South Korean Ship Orders Rise

22 February 2010 (Last Updated February 22nd, 2010 18:30)

Daewoo Shipbuilding and Marine Engineering (DSME) and Sungdong Shipbuilding and Marine Engineering (SSME) have won over 50% of global newbuild orders since November last year, it has been revealed. Daewoo has won a KRW400bn ($348m) contract to build five 160,000t crude oil carriers for

Daewoo Shipbuilding and Marine Engineering (DSME) and Sungdong Shipbuilding and Marine Engineering (SSME) have won over 50% of global newbuild orders since November last year, it has been revealed.

Daewoo has won a KRW400bn ($348m) contract to build five 160,000t crude oil carriers for Sonangol, south-western Africa.

With the contract, Daewoo’s order-book reaches $1.1bn in 2010, the company said.

SSME said it will build two Capesize bulk carriers and two Kamsarmax bulk carriers worth KRW230bn ($200m) for a Japanese firm.

South Korean shipbuilders have taken up 56.7% global ship orders of 353,986 compensated gross tonnage (CGT) in January, while China won orders for six carriers of 82,707CGT, according to market research company Clarkson Research.