Reuters reported that South Korea's Daewoo Shipbuilding & Marine Engineering is aiming for around USD 11 billion in new orders in 2012, the same as it initially forecast for 2011, despite a credit crunch that has seen orders cancelled.

Mr Nam Sang tae CEO of Daewoo Shipbuilding & Marine Engineering said that the shipbuilder would spend KRW 500 billion in facilities and new hires in 2012.

He added that "The commercial ship business will be better from 2013."

Mr Nam also said Daewoo exceeded this year's orders target of USD 11 billion, taking in around USD 14.8 billion.

(Sourced from www.reuters.com)