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HHI in line for first car carrier orders since Lehman collapse

HHI in line for first car carrier orders since Lehman collapse

Seoul: Hyundai Heavy Industries (HHI) looks to be in the frame for the first car carrier orders since the onset of the global financial crisis. Local media in Korea is reporting that Glovis Co, the the logistics subsidiary of Hyundai Kia Automotive Group, will order three 6,000-unit pure car/truck carriers (PCTCs). Glovis will invest a total of $191.5 million for the vessels due for delivery in the first half of 2012. While the yard has not officially been announced local media suggest HHI, the world's largest shipbuilder, is in pole position. Glovis plans to transport 440,000 export cars for Hyundai Kia Group in 2010. This will account for roughly 20% of the total exports of the group. The PCTC segment has been one of the hardest hit since September 2008, seeing vast swathes scrapped and orders cancelled.  [17/02/10]

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