Hyundai Corporation Wins $300-Million Chinese Shipbuilding Contract

Hyundai Corporation has managed to successfully win shipbuilding contracts worth $300 million through its joint shipbuilding venture in China.

The company announced that an additional deal concerning 9 units of 5,500-ton bunkering tankers had been signed in January 13 at the Shangri-La Hotel in Qingdao. The event, which was presided by President Mark Juhn and other related personnel, was also used as the signing ceremony for the new-building contract of 16 units of 5,600-ton chemical tankers with Greek shipping company Evalend. All in all, Hyundai Corporation has won contracts totaling $330 million to build 28 ships through its shipbuilding arm in China.

“With the successful conclusion of this contract, we have secured enough workload to last the next three years,” President Juhn said during the contract signing ceremony. He also declared, “in the future we will work on enhancing the production efficiency of Qingdao Hyundai Shipbuilding and launch an aggressive marketing campaign focusing on high value-added vessels.”

He also mentioned that “talks are currently underway to win further orders from leading foreign shipping companies from Greece and Germany,” “with this in mind, we plan to press ahead plans to modernize the production facility of the plant in order to increase its shipbuilding capacity.”

Company sources emphasized that the signing of such large-scale new-building contracts was testimony to the fact that Hyundai has risen over existing limitations of corporations and has paved the groundwork for diversifying its manufacturing-based business and creating new sources of profit.

Hyundai Corporation inaugurated Qingdao Hyundai Shipbuilding last June in the city of Quingdao, in Shandong Province, in a joint venture with a Chinese shipbuilding company. This venture marked the first attempt between Korea and China to collaborate in the shipbuilding business. It also marked the first time for a domestic general trading company to advance into the shipbuilding industry.

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