hyundai heavy industries shipbuilding

Hyundai Heavy Lands $650 Million Ship Order from Iran -Yonhap

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December 10, 2016

A propeller that is part of a ship is transported as a worker riding a bicycle follows it at Hyundai Heavy Industries’ Shipyard in Ulsan, South Korea, May 13, 2015. REUTERS/Kim Hong-Ji/File Photo

ReutersSEOUL, Dec 10 (Reuters) – South Korean shipbuilder Hyundai Heavy Industries Co Ltd received a $650 million order to build 10 ships for Iran’s state-owned shipping company, South Korea’s Yonhap News Agency reported on Saturday, citing a Hyundai Heavy spokesman.

The company will build container ships and tankers for Islamic Republic of Iran Shipping Lines, with delivery starting in 2018, Yonhap cited the spokesman as saying. The number of each type of ship was not disclosed.

The deal was signed on Friday and was the first shipbuilding order by the Iranian firm since the lifting of international sanctions, Yonhap said.

A Hyundai Heavy spokesman declined to comment when contacted by Reuters. (Reporting by Hyunjoo Jin; Editing by Christopher Cushing)

(c) Copyright Thomson Reuters 2016.

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