo by DSME]

South Korea’s Daewoo Shipbuilding & Marine Engineering Co. (DSME) won its second order from Maran Tankers Management (MTM), a subsidiary of its long-time patron Greek shipping giant Angelicoussis Shipping Group, this year to build four very large crude carriers (VLCCs).

The company said on Friday that it bagged an order from MTM to build four 318,000-ton vessels, each of which will be 336 meters long, 60 meters wide and built in the latest eco-friendly design in compliance with the environmental regulations of the International Maritime Organization (IMO).

DSME did not disclose the exact amount of the deal, but considering that a VLCC typically costs around $80 million won, the order is estimated at $300 million.

This is the second order from Angelicoussis Shipping for Daewoo Shipbuilding & Marine Engineering this year. In April, it ordered three VLCCs whose specifications are the same as the ones in the latest order. Angelicoussis Shipping, one of DSME’s major clients, has showed commitment in the Korean shipbuilder despite its financial struggles, placing orders for two liquefied natural gas (LNG) carriers and two VLCCS last year on top of this year’s order.

In the first half of this year, the debt-stricken shipbuilder had seized seven orders worth $770 million, already 76.2 percent into its target of 2.71 trillion won for this year.

By Moon Ji-woong

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]

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