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Hyundai Recieved $960 Million Dollars in Shipbuilding Orders

Nov 08,1998
Hyundai Heavy Industries announced on November 8 that it recieved 960 million dollars worth of shipbuilding orders for 13 ships including 8 VLCC(very large crude carrier)from foreign companies.
The largest Swedish marine shipping company, Stena, ordered eight 316,000 ton VLCC class totaling 650 million dollars, and Iran's state-run IRIS ordered four 3,300 TEU class containers totaling 160 million dollars. A french consortium ordered one FPSO, which is used to drill oil on the sea.
Hyuindai's VLCC is very popular among shipping companies nowadays because unlike other ordinary tankers its double propelling system which has two engines and propellers can make ships operate even if one engine is out of order.
Hyundai has as of the end of October accumulated 120 shipbuilding orders which amount to 7.5 milliom tons. This is the highest level since the company was established.
Hyundai said, 'We have recieved 61 shipbuilding orders worth 3.5 billion dollars until the end of October this year, and the year's order target of $4 billion will be easily achieved.'




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