HHI earns 'explosive' orders in May worth $2 billion

Hyundai Heavy Industries (HHI) took in consecutive orders in May for 18 ships worth US $2 billion, including orders for Hyundai Samho Heavy Industries. The company is also coming closer to its annual achievement rate.

At the end of May, HHI acquired 6 x 14,000-TEU container ship orders from the French shipping company, CMA CGM. The container vessels, to be built at HHI Ulsan Shipyard are slated to be sequentially delivered from the end of 2016 to 2017. 

In the first quarter of the year, HHI fully secured construction works for Very Large Crude Carriers (VLCC). The shipbuilder is expanding its quantity of orders in the second quarter. HHI also signed construction contracts with a Greek shipowner, Alpha Tankers & Freighters, and a Saudi Arabian shipping company, Bahri, for 2 and 5 vessels, respectively.

Liquefied Natural Gas (LNG) carriers also appeared on the order list in June. The Norwegian ship-operator, Hoegh LNG, ordered an LNG-FSRU (Floating Storage Re-gasification Unit) and the Canadian marine energy specialized carrier, Teekay, awarded HHI with two LNG shipbuilding contracts. The LNG ships will be delivered to the two ship-owners in 2Q, 2018.

As HHI takes in more shipbuilding contracts for tankers, its order backlog is anticipated to grow. Forecasts in some foreign press have speculated that two Greek shipping companies, Thenamaris and Arcadia Shipmanagement, will order 2 x 300,000 dwt VLCCs and 2 X 159,000 dwt tankers from HHI.

HHI (including Hyundai Samho Heavy Industries) has marked orders for 45 ships worth US $550 million so far. For this year, the shipbuilder has reached 28% of its annual goal, US $19.1 billion. For specific types of vessels, HHI has been awarded 13 container vessels, 1 petroleum products carrier, 21 VLCCs, 4 LNG tankers, 2 LPG carriers, and 4 PCTCs.
 

< Korea Shipping Gazette >