January 24, 2005

COSCO orders world's largest box ships

South Korea's Hyundai Heavy Industries Co., Ltd. (HHI) has won an order from China's COSCO for what will be the world's largest containerships: four 10,000 TEU vessels. Slated for 2008 delivery, each will measure 349 m in length, 45.6 m in width, and 27.2 m in depth. Each ship will have a 94,000-horsepower diesel for a service speed of 25.8 knots.

HHI says it is ready to build even larger box ships. It says it has completed the design development of a 12,000 TEU containership, and will "readily take it on the market upon demand."

HHI's backlog for super-large containerships with a capacity of over 8,000 TEU totals 35 units, giving it a 35 percent share of the global market for shios in this category.

In addition to the COCSO order, HHI has also announced order for two 8,600 TEU containerships from Hapag Lloyd of Germany and one 35,000 cubic meter LPG carrier from Orix of Japan.

The contracts for the seven ships total some $800 million. HHI has not revealed the values of the individual orders.

HHI's total Shipbuilding Division order backlog now stands at 230 ships, which is equivalent to US$16 billion. For 2005, HHI set an order target of  US5.5 billion and plans production of 70 ships totaling 5.1 million gross tons (GT)

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