ECONOMY

Hyundai and Daewoo win Greek orders

SEOUL (Reuters) – Hyundai Heavy Industries Co Ltd and Daewoo Shipbuilding & Marine Co Ltd said yesterday they had won orders to build 24 ships at an international shipping exhibition in Greece. Hyundai, the world’s largest shipbuilder, said it had secured a combined $2.4 billion worth of orders from European companies. Orders consist of 16 oil tankers and six VLCCs (very large crude carriers), including a $824.3 million order to build nine tankers Hyundai reported on Tuesday, a company spokesman said. But he declined to identify the companies that had placed those orders. Hyundai’s smaller rival, Daewoo, said it had secured an order to build two drill ships worth $310 million won at the event on June 2. Daewoo said that the world’s third-largest shipbuilder would deliver the vessels to a European company by March 2012. Posidonia 2008, the 21st biennial international shipping exhibition, hosts shipbuilders and ship buyers from dozens of countries, such as South Korea, and ends today.