Sungdong bags Suezmax pair

Sungdong Shipbuilding & Marine Engineering in South Korea has bagged a second order in less than a month, this time securing a pair of 158,000 DWT Suezmax tankers from an unspecified European owner for delivery in 2011 priced at $70 million apiece. Sungdong booked two identical vessels from Greek owner Tsakos Group in mid-July.

Furthermore, Sungdong has signed four to five letters of intent with European and Asian owners for Aframax tankers as well as Capesize and Panamax bulkers. Details of these potential contracts will not be released until the end of the negotiation deadline on 14 August. Sungdong hopes to win ten orders through these deals.

This emerging shipyard was established only six years ago and its success has not gone unnoticed by the shipping industry as shipowners by-passed larger builders for this lesser-known shipyard.