17.02.2009, 18:17
Hyundai Corp wins dry cargo contract from Volga Baltic Company Hyundai said 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 according to Marinebiztv.Com. JS VBC amalgamates interests of a group of Russian transport businesses engaged in marine and river bulk transportation services, passenger transit transportations, and operating ship repair and fleet servicing facilities. As per decisions of the respective stockholders' meetings, the company has assumed responsibility for managing two largest Russian shipping companies – Northwest Shipping and Volga Shipping. The owners of V.F.Tanker Ltd have also delegated their managerial functions to JS VBC. The overall headcount of the businesses within the group is 14,500 employees, with 7,200 vessel crew among them. The company initiated and is successfully implementing a modern short-sea vessels construction program on behalf of Volga Shipping and Northwest Shipping leveraged by a credit line opened with the International Finance Corporation (IFC) and credits from a number of large banks of Russia.
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