Maran Gas Maritime, a unit of Greek owner Angelicoussis Shipping Group, has inked a newbuilding contract with financially troubled South Korean yard Daewoo Shipbuilding & Marine Engineering (DSME) for the construction of a 173,400cbm floating storage and regasification unit (FSRU).

The contract, which also includes options for two LNG carriers, is valued at approximately KRW700bn (US$590m). The FSRU is forecast to be constructed at the DMSE's Okpo Shipyard. The delivery is scheduled for early 2020.

"I would like to express my gratitude to Angelicoussis Shipping Group for choosing DSME in such a critical moment," said DSME ceo Chung Sung-lip, adding that DSME will do its best to secure more contracts to help tide over the financial crisis.

It is the first FSRU order by Angelicoussis Shipping Group, which has ordered 89 ships in total with DSME since its first order with the yard back in 1994.