Hyundai Mipo Wins US$159 MLN Order for Bulk Carriers

Hyundai Mipo Dockyard Co., a unit of the world's largest shipbuilder, said Monday that it has received a 163 billion won (US$159 million) order to build four bulk carriers. The deal with an Asian shipping company calls on Hyundai Mipo Dockyard to deliver the vessels by December 2011, the company said in a regulatory filing. Shares of Hyundai Mipo Dockyard closed at 238,000 won on the Seoul bourse, down 1.65 per cent. Yards in South Korea, the world's largest shipbuilding nation, are expanding capacity to build more vessels as backorders stretch into 2012.
Hyundai Mipo Dockyard, an affiliate of Hyundai Heavy Industries Co., has received about $3.4 billion worth of orders this year, achieving 55 per cent of its annual target of about $6.2 billion.

Source: Yonhap