Posted : 2014-07-31 17:57
Updated : 2014-07-31 20:55

Daewoo Shipbuilding wins $400 million order from Greece

By Park Si-soo

Daewoo Shipbuilding & Marine Engineering (DSME), Korea's second-largest shipbuilder, said Thursday it has signed a $400 million deal to build four oil tankers for a Greek firm.

Under the deal with Maran Tankers Management, a unit of Greece's largest shipper Angelicoussis Group, Daewoo plans to deliver the tankers by 2016, the company said in a statement.

The two companies have also signed a separate contract with an option to change bunker-C oil-propelled engines of the tankers to liquefied natural gas-powered ones.

If the Greece shipper wants the engine change, the price of the oil carriers will be increased from the originally contracted price, a company official said.

With the latest deal, the shipbuilder has won a total of $5.8 billion in orders so far this year.

"For many years, Angelicoussis has placed a timely order with accurate prediction of market trends, which means that I think the global demand for new vessels will increase in the near future," Ko Jae-ho, DSME CEO, said in the statement.

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