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Hyundai Heavy Wins Vitol Tanker Contract

Hyundai Heavy Wins Vitol Tanker ContractHyundai Heavy Wins Vitol Tanker Contract

South Korea's Hyundai Heavy Industries has won a contract worth $600 million from Vitol, the world's largest independent oil trader, for as many as eight gas tankers. The world’s largest shipbuilder signed the contract on Sunday to construct two liquefied petroleum gas tankers with a capacity of 84,000 cubic meters each. The ships are expected to be delivered in the first half of 2019, Reuters reported. Vitol has the option to order six more tankers. Headquartered in Ulsan, South Korea, Hyundai Heavy has different business divisions, including shipbuilding, offshore and engineering. The shipyard extends across two and a half miles. Due to its strategic location, the shipyard can be easily accessed from and to the open sea. From 1972 to 2013, HHI has delivered 2,981 vessels to 268 ship-owners in 48 countries. It commands around 16% of the world's ship manufacturing market.

 

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