Hyundai Corporation Signs Shipbuilding Contract

Monday, January 16, 2006
Hyundai Corporation has risen as a major player in the global small and middle sized vessel market as ‘Qingdao Hyundai Shipbuilding,’ a company it launched last June in Qingdao China, has won shipbuilding contracts worth $300 million within a mere month. Corporation concluded a new shipbuilding contract involving 9 units of 5,500-ton bunkering tankers with Aegean, a Greek shipping company. The contract was signed at the Shangri-La Hotel in Qingdao in the presence of President Mark Juhn, CEO of Qingdao Hyundai Shipbuilding Chung In-Mo and Eleftherious Albertis, CTO of Aegean. With another major contract under its belt, Hyundai Corporation has won a total of 28 construction orders of small and middle sized vessels totaling $330 in value, following last month’s orders from Greek shipping company Evalend to construct 16 units of 5,600-ton chemical tankers. The ships ordered in the latest contracts will require the application of advanced precision technology as they will be used to safely carry chemical and oil products. In this context, it can be said that the company’s technological superiority has been acknowledged by the world’s leading shipping companies. Mark Juhn, CEO and President of Hyundai Corporation, remarked, “thanks to this contract, we have secured 3-years’ worth of workload,” and added that “in the future, we will enhance the production efficiency of Qingdao Hyundai Shipbuilding and launch an aggressive marketing campaign focusing on high-value-added vessels. If will not be long before we are known as a top-rate shipbuilder with the world’s most advanced technology.” In addition, he announced that “talks are currently underway to win further orders from foreign shipping companies including from Greece and Germany. We plan to press ahead with plans to modernize the company’s production facilities to expand its construction capacity and set up the latest machinery.”

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