DSME secures $250 million deal to build crude carriers

Cash-strapped Daewoo Shipbuilding & Marine Engineering, a major shipyard, said Tuesday that it has clinched a $250 million deal to build three very large crude carriers.

Under the deal with Maran Tankers Management, a unit of Greece’s largest shipper, Angelicoussis Shipping Group, Daewoo will deliver the 318,000-ton very large crude carriers by 2018.

Angelicoussis is one of the major clients for Daewoo. The company is currently building 18 ships for the Greek shipper.

Late last year, Daewoo also bagged a 700 billion won ($622.5 million) order from Angelicoussis to build a liquefied natural gas-floating storage and regasification (LNG-FSRU) ship.

The deal came as the Korean shipbuilder is struggling to tide over a deepening cash shortage. YONHAP