[THE INVESTOR] Korean shipbuilder Hyundai Samho Heavy Industries said June 4 that it has joined forces with a Russian shipyard to expand business opportunities going forward.
The company, an affiliate of Hyundai Heavy Industries Group, said the deal to form a new company with Zvezda Shipbuilding was reached on June 2 in Saint Petersburg. Zvezda is part of the Far Eastern Shipbuilding and Ship Repair Center, a state-operated entity.
“The agreement opens new revenue sources for Hyundai Samho and allows it to make headway in the Russian market,” a corporate source said.
The newly created Zvezda-Hyundai will be 49 percent owned by Hyundai Samho, with the Russian partner controlling 51 percent stake.
Under the Technical Support Agreement, Hyundai Samho will provide support in the ship design, marketing, personnel and training areas.
The Korean shipbuilder said that Zvezda-Hyundai plans to launch Aframax tankers from 2018 onwards at the Bolshoi Kamen yard near Vladivostok.
By Park Han-na and newswires (hnpark@heraldcorp.com)