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피터빈트

Hyundai Heavy, Samsung Heavy win container ship orders

By Korea Herald

Published : May 9, 2017 - 11:46

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Hyundai Heavy Industries and Samsung Heavy Industries have received orders for very large crude carriers amid increasing global demand.

According to the Clarkson Research Institute, the increasing number of orders were brought about by a decline in newbuilding prices. Building prices hit $80 million in March, the lowest point in 14 years, which encouraged shipping companies to order new VLCCs to replace outdated vessels.
(Yonhap) (Yonhap)

A rise in oil prices and the operation of newly constructed oil refineries in Southeast Asia also lead to the increase in VLCC orders.

Following this trend, Hyundai Heavy Industries has secured deals for two newly built VLCCs from the world’s largest oil tanker shipping company, Flontline. Two more vessels are included as an option, and the deal is expected to be worth around $320 million in total.

Samsung Heavy Industries has also signed a letter of intent with Greece’s shipping company Capital Maritime for eight VLCCs. While the final contract has yet to be made, the deal is expected to be worth around $650 million once it is confirmed.

By Yim Ji-min (jiminy@heraldcorp.com)

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