Hyundai Heavy books $360 million order for VLCC quartet

South Korean shipbuilder Hyundai Heavy Industries (HHI), part of Korea Shipbuilding & Offshore Engineering Co., has secured an order for the construction of four very large crude carriers (VLCCs).

The order, received by companies from Oceania and Europe, is valued at ₩420 billion (about $360 million).

As informed, the ships will be built at the shipyard in Ulsan and are scheduled for delivery in the first half of 2022.

Once completed, the tankers will have a length of 330 metres and a width of 60 metres. Featuring energy-efficient technologies, they will be equipped with scrubbers, complying to international environmental regulations.

According to an official from Korea Shipbuilding & Offshore Engineering, the shipbuilder has been steadily winning new orders thanks to energy-saving, eco-friendly technologies it developed in the ultra-large crude oil carrier sector.

So far this year, the South Korean shipbuilder has won orders for seven of a total of sixteen VLCCs ordered on a global scale, representing 40 per cent of the market share.

Korea Shipbuilding, a subholding company of Hyundai Heavy Industries Holdings, comprises three shipbuilders — HHI, Hyundai Mipo Dockyard (HMD) and Hyundai Samho Heavy Industries (HSHI).