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Hyundai Heavy wins $700m container ship order

Hyundai Heavy Industries, the nation’s largest shipbuilder, won a $700 million order to build five container ships from China Shipping Container Lines, the company said in a press release on Monday.

Under the deal, Hyundai Heavy will deliver the ships starting in latter part of 2014. Each container ship will be 18,400-TEU, the worlds’ largest size, loading 18,400 containers. TEU stands for 20-foot equivalent unit.

When it comes to container ship orders this year, the company sealed a $600 million deal with Seaspan of Canada to build five 14,000 TEU container ships in January.

With the shipbuilding order from CSCL, the company, which suffered from lack of shipbuilding orders last year, won $9.7 billion order until now, achieving 41 percent of target annual order set at $23.8 billion.