[Courtesy of Hyundai Heavy Industries]
South Korea's embattled shipbuilder Hyundai Heavy Industries said Sunday it has secured a 700 million US dollar deal to build 10 vessels for an Iranian firm.
It was the first shipbuilding order by the Iranian company following the lifting of international sanctions on Tehran in January. Hyundai will provide technical cooperation for the development of Iran's shipbuilding industry.
The Hyundai shipyard will build four container ships and six petrochemical carriers for Islamic Republic of Iran Shipping Lines. The ships will be delivered from the second quarter of 2018.
The deal will help the Hyundai shipyard ease its protracted business slump. Hyundai and two other major shipyards have been put under creditor-led restructuring this year.
South Korean shipyards have been struggling with a protracted slump in the global shipbuilding industry. Oil companies have reduced spending while rig owners have canceled orders or asked for delayed ship delivery.
Aju News Lim Chang-won = cwlim34@ajunews.com
reporter
Park Sae-jin
swatchsjp@ajunews.com
