Daewoo Shipbuilding Wins $602 Mil Container Ship Deal

Source: The Korea Times

Daewoo Shipbuilding & Marine Engineering Co., the world's third-largest shipbuilder, said Tuesday that it has won a deal worth US$602 million to build eight
container ships.

The deal with a European shipping company calls on Daewoo Shipbuilding to deliver the vessels by January 2011, the shipbuilder said in a regulatory filing.

Shipyards in South Korea, the world's largest shipbuilding nation, have received record orders in recent years as demand has surged for vessels to transport raw materials to China and goods to the rest of the world.

Shares of Daewoo Shipbuilding were trading at 31,600 won as of 9:41 a.m. on Seoul's bourse, up 2.43 percent.

The shipyard has clinched deals valued at $1.9 billion to build 15 ships so far this year. Daewoo Shipbuilding aims at winning $17.5 billion worth of orders this year. (Yonhap)