Hyundai Heavy to bag $1bn order to build vessels

Sarah Carter
Sarah Carter

13 March 2017


South Korea's Hyundai Heavy Industries (HHI) is in talks with two overseas shipping firms to build a slew of very large crude carriers (VLCC), the combined value of which may reach up to $1 billion The Korea Herald reported, quoting industry sources. HHI is in discussion with a Hong Kong-based shipping firm and another firm based in Singapore over the deals to build up to 12 ships, the report said. Last week, HHI secured a $193 million order to build a LNG carrier from Norway-based Knutsen OAS Shipping. Last month, HHI received an order to build two 300,000-ton very large crude carriers (VLCCs) from Enesel of Greece. Two months ago, Gas carrier Höegh LNG has ordered a series of large FSRUs from HHI. Hyundai has clinched deals to build four ships, including two VLCCs, so far this year, raising hopes that its new orders for such ships will steadily increase down the road in tandem with the construction of refining facilities in the Southeast Asian region.