Cumulative orders of 121 ships! Daewoo Shipbuilding wins another order for the most expensive LNG carrier from an "old friend"

With a cumulative order of 121 vessels over 30 years of cooperation, and now placing another order for two 174,000 cubic meter LNG carriers at the current highest market price, rewarding the shipowner with the best service and highest quality to achieve a win-win situation, Daewoo Shipbuilding & Marine Engineering and Greece's largest shipowner, Angelicoussis, have set an example of cooperation between shipyard and shipowner.

On March 14, Daewoo Shipbuilding & Marine Engineering announced that it had signed a contract with Maran Gas Maritime, a subsidiary of the Greek Angelicoussis Group, for the construction of two 174,000 cubic meter LNG carriers. The contract is worth 679.4 billion won (approximately US\$512.48 million), with a price of approximately US\$256.24 million per vessel, setting a new record, exceeding the highest price of US\$255 million for a 174,000 cubic meter LNG carrier recently received by the Korea Shipbuilding & Offshore Engineering.

It is understood that these two LNG carriers will be delivered to the shipowner successively in the first half of 2027. As of now, Daewoo Shipbuilding & Marine Engineering has received a total of four new ship orders this year, with a total contract value of approximately US\$800 million. Three of these are LNG carriers, representing 11.5% of the company's annual order target of US\$6.98 billion.

According to International Ship Network, the Angelicoussis Group is Daewoo Shipbuilding & Marine Engineering's largest customer. Since placing its first order with Daewoo Shipbuilding & Marine Engineering in 1994, including this order, it has ordered a total of 121 new vessels from Daewoo Shipbuilding & Marine Engineering, setting a world record for the cumulative number of new ship orders between a single shipowner and a single shipyard.

John.Angelicoussis

John Angelicoussis joined his family's shipping company in 1973 and, after becoming CEO, built it into one of the world's largest privately owned shipping companies. In 2003, the Angelicoussis Group became the first company in Greece to purchase and operate LNG carriers, opening up a new field for the Greek shipping industry.

John.Angelicoussis is affectionately known as "Uncle Long Legs" by the employees of Daewoo Shipbuilding & Marine Engineering. After the outbreak of the 2008 global financial crisis, the global shipbuilding order market fell into a prolonged slump. Whenever Daewoo Shipbuilding & Marine Engineering encountered difficulties in its business environment, the Angelicoussis Group played the role of a "white knight," extending a helping hand by placing new ship orders. According to statistics, since 2015, when Daewoo Shipbuilding & Marine Engineering experienced its worst ever "order drought" and faced a business crisis, the Angelicoussis Group has ordered 41 new vessels from Daewoo Shipbuilding & Marine Engineering. In particular, since November 2021, the Angelicoussis Group has ordered 11 LNG carriers from Daewoo Shipbuilding & Marine Engineering, considered a "timely rain" for Daewoo Shipbuilding & Marine Engineering.

The trust between Daewoo Shipbuilding & Marine Engineering and the Angelicoussis Group has continued even after the death of the group's second CEO, John.Angelicoussis. His daughter, Maria Angelicoussis, who succeeded him as CEO, immediately ordered two 174,000 cubic meter LNG carriers from Daewoo Shipbuilding & Marine Engineering in November 2021. This was Maria Angelicoussis's first new shipbuilding project as CEO.

In January 2022, the Angelicoussis Group placed an additional order for two 174,000 cubic meter LNG carriers with Daewoo Shipbuilding & Marine Engineering. On March 31, 2022, Daewoo Shipbuilding & Marine Engineering delivered the 174,000 cubic meter LNG carrier "John.Angelicoussis" to the Angelicoussis Group. This vessel was also the 110th new vessel built by Daewoo Shipbuilding & Marine Engineering for the Angelicoussis Group. On June 9, the two parties signed a contract for the construction of two 174,000 cubic meter LNG carriers at Posidonia 2022 in Greece. The price for each of these 174,000 cubic meter LNG carriers reached US\$232.9 million, the highest market price at the time.

It is worth mentioning that between June and July last year, Daewoo Shipbuilding & Marine Engineering faced a very difficult situation due to a 51-day strike by subcontractor workers, which caused widespread production delays. By the end of August, 30 vessels had been delayed. In this situation, Daewoo Shipbuilding & Marine Engineering employees not only gave up their summer vacations but also worked overtime to recover the project progress, making a huge contribution to the smooth progress of the Angelicoussis Group's shipbuilding projects. To express its gratitude for the efforts of Daewoo Shipbuilding & Marine Engineering's employees, the Angelicoussis Group decided to donate US\$2 million to Daewoo Shipbuilding & Marine Engineering in the name of John.Angelicoussis in October last year. In November last year, the Angelicoussis Group placed an additional order for one 174,000 cubic meter LNG carrier with Daewoo Shipbuilding & Marine Engineering. The two parties have thus maintained a close cooperative relationship.

        At the donation ceremony, Maria Angelicoussis said: "To thank the employees of Daewoo Shipbuilding & Marine Engineering, the business partner my father loved most, the Group decided to make this donation. We hope that this money will be used for the well-being of the employees, in accordance with my father's wishes." Park Doo-sun said: "On behalf of all the company's employees, I would like to express my gratitude for the Angelicoussis Group's special care and concern for Daewoo Shipbuilding & Marine Engineering. Daewoo Shipbuilding & Marine Engineering will repay the shipowner with the highest quality ships through a partnership that transcends generations, achieving a win-win situation."

A Daewoo Shipbuilding & Marine Engineering official said: "Last year, the company received orders for a total of 38 LNG carriers, the largest number of LNG carrier orders received by a single shipyard globally. In the future, the company will make every effort to secure workload and improve profitability based on its overwhelming technological capabilities."