Angelicoussis Group Returns to DSME for Three VLCCs

Image for illustrative purposes. Image Courtesy: Maran Tankers

South Korea’s financially troubled Daewoo Shipbuilding & Marine Engineering (DSME) has won a contract to build three very large crude carriers (VLCCs) for the Greek shipping company Maran Tankers, part of the Angelicoussis Shipping Group.

The contract for the three 318,000 dwt tankers is valued at USD 250 million, DSME said.

The 336-meter vessels will be delivered throughout 2018 and will feature high efficiency engines and the latest fuel saving technology to meet the IMO environmental regulations.

This is the third time the Angelicoussis Group has placed an order for new vessels at DSME in the past eleven months. In June 2016, the company ordered two LNG carriers and two VLCCs, which was followed by an order for one LNG FSRU in December 2016.

The Angelicoussis Group currently has 18 vessels under construction at DSME’s shipyards in South Korea and Romania.

The new order comes shortly after DSME’s creditors announced a plan to inject further USD 2.6 billion into the struggling company as part of the restructuring process.

However, the new funds will be provided only in return for stakeholders’ agreement on debt restructuring and DSME’s intensive self-rescue efforts.

If stakeholders fail to agree on voluntary debt restructuring, DSME would turn to an alternative solution of so-called ‘Pre-packaged Plan’ (P-Plan) with creditors’ consent.

Under the P-Plan, creditors are required to pre-arrange and submit a rescue plan in advance to a company’s filing for court receivership, and then a court would force a swift debt restructuring so that creditors can inject fresh capital in accordance with their plan for rehabilitation.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jul 2017 >>
MTWTFSS
26 27 28 29 30 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
31 1 2 3 4 5 6

Global Liner Shipping Asia Conference

Fight. Survive. Thrive. Respond to challenges of consolidation & disruption at the largest gathering of container shipping industry in Asia…

read more >

Bunkering Week 2017

IBC’s biennial Bunkering Week is back with its successful series of 3 co-located events: 8th Bunkering in Asia, 4th LNG Bunkering and EMTECH: Ship Emissions Technology Conference. With a proven track record of bringing together top decision makers from various industry sectors, this remains the go to event for ship owners, fuel suppliers, traders and […]

read more >

Indonesia Marine & Offshore Expo (IMOX) 2017

Indonesia Marine & Offshore Expo (IMOX) 2017, Batamis an international maritime and offshore industrial event that brings an international…

read more >

Salvage & Wreck Asia

Could your business be affected by shipwreck? Are you a salvage professional or a wreck removal expert? …

read more >