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Troubled Hyundai Heavy Wins Order for 2 Oil Tankers

Hyundai HeavyHyundai Samho Heavy Industries, a subsidiary of troubled shipbuilder Hyundai Heavy Industries, has won a US$180 million order for two massive oil tankers.

The very large crude carriers, or VLCCs for short, were ordered by Greek shipping company Almi Tankers.

Hyundai Heavy had won orders for 11 vessels as of the end of last month, but this is the first order for ships measuring more than 300,000 deadweight tons.

The two tankers will measure 317,000 DWT each and are scheduled for completion by February 2018.

Domestic shipbuilders are taking heart in their doldrums from the latest order. Daewoo Shipbuilding and Marine Engineering has already won four VLCC orders from Greek shipping companies this year.

A staffer with another shipbuilder said, “As global oil prices remain low, we have not received any orders for VLCCs, but we expect to see orders in the second half of this year as shipping companies replace aging vessels.”

But the uptick is not enough to resolve the industry-wide misery. According to the U.K.’s Clarkson Research Services, Hyundai Mipo Dockyard was the only Korean shipbuilder to win a new vessel order last month, but Japanese shipbuilders won 11 orders and Chinese 12.

Hyundai Samho Heavy Industries, a subsidiary of troubled shipbuilder Hyundai Heavy Industries, has won a US$180 million order for two massive oil tankers.

The very large crude carriers, or VLCCs for short, were ordered by Greek shipping company Almi Tankers.

Hyundai Heavy had won orders for 11 vessels as of the end of last month, but this is the first order for ships measuring more than 300,000 deadweight tons.

The two tankers will measure 317,000 DWT each and are scheduled for completion by February 2018.

Domestic shipbuilders are taking heart in their doldrums from the latest order. Daewoo Shipbuilding and Marine Engineering has already won four VLCC orders from Greek shipping companies this year.

A staffer with another shipbuilder said, “As global oil prices remain low, we have not received any orders for VLCCs, but we expect to see orders in the second half of this year as shipping companies replace aging vessels.”

But the uptick is not enough to resolve the industry-wide misery. According to the U.K.’s Clarkson Research Services, Hyundai Mipo Dockyard was the only Korean shipbuilder to win a new vessel order last month, but Japanese shipbuilders won 11 orders and Chinese 12.

The Original Posted By Lee Sung-hoon/The Chosunilbo
MACNET Korea