Daewoo Shipbuilding breaks record for delivering vessels since establishment

Daewoo Shipbuilding revealed Feb. 16 that it broke it's previous records in delivering ships worth $370 million in the past three days, meaning it delivered the largest number of ships in the shortest amount of time since this company was established.

Daewoo delivered two 75,000 tons of bulk carriers on Feb. 14 to Enterprise in Greece, handed one super-sized oil tanker capable of 300,000 tons to Peninsula in Saudi Arabia and gave Taichongching in Hong Kong a bulk carrier with a capacity of 173,000 tons.

Also on Feb. 15 Wallenis Wilhelmsen, a Norwegian liner, received a special purpose ship to handle cars, submarines, and helicopters from Daewoo Shipbuilding, and Petro Drilling, a Dutch company on Feb. 16 was delivered an oil drilling ship.

Daewoo Shipbuilding made orders "Heavy Tailed", receiving a small amount of money when they got contracts, and the largest portion upon delivery. This style earned Daewoo Shipbuilding over 50 percent of contract prices.

Accordingly, Daewoo Shipbuilding might receive delivery money close to $200 million, being able to pay back debts of 20 million won and get through a workout this year.

Dewoo Shipbuilding is going to deliver 41 ships this year including the 12 vessels already delivered.