High expectancies for VLCC demand

Apr 17, 1997 02:00 AM

South Korea's Hyundai Heavy Industries yard, the world's largest shipbuilder, is predicting a surge in VLCC orders this year and says it aims to complete up to eight such vessels each year. In an upbeat assessment of the tanker market, a Hyundai spokesman told that inquiries for large tankers and VLCCs were at their highest for several years. He added: "We predict the orders will come in the next few months. The right conditions are there now and prices are relatively low. We have already received VLCC orders and those owners have made the right decision."
Hyundai has newbuilding contracts with several owners, including its sister company Hyundai Merchant Marine, Sun Enterprises of Greece and Kuwait's KOTC. The company also disclosed it now believed there could be a total order of about 30 VLCC newbuildings this year against its prediction last year that just 20 would be ordered.
Hyundai's Ulsan yard's two newest building facilities, Docks Eight and Nine, have been dedicated to building large tanker tonnage and the spokesman said the plan was to complete between six and eight VLCCs each year from now into the next century. Both docks, which were dedicated in May last year, have 360 m length and 70 m beam and are ideal for VLCC construction.
"Owners know that if they want to hire to Korean charterers they must have new ships, and this is partly driving the demand for VLCCs now," said the spokesman.

Source: not available
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