Hyundai Mipo Wins US$873 MLN Worth of Orders for 17 Ships

SEOUL, Sept 5 Asia Pulse - Hyundai Mipo Dockyard Co. (KSE:010620), a unit of Hyundai Heavy Industries Co. (KSE:009540) - the world's largest shipbuilder - said Wednesday it has clinched deals valued at a combined 818 billion won (US$873 million) to build 17 ships, including container vessels.

The contract from an European shipping company calls on Hyundai Heavy to deliver eight container ships by December 2010, the company said in a regulatory filing.

The shipbuilder also received an order for five petrochemical carriers worth 218 billion won from an Asian company and another order for four auto carriers worth 250 billion won, according to the company.

Shares of Hyundai Mipo were trading at 293,000 won as of 10:43 a.m., up 5.21 per cent.

The shipyard has received new orders for 94 vessels worth $5.3 billion this year, according to the filing.

South Korea, home to seven of the world's top 10 shipyards, clinched record-high orders last year because of strong demand for crude oil carriers and offshore exploration equipment as oil prices remained high.

In the first six months of the year, local shipbuilders also secured a record $33.2 billion worth of orders, buoyed by a surge in global demand for new vessels, up 51.3 per cent from a year earlier.

(Yonhap)

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