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June 9, 2016

DSME secures $580m shipbuilding order from Maran Gas Maritime and MTM

South Korea-based shipbuilding company Daewoo Shipbuilding & Marine Engineering (DSME) has won a contract worth around $580m from Greece-based Maran Gas Maritime and Maran Tankers Management (MTM) to build two liquid natural gas carriers and two very large crude carriers, respectively.

South Korea-based shipbuilding company Daewoo Shipbuilding & Marine Engineering (DSME) has won a contract worth around $580m from Greece-based Maran Gas Maritime and Maran Tankers Management (MTM) to build two liquid natural gas carriers and two very large crude carriers, respectively.

Both the Greek companies are units of Angelicoussis Shipping Group.

The group has so far placed an ordered for 88 vessels with DSME, 21 of which are currently under construction.

DSME President Jung Sung-leep was quoted by the Korean Times as saying: "Though the company is struggling, the contract will open sluice gates down the road and the company is working hard to overcome the setbacks."

Earlier this year, DSME’s subsidiary Daewoo-Mangalia Heavy Industries won a contract to build two tankers.

In April, the contract was transferred to Daewoo-Mangalia Heavy Industries’ Okpo Shipyard, located on Geoje Island, South Gyeongsang Province, South Korea.

Currently under heavy financial pressure, DSME last year registered a debt ratio of around 7,300%.

Recently, South Korea’s Seoul prosecutors raided the company’s headquarters in central Seoul and its Okpo dockyard in the southern coast of Korea for allegedly carrying out accounting fraud and other financial irregularities.

The company intends to deliver the newly ordered ships by November 2019, reported Pulse.

Furthermore, the company has reportedly won options for four additional ships, including two more liquid natural gas (LNG) carriers and two very-large crude carriers (VLCCs).

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