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DSME raises sales target 45%

Seoul: The ship sales departments at Korean yards will have no time to relax despite their dramatic start to the year. Daewoo Shipbuilding Marine & Engineering Co., the world's second-largest shipbuilder, said Sunday that it has raised its yearly sales target to US$16 billion this year from the previous $11 billion on increased orders for container ships.

This year, the shipbuilder has already won orders valued at $11 billion to build 84 ships and other offshore equipment.

"Demand for container vessels is increasing sharply. About 55 percent of new orders received this year, or $6 billion, is about container vessels," the company said in a statement.

The shipbuilder's order backlog reached $30.2 billion at the end of June this year, with production of those orders expected to take more than three years.  [09/07/07]

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