Daewoo Forecasts Record Sales

Daewoo reported that sales would hit a record $10.6b in 2008 as increasing demand drives up vessel prices, according to the Financial Times. Analysts expect South Korean shipbuilders to post strong earnings this year as they boast order backlogs that will keep them busy for at least three years. Daewoo expects this year’s orders to reach $17.5bn, 19 per cent less than the record $21.5bn in 2007. The company delivered 43 vessels in the first 11 months of last year, compared with 45 for all of 2006.