Hyundai expands Chinese facilities

Hyundai Corporation has completed the slipway construction of Qingdao Hyundai Shipbuilding Co., Ltd, an acquired shipyard in China, and announced its mid- to long-term development plan. The newly constructed ?number four? slipway has the capacity to build a 25,000 dwt ship.

Hyundai has laid out plans to continuously expand its shipbuilding facilities by the end of this year to boost its shipbuilding capacity from seven 6,000 dwt ships to 15 10,000 dwt ships. Qingdao Hyundai Shipbuilding is expecting to record sales of $150 million in 2008 and $250 million in 2012, and thus transform itself into a world leading yard specializing in small- to mid-sized newbuildings.

Qingdao Hyundai Shipbuilding?s history dates back to 2004, when Hyundai Corporation acquired Lingshan Shipyard in China, which was the first-of-its-kind acquisition as a general trading company. So far, the company has been concentrating on modernizing manufacturing facilities and innovating production systems. In the past, Lingshan Shipyard had mainly handled ship repairing but, after acquisition by Hyundai, the shipyard has shifted its business focus to become a specialized shipbuilder.