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The contract signing between HHI and Pan Ocean

Hyundai Heavy lands $230m order for five tankers

South Korea’s Hyundai Heavy Industries (HHI) Group has clinched newbuilding orders totalling KRW266.6bn ($230m) for four MR tankers and one VLCC.

HHI’s Hyundai Mipo Dockyard (HMD) penned a contract with compatriot Pan Ocean to construct four 50,000-dwt MR tankers at a total price of KRW157.37bn.

The four tankers will be delivered in phases to Pan Ocean between 30 June 2021 to 27 July 2022.

HHI said the MR tankers will be built by Hyundai-Vietnam Shipbuilding, a joint venture between HMD and a state-run Vietnamese shipbuilder.

HHI also landed an order to build a 300,000-dwt VLCC from a European client. The oil tanker will be built at Hyundai Samho Heavy Industries and the ship will be delivered in June 2021.

This year, HHI Group has set a shipbuilding order target of $15.9bn, unchanged from its target for 2019. Last year, the group fell short of its target with an orderbook value of approximately $12bn.

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