DOOSAN Engine Co., the world’s second-largest maker of marine engines, forecast sales to increase 52 percent this year to a record as shipbuilders work through almost four years of backlog orders for new vessels.

Sales may increase to 1.85 trillion won this year, from 1.22 trillion won a year earlier, Changwon, South Korea-based Doosan Engine said Tuesday.

The company provides marine engines for Samsung Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co., the world’s second- and third-largest shipyards.

Hyundai Heavy Industries Co., the world’s largest shipbuilder and marine engine maker, and Doosan Engine are increasing production on expectations South Korean shipyards will report a sixth year of record orders.

Doosan Heavy Industries & Construction Co., South Korea’s largest maker of power equipment, owns 51 percent of Doosan Engine. Samsung Heavy holds 32 percent of the engine maker, while Daewoo Shipbuilding controls 17 percent.

Doosan Heavy shares gained 3.3 percent to 109,500 won in Seoul. The stock rose 58 percent in the past year, compared with a 15-percent climb in South Korea’s Kospi index. (Bloomberg)

OSG expands RP operations

AMERICAN shipping firm OSG Ships management Manila Inc. said it has expanded its Philippine operations by having its own building to have the capacity for training more seafarers to be dispatched to its new vessels. 

MAGSAYSAY-CONTROLLED Lorenzo Shipping Corp.’s net income grew last year, but mostly as a result of reducing its cost of services rather than increasing its revenue freight base.

MITSUI Engineering & Shipbuilding Co., Japan’s second-largest shipbuilder by sales, forecast profit will rise 64 percent in three years, aided by stronger demand.

DOOSAN Engine Co., the world’s second-largest maker of marine engines, forecast sales to increase 52 percent this year to a record as shipbuilders work through almost four years of backlog orders for new vessels.