Hyundai Mipo Adds Two Product Tankers to Its Orderbook

Ulsan-based shipbuilder Hyundai Mipo Dockyard has secured an order for construction of two petrochemical product tankers.

The contract has been signed with an undisclosed European shipping company and is worth KRW 103.2 billion (USD 88 million).

The product tankers are scheduled to be completed and delivered by the end of August, 2018, the shipbuilding company said in a stock exchange filing.

In a separate announcement, Italian shipping company d’Amico International Shipping S.A. announced that its subsidiary d’Amico Tankers Limited entered into a deal for the construction and sale of two new Long Range (LR1 – 75,000 DWT) product tanker vessels with Hyundai Mipo Dockyard. The company had options for two LR1 product tankers of 75,000 dwt at the yard.

The vessels will be built by Vietnam-based Hyundai Vinashin Shipyard Co. and are expected to be delivered in Q2 2018 and Q3 2018 respectively, for a total consideration of about USD 44 million each.

Marco Fiori, Chief Executive Officer of d’Amico International Shipping S.A., said: “I am very satisfied to announce the exercise of our options to build two further LR1 vessels, in addition to the four units already ordered in April and June. We reiterate our firm believe in the positive fundamentals of the product tanker industry, which has been giving us further satisfactions even throughout the third quarter of the year, usually a weak season for our market.”

The above two double‐hull newbuildings are the latest ECO design vessels with the highest fuel efficiency.

DIS controlled fleet includes 48.8 double-hull product tankers with an average age of about 7.8 years. d’Amico Tankers Limited has currently a total of 14 new ‘Eco design’ product tanker shipbuilding contracts, which include 6 LR1, 4 MR and 4 Handysize vessels, all under construction at Hyundai Vinashin Shipyard Co. Ltd and expected to be delivered between Q4 2015 and Q3 2018.

Orders at Hyundai Mipo seems to keep on pouring in as the shipyard just yesterday informed of receiving an order for four Pure Car/Truck Carriers (PCTCs) worth USD 311.6 million.

The latest contract is the fifth one to be inked in September by the yard. Hyundai Mipo Dockyard’s current orderbook stands at KRW 3.97 trillion (USD 3.38 billion).

World Maritime News Staff

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