Daewoo Shipbuilding Wins $1.2 Billion Order

Daewoo Shipbuilding & Marine Engineering Co., South Korea's third-largest shipbuilder, reported Wednesday that it was awarded a US$1.2 billion contract to build 12 container ships, the first container ship order for the company in 2 years. Daewoo Shipbuilding will deliver 10 of the vessels, each able to carry as many as 8,400 20 ft containers, to Singapore’s NOL in 2013 and 2014. NOL also signed a letter of intent for two 10,700-TEU vessels. NOL said it is investing in new vessels to meet future growth and to replace vessels with charter agreements that will expire in the next few years. Including the deal, Daewoo Shipbuilding has won orders valued at $4.9 billion so far this year. The shipbuilder aims at clinching $10 billion worth of deals for the year.