Hyundai Heavy Industries Co., the world's largest shipbuilder, said Thursday that it has received a 150 billion won (US$120 million) order to build five patrol vessels, its first shipbuilding order since September last year.
The deal with Korea Marine Fund Corp. calls on Hyundai Heavy to deliver the vessels to the Korea Coast Guard by 2012, the company said in a statement.
Orders for new vessels have sunk since the third quarter of last year, as the credit crisis and the subsequent global recession prodded companies to postpone delivery dates or cancel orders.
Shares of Hyundai Heavy were trading at 210,000 won on the Seoul bourse as of 1:12 p.m., down 0.47 percent.
The deal with Korea Marine Fund Corp. calls on Hyundai Heavy to deliver the vessels to the Korea Coast Guard by 2012, the company said in a statement.
Orders for new vessels have sunk since the third quarter of last year, as the credit crisis and the subsequent global recession prodded companies to postpone delivery dates or cancel orders.
Shares of Hyundai Heavy were trading at 210,000 won on the Seoul bourse as of 1:12 p.m., down 0.47 percent.