Korea Shipbuilding & Offshore Engineering Co. said Tuesday that its shipbuilding unit Hyundai Heavy Industries Co. secured a 420 billion won (US$359 million) deal to build four crude carriers.

Hyundai Heavy wins US$359 million order for 4 crude carriers
Caption: A crude carrier built by Hyundai Heavy Industries Co. sails on a sea trial - Photo courtesy of Korea Shipbuilding & Offshore Engineering Co

Under the deal with companies from Europe and Oceania, Hyundai Heavy will complete the construction of the 300,000-ton very large crude carriers by the first half of 2022, Korea Shipbuilding said. The names of the buyers were not revealed.

With the latest orders, Korea Shipbuilding has so far won orders this year to build seven crude carriers, taking up 40 percent of the deals for 16 such vessels placed around the globe, the company said.

Korea Shipbuilding also said it is expected to win additional orders, as a slew of deals for crude carriers have been under way.

Korea Shipbuilding, the subholding company of Hyundai Heavy Holdings Industries Co., has three shipbuilders, Hyundai Heavy, Hyundai Mipo Dockyard Co. and Hyundai Samho Heavy Industries Co., under its wing.

Source: Hyundai Heavy