World-Wide orders at DSME

In September, Daewoo secured an order for two 300,000 dwt VLCCs plus two on option from Hong Kong-based World-Wide Shipping worth an estimated $300 million. The vessels are due to be delivered in early 2004. Since 1986, World-Wide companies have ordered in total 33 newbuildings from Daewoo, including 24 VLCCs. The price of $75 million per vessel reflects the state of the market as many owners are letting their options lapse, deferring deliveries or generally avoiding the newbuilding market.