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Wednesday, 4 July 2012

Crisis in the shipping industry...What crisis

Hyundai Heavy wins $1.2 bln ship order from Greece

South Korea's Hyundai Heavy Industries said on Tuesday it had won an order for 10 container ships worth a total of $1.2 billion from an unidentified ship owner based in Greece.

The carriers will be delivered between the second half of 2013 and the end of 2014 and be chartered by Evergreen Marine , Hyundai said in a statement.


Cash-rich maritime families from Greece, Hong Kong and Norway are buying more vessels after an industry slump reduced prices to historic lows, said Braemar Shipping Services Plc.’s new chief executive officer.

Traditional, privately owned companies preserved money during the downturn, James Kidwell said today. Returns plunged after record orders for new ships in 2007 and 2008, when hire costs were surging, resulted in a glut of vessels.

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