HHI Secured $1.1-bil Newbuilding Orders from the Middle East

Source: www.gulfoilandgas.com 3/4/2005, Location: Middle East

Hyundai Heavy Industries Co., Ltd. (HHI) recently received massive orders from the Middle East region. A total of ten (10) containerships, worth US$1.1 billion, were secured including eight (8) 6,800-TEU containerships from United Arab Shipping Co. (UASC) and two (2) 6,500-TEU containerships from Islamic Republic of Iran Shipping Lines (IRISL).

The ordered 6,800-TEU vessels will measure 306m in length, 40m in width, and 24.5m in depth. HHI's 62,920-brake horsepower engine will be fitted for a service speed of 25.5 knots. All of the containerships will be delivered in serial order during the year of 2008.

Shipowners
The UASC, based in Kuwait, is a longtime client of HHI and is one of the largest ocean carriers of dry cargo to the Middle East. HHI delivered a total of 37 ships to UASC up until the 1980s.

The Islamic Republic of Iran Shipping Lines (IRISL) of Iran is a state-run shipping company and one of HHI's many loyal customers. Confident in HHI's quality and technological abilities, this most recent contract for two (2) 6,500-TEU containership follows the order for four (4) 4,900-TEU containerships last month.

Significance
Through this surge of orders, HHI also established a leading position in building containerships in the Middle East region, where only a few containership owners operate. Along with the recent contract to build the world's largest 10,000-TEU ultra containerships ever to be built in January and huge orders from domestic shipping lines in February, HHI is able to stand firm in its position as a global leader in the shipbuilding industry.

Currently on the Table
HHI has so far secured orders for 39 ships, worth $3.7 billion in 2005, achieving 67% of 2005's order target of US$5.5 billion. The total order backlog for HHI's Shipbuilding Division now stands at 230 ships (17 million GT), which is equivalent to US$17 billion and will be occupied with its shipbuilding work for the next three years.




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