Daewoo to Build Nine Container Ships

The Daewoo Shipbuilding Marine & Engineering Co., said Monday it had won a deal valued at $1.4b to build nine container vessels.

The deal from an European shipping company calls on Daewoo Shipbuilding to deliver the ships by March, 2011, it said in a regulatory filing. On Sunday, the shipbuilder raised its yearly sales target to US$16 billion this year from the previous $11 billion on increased orders for container ships.

This year, the shipbuilder has already won orders valued at $11 billion to build 84 ships and other offshore equipment. Source: Business in Asia Today