UAE Container Ship Project
Hyundai Heavy Industries Company successfully obtained an order for 10 extra-large container ships from the Middle East.
On August 30, Hyundai signed a US$1.4 billion contract (including construction of 5 Hyundai Samho Heavy Industries ships) for a total of 10 container ships - five 18,000 TEU container ships and five 14,000 TEU container ships - with the United Arab Shipping Company (UASC) in Dubai, United Arab Emirates.
In this contract, an option of a possible order of 7 additional ships - one 18,000 TEU ship and six 14,000 TEU ships - has been added. If this optional order is also successfully obtained, the final contract amount will be around US$2 billion. Hyundai was able to sign this large contract due to the good evaluations it has received for its past abundant container shipbuilding experience, advanced technologies such as high efficiency and eco-friendly ship models, and fast project completion in cooperation with the Hyundai Samho Heavy Industry Company.
A Hyundai official said, “The Company’s continuous research and development (R&D) on eco-friendly, high-efficiency ships led directly to this large order,” and added, “We will continue to work hard with harmonious labor and management to provide satisfactory technology development that can lead the market.”
Hyundai Heavy Industries Company has obtained a total of US$19.6 billion in orders (including Samho’s orders) accomplishing 82% of its annual goal of US$23.8 billion in revenue.
Hyundai became pioneers in the extra-large container ship market in 2005 by signing a world’s first order for a 10K TEU. In January of this year, it obtained an order for five 14,000 TEU container ships from Canadian company Seaspan. In May, China gave the world’s largest order of five 18,400 TEU container ships.