Peruvian Navy selects Korea's Hyundai Heavy Industries to build ships [Yahoo! Finance]
COSCO SHP HLDG UNSP/ADR (CICOY)
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Source: Yahoo! Finance
Peru's Navy industrial services division chose Hyundai Heavy Industries after evaluating the interest of shipyards from Germany, the United States, the United Kingdom, France, Spain, Italy and the Netherlands, a statement by the entity said late on Wednesday. The Navy is aiming to improve its infrastructure and technology for its shipyard located next to the port of Callao, the largest in the country on the central coast of South America. Peru plans to build 23 ships to modernize its fleet, and also hopes to build a new dock to receive and repair large cargo ships that would arrive from the Chancay megaport built by China's Cosco Shipping, which is set to begin operations at the end of the year. The South American country's government hopes its new ports help it to compete with the main ports in Latin America by being the main route to Asia. (Reporting by Marco Aquino; Editing by Chizu Nomiyama)
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