Hyundai Mipo to build four PC tankers in Kuwait

1 March 2012 (Last Updated March 1st, 2012 18:30)

South Korea's Hyundai Mipo Dockyard (HMD) has won a $250m contract from state-owned Kuwait Oil Tanker Company (KOTC) to build four 46,500-dwt product chemical (PC) tankers.

South Korea’s Hyundai Mipo Dockyard (HMD) has won a $250m contract from state-owned Kuwait Oil Tanker Company (KOTC) to build four 46,500dwt product chemical tankers.

Equipped with a fuel-efficient engine and built with an optimised design, the Eco ships, will have a length of 189m, and will be 32.2m broad and 18.5m high.

The newly ordered vessels, capable of sailing in 15.2 knots are scheduled to be delivered one by one, with the last one scheduled for delivery in August 2014.

With this recent order from KOTC, the South Korean shipyard has recently won contracts for eight vessels totalling about $400m and aims to set a new order target of $3.2bn for this year, up by about 60% than 2011.

A Hyundai Mipo unnamed executive told Asiasis that the company would overcome recently troubled market by focusing on winning new orders for fuel-efficient and high-value ships, such as offshore support vessels, small-and-medium sized specialised ship.

Earlier this month, Scorpio Tankers won a contract with the South Korean shipbuilder to build a 52,000dwt MR product tanker for about $36.4m.

Additionally, Scorpio signed a $92m credit facility with Credit Agricole Corporate and Investment Bank and Skandinaviska Enskilda Banken to partially fund four 52,000 dwt vessels ordered in June 2011 with HMD.

Scorpio also reached an agreement with its lenders to extend the availability of the 2011 Credit Facility with Nordea Bank Finland, DnB NOR Bank, and ABN AMRO Bank, to finance one of the newbuilding 52,000dwt product tankers.