April 20, 2024

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[THE INVESTOR] Hyundai Mipo Shipyard is expected to win a medium-range oil tanker order from Russia, said SK Securities on June 22. 

Russia’s largest state-owned ship company Sovcomflot plans to place an order for MR tankers and Hyundai Mipo is a likely candidate. President Moon Jae-in is being accompanied by representatives of all three major shipbuilders -- Hyudai Heavy Industries, Daewoo Shipbuilding and Marine Engineering and Samsung Heavy Industries -- on his visit to Russia, probably because the country is planning for the second Yamal Project, said analyst Yoo Seung-woo.

DSME has won the entire order for 15 ice-breaking LNG carriers, worth 5 trillion won (US$4.51 billion), in 2014 as part of Russia’s first Yamal Project and expectations are rising for Korean shipbuilders to receive the order. The vessels will have to be of high specifications to be able to navigate the Arctic Ocean, and accordingly will be costly, said the analyst. 

By Hwang You-mee (glamazon@heraldcorp.com)