Hyundai Mipo receives 300 million dollar order during thanks-giving holidays

Hyundai Mipo Dockyard (HMD) succeeded in receiving orders worth 300 million dollars for 12 new vessels (including 1 repair vessel) during its European sales tour.
In spite of the 3-day thanksgiving holidays starting from September 17, Mr. Yu Kwan Hong, president of HMD, went to Europe for sales.
Mr. Yu received a 130 million dollar order for five 35,000-ton Product Carriers from the National Iranian Tanker Company September 17. These vessels will be delivered in the second, third and fourth quarters in 2003. They measure 176 meters long, 31 meters wide and 17 meters high, serving a cruising speed of 15 knots. They are the most commonly produced vessel at HMD.
The National Iranian Tanker Company is a subsidiary of the National Iranian Oil Company, possessing 50 vessels of tankers and PC carriers in the Middle East and South East Asia.
HMD also got a 26 million dollar order on September 19 from Dockwise Inc. to upgrade the ‘Blue Marlin’. The order will improve the vessel’s carrying capacity by 40%. After four month of construction starting September 2003, the vessel will become the largest heavy cargo carrier in the world. HMD previously performed a similar upgrade to a vessel in 1998.
Following on September 20, HMD exchanged an LOI (Letter of Intent) with Marine Cross Inc. in London on Product Carriers for six vessels worth 150 million dollars. The order was secured as HMD’s high technology won out against strong competition from Chinese shipbuilding companies and their low-price strategies.
With its other ongoing business, HMD may consolidate its position as the largest Product Carrier builder in the world with 20 vessels ordered in this year alone.
HMD expects to realize its goal of 35 vessels (980 million dollars) with the help of Mr. Yu’s successful sales activities despite the severe depression in the shipbuilding industry. The company has a 2 year long backlog for about 60 vessels, including 18 vessels ordered this year.