DSME wins first orders of the new year in shipbuilding

Daewoo Shipbuilding & Marine Engineering (DSME) won a new order to build two very large crude carriers (VLCC) including one optional and two bulk carriers from Greece based Angelicoussis Shipping Group in Thessaloniki on January 9th.

Shortly before that, DSME received a fixed platform order from one of world? largest oil companies. The amount of the contracts including the four vessels is approximately USD 750 million.

The two 320,000 ton capacity VLCC?, and the two 180,000 DWT bulk carriers ordered by Angelicoussis Shipping Group are standard type DSME vessels and they are expected to be delivered by the end of 2012.

Angelicoussis Shipping Group is one of the largest shipping companies in Greece and they have ordered more than fifty vessels from DSME. The two companies have maintained close relations since the first contract was signed in 1994. This order is especially significant as it is one of the first contracts signed of the new year with a major shipping company in a down market.

Weighing 45,000 tons and at 105 meters long by 70 meters wide, the fixed platform will be capable of processing up to 90,000 barrels of crude oil per a day. It will be installed in a Russian oil field and it is expected to be delivered by 2013 and production will begin by 2015.

Mr. Sang-Tae Nam, CEO & President of DSME commented, ?ncreasing oil prices has encouraged development in marine oil fields and this order signifies that the shipping and shipbuilding markets will see meaningful recovery.?He added,?e will work hard to achieve our USD 10 billion 2010 sales goal.<Korea Shipping Gazette>