Daewoo Shipbuilding gets orders for 4 VLCCs

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Daewoo Shipbuilding gets orders for 4 VLCCs

Indebted shipbuilder Daewoo Shipbuilding & Marine Engineering made an upbeat start to the second half of the year by announcing Friday orders to build four supersized crude carriers from Maran Tankers Management, an affiliate of Greece’s largest shipper, Angelicoussis Shipping Group.

The tankers have 318,000-ton capacities and fall into the category of “very large crude carriers,” also known as VLCC.

Measuring 366 meters in length (400.3 yards) and 60 meters in width, the four carriers have the same specs as the three VLCCs that Maran Tankers ordered in April.

The shipyard plans to use cutting-edge technology for eco-friendly ships that will help the owner fulfill the International Maritime Organization’s environment regulations. This includes highly efficient engines and new technology to reduce fuel consumption.

DSME said in a regulatory filing Friday that the deal’s final vessel will be delivered by August 2019. The company did not disclose details of the contract’s payments, according to an agreement with Maran Tankers, but will disclose them in another regulatory filing on August 31.

The relationship between Angelicoussis and DSME goes back to 1994. Since then, the Greek company has been a major customer of the shipbuilder, having ordered a total of 96 ships including the recent deal. Even now, 17 vessels ordered by Angelicoussis are under construction at DSME’s yards in Geoje, South Gyeongsang, and Romania.

“Angelicoussis Group has been showing immense confidence in the company’s revival,” said Jung Sung-leep, CEO of DSME.

“With an improved financial position, we’re looking forward to receive more orders in the year’s second half.”

Increased global demand for VLCCs has been a boon for local shipbuilders, which went through a drought of orders until last year. As of May, the number of VLCCs ordered from Korea’s top three shipyards was 14, more than half of all 27 VLCC orders placed globally.

BY SONG KYOUNG-SON [song.kyoungson@joongang.co.kr]

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