Thursday, June 27, 2019
Hyundai Heavy Industries Group Lands 120 Bil. Won Order for 3 Mid-Sized Container Ships
Demand for Container Vessels on the Rise
Hyundai Heavy Industries Group Lands 120 Bil. Won Order for 3 Mid-Sized Container Ships
  • By Michael Herh
  • March 22, 2019, 12:01
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Hyundai Mipo Dockyard has inked a contract with an Asian shipping company to build three 2,500-TEU container ships worth 120 billion won.

Hyundai Mipo Dockyard, a subsidiary of Hyundai Heavy Industries Group, announced on March 21 that it recently inked a contract with an Asian shipping company to build three 2,500-TEU container ships worth 120 billion won.

The container ships are each 197 meters long, 32.5 meters wide and 16.8 meters tall. They will be built at Ulsan Hyundai Mipo Shipyard and be delivered sequentially in the second half of 2020. The ships will be loaded with scrubbers to satisfy the International Maritime Organization (IMO)’s sulfur dioxide emissions regulations which will come into effect beginning in 2020.

"Demand for container vessels is on a steady rise as the environmental regulations are forcing shipowners and shipping companies to replace old ships with new ones. A surge in freight volume in Southeast Asia including Vietnam will steadily trigger new orders for container ships to be used in the region," said a representative of Hyundai Heavy Industries Group.