Hual Increases PCTC Order to 7 Ships

HUAL, the Ro/Ro vehicle carrying unit of Leif Höegh & Co, has placed an order for two additional car carriers (PCTC) with Daewoo Shipbuilding & Marine Engineering for delivery in 2006 and 2007 respectively. The vessels will have capacity to carry some 6100 cars and 7 similar vessels are now ordered from Daewoo. The first 5 vessels are scheduled for delivery in 2004 and 2005. The contract includes options for further vessels The order forms part of the renewal of HUAL's fleet and HUAL is experiencing a substantial demand for flexible PCTC vessels capable of carrying high and heavy cargo in addition to factory new- and second hand cars. The vessels are designed with four liftable decks (plus 8 fixed decks) and 150 tons capacity on the main ramp. Karl Terjesen, President of HUAL says: We find this design and size of vessel to be optimal in many trades. By employing flexible vessels we can optimize cargo mix and capacity utilization and meet cargo owners' demand for frequency. HUAL is among the top five global car carrier operators and will operate a fleet of more than 50 vessels including these 7 newbuildings and another 5 new vessels on long term charter from 2003 and 2004. HUAL operates in a network of trade systems from the main export areas for new cars in the Far East, USA and Europe. HUAL expects that vehicle exports from Japan and Korea will remain strong in the years ahead, while China may develop into a major exporter and importer of Ro/Ro cargo in the future.