Daewoo Wins LNG Ship Order

While European leaders continue to disparage the business practices of Far East shipbuilders, particularly those in South Korea, based on alleged subsidy use and abuse, these yards continue to win new business and further sway the balance of shipbuilding power worldwide. Daewoo Shipbuilding was reportedly awarded a deal to build four LNG carriers for Norway's Bergesen, at an estimated price of more than $160 million per ship. The contract calls for Daewoo to deliver the first ship by the first quarter of 2005 and the last ship by the first quarter of 2006. The ships, capable of carrying 140,500 cu. m. of LNG each, will be chartered to Nigeria Liquefied Natural Gas Ltd.