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