Manufacturing facilities of Hyundai Heavy Industries in Ulsan, South Korea

Hyundai Heavy Industries lands contract

South Korea

ULSAN, February 11, 2016 – South Korean shipbuilder Hyundai Heavy Industries has picked up contracts for two 136,000-tonne oil tankers, the company announced on Thursday. Awarded by Turkey’s Marine Operations and Tanker Management Company, commonly known as Ditaş, the value of the deal is estimated at USD 120 million-140 million. Deliveries are scheduled for 2018.

The Ditas order marks the first award for one of South Korea’s main shipbuilding companies in six weeks. Not since September 2009 had the shipbuilders, including Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries, seen a month-long contracts drought.

In January 2015, Hyundai Heavy Industries temporarily shut down a rig manufacturing plant due to a slump in demand. Last week, the company announced a net loss of USD 1.1 billion over 2015.