Hyundai bags deals for bulkers

Hyundai Heavy Industries (HHI) has clinched two contracts to build a total of twelve bulk carriers. The first deal, valued at 758 billion won ($792 million), is for eight bulk carriers ordered by a Liberian shipping company for delivery by July, 2010.

The second contract was placed with Hyundai Mipo Dockyard Co., a unit of HHI, to build four bulk carriers valued at 180 billion won ($188 million). The order with a European shipping company calls on the shipbuilder to deliver the vessels by March, 2011.

Shipyards in South Korea have received record orders in recent years as demand has surged for vessels to transport raw materials to China and goods to the rest of the world.

The shipbuilders have enough orders to keep them busy for about four years. HHI delivered 81 vessels valued at $6.85 billion last year, compared with 73 vessels worth $4.81 billion in 2006. This year, HHI plans to deliver 134 ships. The company expects to win $27.4 billion worth of orders this year.