Daewoo inks another container vessel deal

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Daewoo inks another container vessel deal

Daewoo Shipbuilding & Marine Engineering Co., the world’s third-largest shipyard company, has signed a contract for four container vessels valued at 463.4 billion won ($499 million) from Germany.
The ships, which can each carry 8,400 standard 20-foot containers, will be delivered by July 31, 2010, the Seoul-based company said in a regulatory filing yesterday, without identifying the buyer.
A.P. Moeller-Maersk A/S, the world’s largest shipping line, and its peers have increased their spending on such vessles during the past five years to move raw materials to China and take finished goods to the United States and Europe.
Daewoo Shipbuilding said July 24 its contracts for new vessels that month had reached $4 billion, an industry record. The shipbuilder on July 8 raised its yearly sales target to $16 billion this year from the previous $11 billion.
Shares of Daewoo Shipbuilding dropped 1.5 percent to 53,700 won yesterday in Seoul, the lowest closing price in more than a month.
The stock has climbed 84 percent this year, making it the eighth-best performer among 50 top companies on Korea’s Kospi index.
The two biggest shipyard companies are Hyundai Heavy Industries Co. and Samsung Heavy Industries Co.

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