21/09/2006, Hyundai Corporation Visits Sovcomflot

The negotiations between the Sovcomflot President & CEO Sergey Frank and the President & CEO of Hyundai Corporation Mark Juhn took place at Sovcomflot Moscow office on 21 September 2006.
During the talks also attended by the members of the Executive Board of the Russian shipping company, Mr. Juhn was informed about the plans of the biggest shipping company of Russia in the sphere of transportation of liquefied natural gas (LNG) and seaborne shipment of hydrocarbons trough ice-bound regions in severe climatic and navigational conditions, mainly from the Arctic and the Far-Eastern areas.
The parties discussed possible directions of co-operation in shipbuilding and off-shore business related to major energy projects being implemented in Russia.

Hyundai Corporation – one of the leading commercial companies of Korea, the export arm of Hyundai Group – was established in 1976. The company provides international trade and distribution services for products ranging from ships, steel, machinery, chemicals, automobiles, electrical products & electronics to a wide variety of general merchandise. The company is realizing outstanding returns from development of and investment in overseas energy resources such as oil and gas. In 2005 the company acquired a shipbuilding yard in China.

Sovcomflot – is the biggest shipping company in Russia. Its fleet as at 1 July 2006 comprised 52 vessels of the total deadweight exceeding 4.1m tons. The current shipbuilding programme financed by foreign banks includes 20 ships of the total deadweight of about 1.3m tons.
Sovcomflot specializes in energy shipping. The fleet of 41 vessels in operation today as well as all the ships under construction are tankers. All of them are double-hulled with average age being about 5 years, which is one of the best characteristics of the fleet in the world.

Press-Centre of JSC Sovcomflot