Hyundai Heavy Industries Co, the world's largest shipbuilder, said that it received 1.2 billion won (S$1.6 million) in bonuses from clients for delivering vessels an average of about two months ahead of schedule.
About 85 per cent of the 33 vessels it delivered this year were completed before the deadline, Ulsan, South Korea-based Hyundai Heavy said in a statement yesterday. It handed over a 105,000 ton oil tanker to an unidentified customer in India more than seven months ahead of schedule, it said.
Hyundai Heavy and its rivals in South Korea, the world's largest shipbuilding nation, are adding docks and introducing new ways to build vessels, allowing them to curtail production time and clear backlogs stretching into 2012. They won almost half of the record US$191.3 billion of global ship orders last year.
'Considering that shipping lines usually give bonuses of between 10 million won and 30 million won each, the amount is getting significantly bigger as we shorten the building period,' Hyundai Heavy said in the statement. 'Shipping lines want their vessels to be delivered earlier so that they can earn more from increasing global trade demand.'
The Baltic Dry Index, which tracks shipping costs for commodities, rose 2.9 per cent on Wednesday to 10,649, the highest since Nov 20. Rates to move containers are also increasing on growing demand for goods to Europe from Asia.
About 85 per cent of the 33 vessels it delivered this year were completed before the deadline, Ulsan, South Korea-based Hyundai Heavy said in a statement yesterday. It handed over a 105,000 ton oil tanker to an unidentified customer in India more than seven months ahead of schedule, it said.
Hyundai Heavy and its rivals in South Korea, the world's largest shipbuilding nation, are adding docks and introducing new ways to build vessels, allowing them to curtail production time and clear backlogs stretching into 2012. They won almost half of the record US$191.3 billion of global ship orders last year.
'Considering that shipping lines usually give bonuses of between 10 million won and 30 million won each, the amount is getting significantly bigger as we shorten the building period,' Hyundai Heavy said in the statement. 'Shipping lines want their vessels to be delivered earlier so that they can earn more from increasing global trade demand.'
The Baltic Dry Index, which tracks shipping costs for commodities, rose 2.9 per cent on Wednesday to 10,649, the highest since Nov 20. Rates to move containers are also increasing on growing demand for goods to Europe from Asia.