Hyundai Corp bags Russian bonanza

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Qingdao: Hyundai Corporation has won a US$120 million order for ten 5,000-DWT dry cargo vessels from the Volga Baltic Company of Russia, it said Thursday. Chinese affiliate Qingdao Hyundai Shipbuilding will build the ship.
“We won a huge order amidst a severe economic downturn in the shipbuilding industry,” Hyundai Corp said in a press release. Hyundai Corp is a South Korean general trading company, not part of the world’s largest shipbuilder Hyundai Heavy Industries. An expansion project at its Qingdao yard last year allows it to build up to 15 10,000 dwt ships a year now.  [13/02/09]