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New Shipbuilding Orders Mushroom

      5/28/2002

Korean shipbuilding firms have been enjoying a flood of new contracts in the second quarter this year. Daewoo Shipbuilding and Marine Engineering (DSME), Hyundai Heavy Industries (HHI) and Samsung Heavy Industries (SHI), have been getting new shipbuilding orders for various value-added products, such as offshore plants, LNG carriers, and super-large container carriers.

The DSME said that they won a US$426 million contract from Chevron-Texaco (USA) to supply an offshore platform. Their total new orders this year included five LNG carriers and eight tankers, worth more than US$1.6 billion in total. Hyundai, the largest shipbuilder in the country, said that the new orders since April included six 2,550-TEU class container carriers, four bulk carriers, and five crude carriers. Samsung also reported new orders totaling 13 vessels, worth US$669 million, including nine tankers and two shuttle tankers.


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