HMM inks US$1.57 bln deal to build 12 container carriers

By Nam Kwang-sik

SEOUL, June 29 (Yonhap) -- South Korea's largest shipper HMM Co. has signed a US$1.57 billion deal with the country's leading two shipbuilders to construct 12 container carriers, the company said Tuesday.

Under the deal with Korea Shipbuilding & Offshore Engineering Co. (KSOE) and Daewoo Shipbuilding & Marine Engineering Co.(DSME), 13,000 TEU container carriers will be delivered by the first half of 2024, HMM said in an emailed statement.

This file photo provided by Pusan Newport Co. (PNC) shows a 24,000 twenty-foot equivalent unit (TEU) container carrier of HMM Co. entering the Port of Busan in the city of Busan, 453 kilometers southeast of Seoul. (PHOTO NOT FOR SALE) (Yonhap)

TEU, or twenty-foot equivalent unit, refers to the unit of the capacity of a container ship. A 13,000 TEU container carrier means it has a cargo capacity that can load up to 13,000 20-foot containers.

KSOE said in a regulatory filing that its subsidiary Hyundai Heavy Industries Co. will deliver six container carriers by the second half of 2024 under a 891 billion won ($788 million) deal.

In a separate regulatory filing, DSME announced its 888 billion won deal to deliver six container carriers by the second half of 2024.

ksnam@yna.co.kr
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