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DSME inks definitive contract to build 5 VLCCs for Hyundai Merchant Marine

Collected: 2017.09.05

Distributed: 2017.09.07

Source: Go Direct

Daewoo Shipbuilding and Marine Engineering CEO Chung Sung-lip, left, poses with Hyundai Merchant Marine CEO Yoo Chang-Keun after signing a contract on crude oil carriers. [Photo by Daewoo Shipbuilding & Marine Engineering]

South Korea’s Daewoo Shipbuilding and Marine Engineering Co. (DSME) has clinched a new contract worth $420 million, taking itself one step closer to early normalization of business with improved cash flow.

The South Korean shipbuilder announced on Monday it signed a definitive contract with Hyundai Merchant Marine Co., the country’s top shipping firm, to build five 300,000-ton VLCCs. The order was finalized about five months after the two exchanged a non-binding agreement in April. The formal contract contains an option to require DSME to construct up to five additional vessels for the same design.

Each VLCC is 336 meters in length and 60 meters in width. The next-generation eco-friendly vessel that meets the IMO’s environmental regulations will be equipped with high efficiency engines and cutting-edge fuel-saving technologies from DSME. The vessels will be built at DSME’s Okpo shipyard in Geoje, South Gyeongsang Province, with a goal of delivery by 2019.

DSME is speeding up its pace to get back on track on improved financial conditions driven by back-to-back shipbuilding orders, including four VLCCs from Maran Tankers Management of Greece and a military submarine from Indonesia recently.

DSME’s shipbuilding orders won so far this year stretch to 18 vessels worth $1.75 billion in total, surpassing what it had throughout last year.

At 2:50 p,m. Tuesday, shares of DSME stayed flat at 44,800 won.

By Moon Ji-woong

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