Hyundai Heavy wins 1.28 til. won shipbuilding deal
Hyundai Heavy Industries (HHI) Co., the world's largest shipyard, said Monday that it has won a 1.28-trillion won ($1.35 billion) deal to build eight container ships.
The deal with an European shipping company calls on Hyundai Heavy to deliver the vessels by April, 2012, the company said in a regulatory filing. Shares of Hyundai Heavy closed at 333,500 won, down 4.3 percent.
Shipyards in Korea, the worlds largest shipbuilding nation, have received record orders in recent years as demand has surged for vessels to transport raw materials to China and goods to the rest of the world.
The shipbuilders have enough orders to keep them busy for about four years. To meet rising shipbuilding orders, Hyundai Heavy is building two more docks.
The shipbuilder delivered 81 vessels valued at $6.85 billion last year, compared with 73 vessels worth $4.81 billion in 2006.
This year, Hyundai Heavy plans to deliver 134 ships. The company expects to win $27.4 billion worth of orders this year.