The world's greatest specialized builder of product/chemical carriers (PC), Hyundai Mipo Dockyard Co., Ltd. (HMD) (President Kwan-Hong Yu), which has been constructing newbuilding vessels since 1996, will deliver its 100th newbuilding vessel.

On the 13th of January, HMD held a meaningful naming ceremony at No.1 Quay for the 35K PC tanker ordered in August of 2001 by Schoeller Holdings Ltd. of Cypress. The vessel is scheduled to be delivered on the 15th of January, 2004,

The vessel named "Cape Bruny" by the shipowner measures 176m in length, 31m in width, and 17m in height, and can travel at the service speed of 15 knots.

HMD, which originally began as a ship repair and conversion shipyard, has faced increasing competition from the growing entry of low labor cost countries like China into the ship repair and conversion market place. HMD has countered this threat by diversifying its business lines into newbuilding from 1996, and has particularly focused its attention to the construction of medium-sized product/chemical tankers like 35K, 37K, 46K and 52K.

The first newbuilding vessel delivered by HMD was a FPSO named "Ramform Banff", and was delivered in December of 1997. In recent years, HMD has delivered 20 vessels in 2001, 24 vessels in 2002, 32 vessels in 2003, and 35 vessels are targeted to be delivered this year. Every year, HMD has recorded improving results by improvements of productivity, quality, safety and management.

Out of the first 100 newbuilding deliveries, there have been 66 medium-sized product/chemical tankers, 8 container carriers, 10 bulk carriers, 5 cable laying vessels, and the remainder comprised of other vessels. HMD has solidified its position as the leading builder of medium-sized PC tankers by gaining more than half of the global market share. The PC tankers built by HMD have become known as the brand name of "Mipo Tanker." HMD is determined to strengthen the reputation for quality that has become associated with this brand.

In the meantime, HMD has a backlog of more than 100 vessels in the order book, and is determined to continue to raise its competitiveness and improve its dominating position in the market place.