Qingdao Hyundai bags more Aegean orders

Shanghai: Qingdao Hyundai Shipbuilding (QHS), the Chinese shipbuilding arm of South Korea's Hyundai Group, last week won a contract to build seven more 6,200dwt double-hull products tankers worth around $100m from fast-expanding bunker supplier Aegean Marine Petroleum. Earlier this year QHS and Aegean signed for five ships with an option for another four at a cost of around $10m a ship, according to Greek shipping intelligence newsletter Newsfront, meaning the building price of these tankers has increased nearly 50% in around nine months. The seven latest newbuildings will deliver within 2009, while those ordered in January are slated for delivery from November 2007. Additionally DNV reports that the latest order brings the total number of Greek vessels ordered this year under DNV class to 100.  [02/11/06]