Hyundai Mipo bags handymax quartet deal

SOUTH Korea’s Hyundai Mipo Dockyard said today that it had received an order for four 37,000 dwt handysize bulk carriers worth a total Won163bn (US$159m).

HMD would not reveal the owner of the vessels beyond stating that it was an “Asian owner.” The vessels are slated for delivery from the fourth quarter of 2011 through the first quarter of 2012.

HMD, an affiliate of Hyundai Heavy Industries, is still in line to beat its record order book of 2007. With this most recent order it has received about $3.4bn worth of orders this year, achieving 55% of its annual target of about $6.2bn.

Despite the record ordering for dry bulk carriers during 2007, there appears to be scope for further ordering in the handysize sector.

According to a report by Pacific Basin the Hong Kong-based dry bulk specialist, newbuilding orders for handysize ships account for 35% of the current ocean-going fleet. But just that figure also represents the number of handysize vessels that are over 25 years old.

According to an HMD spokesperson the gap has been noticed and the level of enquiries is rising. HMD now has 15 handysize units in its order backlog.