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Hyundai Heavy Industries Co., a major shipyard, has secured an order from a Greek shipping company to build two very large crude carriers, or VLCCs, industry sources said Tuesday.
The Korean shipbuilder clinched the deal, the first of its kind this year, the sources, estimating its value at US$180 million. The ships will be delivered during the first half of 2018, the sources said.
South Korean shipbuilders have been under severe financial strain since the 2008 global economic crisis that sent new orders tumbling amid a glut of vessels and tougher competition from Chinese rivals.
The country's top three shipyards -- Hyundai Heavy Industries, Samsung Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co. -- suffered a record loss last year due largely to increased costs stemming from a delay in the construction of offshore facilities and an industry-wide slump, with the Daewoo Shipbuilding alone posting a 5.5 trillion won ($4.97 billion) loss. (Yonhap)
The Korean shipbuilder clinched the deal, the first of its kind this year, the sources, estimating its value at US$180 million. The ships will be delivered during the first half of 2018, the sources said.
South Korean shipbuilders have been under severe financial strain since the 2008 global economic crisis that sent new orders tumbling amid a glut of vessels and tougher competition from Chinese rivals.
The country's top three shipyards -- Hyundai Heavy Industries, Samsung Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co. -- suffered a record loss last year due largely to increased costs stemming from a delay in the construction of offshore facilities and an industry-wide slump, with the Daewoo Shipbuilding alone posting a 5.5 trillion won ($4.97 billion) loss. (Yonhap)
