Hyundai Mipo Taps into Rising Demand for Product Tankers ahead of 2020

South Korean shipbuilder Hyundai Mipo Dockyard has secured an order for up to six product tankers, including four firm and two optional ships.

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The USD 250 million contract has been inked with an unnamed European owner and envisages the 50,000 dwt ships to be delivered in 2020, the shipbuilder revealed.

The company ascribed the order to an increase in demand for midsize product tankers due to the upcoming entrance into force of the 2020 sulphur cap, which is expected to boost demand for shipping of cleaner fuels across global ports.

Over the past two months, Hyundai Mipo has seen a confirmation in its demand projections with two orders booked in the product tanker sector.

As World Maritime News reported, in December the shipbuilder reportedly won an order for the construction of six petrochemical product tankers from an Asian shipowner.

Under the terms of the deal, the newbuild product tankers are scheduled for delivery in 2021. Data from Asiasis shows the ships feature 25,000 dwt each.

Furthermore, earlier this month, Hyundai Mipo Dockyard clinched an order for the construction of four tankers from Evangelos Pistiolis – led Central Group from Greece. According to Intermodal, the 50,000 dwt quartet is scheduled for delivery in 2020 and the newbuilds would be scrubber-fitted to comply with the new sulphur regulations.

As part of Hyundai Heavy Industries Group’s 2019 orderbook target of USD 15.9 billion, Hyundai Mipo Dockyard has vowed to obtain USD 3.5 billion worth of orders.

World Maritime News Staff