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Non-Tech : Shipbuilders and shipyards

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From: Lynn	6/10/2008 2:55:45 PM
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Hyundai Mipo Gets 163 Billion Won Bulk Carrier Order (Update2) By Kevin Cho and Seonjin Cha June 9 (Bloomberg) -- Hyundai Mipo Dockyard Co., a unit of the world's largest shipbuilder, received a 163 billion won ($159 million) order from an Asian company to build four bulk carriers. The vessels will be delivered by the end of December 2011, the Ulsan, South Korea-based company said in a regulatory filing today, without naming the buyer and the size of the carriers. Hyundai Mipo, an affiliate of Hyundai Heavy Industries Co., said on May 26 it will invest 190 billion won to build a third factory for ship parts in South Korea to meet demand. Yards in South Korea are expanding capacity and using new methods to build more vessels as backlogs stretch into 2012. Hyundai Mipo has received about $3.4 billion of orders this year, achieving 55 percent of its annual target of about $6.2 billion. The shipyard's shares dropped 1.7 percent to 238,000 won at the close of trading in Seoul, compared with the benchmark Kospi index's 1.3 percent decline. To contact the reporters on this story: Kevin Cho in Seoul at kcho2@bloomberg.net; Seonjin Cha in Seoul at scha2@bloomberg.net. Last Updated: June 9, 2008 03:41 EDT bloomberg.com

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