HHI in boxship bonanza

Hyundai Heavy Industries has won orders for container ships worth $1.1 billion from shipowners in Kuwait and Iran.

United Arab Shipping Company in Kuwait ordered eight 6,800TEU vessels to be delivered by November 2008 while Islamic Republic of Iran Shipping Lines ordered two 6,500TEU ships. The latter are also scheduled for delivery by 2008. The 6,800TEU vessels will measure 306m in length, 40m in width, and 24.5m in depth and will be fitted with a 46890kW diesel engine for a service speed of 25.5 knots. All of the containerships will be delivered in serial order during the year of 2008.

This deal comes after media reports that the three largest Korean shipbuilders had won long-term contracts from the Middle East for a combined $10billion to build 44 LNG carriers. Daewoo Shipbuilding and Marine Engineering and Samsung Heavy Industries said they would disclose the details of other deals once they were signed.