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Biz News Korea(Eng)
Hyundai Heavy Industries in talks with Iran to supply 10 containerships and tankers
- Collected
- 2016.12.05
- Distributed
- 2016.12.06
- Source
- Go Direct
According to sources close to the deal on Sunday, the nation’s largest shipbuilder is in the final stage of signing a deal with Iran’s state-owned Islamic Republic of Iran Shipping Lines (IRISL) to build four 14,400 twenty-foot equivalent (TEU) containerships and six 50,000 deadweight ton (DWT) oil tankers. TEU is a standard unit to measure a ship’s cargo carrying capacity. The 14,400 TEU container vessel is capable of carrying 14,400 twenty-foot containers.
Hyundai Heavy Industries admitted that it was in contract talks with IRISL but added that a final deal has not been reached. It has not made any public disclosure on the deal.
The orders are estimated to be valued at $650 million, taking up almost 10 percent of the shipbuilder’s total value of orders for this year worth $6.2 billion. If signed, it would be Iran’s first ship order since international sanctions were lifted early this year.
The Middle Eastern country has been working to revamp much-delayed infrastructure after its mainstay oil trade has been revived. It wants to build a shipyard and fleet to meet surging trade demand.
The Hyundai Heavy deal could pave the way for business opportunities for other Korean shipbuilders. Daewoo Shipbuilding & Marine Engineering Co. is also seeking a deal to build five jack-up rigs for the National Iranian Oil Company (NIOC).
As of 12:55 p.m. on Monday, shares of Hyundai Heavy Industries rose 0.66 percent to 153,000 won in Seoul trading.
By Moon Ji-woong
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]