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Sungdong Shipbuilding & Marine Engineering Obtains US$539 Mil. Won in Orders
Contracts for 12 Tankers
Sungdong Shipbuilding & Marine Engineering Obtains US$539 Mil. Won in Orders
  • By matthew
  • August 30, 2013, 03:43
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Sungdong Shipbuilding & Marine Engineering is located in the Anjeong National Industrial Complex in  Tongyeong, South Gyeongsang Province, South Korea.
Sungdong Shipbuilding & Marine Engineering is located in the Anjeong National Industrial Complex in Tongyeong, South Gyeongsang Province, South Korea.

 

Sungdong Shipbuilding & Marine Engineering (SSME) announced on August 29 that it won an order for eight 115,000 dwt LR2 tankers (four options included) from Singapore’s Navig 8, and another contract for four 50,000 dwt MR tankers (two options included) from Horizon Tankers, an affiliate of Greece’s Target Marine Group. 

The total orders are worth 600 billion won (US$539 million), and they are scheduled to be delivered in 2015-16. The tankers are reported to be more expensive since they have state-of-the-art facilities. Furthermore, the company's shipbuilding technology that meets the conditions of more strict international shipbuilding agreements will be used in the construction of these tankers. 

SSME CEO Kim Yeon-Sin said, "Continuous deals were made possible through the cooperation of credit banks, including the Export-Import Bank of Korea, our employees' efforts, and local residents and contractors' aspirations to get the deals," adding, "We are currently offering consultations to potential clients about 20 vessels. I think that our company can sign more contracts in the foreseeable future."

So far this year, the Korean shipbuilder has won contracts worth US$1.3 billion for 30 tankers, thus securing enough orders. Now, the company is working hard for business normalization.