Olongapo SubicBay BatangGapo Newscenter

Monday, March 09, 2009

HHIC earns more with order revision

SOUTH Korea’s Hanjin Heavy Industries and Construction said today it had won a conversion of 2008 orders from a European shipping company.

Under the terms of the revised contract, initially inked in summer 2008, HHIC will now build three aframax tankers worth Won328.2bn ($210.9m).

HHIC explained in a filing to the Korea Exchange that the owner had previously signed a contract for two bulk carriers priced at Won197.4bn in July 2008.

These vessels have now been substituted by the tanker order but the delivery dates of late 2010-early 2011 remain broadly the same.

The new contract was signed on Friday. The ships will be built at HHIC’s yard in Subic Bay, the Philippines.

HHIC declined to name the owner. By Mike Grinter - Loydslist

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