Where does one get 309,000 tons of steel?
Seoul, Sept. 20 (Bloomberg) -- Hyundai Heavy Industries Co.,
the world's largest shipbuilder, said it won an order for two
crude oil tankers from Overseas Shipholding Group Inc., its
second sale to the U.S. shipping line this year.
The South Korean company didn't disclose the price for the
two 308,700-ton vessels, which are scheduled for delivery in
August 2001 and January 2002. In June, Overseas Shipholding
ordered four crude oil tankers from Hyundai Heavy.
Oil tankers are a key market for Hyundai Heavy. This year to
date, it has received orders for nine, up 80 percent from last
year at the same time.
Through the first eight months of this year, excluding the
latest contract, Hyundai Heavy won orders for 38 new ships valued
at $2.1 billion. Its 1999 new-order target is $3.85 billion.
Hyundai Heavy has an oil tanker order backlog of 20 ships
weighing a combined 6 million deadweight tons. Since entering the
oil tanker market in 1974, it has built 60 tankers with a
combined weight of 16.5 million deadweight tons.
Shares of Hyundai Heavy are down 1.2 percent since they
debuted on the Korea Stock Exchange's main board on Aug. 24,
compared with a 0.5 percent rise in the benchmark Kospi index. |
