South Korea: HHI Delivers 13.100 TEU Vessel COSCO Faith

Seaspan Corporation yesterday accepted delivery of a 13100 TEU containership, the COSCO Faith. The new containership, which was constructed by Hyundai Heavy Industries Co., Ltd., is Seaspan’s second delivery in 2012 and expands the Company’s operating fleet to 67 vessels.

The COSCO Faith is on charter to COSCO Container Lines Co., Ltd. (“COSCON”) under a twelve-year, fixed-rate time charter. The ship is the sixth of eight 13100 TEU sister ships and the 16th of a total of 18 vessels to be chartered by Seaspan to COSCON.

Hyundai Heavy (HHI), the world’s number one shipbuilder, leads the shipbuilding industry with a 15% share of the market. The Hyundai shipyard stretches over four kilometers along the coast of Mipo Bay in Ulsan, Korea. The Shipbuilding Division is capable of building all types of ships to meet various demands from its clients. It has nine large-scale dry docks with seven huge ‘Goliath Cranes’. Since the shipyard’s groundbreaking in 1972, Hyundai Heavy’s Shipbuilding Division has garnered many awards and set many records within the shipbuilding industry.

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Shipbuilding Tribune Staff, March 15, 2012; Image: COSCO