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KLC orders 2 VLOCs at Hyundai Heavy
Friday, October 27, 2017, 13:42:29 Paul Yoon ckyoon7@paran.com
Korea Line Corp. (KLC) has booked 2 VLOCs at Hyundai Heavy Industries (HHI) to be deployed in honoring the long-term transport contracts with Vale, Brazil-based iron ore major.

KLC has signed a newbuilding contract dated Oct. 26 at HHI’s Seoul office at a ceremony to build two VLOCs valued for a total of $163.80 million (equivalent to KW184.80 billion) for delivery in Q4 in 2019 and Q1 in 2020.

The newbuilding contract was signed in the day at a ceremony in presence of SM Group Chairman Woo Oh-Hyun, Deputy Chairman and CEO Kim Yong-Wan of SM KLC and Senior Vice President Chung Ki-Sun, head of Shipbuilding & Offshore Business Div. of HHI.

Upon delivery of the two VLOCs from HHI, KLC plans to put them in the long-term transport of iron ore over 25 years tied up with Vale.

After weighing domestic shipbuilders and overseas ones before ordering, KLC has decided to place the order with HHI at the last minute. SM Group Chairman Woo Oh-Hyun is understood to have quickly decided to choose a domestic shipbuilder in an effort to contribute to the win-win development both for Korean shipping players and shipbuilders by supporting the Korean shipbuilder with the order. Maritime Press is told that Chairman Woo has been concerned that Korean shipbuilders’ difficulties will have negative impact on Korean economies.

KLC has persistently placed newbuilding orders with domestic shipbuilders since it joined SM Group in November, 2013. It has ordered two LNG carriers at Samsung Heavy Industries in the 1st half of this year. It has recently taken delivery of two 174,000cbm class LNG carriers from DSME and of four 207,000dwt bulkers from DHSC (Dae Han Shipbuilding Co.) respectively.

Meanwhile, KLC owns a total of 33 ships exclusively dedicated to POSCO, KOGAS, and KEPCO sisters, and is expected to make continuous investment in ships in an effort to achieve win-win development of both Korean shipping and shipbuilding by persistently winning freight biddings at home and overseas.
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