Daewoo Shipbuilding & Marine Engineering Co., the world's third-largest shipbuilder, said Thursday that it has won a US$45 million order to build a small-sized barge ship, its first shipbuilding order of the year, according to Yonhap News.
The deal with a Dutch company calls on Daewoo Shipbuilding to deliver the vessel by the end of 2010, the company said in a statement. Daewoo Shipbuilding did not identify the buyer's name.
Shares of Daewoo Shipbuilding were trading at 21,650 won($17.40) as of 9:45 a.m., up 2.13 percent.
A barge is a flat-bottomed boat, built mainly for river and canal transport of heavy goods.
The order came at a time when Daewoo Shipbuilding and other South Korean shipyards have suffered a plunge in new orders.
Shipyards in South Korea, the world's largest shipbuilding nation, received record orders in recent years on rising shipbuilding demand.
But those orders have all but vanished since September as declining global trade slashed cargo rates and demand for new vessels.
Only Samsung Heavy Industries Co., the world's second-largest shipbuilder, managed to win a shipbuilding order, valued at $680 million, in the first three months of the year.
Compound their woes, shipping lines worldwide are reportedly demanding that orders be canceled and delivery of new ships be delayed.
The deal with a Dutch company calls on Daewoo Shipbuilding to deliver the vessel by the end of 2010, the company said in a statement. Daewoo Shipbuilding did not identify the buyer's name.
Shares of Daewoo Shipbuilding were trading at 21,650 won($17.40) as of 9:45 a.m., up 2.13 percent.
A barge is a flat-bottomed boat, built mainly for river and canal transport of heavy goods.
The order came at a time when Daewoo Shipbuilding and other South Korean shipyards have suffered a plunge in new orders.
Shipyards in South Korea, the world's largest shipbuilding nation, received record orders in recent years on rising shipbuilding demand.
But those orders have all but vanished since September as declining global trade slashed cargo rates and demand for new vessels.
Only Samsung Heavy Industries Co., the world's second-largest shipbuilder, managed to win a shipbuilding order, valued at $680 million, in the first three months of the year.
Compound their woes, shipping lines worldwide are reportedly demanding that orders be canceled and delivery of new ships be delayed.