Hyundai wins boxship octet

Hyundai Heavy Industries has won a $568 million order to build eight vessels for Nippon Yusen K.K., Japan’s largest shipping company. The ships, each with capacity for 4,900 TEUs, will be delivered by March 2008.

The South Korean shipbuilder has won record orders this year as growing trade between Asia, Europe and North America increases demand for ships. This order is significant because Japanese shipping companies have traditionally placed orders with local shipyards but are now starting to order from Korean shipbuilders.