Embattled Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) has received its first orders after posting a massive loss in the second quarter of 2015 (2Q15).
Maran Tankers Management, part of the Angelicoussis Group, ordered two 320,000 dwt VLCCs and two 156,000 dwt Suezmax tankers on 14 September.
The VLCCs are priced at USD93 million each and each Suezmax is priced at USD63 million. The tankers are scheduled to be built in 2017.
The contract means the Angelicoussis Group has ordered 16 tankers in total from DSME, including 12 under construction in the shipbuilder’s yards in Okpo, South Korea and Mangalia, Romania. These tankers will be delivered from 2016-2017.
The Angelicoussis Group has been in an ordering spree since it ordered two VLCCs from DSME in January, encouraged by firming freight rates.
DSME posted a KRW1.15 trillion (USD987 million) loss for 2Q15, after admitting it concealed KRW3 trillion of losses from offshore plant orders. It is selling non-core businesses and restructuring its workforce to boost liquidity.