South Korea's Daewoo Shipbuilding Surpasses 2007 Order Target

Daewoo Shipbuilding & Marine Engineering Co. (KSE:042660), the world's third-largest shipbuilder, said Thursday it has recently secured deals valued at US$900 million to build four liquefied natural gas carriers.

With the latest contracts, the shipbuilder has won $17.1 billion worth of orders this year to build 122 vessels, exceeding its 2007 target of $17 billion. The vessels include 80 container ships.

Shares of Daewoo Shipbuilding were trading at 57,300 won on Seoul's bourse as of 10:55 a.m., up 1.42 per cent from the previous session.

South Korea, home to seven of the world's top 10 shipyards, clinched record-high orders last year because of strong demand for crude carriers and offshore exploration equipment as oil prices remained high.

In the first six months of the year, local shipbuilders also secured a record $33.2 billion worth of orders, up 51.3 per cent from a year earlier, buoyed by a surge in global demand for new vessels.

Source:Yahoo