South Korea's Hyundai Corporation has won an order for ten 5,000DWT dry cargo vessels from Russia.
Hyundai said last week (February 12) that it won the US$120 million order from the Volga Baltic Company, and that its Chinese affiliate, Qingdao Hyundai Shipyard would build the ten ships.
Hyundai Corporation is a general trading company based in South Korea and is not part of Hyundai Heavy Industries.
"We won a huge order amidst a severe economic downturn in the shipbuilding industry," the company said.
