Angelicoussis books VLCC trio at DSME

Sarah Carter
Sarah Carter

05 April 2017


Cash-strapped Daewoo Shipbuilding & Marine Engineering Co. (DSME) has inked a 280 billion won ($250 million) contract with Maran Tankers Management (MTM) to build three very large crude oil carriers (VLCCs). A press statement from DSME said that it had clinched the order to build three 318,000-ton VLCCs with MTM, a unit of Greece’s largest shipper, Angelicoussis Shipping Group. The deal came as the South Korean shipbuilder is struggling to tide over a deepening cash shortage. According to Korea Times, the 336-meter-long and 60-meter-wide VLCCs are expected to include DSME's latest eco-friendly technologies that satisfy the International Maritime Organization's environmental standards. The three carriers will be delivered in 2018. Angelicoussis is one of the major clients for Daewoo Shipbuilding. The company is currently building 18 ships for the Greek shipper. In 2016, Daewoo also bagged a 700 bill won order from Angelicoussis to build a liquefied natural gas-floating storage and regasification (LNG-FSRU) ship. "I would like to express my gratitude to Angelicoussis Shipping Group for choosing DSME in such a critical moment. Angelicoussis Shipping Group has continuously showed its trust in DSME," DSME CEO Chung Sung-lip said.