Cash-strapped Daewoo Shipbuilding & Marine Engineering Co. (DSME) has clinched a 250 mill. $ deal to build three very large crude carriers (VLCCs).
Under the deal with Maran Tankers Management, a unit of Greece‘s largest shipper, Angelicoussis Shipping Group, Daewoo Shipbuild[ds_preview]ing will deliver the 318,000-ton VLCCs by 2018, reports South Korean news agency Yonhap. Angelicoussis is one of the major clients for Daewoo Shipbuilding. The company is currently building 18 ships for the Greek shipper.
Late last year, Daewoo also bagged a 700 bill. Won order from Angelicoussis to build a liquefied natural gas-floating storage and regasification (LNG-FSRU) ship.  The deal came as the South Korean shipbuilder is struggling to tide over a deepening cash shortage.
Late last month, the creditors announced a fresh rescue package worth 6.7 trill. Won for the ailing shipbuilder, but only if all stakeholders agree to a debt-for-equity swap plan. The huge rescue measures represent the second round of bailouts for the shipbuilder that has been suffering from severe liquidity problems over heavy losses in its offshore projects.
