Daehan Shipbuilding won additional orders for two Suezmax crude oil carriers, securing a total of 12 orders in the first quarter alone.
On the 31st, Daehan Shipbuilding said it signed a construction contract the previous day with an Oceania-based shipping company for two Suezmax crude oil carriers worth about 276 billion won. The shipowner that signed a contract in February placed additional orders in about a month.
Daehan Shipbuilding won orders for six Suezmax crude oil carriers in January, two in February, and four more in March. This led it to take the No. 1 market share in the Suezmax market in the first quarter.
Global demand for Suezmax tankers is rising. Replacement demand is increasing due to the aging of existing fleets, and the closure of the Strait of Hormuz amid the Middle East war has reduced available vessels, sharply boosting tanker demand. As supply fails to keep up with demand, the Suezmax price this time marked the highest since the founding of Daehan Shipbuilding.
Daehan Shipbuilding has secured 35 vessels to be delivered by 2029. It also met its annual order target early, within the first quarter. Entering the Suezmax crude oil carrier market in 2018, Daehan Shipbuilding has optimized its construction and production system and strengthened marketing activities. Having shed the burden of orders this year, it plans to review development of next-generation eco-friendly, high value-added ship types and entry into new markets.
Chief Executive Lee Seok-mun of Daehan Shipbuilding said, "Following the best management performance since our founding last year, this year we achieved our annual order target within the first quarter, which is an encouraging situation that has significantly eased the burden of securing order volume," adding, "From now on, based on a comfortable backlog, we will be able to fully focus on strengthening the company's fundamentals by improving shipbuilding efficiency and maximizing profitability."