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Hyundai Merchant to spend 208 bln won on bulk carriers

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(Globalpost/GlobalPost)

SEOUL, July 10 (Yonhap) -- Hyundai Merchant Marine Co., a South Korean shipping firm, said Wednesday that it will spend around 208 billion won (US$183 million) for four new bulk carriers.

In a regulatory filing, the shipper said it has placed a shipbuilding order for the transportation of coals used for power generation.

The ships will be constructed by Hanjin Heavy Industries Co., a local shipbuilder, Hyundai Merchant said.

The shipping firm said it will receive the vessels beginning in 2015, and the vessels will be mobilized for transportation of coals from Canada and Australia to South Korea.

Last month, the country's No. 2 shipping firm said it has secured a 175 billion won deal to transport coal for a local utility firm.

Hyundai Merchant expects additional revenues of up to 900 billion won down the road as well.

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http://www.globalpost.com/dispatch/news/yonhap-news-agency/130710/hyundai-merchant-spend-208-bln-won-bulk-carriers