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
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Polish Prime Minister Donald Tusk warned on Thursday that the Baltic Sea is becoming “a new area of confrontation” with Russia, putting the country’s critical infrastructure increasingly at risk.
North Korea has begun a full-scale investigation into the accident that occurred during the launch of a warship this week, state media KCNA reported on Friday.
Mitsui O.S.K. Lines, owner of the world’s largest fleet of liquefied natural gas carriers, said it is hard to buy Chinese vessels for the time being as the US ramps up scrutiny of the Asian country’s shipbuilding industry.
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