Hyundai Heavy wins $700m order from Iran

Hyundai Heavy Industries (HHI) Group, the world’s largest shipbuilding group, announced today that it signed contracts, financed by Korean financiers to build 14,500 TEU class containerships and 49,000 DWT product/chemical carriers with Islamic Republic of Iran Shipping Lines (IRISL), one of the biggest shipping companies in the Middle East, at its Seoul office on December 9.

The negotiations for these contracts commenced in December 2015 with mutual good will and a series of constructive meetings in Seoul and Tehran, resulted in conclusion and signing of the contracts on December 9, 2016 in Seoul.

In addition to the contracts, HHI plans to discuss and pursue technical cooperation to develop the shipbuilding industry of Iran with a local Iranian shipbuilder at the request of IRISL.

The boxships measure 366m in length, 48.2m in width and 29.9m in depth while the product/chemical carriers are 183m long, 32.2m wide and 19.1m high.

The boxships to be built by HHI and the product/chemical carriers to be built by Hyundai Mipo Dockyard both in Ulsan, Korea and all the vessels meet the latest IMO Tier III requirement, limiting NOx emission.

The aforementioned contracts are the first shipbuilding orders as the result of successful negotiations subsequent to implementation of JCPOA in January 2016 between Islamic Republic of IRAN and P(5+1).

Business Overview

HHI’s Shipbuilding Division, the world’s number one shipbuilder, leads the global shipbuilding industry with a 15% share of the market. The Hyundai shipyard stretches over four kilometers along the coast of Mipo Bay in Ulsan, Korea. The Shipbuilding Division is capable of building all types of ships to meet various demands from its clients.

It has nine large-scale dry docks with seven huge ‘Goliath Cranes’. Since the shipyard’s groundbreaking in 1972, HHI’s Shipbuilding Division has garnered many awards and set many records within the shipbuilding industry.
The Division reached the 10 million DWT production mark, and reached the milestone of 20 million DWT in 1988, 30 million DWT in 1994, 50 million DWT in 1997, and 100 million DWT in 2005. Hyundai Heavy has delivered more than 1,590 ships to 253 ship-owners in 47 countries since 1972.

Source: www.hhir.com/en