Hanjin inks Capes & Boxships
Hanjin Heavy Industries & Construction announced on October 28 that the builder’s Yeongdo Shipyard had entered into newbuilding contracts to build four 180,000 dwt bulkers from owners based in Greece and Turkey for $220m in total.
In addition, another contract for four newbuildings is planned ahead that Hanjin’s Yeongdo Shipyard had accomplished winning new orders for 12 vessels for around $600m so far this year, including four bituminous coal carriers penned with Hyundai Shipping in July; thus the builder now has its Yeongdo slots filled up till 2015.
Meanwhile, its overseas corporation, Subic Shipyard, also looks to pen a contract for ten containerships with a European shipowner following the latest contract inked for five ultra large boxships of 11,000 teu and 9,000 teu.
Subic Shipyard looks to become one of global shipyards when considering its order record posted this year so far, which is 37 newbuilds worth around $2.2bn with slots scheduled for the next three years.
The new contracts penned year-to-date (totaling $2.8bn from Yeongdo and Subic) are won thanks to the efforts to reduce production costs, made by executives and staff in order to secure newbuilding competitiveness against its rivals in China and Korea, together with gradual recovery seen in shipbuilding industry.
For the upcoming year, the Korean shipbuilder set $1.2bn yearly order aim for Yeongdo Shipyard with $1.7bn for Subic Shipyard. If the builder continues its favorable order performance, the $2.9bn overall target for 2014 is expected to be accomplished together with management stabilization.