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Hyundai Heavy Industries with good report cards in winning contracts

Hyundai Heavy Industries with good report cards in winning contracts

Posted June. 02, 2017 07:11,   

Updated June. 02, 2017 07:33


Three shipbuilding companies under Hyundai Heavy Industries Group (Hyundai Heavy Industries, Hyundai Samho, Hyundai Mipo Duckyard) have shown good performance in winning contracts.

On Thursday, the group announced that the three companies won the contracts for 20 ships, equivalent to some 1.3 billion U.S. dollars over the past month. Including the option contracts which may be placed in the near future, the report card will show as many as 29 ships or 1.9 billion dollars. Hyundai Heavy Industries and Hyundai Samho won 14 ships including crude oil carriers (tankers) and LNG carriers amounting to 1.7 billion dollars while Hyundai Mipo Duckyard recorded 240 million dollars with six petrochemicals carriers. In May 2016, the group won only four contracts (worth of some 500 million dollars).

Based on the accumulative records from January to May, the group sold a total of 62 ships worth of 3.8 billion dollars, which is a significant increase compared to the same period last year when it sold 12 ships worth of 1 billion dollars. Having set its annual contract target at 7.5 billion dollars, Hyundai Heavy Industries has been successfully half way to its objective.

In the meantime, Hyundai Heavy Industries announced that the joint partnership with Saudi Aramco was official initiated on May 31 (local time) as it concluded the joint venture agreement on establishment, development and operation of joint shipyard with Saudi Aramco, a state-owned petroleum and natural gas company in Saudi Arabia .

Min-Ji Jung jmj@donga.com