Hyundai Mipo secures tanker order from OSG

South Korean yard Hyundai Mipo Dockyard has secured a newbuilding order from US owner Overseas Shipholding Group (OSG) for the construction of two 50,000 dwt petrochemical product tankers.

Delivery of the vessels are scheduled in September 2019 and the total value of the contract is KRW84.1bn ($75m).

The vessels will be equipped with scrubbers to meet the upcoming IMO sulfur emission regulations and serve in the US Flag markets.

“OSG is committed to maintaining a leading presence in the US flag petroleum transportation sector. Our initiative to pursue construction of modern, efficient and environmentally responsible vessels sends a strong signal to our customers, our stockholders and our employees that we are confident in achieving our commitment and that we have the resources and unique skill sets to enable us to do so. We look forward to the contribution that these vessels will make to our long-term success once delivered,” said Sam Norton, OSG’s president and CEO.

Hyundai Mipo currently has on hand orders that will keep the yard busy until 2020. Earlier this month, the yard secured an order from Greek owner Empire Navigation for the construction for up to eight 50,000 dwt product tankers.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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