Hyundai Heavy wins multiple VLCC contracts

Christmas has come early for the world’s largest shipbuilder with a bumper crop of VLCC contracts just in.

Allied Shipbroking is reporting that Kyklades Shipping of Greece has come in for two firm and two option 319,000 dwt tankers at Hyundai Heavy Industries (HHI) for delivery in 2019 and 2020. The tier II ships are costing $81.5m each and come on the back of fixed time charters.

In further good news for HHI, fellow Korean owner Sinokor has ordered a pair of 319,000 dwt tankers. The tier III ships are costing $2m more than what Kyklades is paying and are fixed on long term charter to local energy firm GS Caltex.

After a fallow few years, HHI is finally seeing significant orders filter in, led by Greeks opting for cheap VLCCs.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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