STX Shipbuilding wins $200 mil. orders for 5 vessels

Friday, March 07, 2008

STX Shipbuilding Co., the world’s fifth-largest shipbuilder, said Friday (Mar. 7) that it has clinched two deals valued at US$200 million to build five vessels to carry liquefied petroleum gas.

The deals from Greece and the United Arab Emirates both call on the shipbuilder to deliver the vessels by 2011, the company said in a statement.

Shipyards in Korea, the world’s largest shipbuilding nation, have received record orders in recent years as demand has surged for vessels to transport raw materials to China and goods to the rest of the world.

STX Shipbuilding has won deals valued at $859 million so far this year to build 13 ships, 36 percent more than the same period in 2007, according to the company.

The shipbuilder said its order backlog stood at $14.98 billion for 271 vessels.

Earlier this week, STX Shipbuilding said it is targeting $11 billion in contracts, and 3 trillion won in sales this year.

Shares of STX Shipbuilding were trading at 38,200 won as of 11:22 a.m., down 0.65 percent.