South Korea’s most significant delivery line Hyundai Merchant Marine (HMM) stated Friday it has actually positioned orders for the building of 20 huge containerships worth $2.84 billion.

The orders are expanded amongst South Korea’s ‘Big Three’ shipbuilders: Hyundai Hyundai Heavy Industries, Samsung Heavy Industries as well as Daewoo Shipbuilding & & Marine Engineering (DSME).

The agreements comply with Letter of Intents authorized in between HMM as well as the shipbuilders back in June, simply a couple of months after the compani initially verified its intent to area orders for the 20 environmentally friendly newbuilds.

Twelve vessels are expected to be around 23,000 TEU capability as well as 8 will certainly be 14,000 TEU, with DSME as well as Samsung Heavy picked to build the 23,000 TEU vessels.

Samsung Heavy Industries verified Friday that it will certainly be constructing 5 vessels amount to for HMM, leaving DSME constructing the continuing to be 8. Hyundai Heavy Industries will certainly build all 8 of the 14,000 TEU ships.

Delivery of all 20 newbuilds is anticipated by June 2021, HMM stated Friday.

HMM, presently the globe’s 10th biggest delivery line according to Alphaliner, has actually ended up being South Korea’s front runner delivery line complying with the collapse ofHanjin Shipping The firm has actually established an enthusiastic objective of attaining a fleet dimension of 1 million TEU capability, greater than increase its present capability of around 400,000 TEU.

Funding for the newbuilds will certainly originate from the South Korean federal government’s Ministry of Ocean as well as Fisheries, which just recently developed a $4.5 billion fund to sustain the country’s troubling delivery as well as shipbuilding markets.