South Korea's Hanjin Heavy Industries Co said on Thursday it had won 312.1 billion won ($273.5 million) worth of orders for ships from shipping giant China Ocean Shipping Company (Cosco).
The first such deals, concluded under four Panama-registered affiliates of the Chinese shipper, were sealed by the president of Hanjin Heavy, Cho Nam-ho, and Cosco President Wei Jia-fu in Beijing on Wednesday, the South Korean firm said in a statement.
"Recently, with China becoming the world's base for industrial products manufacturing, Chinese shippers have been courting Korea in their equipment and technology expansion efforts," Hanjin Heavy said.
Under the contracts, Hanjin will build four 5,100 TEU (twenty-foot equivalent unit) containers by 2008, the statement said.
Hanjin, which also clinched $783.1 million worth of deals from Europe at the end of September, said the latest deal with Cosco took orders won so far this year to $1.6 billion, double its original target of $800 million.
Hanjin shares closed down 0.31 percent at 6,400 won versus a 0.96 percent drop in the benchmark index.
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