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DSME profits heat up in August

DSME profits heat up in August

Seoul: Leading shipyard Daewoo Shipbuilding & Marine Engineering (DSME) has announced that it has seen a 86% increase in operating profits for August to 27.3bn won ($29.2m). The move reflects the continuing surge in shipbuilding orders that have seen most yards completely booked for the next three years despite rocketing steel prices.

DSME's net income rose to $13.2m for the summer month, up from $1.5m seen in 2006m while sales rose by 6.3% to 569.4bn won ($610,6m). The increase has pushed the company's net income for the first eight months of the year to 203bn won ($217.7m), while operating profits for the period touched 173.3bn won ($185.8m).

Parent company Daewoo Shipbuilding is eager to cash in on the boom and is expanding its Okpo premises and also plans to constuct the world's largest floating dock by July 2009, reports Bloomberg.

In other news, DSME also held a naming ceremony last week for two 210,100cbm L-LNGCs. The vessels, orderedfor the QG II project by a consortium consisting of Nakilat, Qatargas Operating Company, Commerzleasing und Immobilien and Pronav Ship Management.
The vessels, named 'Al Ruwais' and 'Al Safliya' (pictured), are the first L-LNGCs of that class to ever be produced at DSME. They are scheduled for delivery in the beginning of October.  ['12/09/07]