Shipyards at work

Hyundai, maxi order in the tanker sector

by Port News Editorial Staff

HYUNDAI Heavy Industries has signed a contract with an unspecified European customer for building two new Suemax class tankers. The contract is worth $122 million. The two units will be delivered in 2022.

The shipbuilding group, which in January had set a new target for 2020 orders at $15.9 billion, has let out  that so far it has signed contracts totaling $1.4 billion, 8.8% of its  annual target.

It is not certain, however, that HYUNDAI Heavy Industries will be able to bring home 100% of what was planned at the beginning of the year. The main South Korean shipyards had in fact entrusted their hopes for growth to the LNG carrier market but now the situation has changed.

Clarksons Research has in fact revised downwards its newbuilding outlook for this type of tanker. Whereas prior to  the pandemic 88 new vessels  were expected to be built in 2020, the forecast is now for around 50 ships.

Translation by Giles Foster

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