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Hyundai Mipo revises ship order contract

Hyundai Mipo revises ship order contract

Seoul: Hyundai Mipo Dockyard has signed a $408m order that revises a 2007 contract to reflect changes to ship types, writes Reuters. The South Korean shipbuilder had initially won a $373m order for eight container ships from an unidentified European company in September 2007.

The new contract now calls for the shipbuilder to deliver two container ships, two product carriers and three liquefied petroleum gas carriers, Hyundai Mipo said in a filing with the Korea Exchange. The newly ordered ships would be delivered by November 2010.

The revision comes as the global economic downturn and softening trade volume hits the bulk shipping industry hard. As the South Korean won weakened sharply in the past year, the won-converted value of the order was also revised up to 545.2bn won from 349.7bn won.  [13/11/08]

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