Hyundai Mipo Dockyard announced on October 30 through a regulatory filing that the Korean builder had inked a contract to build ten product carriers (PCs) for KRW 327bn (around $308m in total, $30.80m apiece) with a shipowner based in the Middle East on the previous day.

This newbuilding contract is due October 31, 2016. The builder explained that the latest deal is regarding five options attached to a contract signed on December 10, 2012, and another five options attached to a deal penned on December 28, 2012, to be exercised.  

Hyundai Mipo entered a newbuilding agreement for ten 50,000 dwt MR tankers with a Marshall Islands-based shipowner on December 10, 2012, and the owner is seen to be a special purpose company of Sinokor Merchant Marine, which carries out long-term charter project “Project Silver” of Royal Dutch Shell.

The Korean builder also announced through a follow-up regulatory filing on October 30 that it had been awarded a contract to construct six PCs from the Middle East-based owner on the previous day. The contract value comes at KRW 195.2bn (around $183.90m) with a period due on November 30, 2016.

Hyundai Mipo added that this contract is for five options attached to a deal penned on December 10, 2012 and one option of a contract inked on December 28, 2012, to be exercised.

Meanwhile, in this year so far, the Korean builder has sealed orders for a total of 120 newbuildings worth $3.98bn including the latest 16 PC newbuilds, greatly surpassing its yearly order target, $3.2bn.