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DSME Wins LNG Carrier Order in Greece despite Concerns over Massive Deficit
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DSME Wins LNG Carrier Order in Greece despite Concerns over Massive Deficit
  • By Jung Min-hee
  • July 21, 2015, 02:45
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Park Hyung-keun (right), executive director of the ship sales division at Daewoo Shipbuilding & Marine Engineering Co., poses with President John Skordias of Chandris after a signing ceremony at the headquarters of Chandris on July 17 (local time).
Park Hyung-keun (right), executive director of the ship sales division at Daewoo Shipbuilding & Marine Engineering Co., poses with President John Skordias of Chandris after a signing ceremony at the headquarters of Chandris on July 17 (local time).

 

Despite concerns over massive losses of trillions of won in the second quarter this year, South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co. (DSME) has received an order for a new liquefied natural gas (LNG) carrier from a Greek shipper.

DSME announced on July 20 that it has bagged an order to build a 173,400 cubic meter LNG carrier from Greek shipowner Chandris. In December 2014, Chandris ordered an LNG vessel at DSME with an option to order an additional carrier at a specific point in time, and the order comes after seven months.

Despite concerns that Daewoo could be strapped for cash amid reports that it may have to book accumulated losses, estimated at some 2 trillion won (US$1.73 billion) on its balance sheet, Chandris ordered an additional LNG carrier from the company with its trust in technology and quality, DSME said.

The natural gas-fueled vessel is an eco-friendly next-gen LNG carrier that it will be equipped with an M-type electronically-controlled gas-injection (ME-GI) engine produced by Germany’s MAN Diesel & Turbo. So far, the DSME has won orders to build a total of 29 ME-GI LNG carriers, including this deal. Last year, the company won 37 orders from a total of 66 LNG carrier orders in the global market, showing unequaled competitiveness.