HANJIN HEAVY INDUSTRIES

Hanjin Heavy Industries & Construction (HHIC)’s Yeongdo Shipyard wins bid to build three bulk carriers (180,000DWT)
- Yeongdo Shipyard establishes the ground for business normalization by booking advance orders until 2016

- HHIC-Phil’s Subic Shipyard is also about to sign a huge contract, strengthening its ground as a global shipbuilder

HHIC announced that it won a bid to build three bulk carriers (180,000DWT, approx. US 200 million dollars) with several European shipping companies. 
 

These state-of-the-art vessels are as large as 292m in length, 45m in width and 25m in depth and travel at 15 knots. They are all streamlined, eco-design high-performance vessels with great fuel efficiency. They will be delivered from the first half through the second half of 2016 in order.
 

HHIC signed contracts to build a total of 15 vessels including special-purpose vessels last year. This year, it won a bid to build large vessels as described above. Yeongdo Shipyard has booked advance orders until 2016. 
 

In addition, it is expected that HHIC would improve its achievements and significantly upgrade its reputation as well because of recent successful bids prior to the normalization of Yeongdo Shipyard in July.
 

According to the industry, it is interpreted that HHIC’s Yeongdo Shipyard regained its global competitiveness. In fact, the company won bids to build 11 bulk carriers (5: 180,000DWT, 6: 150,000DWT) last year. This year as well, it already signed a contract to build capesize carriers. 
 

An official from HHIC said, “This contract is meaningful in that our client ordered the same vessels additionally after having satisfied with the specification of the vessels, lead time and price. In fact, we have confirmed a close relationship with our clients based on our extensive knowhow and advanced technology.” He added, “We expect increase in profitability since the same vessels are being built in a row.”
 

So far, HHIC has upgraded Yeongdo Shipyard’s facilities and improved its cost competitiveness. Thanks to these efforts, the company is also in negotiation with other shipping companies. Therefore, additional orders are anticipated. 
 

Meanwhile, HHIC has set a goal of winning a total of US 3 billion dollar bids this year and accelerated business normalization.