Daewoo wins $560 mln order for five vessels

Daewoo Shipbuilding & Marine Engineering Co., a Korean shipbuilder, said Tuesday that it has clinched a $560 million deal to build five vessels.

Under the contract with Kuwait Oil Tanker Co., Daewoo Shipbuilding will deliver the vessels, including one product carrier, by the end of 2014, the company said in a statement.

Daewoo Shipbuilding, the world's second-largest shipbuilder, said earlier it expects new orders to drop 23 percent this year from a year earlier to reach $11 billion mainly due to oversupply of vessels and the global economic slump.

The shipbuilder said demand for offshore products, such as drill ships, may account for some 70 percent of the orders this year.

Shares of Daewoo Shipbuilding were trading at 27,150 won on the Seoul bourse as of 9:55 a.m., up 3.82 percent. (Yonhap)