Hyundai Mipo Dockyard (HMD) has secured a new contract from S.K. Shipping Co., Ltd., a domestic owner, to build two 46,000 DWT product/chemical tankers. The top management of the concerned parties including Sumitomo, Japan, the financier, held the contract signing ceremony on Aug. 27, 2001 at the owner’s office.

This is the first contract ever placed with HMD by S.K. Shipping on the basis of bareboat charter hire scheme. S.K. Shipping is a subsidiary of S.K. Group, a major conglomerate in Korea.

The vessels are scheduled to be delivered to the nominated owner in the end of 2003 and during the 1st quarter of 2004 respectively. They will be chartered back to S.K. Shipping to replace their existing fleet. S.K. Shipping selected HMD as the shipbuilder considering the excellent performance of HMD in building medium sized tankers.

HMD has been strengthening its position in the medium ranged tanker shipbuilding market by clinching a series of shipbuilding contracts with overseas and domestic customers.