Hyundai Corporation succeeded in concluding a contract for shipbuilding, which was the first order in this year.

This contract is worth of even 120 million dollars, and it is about building ten 5,000 DWT Dry Cargo Vessels. The order was released from Volga Baltic Company, Russia, and Qingdao Hyundai Shipbuilding will build vessels.

One of the most significant results Hyundai Corporation made from this contract is that we have received the first shipbuilding order out of globally depressed ship building market. Even more, we became a 'reliable long-run partner' of Volga, Russia's biggest shipping company managing more than 500 vessels. Especially after signing the contract, Volga's Chairman Olersky declared, "From now on, our ship building partner in Asia will be Hyundai Corporation."

Through complicated one-year-long negotiation, Hyundai Corporation became a special partner of Volga, Russia's largest shipping company. However, this is just a starting point. Through making full use of this relation, Hyundai Corporation will achieve the first and most brilliant accomplishments one by one in Russian market.