Modern Wei Pu achieved its annual target ahead of schedule

2013-10-11 09:00

Hyundai Mipo Dockyard (HMD) in South Korea currently holds the top position in the medium-sized vessel sector, and the company has already reached its annual order target for this year ($3.2 billion) ahead of schedule.

Hyundai Mipo Dockyard announced that on the 8th, it secured an order from UK-based Navig8 Chemical Tankers for 6 x 37,000 DWT product tankers (with an option for 6 additional vessels), with a total contract value exceeding $208 million.

The 37,000 DWT product tankers ordered this time will all incorporate the company's independently developed eco-friendly technology. Their length, breadth, and depth are 184m, 27.4m, and 17.2m respectively. Construction will commence in May next year, with deliveries scheduled to begin sequentially from January 2015 to the shipowner.

According to the announcement by Hyundai Mipo Dockyard on the 10th, the company signed a shipbuilding contract on the 8th with a shipowner located in the Marshall Islands for 6 product carriers (PC vessels). The total contract value is 223.5 billion Korean Won (approximately $208.8 million, or about $34.8 million per vessel), accounting for 5.1% of the company's total sales last year. The contract expires on March 31, 2015.

Furthermore, on the 9th, Navig8 and Oaktree Capital Management announced that the two companies have jointly established Navig8 Chemical Tankers, and through this entity, ordered 6 x 37,000 DWT IMO2 Eco-design chemical tankers from Hyundai Mipo Dockyard, along with several optional vessels (at no change in price). The 6 confirmed vessels are scheduled for delivery in the first quarter of 2015.

Additionally, Hyundai Mipo Dockyard also secured orders from two shipping companies in Greece for 5 x 12,000 CBM LEG carriers and 2 x 38,000 CBM LPG carriers.

As of this year, including these orders, the company has secured a total of 98 vessel orders (excluding optional orders), comprising 69 medium-sized PC vessels, 11 bulk carriers, 7 liquefied gas carriers, 7 container ships, and 4 car carriers. The total order value has reached over $3.3 billion, thus achieving this year's order target ($3.2 billion) ahead of schedule.

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