Yard in maiden launch

HALLA Engineering & Construction Co, South Korea's third-largest shipbuilder, has launched the first two vessels built at its Samho Shipyard.

The shipyard, near the southern port city of Mokpo, was built at a cost of US$780 million. It began full operations last June. The two dry-dock shipyard can build up to 30 vessels for a total of 1.5 million gross tonnes a year.

'The Samho Shipyard has provided momentum to accelerate the qualitative advancement of Korea's shipbuilding industry,' Rha Woong-bae, Deputy Prime Minister for Finance and Economy, said.

Mr Rha and Halla Group chairman Chung In-young were among the hundreds of guests who attended the launching ceremony.

The two vessels launched were a large container ship ordered by Friedrich A. Detjen, of Germany, and a 40,000 dwt product carrier ordered by Singapore's Osprey Maritime.

The company said it expected annual sales at the shipyard to reach $750 million by the end of this year. It forecast this would grow to $1.3 billion next year.