Daewoo wins Sonangol suezmax order.
SONANGOL, the Angolan state-owned oil company, has returned to its long-time South Korean shipyard partner, Daewoo Shipbuilding and Marine Engineering, to order five 160,000 dwt suezmax tankers at a cost of about Won400bn ($348.6m).
The shipbuilding contracts were signed between the two companies in the Portuguese capital Lisbon on Saturday. The ships will be delivered between the middle of 2011 and early 2013.
Daewoo Shipbuilding already has orders for four 158,000 dwt suezmax tankers that will be delivered to Sonangol in 2011.
The Angolan company has also previously ordered three liquefied natural gas carriers, which were ordered at a cost of around $213m each from DSME for delivery by December 2011. Sonangol also ordered five tankers from Daewoo Shipbuilding including a 159,000 dwt suezmax vessel ordered in 2004.
The average price of the latest order equates to around $69.7m per vessel, which analysts said was slightly higher than Clarksons and Fearnleys benchmark price of around $62m. Analysts said the Sonagol could be paying a higher per vessel price because of the vessels may feature improved specifications or have beneficial payment terms.
The latest Sonangol deal also meant Daewoo Shipbuilding had won total orders so far this year of $1.1bn, equivalent to slightly more than 10% of its 2010 order target of $10bn.
These other orders comprise $740m worth of deals from Greek owner Angelicoussis Shipping and ExxonMobil that were placed in January.
Daewoo Shipbuilding will build two 180,000 dwt capesize bulk carriers at a total cost of $120m for Anangel Maritime Services and a pair of very large crude carriers costing $220m for associate company Maran Tankers. The four ships are to be delivered by the second half of 2012.
The shipbuilder will also build an offshore drilling platform at a cost of around $400m under a contract awarded by ExxonMobil. The rig is to be delivered in 2013.