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Korean newbuildings boost LR annual results

Korean newbuildings boost LR annual results

London: Lloyd's Register has announced strong results for the year to end-June, with a 14% rise in group income to £425m, attributed largely to a 15% revenue increase in the group's Marine business, which accounts for approximately half of its total income. Over 11m gt came into LR class during the year, bringing its fleet to a record 127m gt at June 30 (now 129m gt).

Korean newbuild business was a key factor, with LR securing over 25% of all gross tonnage ordered at yards in the world's leading shipbuilding nation. Significant contracts included specification requirements for seven ice-classed 1A FS chemical tankers at STX Shipyard; six VLCCs for Vela; and further LNG contracts including the Qmax liquefied natural gas carriers being built at SHI and Daewoo, the largest gas ships ordered to date.

Additionally, the group saw a rise in tonnage on order or under construction in China to over 5.2 mgt in June 2006, including LR's first chinese VLCC order, for three 316,000 dwt vessels building in Shanghai's Waigaoqiao Shipyard for a Singaporean owner.

The Industry section of LR was also particularly successful in Asia with significant orders for port-side crane inspection services in China, Singapore and Korea leading to 20% year-on-year growth.  [27/10/06]