Sungdong scores big Vale order

Sungdong Shipbuilding & Marine Engineering, located at the base of the Korean peninsula, has grabbed an order for four 180,000 dwt capesizes from Brazilian mining giant Vale. The deal is worth $250m and represents Sungdong’s first bulker orders of the year.All the ships will be delivered by 2011. This latest order follows on from a spate of Greek VLCC orders and brings the yard’s backlog to 93 ships.