SEOUL (Dow Jones)–Hyundai Merchant Marine Co. (011220.SE), South Korea’s No. 2 shipping company by revenue, said Wednesday it will invest KRW695 billion ($643 million) to buy five container carriers to strengthen its fleet with large-size ships.
“Daewoo Shipbuilding (& Marine Engineering) will deliver the container ships by December 31 2014,” a company spokesman said by telephone.
All the vessels will have a capacity of 13,100 twenty-foot equivalent units.
-By Kyong-Ae Choi, Dow Jones Newswires