South Korean Shipping Line, Hyundai Merchant Marine (HMM) recently announced the three shipbuilding companies that will build their new fleet of eco-friendly vessels. These new vessels will fulfil their ‘Capacity of 1 Million TEU’ strategy.
HMM sent out a Request for Proposal (RFP) to the shipbuilding industry on April 10th 2018, HMM has shown great diligence when considering all the conditions such a high profile projects such as delivery date and price of new ships suggested by shipbuilders.
After some thorough deliberation, HMM chose three companies and duly signed a Letter of Intent for 20 new vessels.
Daewoo Shipbuilding & Marine Engineering (DSME) will build seven 23,000 TEU containerships, while Samsung Heavy Industries will build five completion and delivery date from both companies is projected for the second quarter of 2020. Finally, HMM chose Hyundai Heavy Industries to build eight 14,000 TEU containerships with a delivery date projection of the second quarter of 2021.
For the deliberation stage of the program, HMM formed a ‘newbuilding examination committee’ whose sole purpose was to thoroughly inspect and review all the conditions.
Further negotiations will be held pertaining to the prices of the new vessels before the final agreement is concluded.