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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Big Dog who wrote (51445)	9/20/1999 9:33:00 AM
From: Think4Yourself	Read Replies (1) \| Respond to of 95453

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.