Hyundai Heavy Gets Right After it with a Pair of VLCCs and a Plan to Deliver 93 Ships

Hyundai Heavy Industries, the world’s biggest shipbuilder, hailed the New Year by naming two 318,000 DWT VLCC (Very Large Crude Oil Carrier) for an Indian shipping line, Great Eastern Shipping Company (GESCO) today.

In the simultaneous naming ceremony, the vessels were named Maneklal Ujamshi Sheth and Ardeshir HBhiwandiwalla, after the former owner and the founder of GESCO respectively. Maneklal Ujamshi Sheth was delivered today and Ardeshir HBhiwandiwalla is scheduled to be delivered in the middle of February this year.

GESCO’s current fleet stands at 34 vessels, comprising 24 tankers (9 crude carriers, 14 product carriers, 1 LPG carrier) and 10 dry bulk carriers (1 Capesize, 3 Kamsarmax, 1 Panamax, 4 Supramax, 1 Handymax) with an average age of 8.9 years aggregating 2.62 mn dwt.

Starting with the ships featuring 319m in length, 60m in width, and 30m in depth with service speed of 16.3 knots, Hyundai Heavy plans to deliver 93 ships this year.

Meanwhile, Hyundai Heavy is aiming to secure new orders worth USD 30.6 billion in 2012, 19.6% up from a year earlier and sales of KRW 27.6 trillion (USD 23.9 billion), 9.5% up from last year.

Updated: February 15, 2012 (Originally published January 6, 2012)

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