October 5, 2023


Current Maritime News | Clean Energy

Hyundai Mipo Shipbuilding receives an order for 02 Product Tankers

2 min read
Hyundai Mipo Shipbuilding receives an order for 02 Product Tankers

Hyundai Mipo Shipbuilding announced on April 7 that the company signed a contract for the construction of two oil product carriers with shipowners in Asia, with a contract value of 94.3 billion won (about 77.43 million U.S. dollars). The two new ships will be delivered to the owners by December 2023. Hyundai Mipo Shipbuilding said the contract value of 94.3 billion won is equivalent to 3.27% of the company’s 2021 operating income.

The contract amount is calculated based on the benchmark exchange rate of 1,212.6 won to 1 U.S. dollar on April 6, 2022, on the day the contract was signed. Although the announcement did not disclose the specifications of the two new ships, Korean industry sources said that it is likely to be the “master ship” of Hyundai Mipo Shipbuilding.

Park, a researcher at Hana Financial Investment, said that at present, the number of orders for new ships held by MR-type product oil tankers in the world is only at a historical low compared with the fleet capacity. The proportion of old ships is increasing rapidly, and orders for the replacement of new ships will increase significantly. It is expected that by 2024, older ships of the MR type product tanker will account for 60% of the fleet.

As a shipbuilding subsidiary of Hyundai Heavy Industries Group, Hyundai Mipo Shipbuilding has long been ranked No. 1 in the world in the construction of medium-sized oil/chemical tankers by virtue of its strong strength. The medium-sized product oil/chemical tankers built by the company were selected for Korea’s “World-Class Commodities” list as early as 2003. (Wang Chu)

Source: eworldship








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