Hyundai in Talks for Up to 11 Vessels

South Korean shipbuilding conglomerate Hyundai Heavy Industries (HHI) is in talks with several unnamed shipping companies on potential order for a total of up to 11 vessels this July.

Namely, HHI and its Hyundai Samho Heavy Industries Co. arm could win orders for as many as 11 vessels in July, Ka Sam Hyun, a senior executive vice president in charge of ship sales at HHI told Bloomberg.

According to Ka, aside to containerships the shipbuilder also expects to win orders for Very Large Crude Carriers (VLCCs). The VLCCs are believed to be connected to Brazil’s mining company Vale SA, as officials from Vale visited Hyundai earlier this year.

However, further details on the potential orders have not been disclosed.

Ka added that the ongoing ordering spree for mega containerships is expected to last until early next year as carriers strive to cut costs by employing bigger vessels on routes with already low freight rates, as is the case in Asia-Europe trade.

Nevertheless, an issue remains regarding the ability of carriers to secure enough cargo for these giants of the seas to attain the economy of scale.

World Maritime News Staff

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