Daewoo Shipbuilding wins record $2.33bn order from Maersk

Seoul: Daewoo Shipbuilding & Marine Engineering Co., the world's third-largest shipyard, said Friday that it has won an order to build 16 container vessels for US$2.33 billion, the industry's largest order to date.
The deal with A.P. Moeller-Maersk of Denmark, the world's largest boxline, calls on Daewoo Shipbuilding & Marine Engineering to deliver the vessels by December, 2012, the company said in a statement.
The vessels have individual capacities of 7,450 teu and they are equipped with reefer plugs enabling them to carry 1,700 refrigerated containers each. This is the highest number ever carried on a container vessel.
The ships are designed to meet the highest demands for safe and economic transportation of goods in the trade to and from the East Coast of South America. In addition, each vessel is equipped with a waste heat recovery system. The system reuses excess heat from the exhaust and thus generates energy for propulsion of the vessel or on-board electricity consumption. The reduction in fuel consumption results in a corresponding reduction of emissions.
"We are very excited with this order and the opportunities these vessels will provide our customers in South America. We are confident that the vessels will enable us to continue to offer competitive container shipping based on a modern, economical, and environmentally friendly fleet," says Senior Vice President Michel Deleuran, Head of Network & Product in Maersk Line.
Maersk Line expects to deploy the 16 vessels in the trades between the East Coast of South America and Asia and Europe. Michel Deleuran adds, "We expect a continued strong growth in these markets; we believe that this order shows our long-term commitment to providing service and support to our customers' increasing business in the aforementioned trades"
Shares of Daewoo Shipbuilding & Marine Engineering were trading at 37,700 won on the Seoul bourse as of 9:24 a.m., up 3.14 percent.
The shipbuilder has won orders valued at $9.83 billion so far this year to build 59 ships, accounting for 56 percent of its yearly target of $17.5 billion worth of orders. [4/7/08]

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