Strong Start for HHI in 2017

South Korea’s Hyundai Heavy Industries (HHI) on Tuesday won an order to build two 320,000 dwt very large crude carriers (VLCCs) for a Greek customer, officials from the shipbuilder told Fairplay.

News ID: 72526

Date: 21 February 2017 - 15:52

According to MANA, the VLCCs are expected to be built by the end of 2018, Fairplay was told.

Shipbroking sources estimate that a newbuilding VLCC costs about USD80 million currently.

The order comes just after HHI won a contract to build a floating storage regasification unit from a Turkish consortium comprising Kolin Construction and Kalyon Group.

After struggling to win orders in 2015 and 2016, HHI, the world’s largest shipbuilder appears to have gotten off to a strong start for 2017, winning two VLCC orders from DHT Maritime and one FSRU order from Hoegh LNG in January.

HHI achieved a KRW682.3 billion (USD566.9 million) net profit for 2016.