Daewoo Shipbuilding wins $370m order

Daewoo Shipbuilding wins $370m order

SEOUL: South Korea's Daewoo Shipbuilding and Marine
Engineering said on Monday it had won a US$370 million order to
build three oil carriers for Pacific Star International Holding
Corp.

Daewoo will deliver the very large crude oil carriers (VLCCs)
to the firm, registered in the British Virgin Islands, by
November 2008.

The latest deal brings orders so far this year to $1.4 billion
or 23 percent the 2005 target of $6 billion, Daewoo said.

"Recently, the price of vessels has gone up and we are trying
to win orders for high value-added ships," Daewoo's executive
vice president W. K. Ki said.

Each VLCC is priced at around $124 million, which has doubled
since 2002, the company said.-- AFP