Daewoo Recieves 600 Million Ship Building Order

Daewoo Heavy Industries announced on October 29 that they have received an order worth 600 million dollars to construct eight oil tankers from Saudi Arabia. This is the largest order in terms of price a single shipping company has receivd.
Daewoo's president, Shin Young Gyun, agreed to a deal with a Saudi partner 'Penninsula Star Holding' representative Adnan Kayal in London to build eight 300,000 ton capacity tankers, and the payment will all be in cash.
The ships will be able to hold 300,000 tons of oil and travel with a speed of 15 knots(28km) per hour. The length will be 332m, width 58m, depth 31m.
Daewoo will start constructing the ships at its Kyongsang province's Okpo factory and finish the first four vessels by June 2001, with the remaining four due by late 2002.
A source from the company said, 'It is one of the biggest single orders for a company in terms of amount, so it will help raise our international profile and credibility along with forming a bilateral friendship.'