Daewoo close to topping target

Daewoo Shipbuilding & Marine Engineering said that its Romanian joint venture Daewoo Mangalia Heavy Industries Shipyard won an order for nine 5,550 TEU container ships from a European shipping company. So far this year Daewoo Mangalia has secured a record $1.92 billion worth of orders for 21 ships, topping the $1 billion mark for the first time in its history.

In 1997, when the company was set up, Daewoo Mangalia won $3 million worth of orders. In 2001 it won more than $100 million, and this years its orders are up to 640 times what it achieved at its start. Daewoo Shipbuilding & Marine Engineering said, ???Combining orders of Daewoo Shipbuilding & Marine Engineering and the Romanian joint venture, the value of all contracts amount to $16.4 billion, or 97% of this year’s target of $17 billion, which we upgraded in July. If the trend keeps up, the shipbuilding companies are together likely to exceed the upgraded target.??