Record new contracts for Daewoo

Daewoo Shipbuilding & Marine Engineering Co., the world’s third-largest shipyard, has received new orders worth $3 billion so far in June, a record for monthly new contracts won by a single shipbuilder.
Daewoo Shipbuilding secured orders for 21 vessels in June, including three very large crude carriers and 14 container ships, the Seoul-based company said yesterday in an e-mailed statement.
Another Korean shipyard, Hyundai Heavy Industries Co., the world’s largest, and other competitors are expected to report a surge in profit this year as they build vessels from orders signed when ship prices rose as much as 56 percent.
Korean shipyards have already met more than half of their order targets this year.
“Container carriers emerged as one of our main products, along with LNG carriers and very large crude tankers, as orders for those ships surged recently,” Daewoo Shipbuilding said in the statement.
“We expect to easily meet our new contract target of $11 billion this year.”
The 12-member Transpacific Stabilization Agreement, a group of shipping lines that handles about 70 percent of trade across the Pacific Ocean, has said container shipments to the United States from Asia may grow about 10 percent this year.
Daewoo Shipbuilding has received $9.2 billion, or 84 percent of its annual target, in contracts this year, including $1.06 billion in orders won by its Romanian unit, the statement added.
Shares of Daewoo Shipbuilding, which have jumped 71 percent so far this year, outperforming the Kospi Index’s 24 percent rise, rose 3.4 percent to 49,900 won at close in Seoul on June 22.
Bloomberg