Thursday, March 22, 2012

Hyundai changes VLCC to LNGC

In a regulatory filing on March 20, Hyundai Heavy Industries said it has modified newbuilding contract for five VLCCs, which was signed in February 2008, accepting a request from a shipowner from the Middle East.

As one of the five VLCCs has been changed into LNG carrier, terms of the contract, such as price and delivery date, have been revised accordingly.

The South Korean shipbuilder signed a ship-type modification contract on March 19. According to the newly amended contract, Hyundai would construct four VLCCs and one LNG carrier, totalling KRW 950.8bn (about $845m), up from KRW 725.4bn ($770m) with contract terminated on August 20 2014.

Meanwhile, state-owned Oman Shipping Company announced that it placed a new order for one 162,000-cbm LNG carrier due for delivery in 2014 at Hyundai, on March 19.

Published : March 22, 2012

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