DSME to Build Two VLCCs for BW Group
By Aiswarya Lakshmi
Monday, August 1, 2016
South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) has received a 200 billion won (US$179.2 million) order to build two oil tankers for Singapore-based oil and gas transporter BW Group.
According to Yonhap, DSME will provide the oil and gas transporter two 318,000-ton Very Large Crude Carriers (VLCCs) by 2018.
The BW Group has ordered a total of 63 ships from Daewoo Shipbuilding and has received 53 so far.
This is the 10th order DSME has won this year, and the total amount has crossed US$1 billion. Daewoo Shipbuilding has won $930 billion worth of orders so far this year, the largest among South Korean shipbuilders that have struggled with shrinking demand.
DSME has been struggling from liquidity crisis and the Singapore-based company has paid 30 percent upon signing the order as retaining fee, a rarity in the industry.